TBZ posts ₹200.5 cr profit as margins nearly double
Net profit surged 177% to ₹200.5 crore, with full-year EBITDA margin climbing to 11.18% from 6.72%. The board recommends a ₹2.50 per share final dividend.
— 1 earlier story on Tribhovandas Bhimji Zaveri Ltd. →What's new
- TBZ's net profit surged 177% to ₹200.5 crore for the full year.
- Revenue grew 22% to ₹3,203 crore, with full-year EBITDA more than doubling to ₹358.2 crore.
- Q4 EBITDA margin hit 13.45%, up from 6.94% a year earlier.
Why this matters
A jeweller nearly doubling its operating margin in a single year is not a cyclical bump. The jump from 6.72% to 11.18% on the full-year EBITDA line, with a Q4 exit rate of 13.45%, suggests a structural change in pricing power or cost control. For a micro-cap, that level of profit acceleration changes the valuation conversation.
What we're watching
- Whether the new margin level holds as gold prices stabilize.
- How the ₹200.5 crore profit figure alters the stock's valuation.
- Shareholder vote on the final dividend.
The full read
TBZ's year was a clear step-change. Net profit surged 177% to ₹200.5 crore. Revenue grew 22% to ₹3,203 crore. The margin story is the headline. Full-year EBITDA margin nearly doubled to 11.18% from 6.72%. The Q4 exit margin of 13.45% versus 6.94% a year earlier shows the trend was accelerating. For a micro-cap jeweller, this kind of profit acceleration is rare. The board recommended a 25% final dividend, or ₹2.50 a share. The open question is whether the new margin level is sustainable. The Q4 exit rate of 13.45% gives the bull case its strongest evidence yet.
Questions answered
- How did TBZ achieve such a large profit jump?
- The 177% profit surge came from both revenue growth and a sharp improvement in margins. Full-year EBITDA margin nearly doubled to 11.18% from 6.72%, driven by wider gross margins and cost discipline.
- What does the Q4 performance signal about the trend?
- Q4 revenue grew 56.74%, and the EBITDA margin reached 13.45%, more than doubling from 6.94% a year earlier. This accelerating exit rate suggests the profitability improvement was gaining momentum, not fading.
- Did the board reward shareholders?
- The board recommended a final dividend of ₹2.50 per share, which is 25% of face value, subject to shareholder approval.
- Is this result typical for a company like TBZ?
- The rationale calls it a 'structural margin improvement for a micro-cap jeweller.' Nearly tripling net profit in a year is a significant step-change for a smaller player in a competitive sector.
Tribhovandas Bhimji Zaveri Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on TBZ →- 27 May 2026 · 4:50 PM IST TBZ posts ₹200.5 cr profit as margins nearly double
- 45d ago Tribhovandas Bhimji Zaveri confirms Q4 and FY26 financial results