Company Overview

RBZ Jewellers Limited (CIN: L36910GJ2008PLC053586) is a Gujarat-based jewellery manufacturer and retailer with scrip code 544060 (RBZJEWEL). The document represents the Annual Report for FY 2025-26 and notice of the 18th Annual General Meeting.

AGM Details

  • The 18th Annual General Meeting is scheduled for Thursday, September 10, 2026, at 11:00 AM through Video Conference/Other Audio Visual Means
  • Cut-off date for shareholder eligibility: September 4, 2026
  • Remote e-voting period: September 7, 2026 (9:00 AM) to September 9, 2026 (5:00 PM)
  • The annual report has been sent to shareholders via email and uploaded on the company website

Financial Performance Highlights FY 2025-26

  • Revenue from Operations: ₹6,365 million (20.06% growth from ₹5,301 million in FY25)
  • EBITDA: ₹919 million (43.2% growth from ₹642 million in FY25)
  • EBITDA Margin: 14.44% (up from 12.11% in FY25)
  • Profit After Tax: ₹548 million (40.98% growth from ₹388 million in FY25)
  • PAT Margin: 8.61% (up from 7.32% in FY25)
  • Diluted EPS: ₹13.70 (up from ₹9.70 in FY25)
  • ROCE: 29%
  • ROE: 20%

Operational Highlights

  • Manufacturing capacity: 2+ tons annually
  • Manufacturing facility: 23,966 sq. ft. in Ahmedabad
  • Retail showroom: 11,667 sq. ft. in Satellite, Ahmedabad
  • Employee strength: 315 employees
  • Domestic footprint: 20 states & 72 cities
  • 700+ new designs introduced in FY26
  • Participated in 20 national and state-level exhibitions

Business Segment Performance

  • Retail Revenue: ₹4,084 million (up from ₹3,239 million in FY25)
  • Wholesale Revenue: ₹2,213 million (up from ₹1,977 million in FY25)
  • Job Work Revenue: ₹68 million (marginal decrease)
  • Gold volumes: 532 kgs in wholesale, 321 kgs in retail

Strategic Initiatives

  • Expansion plans: 4 new showrooms across Gujarat (Surat, Rajkot, Gandhinagar, Ahmedabad)
  • Large-format stores planned in Surat and Rajkot (~10,000 sq. ft. each)
  • Mid-size stores in Maninagar (East Ahmedabad) and Gandhinagar (~5,000 sq. ft. each)
  • Pilot programs in daily wear jewellery and 18-carat offerings

Credit Rating Updates

  • CRISIL Ratings: Total bank loan facilities rated ₹300 crore (enhanced from ₹200 crore)
  • Long-term rating: CRISIL BBB+/Positive (outlook revised from 'Stable')
  • Short-term rating: CRISIL A2 (reaffirmed)
  • CARE Ratings: Long-term bank facilities CARE BBB+; Stable

AGM Business Items

Ordinary Business

1. Adoption of audited standalone financial statements for FY 2025-26

2. Re-appointment of Mr. Rajendrakumar Kantilal Zaveri (DIN: 02022264) as director retiring by rotation

Special Business

3. Creation of charge/mortgage on properties for borrowing up to ₹750 crores (Special Resolution)

4. Increase borrowing limits to ₹750 crores (Special Resolution)

5. Revision of executive directors' remuneration:

  • Fixed monthly salary ceiling increased from ₹7 lakh to ₹10 lakh
  • Commission increased from 1% to 1.15% of net profits

6. Re-appointment of Mr. Rajiv Nitin Mehta (DIN: 00697109) as independent director for second term (5 years)

Financial Details & Risk Management

Employee Benefit Obligations:

  • Gratuity defined benefit obligation: ₹104.61 lakh (Previous year: ₹85.15 lakh)
  • Charged to statement of profit and loss: ₹23.49 lakh
  • Principal assumptions: Discount rate 7.36%, Future salary increase 7.00%

Related Party Transactions:

  • Key Management Personnel compensation: ₹224.84 lakh (PY: ₹234.08 lakh)
  • Transactions with Bhagwati Jewellers Dilip Zaveri: Goods purchased ₹64.98 lakh, Sale of goods ₹63.08 lakh

Financial Instruments & Risk:

  • Financial Assets: ₹6,015.66 lakh (PY: ₹2,288.96 lakh)
  • Borrowings: ₹14,096.23 lakh (PY: ₹8,727.98 lakh)
  • Interest Rate Risk: 50 basis points increase would decrease PBT by ₹70.48 lakh
  • Current Ratio: 2.99 (PY: 3.15), Debt-Equity Ratio: 0.47 (PY: 0.36)

Financial Irregularity Update:

  • Previous year irregularity: ₹198.11 lakh
  • Recovered from employee: ₹22.75 lakh
  • Received from insurer: ₹101.82 lakh (February 21, 2026)
  • Balance ₹68.18 lakh (in gold) under judicial custody

Corporate Governance & Compliance

  • Board composition: 6 directors (2 executive, 4 independent including 1 woman director)
  • Board meetings: 6 meetings held during FY26 with 94.12% average attendance
  • CSR expenditure: ₹74.85 lakh in FY26
  • No dividend recommended for FY 2025-26
  • No material orders passed by regulators or courts
  • No frauds reported during the financial year
  • Compliance with all financial covenants and regulatory requirements maintained

Forward Outlook

The company is focused on expanding its retail footprint in Gujarat while leveraging its manufacturing strengths in antique gold jewellery. The management cites favorable industry tailwinds from increasing formalization and consumer preference for organized retailers.