Rbz Jewellers Ltd (NSE: RBZJEWEL) Q1 2026 Earnings Call dated Aug. 13, 2025
Corporate Participants:
Unidentified Speaker
Nupur Jainkunya — Valorem Advisors
Harit Zaveri — Chief Financial Officer
Analysts:
Unidentified Participant
Vivek Ladsariya — Analyst
Sahil Patani — Analyst
Akash Jha — Analyst
Raj Shah — Analyst
Deepesh Khemka — Analyst
Chinta Ramakrishna — Analyst
Deepesh J. Sancheti — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the RBZ Jewelers Limited Q1FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference please signal an operator by pressing Star and then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nupur Jainkunya from Valorum Advisors. Thank you. And over to you ma’. Am.
Nupur Jainkunya — Valorem Advisors
Thank you. Good evening everyone and a very warm welcome to you all. My name is Nupur Jain Kunia from Valeram Advisors. We represent the Investor Relations of RBJ Jewellers Ltd. On behalf of the Gamti and Vellaram Advisors I would like to thank you all for participating in the company’s earnings conference call for the first quarter of financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s earnings conference call may be forward looking in nature. Such forward looking statements are subject to risk and uncertainties which could cause actual results to differ from those anticipated.
Such statements are based on management’s belief as well as assumptions made by and the information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decisions. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and the financial quarter under review. Let me now introduce you to the management participating with us in today’s earnings call and hand it over to them for their opening remarks. We have with us Mr. Harid Zaverin, Joint MDN, CFO of the company.
Mr. Harshit Gandhi, Internal Financial Controller and Mr. Bhavesh Sabnani, Senior Manager, Accounts and Finance of the company. Without any further delay, I request Mr. Harid Zaveri sir to start with his opening remarks. Thank you. And over to you sir.
Harit Zaveri — Chief Financial Officer
Thank you Nupur and good evening everyone and welcome to our earnings conference call for the first quarter of the financial year 2026. Before I give you the highlights of the quarter under review let me first start by giving you a brief overview of the company for some of those participants that may be new to our company. RBZ is one of the leading organized manufacturer of gold jewellery in India. We are a unique jewelry company with a diversified business model wherein we offer products to national retailers on a wholesale and a job work basis as well as direct to customers from our flagship retail store in Ahmedabad.
We have a state of art manufacturing facility equipped with advanced casting, laser and 3D printing technology which is supported by 200 plus professionals and 250 skilled artisans. Because of our manufacturing setup and presence across both wholesale and retail segments, we are able to garner better margins than our peers. We offer a diverse range of jewelry collections comprising of different manufacturing techniques and varieties, but our specialty lies in antique gold bridal jewelry. Our flagship showroom Harid Zavari Jewelers in Ahmedabad offers bridal occasion wear and daily wear jewellery across diverse price ranges. The retail product portfolio features a diverse section of gold, silver and studded and other jewelry including bangles, chains, necklace, rings, earrings etc.
We are also planning to expand our retail presence in Rajpot and Surat and Ahmedabad as well. Now coming on to the first quarter of the financial year to 2026 under review. Our revenue from operations has declined by 8% year on year for quarter one financial year 26 primarily due to the absence of major festivals or wedding related demand during the quarter. While 45% of the quarter on quarter, decline in the revenue was on the count of a preponement of demand in Quarter 4 FY25 as Akshatiltya fell in April this year. You may remember that we had already guided for this in the last earnings call.
EBITDA for the quarter was 13 crores also lowered by 8% by and by while EBITDA margins improved by 9 basis point to 17.2%. PAT for the quarter stood at 7 crores with PAT margins at 9.39. In terms of segmental performance for quarter one our retail revenue stood at 45 crores which was slightly higher than the last year revenue. Wholesale revenue was 29 crores reflecting 20% decline in the same period while jobwork revenue grew by 8%. Our outlook for the coming quarter remains positive and we are confident that we will close the financial year with a very healthy growth while with the expectation of stable domestic economic environment.
Our focus on Quarter 2 FY26 will be on inventory optimization, launching festive collection and accelerating both occasion wear and daily wear lines. We participated in IIGS exhibition held in Mumbai during July and August when we have received a strong response in B2B segment with a significant advanced order booking in wholesale segment for the upcoming festival and wedding season. Festivals like Rakshabandhan and Janmaspi and so on and so on and so forth are expected to boost the consumer demand in quarter two while the upcoming wedding season should drive the strong growth in the occasion wear segment as well.
With this I now open the floor for question and answer sessions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and. Two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Vivek Lodharia from nearby Asset Management. Please go ahead.
Vivek Ladsariya
Hi sir. Am I audible?
Harit Zaveri
Yes.
Vivek Ladsariya
Yes sir. My first question for capacity utilization expansion plants. Your currently installed manufacturing capacity is little over 2 tons annually with utilization in FY25 is around 66% and you guided for 100% utilization by FY26. Can you share specific operational steps you are taking to breach or. We are expecting a announcement of another 4 to 5 factory expansion plan.
Harit Zaveri
So see when the IPO was launched in fiscal 24 the gold prices were 50,000 rupees and the capacity was 2000 kgs. With this the effective revenue or the potential revenue churn would have been 1000 crores. Now with the gold prices going up to 1 lakh rupees the revenue potential for the same factory with the same set of carriers would be around 2000 crores. So you know, because of the sudden increase in gold prices as of now we are very much, you know, right in terms of our manufacturing facility. We have enough manufacturing facility for the coming two, three years.
And also the expansion is going on in the retail segments with addition of two stores, Rajput and Surat which will be one of the largest store in the city. So I think with this set there is no. Right now we don’t feel that there is a requirement of a manufacturer. We already have enough capacity for, you know, for sustaining this and there is no need of Capex as of now.
Vivek Ladsariya
Okay. So my another question for your retail capacity. Sir, your Angar store has a 500 to 600 crore capacity which Surat we are projecting for 400 crore and Rajpur for 300 crore incoming time. How did you determine the market of absorption capacity for cities? What competitive mapping data we used.
Harit Zaveri
So generally what we do is we study the balance sheets of peers be it from any kind of available public reports or from the MCA side. And we study the balance sheets, we understand the walk ins and the data also from any of the, you know, the primary sources that we can. And with this it is very much determined that you know, on the economical side also economic side also. Like for an example the GDP of Rajkot versus Surat versus Ahmedabad are quite interlinked. Like you know, in terms of million dollar gdp. If you calculate so with this we can.
We are able to know an approximate size of the market. And it is possible to determine, you know, by studying the peers also with that matter.
Vivek Ladsariya
Okay. Okay. So sir, can you please share segment level a bigger margin for retail, wholesale and job work separately.
Harit Zaveri
For competitive reasons we don’t share the margins separately. But I can just tell you that margins in retail are higher than wholesale and job.
Vivek Ladsariya
Okay, okay, we know that but. Okay. So can you please sir check. Over the last two years revenue growth is occupant largely due to gold price. Influencer given capacity is measuring tons. What is your internal volume? Volume only TEGR for FY26-28. If gold price remain flat or reclining, how do you plan to hit the pack growth if. If value can win a reversal.
Harit Zaveri
So if I am getting your question clear, you are asking me the projection of volumes, right?
Vivek Ladsariya
FY26 to FY.
Harit Zaveri
So this year we are expecting the volume to remain flat. As gold prices have itself, you know spiked up by around 25, 30%. Or maybe a single digit growth of volumes can be seen. We are hopeful that, you know, last year we did a volume growth of around 18% with a price increase of 20, 25%. That was a clear increase in the revenue also increased by 61% if you see the full fiscal year. So this year we have given the projection of around 700 crores rupees of revenue and 45 crores of PAC. I think we will be meeting those guidance.
And so far as Q1 results are there, we are very confident that we had projected a profit of 35 crores. Last year we delivered 39 crores. The delivery was due to the preponement of Akshaya. Otherwise it would have been like somewhere around 35, 36 crores. So it was very much as per the guidance that if you check the TTMP right now it is 37 crores. So we are very hopeful that in the coming financial year we will be doing a profit of around 45 crores with a revenue of around 700 crores. And with respect to volumes, the volume will increase in the single digit in the coming year.
And then we need to check the economic factors of what the gold prices are or how does it react and how the consumer reacts. But for the coming financial year I am certain that the volume Growth will be only in single digit.
Vivek Ladsariya
So sir, my last question for retail footprint. Retail volume has grown from 271kgs in FY24 to 397kgs in FY25. You are announced Surat and Rajput source by FY27. What proportion of total revenue do you expect from B2 Siva revenue or what for wholesale and job work.
Harit Zaveri
So in terms of quantity it will be 50, 50% because we have a job work volume which is quite high, around 600 kgs plus. But in terms of revenue it will be more or less. Retail would do around 70, 75%.
Vivek Ladsariya
So are you saying in terms of volume they are 50, 50 or in terms of revenue, retail part 75 or a job work and wall cell part was 25%. Am I right?
Harit Zaveri
In terms of revenue, yes. But in terms of. Again in terms of. In terms of volumes it will be 50, 50. So we will remain a B2B2C company but transition towards opening new showroom.
Vivek Ladsariya
So. Yes. Okay. Okay.
operator
Thank you. Thank you. Participants, to ask a question, you may press Star then one. Our next question is from the line of Sahil Patani from Strokes Capital. Please go ahead. Hi.
Sahil Patani
Thank you for the opportunity. Wanted to understand on a broad level, most of the retailers in this quarter, whether you look at PNG or Senco Kalyan, have reported like a lot of massive growth on a yoy basis. So is there a reason why, you know, we kind of have a slight degrowth compared to the previous year because you know, the retailers have grown a lot. So if you could just explain that mismatch.
Harit Zaveri
Nice question, Sahil. See if you see predominantly rbz is a B2B and a B2C company. So most of the demand that we have got was in the month of March, February and March because of the preponement of Akshaya. So that is why when you compare it to our peers, none of the peers in the last years has performed around 60, 61% of a spike in terms of revenue. And also the profit from last year was 22 to 39 crores. But the projection was 35 crores. So 39 crores was because the Q4 went very, very strong because of the preponement again of the Abshada festival.
Now if you see the B2B revenue has dropped, you know, because of the first quarter having, you know, the demand was already preponed. So first quarter was dull which I already guided in my last earnings call. It was very clear that I made that, you know, Akshaya Day the demand was very good, it went up by 30%. But the overall demand for 45 days or 43 days west was flat, which I apparently told now I also guided that the revenue would remain flat. Yes, your. Your second part that you know what happened to the retail business because everyone has grown in retail so why not you? So in the retail there was a clear spike in prices for everyone.
Now we being again in retail occasion where player majorly like 65% of the demand comes from occasion where you know, in that in those are high grammage, you know consumptions in which people because of the spike in prices have no. They were on hold. The demand was on hold for some while. I mean the decision taking was not happening. That is what we used to see in our data. Now you know, the dailyware consumption was quite normal. It was as usual. But occasion where it took a hit. And that is why, you know the retail revenue did not really spike up.
Still, you know, considering the second quarter we are seeing a very positive outcome. Those preponement of demand or the postponed demand which was there in the retail section are getting covered up. And we are hoping to see a very strong quarter too in terms of all the three job work, wholesale or retail segments. But yes, you know, somehow I must agree that quarter one has been a little sluggish. Very strong swing in the complete year last fiscal year a very strong swing in retail was there the first quarter. I think we might have hit and miss a little bit here and there.
But then I think the quarter two are not showing any such kind of signals. So the data of walk ins plus the conversion data plus the sales data, everything are in pipeline when it comes to quarter two. So I think hopefully we’ll be getting a very strong result in quarter. We should be getting a very strong outcome in quarter two. The order bookings are nice, walk ins are good, healthy. So yes, preponement of demand 1 and retail remained flat, which generally it should not have remained flat. It should have grown. Seeing the graph that it was growing very strongly. But postpone of demand, you know, if it is there at all then quarter two or quarter three reflections. So I never reduced my guidance this time. In fact the profit guidance and the revenue guidance both are same. I think we will match it up. Sahil and this was more expected, right? If you are Last earnings call 35 crores or 39 crores, we’ll match it up. I think companies fundamentally on a correct path.
Sahil Patani
Okay. Yeah, that’s. That’s good to hear. Thank you. Yes and yes My second question is around the four retail stores that we are planning to open over the next two years. So if you could just explain what locations are we specifically looking at and any updates regarding those, those stores. Because I think two of them are going to open by Q1 FY27. So if you could just provide updates on these four stores.
Harit Zaveri
So I think two of the stores will be in Surat and Rajkot. That means one store in Rajpur and one store in Surat. Another two locations we are trying to pinpoint and finalize but generally there are four major cities, four major economies of state, Gujarat, that is Ahmedabad, Surat, Rajkot and Baroda. So if you are able to have in this four locations, nothing like it. And then you know the GDP of Gujarat 50% is contributed by these four major cities. We have already a good presence in Ahmedabad and we are opening two flagship stores in Surat and Rajput each.
So and they are strong in terms of size. So you’ll be coming with a strong bank in those markets. Plus the retail brand Harid Zavari Jewelers with its Instagram and exhibitions going on, the marketing efforts going on is quite strong. So hopefully I think I have guided for the two stores, two locations that I need to, two more locations that I need to get. I think maybe a store in Ahmedabad, additional store in Ahmedabad or we can explore another region for an additional store. There are, there are a lot of good potential small markets also.
But the focus will remain on the four major cities of Gujarat.
Sahil Patani
Okay. And once all these four kind of, let’s say once they come online, let’s say two or three years in the future, what is the kind of revenue breakdown you expect each from like retail, job work and manufacturing.
Harit Zaveri
So we’ll be in a clear set lines to have see a potential store of Ahmedabad or Surat should be around 400 crores each. But even if you’re not reaching at potential, if you’re reaching at even 75% or 70% of that same still I don’t think so there is any guidance which is less than thousand crores if all the four stores are up and pumping. So yeah, that is, that is a fair assumption to make. Retail in Ahmedabad is right now 323 crores. This year we are hopeful to reach by around 350, 400 crores or so.
So I think we are on Surat is almost 90% or 80% to Ahmedabad and Rajkot is 70% or 65% to Ahmedabad Surat. So Baroda is equal to Rajput. In terms of economics. So yeah this is the set of numbers that we are thinking and studying peers I think makes sense with these numbers.
operator
Thank you ladies and gentlemen. You may press star and one if you wish to join the question queue. Our next question comes from the line of Akash Jha from AJ Wealth. Please go ahead.
Akash Jha
Hi sir. Am I audible?
Harit Zaveri
Yes, you’re audible.
Akash Jha
So you have maintained the revenue guidance for this year. So does this mean that on a full year basis you are confident that the retail business will achieve 400 to. 500 crore as guided in previous cons.
Harit Zaveri
It should achieve? See I think we have maintained the revenue guidance and in Both revenue and PAT levels we are keen on looking on quarter two retail should achieve around as expected figures of 400 crores or so. And I think with the good orders coming in both the segments I think we will be meeting the guidance quite as of now. Very certain with this matter. Let’s see if anything changes because the quarter one was very transparent that you know what would happen it they know it is flat and this and that. But there is no signal of any pessimism right now.
There is, the orders are there and the things are functioning. It is. I think if you take it from management perspective we are very clear that quarter two is going to be strong and quarter three also quarter three we can announce in quarter two earnings call but quarter two as of now it’s very clear for the full year also we are very hopeful that we are, we are going to achieve the targets.
Akash Jha
Got it sir. And since we are expanding our retail footprint and I mean we are primarily an antique, antique occasion jewelry focused player. So do we have any plans to diversify our design towards daily wear impulse? We’re similar to our peers
Harit Zaveri
in detail. We have got daily wear and occasion where both and both the things are functioning well. Still occasionwear remains the leader in retail segment also and this is a unique specialty with this. See we are having a manufacturing setup and the manufacturing to retail pipeline gives us a very good neck of profitability. So even though the competition is very harsh, we decide on the making charges. We can still like we can fight till the end when it comes to making charges as the cost itself is quite low and we can write. See all we can do is either we want to have the price war or we can want to juice up the margins.
So if you see the balance sheet also it’s quite healthy when it comes to margins. So we are looking forward that I think again when you have manufacturing strong in hand, get going for retail Adding a few more stores in retail having the hold of cost in hand. You know, it is, it is a. It’s a. It seems to be very healthy bet because retail itself is a scalable model. I think adding up dailywear we are, you know in dailyware model we are having right set of vendors. We are also trying to develop dailyware in house.
So I think those kind of by the end of this fiscal year good amount of daily wear jewelry also we should be able to produce in house. We will be trying not good amount but we should be trying to produce a healthy amount or some unique differentiation that we can bring to the showroom. But occasion where right now in Ahmedabad we are good as a brand.
Akash Jha
Got it sir. And one more question. For the upcoming stores that we are. Planning to open, what would be the. Breakeven period and would they have any short term impact on our margin?
Harit Zaveri
So I think marketing expense would be there. But still I think, you know, going on a complete year on year projections, you know it is little far to say it could have an impact on margins, you know, because of the marketing expense going up. But we are still planning out that how to, you know, make the marketing more effective. There is any other strategy that can work like social media works for all the four regions, right. It is like, you know that expense will not get increased. But holdings and radios and newspaper things are very regional.
So those expenses will get increased. Also that if the newspaper and can be used very strategically because now there are more showrooms. So a newspaper ad pan Gujarat can have effect on all the. All the two, three showrooms that we will be having. So I think if you see on the long term basis in the western in the Gujarat state, can we be the leading player in retail? So you know, when it comes to leaving the pan India players aside. So if this is the question that we can answer, I think rest of the top line and bottom lines of near terms can be for a time being ignored.
And as a company we would want to look on a transform like what can we do in the next coming decade or so. So that is in the mind with a long term vision. I think short term things can have its. You know, we will be transparent in communicating is short term things. But yes, the long term perspective is how scalable can the company go.
Akash Jha
Got it sir. One last question related to this, sir. I mean what is our aspiration in terms of over the next three, five years? I mean will retail be our main growth driver or will the mix remain. The same in terms of volume roughly 50. 50. Between retail, wholesale and job work.
Harit Zaveri
So we want to see. We are a unique. We have a unique business model. We have a specialization in terms of antique jewelry. Antique jewelry runs very strongly with the western market, the northern market. We are doing.
operator
Excuse me, sir, you are not audible if you are speaking at the moment. Members of the management, you are connected but you are not audible. Ladies and gentlemen, please stay connected while we address the situation with the line for the management. Sa Sam. Sa Sam.
operator
Ladies and gentlemen, thank you for staying connected. We thank you for your patience. We have now reconnected with the management. Over to you sir.
Nupur Jainkunya
I think the last question was more or less answered. If there is any question queries regarding the last previous question. I can.
operator
Again, we still have Akash Ja on the line. The questioner who had asked the question last. Akash, do you have any further.
Akash Jha
Yes, sir. I mean I was unable to hear you. So if you can explain. Regarding the last query.
Unidentified Speaker
Akash, your question about daily wear and. Occasion wear in the retail category.
Akash Jha
Right. My last question was related to our. Business model going forward. Our aspiration over the next three, five years.
Unidentified Speaker
Yeah. So Akash, with the business model going forward we are into manufacturing. We would be wanting to expand into retail by maintaining also the uniqueness of the manufacturing that we are having. So with this kind of uniqueness I think B2B or the job work that we are doing will be still remaining with us. It is. But it’s a slow transition that the expansion will happen into different cities or Gujarat. At least the four major cities of Gujarat. So okay, going forward. Going forward you can take it up as a jeweler who is originally a manufacturer and getting into forward integration by maintaining it.
Maintaining its uniqueness also. So the margins can help us. And you know, the expense that the brand will take can be, you know, can be set off by the manufacturing cost that we have an advantage of. So you know, because a retail expansion would need that brand has a lot of, you know, brand expense and everything. And that is. That is to be taken care by the cost advantage that.
operator
Sir, sorry to interrupt but your line is breaking up in between at the moment.
Akash Jha
Yeah. Is it now clear?
operator
Yes, this is clear, sir.
Akash Jha
So as a. So you should see us as a manufacturing player getting into a forward integration, expanding retail showrooms in four major cities of Gujarat. And I think three of them, Ahmedabad, Surat and Rajkot should be operational in the quarter last quarter of this fiscal or the quarter one of the next fiscal year. And Baroda or the fourth city should be. We will Understand how, how fast we can open that. But going forward, yes, it is going to be a B2C you know, prominent company volumes coming 50, 50 from B2C and B2B as well. So B2B are low margin business.
The volume can really be high. But B2C are high margin business, scalable. Thank you for the detailed explanation. All the best. Yes, thank you.
operator
Thank you. Participants, you may join the queue by pressing star and one. Our next question comes from the line of Raj Shah from RK family office. Please go ahead.
Raj Shah
Hi sir. So my first question is I am. Assuming that land will be on the lease basis. So I wanted to know what will be the investment in the inventory for these two showrooms.
Unidentified Speaker
So I think for competitive reasons I really cannot give you the clear data of the inventory for this two showrooms. But it will be one of the, one of the largest showrooms in the cities. Both the showrooms will be in their own way the largest showrooms in their, in their respective cities, one of the largest. And I think you know the inventory will be capable to achieve the turnover that we have expected.
You know, on the ongoing basis. Even I’ve communicated that we’re expecting a thousand crore top line in the coming two, three years and you know, once all the three, four showrooms are you know, up and pumping. So with, I think the inventory will be in line with the retail turnover that is approximately two, two and a half times.
Raj Shah
So that my question was mainly because in the last phone call we also spoke that we are heavily investing in, in our entry. So to open the, to open two new showroom we need funds. Right? So it will all will be debt like all four showrooms or, or all two showrooms inventory will come from debt
Unidentified Speaker
from the retained earnings also.
So last year profit was 39 crores. This year we expecting let’s say 45 crores. So additioning the retaining of the profits will be also there and those will be deployed in the inventory. Plus the debt equity ratio is very low right now. So matching up to one is to one equity debt equity ratio will help you figure out the complete. You know it should give you a clear picture of how much to invest here and in the regions. And plus the return earnings for all the 23 financial years will be, you know, the max is there.
Raj Shah
Okay. Okay. So my next question is you mentioned that you signed a significant wholesale order book. So can you quantify it like how much it is for the, for this year
Unidentified Speaker
again to quantify it, I don’t think so. It will be Good for again competitive reasons. But. But you know if you see we. If I am telling you that we will match up the volumes that we have done last year. I think you can self analyze it. That second quarter will be quite robust also the same signal has been already there in fiscal year 24 wherein the first quarter was low and the second quarter was then very high.
The same reflection is going to come in the. In this. In this also this year also.
Raj Shah
Okay. Okay. So at the current gold price how, in how much time we are expecting to fully utilize our manufacturing facilities at current gold price
Unidentified Speaker
does it see it is not just about manufacturing facility. It is a 2000 kg facility. We are doing manufacturing approximately 900,000 kgs right now. I think we don’t have to worry about at least three years from here. We don’t know what the macroeconomic factor. Gold is very volatile, it changes rapidly. You know this. I think if we really need an additional 2 tons or 3 tonnes more we can easily get it from on a jobber basis from the market.
Right? It is. We should like to invest 40, 50 crore in a capex. Okay. That is one thing. Another thing is the market already has a 5, 10 tons of easy capacity which is there. Utilize that capacity from the market with a little bit of cost, half a percent, one percent, one and a half percent increase in cost. We can utilize that thing. There is no waste of going into a very large expansion of manufacturing facility. Right now the volumes of all the players in organized segments are also growing by just single digit. Nobody’s volume is growing.
If the revenue is growing by let’s say higher double digit still the volumes will be the single digit or neutral. Okay, so the dailywear is also gaining traction or rising very fastly. So have we consider going into job work or wholesale business of daily wear. Right now we will be adding daily wear as a variety in this fiscal year. But you know one I think we are still dominantly going to be in the business of occasion wear jewelry where the demand is very much robust. Indian bedding seasons are always very high. So daily wear is great when it.
When comes to spreading, you know geographically like many, many showrooms or in one particular city areas because you know a person with 5 purchase wouldn’t want to travel let’s say one hour or so but then the occasion where people are it’s a compulsory event to buy and I think it’s a good area for us to stick in. Well, we are exploring delivery slowly and steadily but major plans for deliver for until this fiscal we are Experimenting. How can we differentiate in the dailyware market that is 100 there the design team is also working on differentiating the delivery market.
But one it has to. It has to get. You know, fundamentally derive.
Raj Shah
Okay, so sir, I have basically asking this because daily by introducing or concentrating on daily wear expands are market size. And players like Sky Gold are increasing rapidly in daily wear segment by wholesale or a job working of daily wear segment. That’s why I was asking that.
Unidentified Speaker
Correct. Correct. So see every. Every company will have a different perspective. And you know, as a. As a see I. One can see you know hopes in daily wear. Other can see hopes in occasion where. But both the categories are doing great in terms of retail, right? So expansion of retail will mean that daily wear and occasion where both will move forward.
Now you’re just talking about one thing. Daily worker manufacturing is a daily wear manufacturing. Right now we are not keen at. We are trading daily like we are getting ready from vendors. We had to get benefit. We are. We are hoping to make deliver on job work basis for others. So that is. That is still there in the retail. Both has to run hand in hand. But on the wholesale side of the or on the manufacturing in house manufacturing capability side. No. As for this fiscal year, we are just experimenting on how to differentiate the daily products.
Once we have this products in hand which are differentiated then we can throw in the market for maybe wholesale or retail.
Raj Shah
Okay sir. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. Participants. You may press star and one if you wish to ask questions. Our next question comes from Dipesh Khemka with perfect research. Please go ahead.
Deepesh Khemka
I just wanted to understand why are you planning to expand retail stores in Gujarat and not in metro cities like Delhi, Mumbai etc.
Harit Zaveri
We have tested our pilot store in Ahmedabad. Ahmedabad store we grew very significantly in terms of volumes. Our marketing channels and you know are very much showing us data that you know, our jewelry has been liked by the Gujarati market. Just to give you an example like just to give you a very base level example of the industry. Every. Like how every state it has differentiated food and differentiated in terms of textile. Jewelry is also very fragmented, very diversified. So the data clearly shows that in Gujarat we, you know we are attracting this Patel community, chain community, Marwadi community which are very predominant in the state of Gujarat.
Be it Surat, Baroda, Rajkot, Patels are dominantly there. You know, seeing the demographics. So that is the reason we are wanting to spread in the state of Gujarat and not otherwise it is a. It’s a more safeguarded plan. Ahmedabad proven Hochuka Hai Ahmedabad is the major economy of India. The seventh biggest economy of India. The first best economy of Gujarat or success that it clearly shows that we should expand into at least the four major cities and capture the, you know, the uninterested market.
Deepesh Khemka
So any plans in the coming future to expand into areas apart from Gujarat?
Harit Zaveri
These are, these are very long term questions. Let us first explore Gujarat.
Deepesh Khemka
Okay, good. And any plans to sell online through your own marketplace or website?
Harit Zaveri
Yes, e commerce. We have a very strong Instagram presence. As of now The Instagram is 163,000 followers. None of our peers who are independent jewelers or you know, mid sized corporates have such a kind of inter, you know, Instagram or a social media presence. Now if you see a brand is very strong, it is booming. We are trending very nicely with this kind of the, the opportunity that we should take is how, how, how fast can we go and address this, this particular market. After that I think rest of the questions can, rest of the cities or anything can be looked into.
As of now we can look into Gujarat.
Deepesh Khemka
Okay, so thank you for your elaborate answers.
Harit Zaveri
Thank you. Thank you.
operator
Thank you. To ask a question, ladies and gentlemen, please press star and one. Our next question is from the line of Chinta Ramakrishna, an individual investor. Please go ahead.
Chinta Ramakrishna
Thank you. Sir, can you hear me?
Harit Zaveri
Yes.
Chinta Ramakrishna
Thanks sir for the opportunity for the quarterly investor calls. My question is regarding the. I think there is some income tax notice in the past sir. So just wanted to get any latest update on that one.
Harit Zaveri
If you go into the detail of the notice, this notice is issued to us. When we were a private limited company we did issue bonus shares. Now when the bonus shares are issued we were 100%, you know part of the, the total stake was holded by us. Now this shares were issued just to you know make sure that when we go public the share prices are in the range of 100. Right. So it was a very capital structural thing that we had done. We are very strong that this notice does not have any base. And I have repeatedly told that in my previous two earnings call.
Also we have shown a CIT appeal. We are waiting for a very positive result. I really want people to go into the detail of the notice. Then just you know assume that 25 crore income tax notice. Going to the detail of the notice, it is nothing. I mean the case one would look at, it is nothing. There is no significance that I relate to it. Sure.
Chinta Ramakrishna
Thank you sir. And on the current tariff situation sir, do you see any impact for our Business from the tariffs perspective.
Harit Zaveri
One major area is what India. If there is any indirect effect, you know, I have not yet. We have not yet seen in our data, you know, but because of the geographical tension, the gold prices are volatile in nature. And this has a relation with, you know, customers mind and everything. So still being on the equation side of the, you know, of the jewelry segment, demand is sure going to be there. It can get postponed but not denied. So that is my statement. Always being in an occasion where. So I think right now I can.
We are not able to witness any, any, you know, strong change because of any terrorist hike or anything or there is no signals as of now.
Chinta Ramakrishna
Sure, sir. And also thank you for the aggressive guidance for the FY26 and FY27. Sir. So you mentioned that for FY26 700 crore stop line and the 45 crore bottom line. And for FY27,000 crore top line and 55 crore bottom line. So we are still confident that we can achieve these figures, right? Sir.
Harit Zaveri
See, we are confident to achieve the FY26 guidance as and when we get nearer to the fiscal year, we will be understanding the guidance more better. But from 700 to 1000 crores. Yes, there should be a jump because of the retail showrooms coming up. So these are achievable figures at least from our side. You can take it on an approximate level. Sure. But for FY26, we are. We. We are in the quarter two, starting of quarter two, FY26 quarter two are. We are, we are seeing a very strong positive demand.
Chinta Ramakrishna
Thank you sir. And the two storms that we are opening. Sorata, which quarter? Sir, I misunderstood to get the timelines within which quarter.
Harit Zaveri
One should be in the last quarter of this month of this, this year, last quarter of this fiscal year and the other one should be in the quarter one of the next fiscal year.
Chinta Ramakrishna
Okay, so back to back quarters from Q4 this year onwards.
Chinta Ramakrishna
Yes.
Chinta Ramakrishna
Okay. And. And the IPO amount 100 course we have collected, did we utilize that answer or do we still have any surplus to use for the future business?
Harit Zaveri
We have utilized the complete amount in the last fiscal year.
Chinta Ramakrishna
Okay. And the the to open the remaining four showrooms, are we looking for any equity dilution or any further more depth?
Harit Zaveri
Sir, once we are through with this two, three showrooms that we are planning, we should understand gauge the profitability, understand the market and then the company on the ongoing basis will have the vision is very clear. It is right now the time is to raise debt. Right now the time is to optimize the inventory, turn it 100%. Tap the capital market for this.
Chinta Ramakrishna
Sure, sir. And also the nature of business that. We do recently we are seeing some security concerns for the jewelry shops. Even I think one yesterday happened in Hyderabad. Are we sure that all our showrooms we have the enough security to make sure that no bad incidents will happen under these kind of situations will not occur for our showrooms.
Harit Zaveri
See, we have gotten security measures. Some unforeseen events in our showroom has also happened previously. But with that we have a complete hundred percent insurance. So, you know. And again, you know, I think one cannot. You are true with that this statement that one has to be very alert when it comes to the security nature. With this one incident, we are actually alert, you know. And we hope not that anything happens. Plus the insurance and everything are right on track. So with this expansion. Yes, we are cautious about the security measures. We are cautious about the insurance measures.
And being an organized company, you know, having investors being a transparent one, you will be. We are. We are owing the responsibility of, you know, public’s money. So one has to be very careful. And in that category, we are careful.
Chinta Ramakrishna
Sure, sir. One last question, sir. Now we normally see our volumes are. I mean the stock exchange volumes are little low. Just looking. Is there any future like face value split or something to to improve our volumes on the exchanges from the investors.
Harit Zaveri
Perspective, as of now, this is the. This is the first time I received the remark on earnings call. Right now we do not have any such plans. But you know, once the remark or the feedback has come let us understand it more going in more deeper. The reason why volumes can be high or low, you know, based on delivery or trading is a different subject altogether. My expertise still remains on giving you the performance that I have committed which I have delivered in the last year or you know, previously also we started with a very humble start, very small have come this way.
We have a future to go way forward. These are my strengths and you know. But this feedback is taken, you know, let us understand it and rest. I think it is upon the shareholders.
Chinta Ramakrishna
Sure, sir. Thanks very much once again for the excellent management. Sir. Thank you. Thanks a lot.
Harit Zaveri
Thank you. Thank you.
operator
Thank you. Participants to join the question queue, you may press star and 1. Our next question is from the line of Harshit an individual investor. Please go ahead.
Unidentified Participant
Hello, sorry if I’m questioning repetitive if I join us now primary door questions here recently almost Kantika topmost retail companies. Slowly they are moving towards diamond jewelry also increasing so lightweight jewelry fashion. We Are primarily into the antique jewelry. So how do you see the demand still I mean gold, heavy gold, antique jewelry gold. Given that both research is coming in this integral day.
Harit Zaveri
So. Occasion where category demand jewelry bridal jewelry expense in fact and compulsory purchase. And we are selling it quite well. You know we are Indian consumers. Indian consumers. They are lovers of gold. We are wanting to you know stay in this segment. It is a. It is a safe segment manufacturing capability. It is a profitable segment to us. If you see our balance sheet we are in a better margin positions than rest of the peers. We are growing after we grew nicely. You know this year we are expected to grow very strongly Optimism lightweight category. But diamond has studied jewelry.
But overall companies in house manufacturing because they want to localize the manufacturing and they want to categorize customers. So they are moving more towards the price sensitive market away from premium market. So itself. This is a very nice point. So there are Pan India players who are going ahead with manufacturing facilities. They have their front end. They are now aggressively moving towards their back end. So we have back end which is prepared. We can go for front end so margin come manufacturing. So that is a. That is a structural shift that is also happening in the industry.
Apart from the shift of being organized in another unorganized. Although revenue is flat one time cost increase in debt. Why so initial one time financial cost.
operator
Thank you ladies and gentlemen. We request you to please restrict yourselves to one question per participant. Our next question comes from the line of Dipesh J. Sanchetty with many a finance. Please go ahead.
Deepesh J. Sancheti
Hello. Just wanted to understand. First of all I hope the IIS was very good and we did more business than last year. And if you can give an update on that. And secondly you have mentioned that we’ll open two showrooms launch two showrooms in Q1 FY27. I just wanted to understand with the current gold prices and a little bit of stack and business. How do you see that you know you remain confident that you know this showrooms will be launched at that time or do you want to extend that time period.
Harit Zaveri
So you know you know one lease agreement and all are to sign. And with the matter of 681 gold prices high or I think industry may the macroeconomical factors. But you know long term decision. But ultimately this is the right model to move forward to market. Sure.
Deepesh J. Sancheti
And what is the growth in our store right now? I mean this is the one store which we have. What is the growth.
Harit Zaveri
Last year retail growth May 188 crores 323 crores.
Deepesh J. Sancheti
Okay. And. Sorry, sorry.
Harit Zaveri
Last year we have seen a tremendous growth approximately in 70% or so retail. Few years back, three years back, 2021 retail was around 24 crores.
Deepesh J. Sancheti
That gives you the confidence that for. The next two stores.
Harit Zaveri
Yes, yes.
Deepesh J. Sancheti
If you can just throw some light on IAGs also, what is the demand and did it surpass? I mean what is the order book right now which you’re having?
Harit Zaveri
35% walk ins, new additional retailers demand. We are very happy with the IHS performance and that is why we have also said that quarter two order book, you know, we are going to remain in the, you know, healthy order book that will be delivered in August, September and October. So that is why we are hopeful for the quarter two results.
operator
Thank you. Our next question comes from the line of Sahil Patani from Strokes Capital. Please go ahead.
Sahil Patani
Hi, just a follow up to my previous questions. Wanted to understand that you were in the process of looking at a CFO and you obviously had, you were the internal cfo. So are you still searching for that or will you be continuing in that, in that role?
Harit Zaveri
So I think, you know, right now I’ll be continuing the role for again an interim, but it will be an interim role, you know, if not, it could be sooner or later passed on to a professional. And you know, we are wanting that, you know, the person who comes as a role of CFO has to have a two, three years of experience when it comes to, you know, you know, in the, in RBZ itself and then it should be promoted to, to the role of cfo. So you know, in that matter, nothing there is, there is no one who’s going to just come from outside and take up the road.
Somebody will be promoted from the company itself. That is what right now we are in. But the CFO rule which I am holding is for an interim period only.
Sahil Patani
Okay. So right now you will be continuing.
Harit Zaveri
But as things for a small period of time that will be continuing.
Sahil Patani
Okay. Okay. All right. Okay. That’s, that’s what I wanted to clarify.
operator
Yes, thank you. Our next question comes from the line of Akash J with AJ Wealth. Please go ahead.
Akash Jha
Hi sir. Thanks for follow up. So one question related to our B2B business. I mean I think we are not. Very aggressive in acquiring new clients or targeting mid and small retailers unlike our B2B competitors. So I mean I understand our strategy is to focus more on expanding in the B2C segment. So does this mean we should expect a similar approach going forward? I mean that is not aggressively pursuing an Onboarding client.
Harit Zaveri
So Akash, we are. We are strongly doing B2B exhibitions. This let me clear you that we are acquiring new clients. Those are independent jewelers. But we have a very strategic partnership with Titan going on and it is going strong. He Titan, Malabar and those type of corporates are one of the very prominent consumers of RB said now in the when we do a retail business exhibition like IIJS I just told that we witnessed a 30% hike in terms of walk ins. Now those walk ins are retailers right. So and if you check the records still the volume of job work and wholesale is good.
So the. The this is a transition that it is happening in the company. That company is opening up let’s say two more stores or so. But when it comes to wholesale we are keeping our manufacturing uniqueness in place. And because of that we are deriving demand in the B2B segment also when it comes see in. I’ll just explain. You’ll take a one minute more. Retail is a market which is related to budget. So let’s say Ahmedabad market can have a typical market set of let’s say 5000 crores or XYZ what it can have. But it will have some size in terms of rupees.
Whereas the wholesale market completely works in terms of volumes. So. Or the manufacturing facility works in terms of volume. Like let’s say one carriage there he can do 1 kg. Now that rate can be from 50,000 or that trade can be 1 lakh. But 1 kg is constant for that carrier. So we have a manufacturing facility of 2000 kgs. We are doing B2B exhibitions. We are taking orders. We are having new clients in place. We are strengthening, tightening those markets. You know last year also we did well in terms of the B2B area wholesale plus job up.
And this year also we are continuing to do good in that. In that area expansion in other geographies will happen because the tonnage will differ in retail. Retail works on budget, right? Given that gold rate increase budget wise. So this is the reason that there is an expansion in detail. But at the same time we are not ignoring anyway the B2B part of the story. We are transitioning the transition Horai. That is for sure.
Akash Jha
And one last question sir. As we. I mean expanding our retail business and our aim to build a brand in this segment. So I mean I wanted to understand how we will manage design exclusivity between what we showcase in our own stores and what we deliver to our clients. I mean because we are also very competitive.
Harit Zaveri
Yes, yes. Yes, even right now we are doing retail now. 2014, 2019, you know, then we increased again a little more space. So transition. And we have been, you know, for past many years we have been into B2B. So we as an ethics of the company also we don’t take this, you know, designs that we sell to corporates or anyone. We make our own individual designs or we get from the market also we source it from market. But uniqueness, you know, if we have to maintain that uniqueness and we have to have that ethical barrier also.
So given whatever the grid may be, but there, there is no situation as of now or future. Maybe this is, this is something as a promise that we keep that whatever we sell as a design to our corporate clients, we will not keep them in house or we will not keep them or sell them with our stores. We will have our original designers, we will have our original. We will have a design team or we will have original designs that caters to the need of the market and we can do well with that. And we have done well with that in this past, you know, four or five years with come when it comes to retail.
Akash Jha
Got it. Thank you, sir.
Harit Zaveri
Thank you. Thank you. Thank you.
operator
Thank you. Ladies and gentlemen. We will take that as our last question for today. I would now like to hand the conference over to the management for closing comments. Over to you gentleman.
Harit Zaveri
So thank you all for participating in this earnings conference call. If you have any further questions or would like to know more about the company, please reach out to our investor relation manager at Veloram Advisors. Thank you.
operator
Thank you on behalf of RBZ Jewelers limited that concludes this conference. Thank you all for joining us. You may now disconnect your lines.