RBZ Jewellers Releases Earning Call Transcript for Q1 FY27
RBZ Jewellers reported Q1 FY27 revenue of ₹121 crore, up 60% YoY, with EBITDA at ₹18 crore and PAT at ₹9 crore. Retail revenue grew 70% to ₹78 crore, while wholesale grew 47% to ₹42 crore. The company plans to open four new stores in Gujarat by Q3 FY27 and is shifting focus to retail expansion and GML adoption for inventory hedging.
The announcement details significant revenue growth, strategic expansion plans with new store launches, and a shift in business model towards retail, all of which are material factors for investors and the company's future performance.
The company reported strong year-on-year revenue growth, significant retail segment expansion, and outlined strategic plans for future growth and financial management, indicating positive business momentum.
RBZ Jewellers Limited has released the transcript of its earnings conference call for the first quarter of fiscal year 2027, which ended on June 30, 2026. The call, held on August 12, 2026, included discussions on the company's financial performance and operational highlights.
During the quarter, RBZ Jewellers reported revenue from operations of ₹121 crore, marking a significant year-on-year growth of 60%. EBITDA stood at ₹18 crore, a 39% year-on-year increase, with EBITDA margins at 14.9%. Profit after tax was ₹9 crore, translating to a PAT margin of 7.5%.
Segment-wise, retail revenue grew robustly by 70% year-on-year to ₹78 crore, while wholesale revenue saw a strong 47% year-on-year growth to ₹42 crore. Job work revenue was approximately ₹1.2 crore.
The company detailed its expansion plans, with the Surat store expected to launch in Q2 FY27 and Rajkot, Maninagar, and Gandhinagar stores in Q3 FY27. Large format stores are estimated to be around 10,000 sq ft and mid-format stores around 5,000 sq ft. Capex break-even for these stores is anticipated within a year or less.
RBZ Jewellers aims to shift its revenue mix towards retail, targeting a 50-50 split with B2B in a year or two, and a long-term target of 75% retail contribution. The company is also exploring expansion beyond Gujarat, having conducted exhibitions in Mumbai and planning for Indore.
Regarding financial leverage, RBZ Jewellers has a sanctioned debt of ₹300 crore and plans to increase its debt-to-equity ratio to 1.5 or 2:1, primarily through Gold Metal Loans (GML) to leverage lower interest costs (3-3.5%). The company is progressively moving towards hedging its inventory using GML, aiming for a significant portion to be hedged within three years.
Capacity utilization for the factory is currently at around 50%, with expectations of reaching 70-85% during peak festive seasons (July-September). The company noted that EBITDA margins were impacted by stagnant gold rates, lease asset amortization, lease liabilities, and pre-launch expenses for new stores.
RBZ Jewellers is also focusing on expanding its lightweight jewellery offerings, particularly 18-carat gold, with a target of 20% of B2B sales from this segment by year-end. The company is committed to transforming into a prominent retail player, emphasizing design, craftsmanship, and customer experience.
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RBZ Jewellers Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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