Tribhovandas Bhimji Zaveri Limited · NSE:TBZ
Tribhovandas Bhimji Zaveri — Q3 FY26 Earnings Presentation
29 slides from Tribhovandas Bhimji Zaveri's earnings presentation, Jan 21, 2026
Slide 1: Filing cover letter to stock exchanges
21st January, 2026 To, To, The Manager, The Manager, Compliance Department, Corporate Service Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai - 400 001 Mumbai
Slide 2: Investor Presentation Q3 & 9M FY26
The or~inol since 1864 TRIBHOVANDAS BHIMJI ZAVERi SI IRIK.\~T 1/.,\\ 'l•:HI GHOl 'P Trusted Since 1864 TRIBHOVA DAS BHI~I Z Y RI 111{]~\ l /..\\ EHi ROl P IN VES TOR PRES EN TATIO N w w w . t b z t h e or i g in a l.c o m Q3 & 9M FY26
Slide 3: Disclaimer
Disclaimer tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi This presentation has been prepared by Tribhovandas \IUU1..\.' I L\\UU(;JtOI I' This presentation may not be all inclusive and may not Bhimji Zaveri Limited (“TBZ”) for informational purposes only contain all of the information that you
Slide 4: Discussion Summary
tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Q3 & 9M FY26 Updates 04 Page 12 Page About Us w w w . t b z t h e or i g in a l.c o m 17 Page Business Model DIS CUSSIO N • 03 SU MM AR Y
Slide 5: Results Update
tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' RESULTS UPDATE Q3 & 9M FY26 w w w . t b z t h e or i g in a l.c o m Page • 04 04-11
Slide 6: Q3 FY26 - Result Highlights
Q3 FY26 - Result Highlights (₹ In Mn) tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Revenues & Gross Margin (%) EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 7.70% 12.47% 17.48% 6.52% 12.44% 3.29% 0 0 0 -0 0 0--- 10,614 1,321 9,279 818 Q3 FY25 Q3 FY26 I 605 Q3
Slide 7: 9M FY26 - Result Highlights
9M FY26 - Result Highlights (₹ In Mn) tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Revenues & Gross Margin (%) EBITDA & EBITDA Margin (%) PAT & PAT Margin (%) 13.35% 16.96% 10.39% 5.62% 6.67% 2.97% o------o o------o o--------0 23,733 20,911 2,466 1,334 1,394 9M
Slide 8: Q3 & 9M FY26 - Key Takeaways
Q3 & 9M FY26- Key Takeaways tbz" '1¥tc 1Qlf1 JI K'tl:·a 16611 ThlBHOVANDAS BH1M 1 1 ZAVERi '\Hklll.\'\! /_\\lklf;~Ol I' • The Company’s revenue from operations increased by 14.40% YoY in Q3 FY26, reaching ₹10,614.23 million. For 9M FY26, revenue stood at ₹23,732.57 million, reflecting a 13.49% growt
Slide 9: Q3 & 9M FY26 - Standalone Profit & Loss Statement
Q3 & 9M FY26- Standalone Profit & Loss Statement tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' (₹ In Mn) Particulars Q3FY26 Q3FY25 YoY% 9MFY26 9MFY25 YoY% Revenue From Operation 10,614.23 9,278.50 14.40% 23,732.57 20,911.41 13.49% COGS 8,759.28 8,121.31 7.86% 19,70
Slide 10: Newly opened stores in Ahmedabad & Hyderabad
Our newly opened stores in Ahmedabad & Hyderabad (opened in April 2025) tbz· r IQral inc 1 '-"1 CG Road, Ahmedabad Kondapur, Hyderabad Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' w w w . t b z t h e or i g in a l.c o m • 09
Slide 11: Marketing Initiatives During Q3 & 9MFY26
Marketing Initiatives During Q3 & 9MFY26 Multi-Channel Marketing & New Product Stories Driving Growth TRIBHOVANDAS BHIMJJ ZAVERi Customer Traffic & CRM Outcomes Delivered 57K+ customer walk-ins in Q3 FY26; 1.63 lakh+ walk-ins in 9M FY26 (Apr–Dec’25), supported by an integrated store and digital ac
Slide 12: Marketing Initiatives During the Quarter contd.
Marketing Initiatives During the Quarter contd. tnz· TI).,,,,-iglt"'Olsinc T'R IBHOVAN DAS BH IMJ I ZAV ERi 116'1 \l!Rlll.\'\l /\\IHlC.\lOI,\' l'R IBHOVANDAS BH IMJ I ZAVERi "" PERFECTED FOR EVERY LOOK ~ J!:=~~~ 1· ·ec1s;nce RIGH'Wiiili~" .. 1864 TRIBHOVANDAS BHIMJ I DAVERI Do'nra . "'-- DET ACH A B
Slide 13: About Us
A BOU T tbz· US r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' w w w . t b z t h e or i g in a l.c o m . Page • 12 12-16
Slide 14: Why is TBZ Different?
Why is TBZ tbz· Different? IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' TBZ Trusted / Competitive Advantages Leader in Specialty Scalability & Pedigree Reach 0 160 years of Wedding & Design Strong Occasion Exclusivity w w w . t b z t h e or i g in a l.c o m • 37 stores
Slide 15: Distinctive Competitive Advantage: Multigenerational Clientele
Distinctive Competitive Advantage: Multigenerational Clientele tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Generational Clientele Enhanced Brand Deepened Customer Strength: Awareness: Relationships: TBZ's multigenerational client base is a A multigenerational c
Slide 16: Key Milestones
Key Milestones tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Strong Legacy Of More Than 160 Years Built On Trust (Calendar Years) Diamond facility expansion - ~6k to ~24k sq ft Flagship store Mr. Shrikant Zaveri Introduced 100% Turnover crossed Listed on BSE & NS
Slide 17: Retail Presence
Retail t}jz· Presence f ong ral nca 186'1 T'RIBHOVANDAS 8HIMJI ZAVERi .',,IUIHL\.'L L\\Ull(;Jt()l,J• Number of Stores Till Date Pan-India presence with 37 Stores Large Format (> 2,000 sq. ft.) 33 with a Retail Space of ~100,000+ sq. Ft. Small Format (<= 2,000 sq. ft.) 4 Spread across 27 Cities in 13
Slide 18: Business Model
BUS IN ESS tbz· M ODE L r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' w w w . t b z t h e or i g in a l.c o m • Page 17 17-27
Slide 19: Business Model: Manufacturing
Business Model: Manufacturing tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Gold TRIBHOVANDAS BHIMJI ZAVERI Presenti ng • Raw Material - Bullion Do'nra Procurement - - /7,r4 - - DETACHABLE JEWELLE RY l@iAA f:l◄IMl•i■i&iHI !Si Sources: • Banks – Gold on loan 1 • Exc
Slide 20: Business Model: Manufacturing contd.
Business Model: Manufacturing contd. tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Diamond Trusted Since 1864 Procurement TRIBHOVANDAS BHIMJI ZAVERI • Raw Material - Cut & polished diamonds \ Presents Sources: Don~a I DETACHABLE JEWELLERY One Piece, Endless Looks
Slide 21: Gold Metal Loan: Efficient Sourcing Channel
Gold Metal Loan: Efficient Sourcing Channel tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' Gold Metal Loan Origination Gold Metal Loan Repayment • TBZ takes 10 kg gold from a bank on lease on day 0. • TBZ repays the gold daily based on actual sales of gold jewellery
Slide 22: Securing Future Growth: Our Strategic Pillars
Securing Future Growth: Our Strategic Pillars 160 years of Brand Value Leverage: Trusted Since TBZ Ltd boasts substantial brand value and a long-standing reputation for quality and craftsmanship. With over 160 years in 1864 business, the brand is recognized and trusted by multigenerational customers
Slide 23: Steadfast market steeped in tradition and innovation
Steadfast market steeped in tradition and innovation tbz· IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' GDP Contribution and Cultural Significance: The gems and jewellery market contributes approximately 7.5% to India’s GDP and 14% to total merchandise exports (IBEF Res
Slide 24: Harnessing Our Core Strengths to Drive Success
Harnessing Our Core Strengths to Drive Success tbz· r IQral inc 1 '-"1 Th rnHOVAN DAS BHI MJ I ZAVERi \IUU1..\.' I L\\UU(;JtOI I' .---------0 Domestic Focus: Since TBZ primarily concentrates on the domestic jewellery market, it remains protected from the impact of international economic challenges.
Slide 25: Awards & Recognition
Awards & Recognition: TBZ – The Original has won the award at Retail Jeweller India Forum- MD & CEO Awards 2025 in below category: - tbz· r IQral inc 1 'iJ1 T'RIBH~ ~ DAS BHIMJI ZAVERi \.,t L\\UUCatOI I' “Exemplary Value creation for Shareholders 2025” Shri Shrikant Zaveri, has been conferred wi
Slide 26: Awards & Recognition
Awards & Recognition • “EXEMPELARY VALUE CREATION FOR SHAREHOLDERS 2025“ t}jz· f ong ral nca 186'1 Retail Jeweller India Forum- MD & CEO Awards 2025 T'RIBHOVANDAS 8HIMJI ZAVERi .',,IUIHL\.'L L\\Ull(;Jt()l,J• • “EXCELLENCE IN LEADERSHIP, YOUNG LEADER OF THE YEAR 2025” : Ms. Raashi Zaveri GJEPC 40 und
Slide 27: Project Pankhi
PROJECT PANKHI Project Pankhi is TBZ’s flagship women empowerment initiative, supporting women and adolescent girls from marginalised communities through counselling, referrals, P\ Kl I I tbz" "he lf'll"'OI JC~ 166-1 T'RIBHOVANDAS BHlMJI ZAVERi \WUI.\VJ /.\\lltlUtnl I' awareness-building and communi
Slide 28: Project Disha
PROJECT DISHA Project Disha is TBZ’s inclusive education initiative, supporting children with disabilities and underserved students through specialised learning interventions, teacher training, parent capacity- P\ 1 Kl1I tbz· "he O>'li f'OI nee 186,11 ThIBHOVANDAS BHIMJI ZAVERi ,Hlllt..;\.VI l.\\ l,
Slide 29: Thank You
The orig nal since 1864 TRIBHOVANDAS BHIMJI ZAVERi SI 11!1!..,\ \;TZ.\\ 'l•:RI GltOl"I' T HA N K YO U w w w . t b z t h e or i g in a l.c o m Trusted Si nee I tbz·_ _:,_,=g1nu( sine ➔ 1_864 _ _ _'he _ __ 11DICKENSON I 1864 TRIBHOVANDAS BHIMJI ZAVERl ~JUUK.\.Yl L\.\ LIU GKOlll' Mukesh Sharma Shankhin
Tribhovandas Bhimji Zaveri — Q3 FY26 Earnings Presentation on 6ix