Rbz Jewellers Ltd (NSE: RBZJEWEL) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Harit Zaveri — Chief Financial Officer
Analysts:
Purvangi Jain — Analyst
Deepesh — Analyst
Sahil Patani from Strokes Capital. — Analyst
Libin — Analyst
Dakshay — Analyst
Rajender — Analyst
Lala — Analyst
Kaushal Kumar — Analyst
Mohan Kumar — Analyst
Sourav Khara — Analyst
Deepesh — Analyst
Presentation:
operator
Ladies and gentlemen good day and welcome to Q3 and 9 months FY26 earnings conference call of RBZ Dwellers Limited. As a reminder all participants line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing 0 on your Touchstone phone. Please note that this conference is being recorded. I now hand over the conference to Ms. Purvangi Jain from Valorum Advisors. Thank you and over to you ma’. Am.
Purvangi Jain — Analyst
Good evening everyone and a very warm welcome to you all. My name is Parvangi Jain from Ballaram Advisors. We represent the investor relations of RBZ Jewellers Ltd. On behalf of the company and Validum Advisors I’d like to thank you all for participating in the company’s earnings conference call for the third quarter and nine months ended of the 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 risks and uncertainties which could cause actual results to differ from those anticipated.
Such statements are based on management’s beliefs as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decision. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and 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 Zavedi, Joint MD and CFO of the company.
Mr. Harshit Gandhi, Internal Financial Controller and Mr. Bhavesh Sabnani, Chief Manager Account and Finance of the company. Without any delay I request Mr. Harid Saveri to start with his opening remarks. Thank you. And over to you sir.
Harit Zaveri — Chief Financial Officer
Thank you Purvangi. And good evening everyone. Welcome to our conference earnings call for discussing our performance for the third quarter. And nine months ended but the financial year 2026. Before I give you the financials and operation highlights of the period under review let me first start by giving a brief overview of the company for some of those participants that may be new to our company.
Harit Zaveri — Chief Financial Officer
RBZ is one of the leading organized. Manufacturer of gold jewelry in India and now transforming itself into a retail segment. We are a unique jewelry company with. A diversified business model wherein we offer. To national wide retailers of a wholesale. Or a job work basis as well. As direct to consumers. From our flagship store in Ahmedabad we. Have a state of art manufacturing facility. Equipped with advanced casting, laser and 3D printing technologies which is supported by 275 plus professionals and 200 skilled artisans. Because of our manufacturing setup and presence.
Harit Zaveri — Chief Financial Officer
Across both wholesale and retail segment we are able to garner better margins than. Any of our peers. We offer a diverse range of jewelry. Collection comprising of different manufacturing techniques and varieties but our specialty lies in antique gold occasion wear jewelry. Our flagship store Harid Zawari Jewelers in. Ahmedabad offers bridal occasion and daily wear jewelry across diverse price ranges. The retail product portfolio features a diverse collection of gold, silver, studded and other. Jewelry including bangles, chain, necklace, rings etc. We are also planning to expand our. Retail presence in Gujarat in the cities. Of Surat, Rajkot, Baroda and Ahmedabad as. Well and other spokes stores and hence expanding our retail presence across Gujarat. Now coming to the financial highlights for. The period under review. Despite a dynamic global backdrop, we have delivered steady performance this quarter supported by strong B2C momentum driven by the strong. Festival demand during Dashera and Diwali along. With the robust wedding season. Importantly, our performance remained well aligned with. The revenue guidance we have shared earlier. For the quarter under review, our revenue from operations for the quarter stood at INR 226 crores registering a growth of 17% year on year. EBITDA for the quarter increased to 30 crores reflecting a growth of 36% y. And y. EBITDA margin expanded to 184 basis point y and y to 13.04%. Profit after tax stood at 17 crores. Growing at 33% with PAT margins improving to 7.69%. For the ninth month ended of the financial year 2026, the revenue from operations. Stood at 447 crores reflecting a healthy growth of 14% yy. EBITDA came at 71 crores up 42% yy with margin expanding 317 basis point to 15.82%.
Harit Zaveri — Chief Financial Officer
Net profit for the period stood at. 43 crores marking a growth of 43% y on y with PAT margins improving at 9.6. In terms of segmental performance for the. Quarter, retail revenue stood at INR 155 crores registering a strong growth of 39% y. Full sales revenue stood at 70 crores witnessing a decline of 12% y and y while Jobbuck revenue approximately to 2 crores declining 46% yon y for the. Nine month ended FY26 retail revenue grew 24% to INR 287 crores, wholesale revenue declined marginally to 154 crores and job.
Harit Zaveri — Chief Financial Officer
Book revenue stood at 6 crores down by 11%. Operationally, we delivered a healthy performance during the quarter supported by strong festive and wedding season demand. We have participated in five exhibitions across. National and state level coverings to both. B2B and B2C segments which help us. Strengthen our market presence and deepen customer engagement. We also have launched multiple impactful digital. Marketing campaigns and showcasing both our occasion. And daily wear collections in the occasion.
Harit Zaveri — Chief Financial Officer
Where segment campaigns such as Jammanwar and Samayudha Polki product shoot and our Diwali Festival can be highlighted over gold, Polky and antique designs offering Reinforcing our premium. Positioning in Dailywear segment, we have rolled out dedicated digital branding initiative focused on. Promoting our lightweight yet elegantly designed collection specifically tailored to appeal the value consciousness of everyday consumers. During the quarter we launched approximately 951new.
Harit Zaveri — Chief Financial Officer
Designs averaging 12designs per day primarily in. The occasionwear segment, further strengthening our product portfolio. Additionally, we are set to commence certain products in house in dailywear segment from quarter one of fiscal 27th with dedicated. Infrastructure in place on the retail front. Encouraged by the strong performance of our Ahmedabad store, we are now planning to expand into other key Gujarat market including Surat and Rajkot. Both showrooms are targeted to become operational in Q2FY27, one in the early part of the quarter and one in the.
Harit Zaveri — Chief Financial Officer
Late quarter 2 FY27. Further, we also have identified strategic location in eastern Ahmedabad for mid sized stores of approximately 5,000 square feet, reinforcing our regional footprint and supporting incremental growth. Looking ahead, we are strategically positioned to capitalize on the upcoming wedding season, International Women Day and key regional festivals. We are witnessing steady consumer demand in the occasion wear segment supported by ongoing optimization of our inventory mix with a sharper focus on lightweight I.e. look to weight ratio and budget friendly offerings. With this I now open the floor for question and answer sessions. Thank you, thank you.
Questions and Answers:
operator
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets While asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Dipesh from Manya Finance. Please proceed.
Deepesh
Hi. Am I audible?
Harit Zaveri
Yes. Dipesh.
Deepesh
Hi. Hello. Congratulations. Just wanted to understand what is the update on a new store openings.
Harit Zaveri
So Deepesh Bhai, the two flagship stores. Of 10,000 in Surat and 12,000 square feet in Rajkot we are planning to open in the quarter two of this year. Reason being we are seeing that there will be a slowdown in the market on an obvious season post March. So you know, while launching the new stores fully and those are going to be one of the biggest stores in their respective cities, we want the marketing to be quite strong and the punch of marketing has to sail and we have turn it into sales. So internally the team and all of us after a good amount of brainstorming discussed that it is better to launch it in the season of when the season is about to start.
Harit Zaveri
So consider July, August to be the. Start of the season and that is when we should be coming forward for launching the stores. And those are basically two hub stores. So the marketing budget is also aligned to push them. So yes, there is a delay and the reason of delays that our internal discussion and etc after which we have come across that no, it is a conscious, it should be a conscious call and you know, post in you know.
Harit Zaveri
Just before the season if it is. Launched it will give us a higher and better return on return on investments etc. Right. And just wanted to understand if what search. I mean there was no inventory gain in this quarter because most of the peers have shown a huge inventory gain, hence a huge profit. Just want to understand how RBZ has accounted the inventory gain.
Harit Zaveri
Okay. So basically if you, if you look. At it in this quarter the manufacturing expenses actually have declined. So you know that was because of reasonably less amount of job work.
Harit Zaveri
Now if you understand the inventory gain part, you know the retail movement has. Been very strong in, you know in this, in this quarter. But that was mostly for the goods. That have been bought. So you know like those goods which were newly bought have been sold. So you know much amount of inventory has been lying and much amount of. Cushion has already been there. But you know the inventory gain has really not come out as nicely as we would actually wish it to be. Good that you know it will happen. In the, you know it will happen in the coming year and also that you know there is new showrooms and etc coming up. So cushion is always better in this. Case but not much of inventory gain. Nice analysis from your side for that matter.
Harit Zaveri
Yeah. So what, what was the, what do we follow as an inventory pattern? Do we follow FIFO or do we follow. I mean what is the pattern we have? Yeah. So in retail we generally follow the. Fixed price method in which whatever goods have come in. Let’s say if you have bought a good today, it will get, you know, purchased at a fix rate and you know, whenever we sell it, that rate will be locked in. And on wholesale we follow the weighted. Average method on the working capital. I mean on the till the time it is in the working capital. Suppose that again it will be followed. On the same fixed price method. So it is according to the indices and ETC norms. Yeah. So I think in both the cases. Whatever job work gain that we have.
Harit Zaveri
Got in terms of inventory where already the weighted average cost was low. So we have, we have to book it according to our industry accounting practices. We have to book it at that weighted average price. So for that we could not see. Much, you know, sales happening of that, of that gold. Post the inventory gain, post the inventory KGS being booked. And on the retail side I have. Mentioned that, you know, the goods that came in last flew in like sold very fast. So that is the reason that you know, the inventories which are before three months, six months or you know, eight months are still there. We are holding those stocks which will be helpful because then the inventory will. Be shifted to the new stores. And from that, you know, we can have our gains. And also the cushion is also healthy. You know, the invent. The prices of gold have risen so much that a little bit of 2022% cushion is always better to have.
Harit Zaveri
2022% question as in if you can just quantify what what that number would mean. From the current market price. From the current market price. Okay, okay and. Okay left. Can you please rejoin the queue? Sure, sure I will do that.
operator
Thank you so much sir. Ladies and gentlemen, in order to ensure that management is able to address question from the participants in this conference, please restrict your question to two per participant. Should you have a follow up question, please rejoin the queue. Ladies and gentlemen, anyone who wishes to ask a question please press star and one on their touchstone telephone. I repeat, to ask a question please press star and one. Now the next question is from the line of Sahil Pathani from Strokes Capital. Please proceed.
Sahil Patani from Strokes Capital.
Hi, thanks for the opportunity. So Harith wanted to understand, right? If we look at some of the big boys in this quarter, some of them your clients as well like Titan and Obviously Kalyan, they’ve grown massively this this quarter. Upwards of 30, 40%. But our revenue growth year on year has been you know, a bit less, about 17%. So what, what would you say was, was the reason for this kind of a discrepancy?
Harit Zaveri
So Sahil, if you understand, you know the model in which we are operating. That is wholesale, job work and retail. You know you will get the right. Idea about how other stores are doing and how we are doing. So if you understand that quarter two. There was a phenomenal rise in, you know, the volumes in job work. Now again the corporates who buys from us, this is critical to understand. Let’s say you are the corporate and. You are buying from us on a. Job work basis, right? Let’s say I’ve sold you 100kg. So you will want to hedge those inventories and you would want to sell it in the coming quarter. So the coming quarter the average price of inventory is 140k. That is almost, let’s say 150,000.
Harit Zaveri
Now when you have given a job work order to me it was at hundred thousand. So this is the fluctuation of gold from quarter two to quarter three. Now what will happen is you will sell your gold post hedging also you will sell your gold at, let’s say 140k. And that is why, that is how your sales on a yoy level will look. Let’s say 30, 40%. But you have also given an order to us which is prehand. So the inventory which I have given to you 100 kg, you are expected to sell, let’s say, say you expected the gold rate would remain somewhere around let’s say 100,000, 105,000, you know, 5% increase maximum.
That is.
Harit Zaveri
But this sharp increase had led to an increase in retail sales. If you see our retail sales is also increased by 39%. It is not that. And that was same store sales growth definition of our stores would be more than five years, 10 years, right? We have been in retail for let’s. Say at least a mega. So retail has been there for five years. More like operational. So you know the retail growth is good. But when you talk about wholesale, the wholesale has already delivered itself in quarter two of the year in the job work thing. And those inventory valuations have 50% increased and gone to this, you know, retailers now even they have to sell, right? Now if you compare the Y on Y quarter, let’s say FY25 in December, the average price of gold was 81,000 versus this year the average price of gold is 150,000. Now even if a retailer does a 40% increase in revenue he would still decline his volume by let’s say for you know, I don’t know what percentage.
I mean you can just analyze.
Harit Zaveri
So it will be great if you compare the retailer retailer volumes also like you know and then you will actually understand okay. What is happening. Perhaps also it is important to understand where the when the B2B player sells the inventory is still there is the national this retailers and they need to hedge this. So post hedging, post selling their money will go in replenishing the margin money. You know if they are doing some hedging practice and etc. But you know I hope I’m like literally clear otherwise you can ask me. Again that why is our.
Sahil Patani from Strokes Capital.
What is. What is there with. See again the retailers have changed their preference of buying gold from wholesale to job work basis. I have clearly mentioned that in quarter two and it is not about 17% growth and etc. With 17% growth we would not get.
Harit Zaveri
This TTM level PAT of 52 crores. It is clearly the quarter two has played out very nicely in our favor in B2B because of the early festive. Demands and etc going on. And the quarter three has been good. Because of the retail thing. So overall both the divisions are doing comfortably well. Obviously retail will look more promising because. We are wanting to spread more in terms of geography. But wholesale or B2B as a particular segment has done its job in quarter two only. And if you remember my last year’s. Earning call, I mean last quarter’s earning call. I have clearly mentioned that this quarter. B2B will be muted And I also. Expected that retailers have the inventory in hand. Increase in revenue is very, you know 40% increase in revenue when I have.
Harit Zaveri
Had in my retail. But what is the volume increase that I’ve had? You know that is negative. Right. So how would we get the rotation? No makes. Makes sense. Right, understood. I just wanted to you know hear from you as well on that. So thanks, thanks for the explanation. My, my second question is Harith. Now how do you see this current quarter for shaping up? Because I know like previously, you know a few quarters ago we’d given like a top line guidance of about 700 crores. So would we be nearing to that achieve that or how do you see this quarter shaping up?
Harit Zaveri
So you know I gave guidance of revenue basis on my wholesale and you know retail and all so retail if you remember I have given 400 crores guidance. I clearly see that we will meet that guidance. In the last earnings call I have mentioned that the wholesale thing, the preference have changed to job work a little because of this volatility prices and all people want, you know, people were not ready to take it 150k, 110k. They thought that the ballot price will come down and etc.
Harit Zaveri
So they have given us orders on. Jobber that, that for that reason you might see that the revenue has been shifted from wholesale to job work and all and holds. Obviously jobber revenue cannot be calculated. But yes, you know, year has been good and you know we expect that. You know the guidelines that we have told of 700 crores, you know, we are not adding a new store in the quarter four of the season. Also because of this market reasons. We want to launch it in the full fledged in the season of you know, quarter two of this thing so that we get the season benefit when we do the marketing push.
So that will be subtracted. So after subtracting the new store sales, you know, I think we should be able to achieve around 650 crores or 630 to 650 crores of revenue.
Harit Zaveri
With the bottom line of at least. Let’S say 50, 55 crores. Like right now TTM is around 52 crores. Let us say that 50, 55 crores would be very comfortable for us to achieve.
Sahil Patani from Strokes Capital.
Understood. Okay. Okay. Thanks for that, Harith. I’ll get back in the keyword. All the best. Yeah. Thank you. Thank you.
operator
Thank you. The next question is from the line of Libin from ICIC Bank. Please proceed.
Libin
Yeah, hi. Thanks for the opportunity. I just had one question when I was going through the volumes for the entire FY25 visa vis what we have. Done in the last nine months. I can see we have done around 800 kilos this financial year. Visa was around 1300 kilos for the entire year. Do we see us overachieving last year’s volumes? Certainly. No, I mean volume achievement in this year. See last year average price if you. Calculate was around 70, 75,000. This year it is 100. Right now the current market price is 30 to 50,000. Average might be around 130 or you know, so certainly volume achievement on the parallel level is something that we don’t expect. Because again, you know, you can tell that this volumes next year can happen.
Sahil Patani from Strokes Capital.
Yeah, because of the four showroom openings and all.
Harit Zaveri
It can happen. But you know, it is too early for me to say anything like that. Maybe after a little bit of more Analysis on number crunching I can tell you that. But I think this year will not be. It is on obvious volume dip. But yes, if you consider the net. Revenue, the net revenue multiplied.
Sahil Patani from Strokes Capital.
I mean the volume multiplied by the current market price. The revenue show very nice figures. That means the company is healthily growing. That is why we would have let’s say 45 crore was the projected pat. And now we are delivering 50, 55. Crores we are projecting. And two years before the company had 22 crores PAT. So that way company is growing in terms of revenue. When we launched an IPO it was. 320 crores of revenue. Here we are talking about 630, 650 crores. So we are doubling our revenue and.
Harit Zaveri
We are doubling our profits also. In fact more than double. So I think companies growing that way healthily in terms of volumes volume will. Not be the right picture, you know because the gold prices have increased, I mean very sharply. So yeah, we should match our volumes by next and next year.
Sahil Patani from Strokes Capital.
Got it. Just one more follow up question. As we know next year also we have Akshay Trithiya in April, somewhere in mid April. So do you think the Benefits accumulating in Q4 it will have a reasonable impact on the top line and bottom line.
Sahil Patani from Strokes Capital.
So that is calculated, right? Last year also it was the same month. This year also it is the same month. Despite that, you know last year let’s say Q4 we should do better this year. You can consider that last year Q4 versus this year Q4 will be better. That is, that is that. That should be the majority of the consideration.
Harit Zaveri
And if it was postponed then it. Would have been a different like you know, a different scenario. I mean it’s like to like. Right? Yeah. Got the benefits. I mean orders will be good. That is what we are also expecting. And we see that there is a good, good.
Sahil Patani from Strokes Capital.
I mean there is a. The expected orders are coming in. But again the margins are. The gold prices are heavily up and. There will be a lot of margin calls for this national wide players. So the liquidity and all should be like taking a toll and you know probably you know giving us the job work thing and all will be little difficult because they have to procure gold and give us job work.
Harit Zaveri
But then we are not. It is an optimistic scenario. See if even if there is a gold price rise, liquidity and etc whatever is happening the sales is rising for national retailers. Right. So ultimately it has to turn up to us. We being a strategic vendor, we are sure to receive demand. I Mean there is no doubt company is still running and it is doing, I mean wonderful in terms of bottom line. And you know if you compare two years we have done one we have done really nice. So we are expecting to grow in the same way. But also there will be a transformation from B2C to B2B to B2C and that should be very encouraging for the company I think.
Sahil Patani from Strokes Capital.
Got it. Thank you. Thank you. Thanks for the opportunity.
Harit Zaveri
Thank you.
operator
Thank you. The next question is from the line of Khushi Jain from share India Securities Ltd. Please proceed.
Kaushal Kumar
Hi, good afternoon. I hope I’m audible.
Harit Zaveri
Yes, you’re audible.
Kaushal Kumar
Yeah. So as you even mentioned that you’re going to start a new line of lightweight jewelry. So I just wanted to understand what like could you just elaborate from your end. Like what is the lab grown diamond segment doing specifically after you know the recent price crash. So how is the demand evolving in both India and other global markets?
Harit Zaveri
See in my limited understanding, you know Lab grown there is a marketplace for lab grown retailers are experimenting and wanting to have few stores. Some of the leading retailers are you know doing experimenting in their own ways. What do you see the future? I think more of the research reports should be able to tell that I’m, I’m just an industry person and honestly not an industry expert.
Harit Zaveri
But yeah there is a market lab. Grown because of it is machinery made and etc will be. There will be no limit of supply. It is not new in the industry that any synthetic product have come. We have witnessed emeralds and rubies synthetics that have come and the prices have really dropped and crashed and etc. I don’t know what will happen to LGD for that matter. I suppose that LGD should be a very lucrative thing once the prices drops in order to you know really the level where the machine made items prices should be so far from maturity and we are not entering anywhere early in this.
Kaushal Kumar
All right, all that, no issue. And on the B2C segment or your retail store which you mentioned that you have a single store right now and you’re gonna be having two to three more stores in upcoming quarter, right?
Harit Zaveri
Correct.
Kaushal Kumar
And that would be in what geography?
Harit Zaveri
One will be in Rajkot, it is. Around 12,000 square feet. One will be in Surat, around 10,000 square feet and two will be in eastern part of Ahmedabad. Okay. And how, how are the margins looking like? So retail margins are looking steady and. Nice and we retail has been doing good from fiscal 21. If you see the revenue we were a 24 crore retail company around this year we’ll be clocking 400 crores. We are seeing that next year. I mean the question should be can we go to 700 crores next year in detail? Okay. Okay. Perfect. Perfect. Yeah, that’s it from my end.
Kaushal Kumar
Thank you so much. All the best.
Harit Zaveri
Thank you.
Deepesh
Thank you. The next question is from the line of Dipesh from Manya Finance. Please proceed. Yeah, am I audible?
operator
Yes, we are audible.
Deepesh
Okay. Just want to understand has there been any pressures on the B2B and especially from the corporates due to high gold price pressure on the margin.
Harit Zaveri
See that there is always a pressure on margins. Nothing new in the industry that the prices have gone up and the retailers would be pressurizing the B2B players to squeeze their margins. It is a very known fact, you know Most of the B2B players are aware of what is happening in B2C on the consumer side and etc, direct side. So it is also a gray area wherein B2C player can leverage margins. Basically we are on both the sides of the game. It would be wrong to deny that there is a margin pressure at the same time, you know, how much cost cut can we do on our end and similarly if there is a cost cut on our end on the manufacturing side, how much helpful it can be for expansion of retail stores and pushing that products there.
So you know us as a category wherein we are pushing retail. The whole proposition looks to be very, very nice because you know, it seems to be a very right stage in which we are transforming. Also if any industry, in any part of the industry, if there is a few organized players in retail and a very high number of wholesalers or manufacturers, margins or comprise competition is subject to happen. And you know, we don’t want to be in that kind of a scenario. Hence I think right, balancing of B2B2C is essential and expansion is, you know, looking right, you know, leave about the speed, the moment or the thing, the direction of the company seems to be very, very correct for future because fortunately.
Deepesh
I asked this question because fortunately we as a space are in the design segment where you know, the designs work, the designs actually sell. Whereas in the market of the chains and the rings which goes into bulk that that is where we have seen a lot of pressure on. So if have you seen any significant pressure or it has been just marginal.
Harit Zaveri
So see when you say pressure I mean there is a psychological pressure. But when you say about the rates. Being corrected the answer is no. Okay. When you talk pressure I mean that okay, is there pressure for, you know, Cost cutting. Yes, there is a psychological pressure but there has been no cost cutting like there be. There have been no rate negotiations from oversight. Perfect. That is what I want to hear. That’s great. And so if you can answer about the return issues have been. Have any corporates come up with return issues and if we have seen any such trend what is the percentage of our sales which have been returned?
Harit Zaveri
Again no such heavy trend. Our policies are very clear in terms of B2B. We generally do not expect accept a higher percentage of written apart from a little bit that comes in that to without that to taking it without making charge. I mean that that means that there is honestly less or negligible impact of written policy in this case.
Deepesh
Fantastic. Fantastic. Just if I can squeeze in one more question is. Hello. Am I audible?
Harit Zaveri
Yeah. Yes. Yes you’re audible. Yeah.
Deepesh
If you can. If you can just mention that you.
Harit Zaveri
Know how much of your Q3 volume is in terms of retail, B2B and job. So not having really my figures handy. So I mean I couldn’t see it in the presentation. That’s. I think it should be given. But even if it is not given. In nine months it has been given. I don’t think it has been given Q3 in volumes. It is not given. I think it has been given for nine months. Nine months. FY26 has been given all the three segments but QT has not been given.
Harit Zaveri
So I think. Right. A good way to analyze is somewhere. Around 100, 135k is the average price. So maybe dividing that revenue upon the average price will get you volumes. So and then the job work volume. I will just job work volumes would be somewhere around. Yeah. So the rest can be amount divided. By the average price on Q3 and somewhere around I think 170, 80kgs should be there. Again the figures are not clearly handy but this is just the total volume. The total amount done. That is a total revenue divided by. An average price of quarter three. Because job work revenue has been mentioned as 5015 million but the the volume. Of job work is 96kgs. 96. 97kgs.
Deepesh
Perfect. Perfect. Thank you so much Aritan. All the very best.
Harit Zaveri
Thank you. Thank you.
operator
Thank you. The next question is from the line of Sourav Khara from BET Capital. Please proceed.
Sourav Khara
Hello.
operator
Yes sir.
Sourav Khara
Yeah sir, what will be our revenue guidance for FY27? Should be probably doing around 800900 crores with a PAT of around 50 by 60 crores. Marketing spend of 25 crores is expected.
Harit Zaveri
I’m Sorry. Currently marketing spend is not that much. Because of the retail store being a mature store. We generally expect a 1% of the revenue to be, you know, mostly boiling down to advertising budget. But hence we are expanding and we look forward for a ratio of 50, 50 I.e. b2B and B2C in volume basis. That is the reason I think marketing spend is essential. And because of the budget that, you know, higher budget of marketing spend, we have actually made sure that okay, the store comes in the quarter where the retail push is there. You know, the customer retail push is there. So I think that was one of the reason that once we are doing a good amount of marketing, let us do it in the season time and you know, not get too much pressurized by you know, the new sort of opening dates or doing it in the right time basically.
So yeah, margin pressure would be there.
Sourav Khara
That is correct.
Harit Zaveri
But that I think it is okay. That means like just see now, 22. Crores to 45 crore. The guidance was we have done 50, 55. We’ll be doing 55 crores this year. I mean it is still good if. You do, if you are doing 55 to 60 crores. We are maintaining our guidance since past three years now. So you know this is the third year that I’m talking and I mean two years completed of IPO and this is. Yeah, this is going to be third year and I’m keeping the guidance same. 55 crores. I’m actually getting a upper guidance of 60 crores now. A band of 55 to 60. If you say.
Sourav Khara
I’m sorry.
Harit Zaveri
As a. Percentage of sales will be somewhere around 1% of the revenue. That means six to six and six. Six to six and a half.
Sourav Khara
Okay. Thank you sir.
Harit Zaveri
Thank you.
operator
Thank you. The next question is from the line of Mohan Kumar from Sait Capital. Please proceed.
Mohan Kumar
Hello. Am I audible?
operator
Yes. Audible.
Mohan Kumar
Yes. You mentioned two to three steps in the operational by next year upcoming plant first session. Could you share guidance on detailed performance and revenue contributions?
Harit Zaveri
So one will be in Suraj. We are expecting a revenue of around 150 crores. One will be in Rajkot. We are expecting a revenue of 125 crores. 2 will be in the eastern part of Ahmedabad. I think the revenue guidance is. You know, we are still working on it. We cannot give the. Give the revenue guidance like as such. These are just projections.
Mohan Kumar
And. Can you share the expected breakeven timeline for the new stores? Hello?
operator
Hello, Harit sir. We can’t hear you, sir. Ladies and gentlemen, the line for the Management has been disconnected. Please stay connected till we reconnect them. Ladies and gentlemen, the line for the management has been reconnected.
Harit Zaveri
Yes. I hope I’m audible.
operator
Yes.
Harit Zaveri
Yes. So giving the guidance. The Surat and Rajkot store. I have given the guidance of 150, 125 crores. The two Eastern stores that are coming up eastern part of Ahmedabad. I think the revenue guidance is yet to be. You know we are understanding the amount of inventory to be kept in more or less.
Mohan Kumar
I’m okay.
Harit Zaveri
But still I would not want to disclose it. At least you know for coming quarter. For coming one or two quarters. We are studying it more deeply and better.
Mohan Kumar
Okay. Sir, could you provide the expected breakeven timeline for the stores?
Harit Zaveri
I’m sorry. Could I expect. I’m sorry. Provide an expected breakeven timeline for the new stores. When you say breakeven do you mean the capex break even or though you are including inventory also as a part. Of break even the inventory also? Yes. The inventory is 150 crores generally in retail. As a jewelry it won’t be calculated that way. The break even will happen in 11. And a half years itself.
Mohan Kumar
Okay. Okay. Thank you.
Harit Zaveri
Yes, thank you.
operator
Thank you. The next question is from the line of Kaushal Kumar, an individual investor. Please proceed.
Kaushal Kumar
Hello.
Harit Zaveri
Yes.
Kaushal Kumar
Hello.
operator
Yes, you’re audible.
Kaushal Kumar
Okay. Okay. I am just asking why there is a delay in opening of stores.
Harit Zaveri
So Kushal bhai, the season that in jewelry industry starts from the month of July and August. See the stores are large and you know large one of the largest in the respective cities. So such kind of stores would need a very high bang on bang while opening. You know to make that. Creating that buzz of marketing and etc to happen. We would need a right kind of season. We could have opened let’s say in the quarter one. But then the season would have been very down. So the psychological effect of marketing will not get. Will not be in place.
So delaying this opening is actually beneficial because then we are punching you know the. The money that spend is spent in the marketing is getting in the. You know getting in the minds of people and we will be converting into sales. So it’s a. Basically after the lot of brainstorm this decision is taken. I understand that you know once it was said that okay I will open in quarter four, quarter one. But then you know meeting that commitments or you know getting the decision in the right direction. Apart from you know from this too we have taken.
We have opt that. Okay. In the long term benefit of the Company it would be always right to, you know, do it on the right time. And launching of the season, the jewelry industry is very right time. July, August are correct time. I mean for opening of the stores. So I think you know overall seeing the marketing amount, seeing the marketing budget, the increase in the budget that we have taken lot of consideration. So we are also very cautionate that once we open the store it has to really hit hard and that is the try and that hence the reason that there is a store delay.
Kaushal Kumar
Okay, Understood. One more question. I have joined the Q late on call. What is your guidance for this quarter? Q4.
Harit Zaveri
Guidance is to meet the yearly target that we have set for the full year. That would be somewhere around for 50 to 55 crores of PAT. And 630 to 650 crores of annual revenue. And hence the maths you can do. It will be easy.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question please press star and one. Participants who wish to ask question please press star and one. Now the next question is from the line of Lala from LRS Capital. Please proceed.
Lala
Hello, good evening. My question is on the incremental inventory requirement you mentioned is around 150 crores for the for the new stores. So how are we looking to fund that inventory?
Harit Zaveri
So right now the utilization of bank is around 110 hundred and 15 crores. 255 crore sanction is in our hand. Okay. Plus internal accruals of 55 crores this year. Next year by the time we open the store you can expect more 2530 crores. By the end of quarter three will be. We will be.
Lala
Understand. We will be taking up 50 crores of internal controls accumulated inventory. Internal accruals are more or less 100 crores.
Harit Zaveri
Okay. So are you saying that all the reported profit is converted into actual cash flow. It is converted into inventory. Inventory will then suffice the requirement of, you know, future expansion of inventory. Right? Yeah.
Lala
Understood. Understood. Sort of 150 crore. In sort of simplifying, 50 crores could be internal and 100 crores could be incremental borrowings from banks just to simplify it. Is that correct?
Harit Zaveri
It is not 150 crores of inventory. It will be more than that. It will be more or more 250 crores of additional inventory that will be pushed in via internal.
Lala
Okay, got it. Is typically what is the inventory turnover when a store gets stabilized for a. Video store, a good mature store, you can consider two two and a half times. Two to two times. Okay, and in the first year, what is our assumption? Like one time?
Harit Zaveri
Yeah.
Lala
My next question is, my next. Question is. Typically retail chains have decent amount of customer advances. Like they run schemes to collect, deposit, etc and then give one month out of three year return of a 10% broadly. So are we doing something like that running such schemes?
Harit Zaveri
We are, we are enabling that in the, again, when the store launch is happening in the second, second quarter, the. Next financial year, we will be enabling that. So that will add to our, you know, revenue currently. No, but still the store is growing, you know, from past four years is growing quite well. That is encouraging us to move to other stores and this kind of an. Addition will surely be boosting sales.
Lala
Okay, one last question is on the marketing spend of 25 crores. Can you help us understand typically where this money is spent like digital or print media or television or something else.
Harit Zaveri
It will be spent on all the tools that you have mentioned. And plus so you can, you can understand that store launch will have, let’s say maybe can have a celebrity launch, maybe can have a, you know, you.
Harit Zaveri
Know, amount, right amount of hoarding, you. Know, radios, televisions, you know, the inventory that we are putting in, you know, requires that kind of bank so that there should be a, you know, rotation. Of, you know, it can turn that into sales. And the size of stores there are significant size also. The great encouraging part for us going into retail is that the current store does not have a great history. It does not have the legacy. It is not around like 100 years or so. It is just been big and enough for around now five years. So if five years, if you get such a kind of success, it is so encouraging for us to get into any kind of a city and you know, and do a store, preferably the city that we have learned well, demographics of Gujarat.
So I think that is very encouraging for us given that the store would have been, let’s say for X number of years, very, very long. It would be like. But no, the growth has been from the fiscal 21 to fiscal 25, we have grown for 24 crores to 400 crores. That is so encouraging for us to get into more stores in different cities and still be sure that okay, we can achieve it.
Lala
Got it. Thank you so much and all the best.
Harit Zaveri
Yeah, thank you.
operator
Thank you. The next question is from the line of Rajendra from NP Analyst. Please proceed.
Rajender
Hello.
Harit Zaveri
Yes, hi.
Rajender
Am I audible right?
Harit Zaveri
You audible.
Rajender
Let’S say around 155,000, 260,000. So let’s say if there is a drawdown of 10 to 15% on the downside. So are we, will we still be able to you know match our top line as well as bottom line when there is a hit on our, you know, inventory gains in that period?
Harit Zaveri
See we have got a good cushion on inventory. You know, if right now we are at a 20 to 20, 20, 25% of cushion on our inventory and that. Shows that even if there is a. Hit of around 10% nothing, nothing is going to majorly affect us. The budgeting is done, all the conservative numbers and if you see the past. Two years we have always matched our. Projections, you know on the bottom line and somewhere on the top line also we have matched. So I don’t think we are, you know there will be any hurdles and. You know the exciting thing is, exciting thing about the journey is that from the B2B player now becoming a B2C player will give us a lot of. Scale that we can see. You know, if the route gets well. Into place, it’s a nice opportunity for us.
Rajender
Yes, that is true. The second question would be from as you mentioned that we are going to hit a bottom line of 55 to 63 hours for the next year. So the marketing spend we are expecting almost 2025. So another year down the line, let’s say FY28. Do we still need to, you think that we still need to spend that amount again for the marketing or like is it one time thing?
Harit Zaveri
So for the stay same stores it should be a reducing marketing spend in. Terms of revenue percentage. So let’s say 100 rupees of revenue for a new store will have a marketing spend of let’s say 3%, 5%, 6%. And then the next year the revenue should go up to 150 per 150 rupees. And there is spent on the advertising spend percentage should be reduced. That is how the calculation should be. Ideally it should match the ratio of revenue versus advertisement 1%. Okay. So 100 rupees is the revenue. One crore should be the advertisement on.
Rajender
The going concern basis. I guess that was all from my end. All the best. Thank you.
operator
Thank you. A request to all participants to please restrict your question to two per participant. Should you have a follow up question, please rejoin them. The next question is from the line of Dakshai an individual investor. Please proceed.
Dakshay
Hi sir. Thank you for the opportunity. My first question is. So we have a capacity of 2000 kgs IBDU, right? And currently we are manufacturing something in the range of 800 to 900 kgs. Right. So I understand the focus is much more on the B2C side. But are we still focusing to increase the client base into. Into the B2B segment? Because I can see in latest PPT2 three clients have been dropped up from the job work segment. So I just wanted to understand. We have idle capacity in hand. Can we scale up a B2C business as well?
Harit Zaveri
No. B2B sorry, there will be an addition of client in job work. There won’t be any deletion of client in job work. But still, you know we would, we would want to. If there is any PPT thing which shows otherwise, we will just want to.
Dakshay
Understand it more better. You can still say that, you know. 90% of, you know, many of our.
Harit Zaveri
Players are wanting to prefer into the job work segment as gold price volatility is high and people are turning from an unorganized player to an organized player hence taking gml. So you know, an addition of clients that you have said it’s an ongoing process, we are doing exhibitions etc for it. We have already got the best of the clients that we want. Titan, you know, Malbar, Joy, etc.
Dakshay
So I mean, you know, any new.
Harit Zaveri
Addition is always welcome, you know. Yeah, and we are, I think fundamentally we have done good in both the segments. B2B has done pretty well in quarter two. It is just that three months later we are understanding that. Okay. B2C has also performed very well. 38% top line growth and all. But if you see on the overall level, B2B has done great in quarter two, hence the result of 19 crores PAT. And B2C has done good in quarter. Three, hence the result of 1718 crores rupees of FAT.
Dakshay
Okay, so got it. So this, my concern was that B2B was I think 11% decline on a nine month basis. So that that’s where my question was coming from. So. And second thing would be on the light.
Harit Zaveri
No, I would have appreciated your analysis if you were taken job work also into consideration including current market price like. Multiplying it by current market.
Dakshay
Yes, I understand you understand that. So the second thing is on the lightweight jewelry segment, if you could highlight your thoughts and your strategy which you are trying to deploy for the lightweight jeweler Both into the B2B and B2C segment. Are we currently manufacturing on the B2B level and are we currently selling it on a B2C level?
Harit Zaveri
Correct. So we are manufacturing on a B2B level. We are also selling some of our manufactured goods on the B2C sea level and the look to weight ratio has to change. That means the bridal jewelry is going to still remain a bridal jewelry. But a 50 gram jewelry should probably now be made in a 40 gram or a 30 grams, you know, weight. And that is what our intention is towards. People are more budget conscious and you. Know, so we are focusing on budget as well as design. That can create a good, good area for us to garner demand and yeah. And get us into a right path into the next year also.
Dakshay
So what percentage of jewelry sales could be coming from a lightweight jewelry segment as of now and how are you progressing on it? So other design, the clients are liking our design and how it is going. So when you say lightweight jewelry segment. Lightweight jewelry there are two meanings to it. Like one is that the complete daily wear side of lightweight jewelry that is. 2 grams, 5 grams, 6 grams, 7 grams.
Harit Zaveri
The other one is occasion side look to weight ratio lightweight. That means the look will remain same, the weight will get lighter due to different usage of technique. So now in the daily wear segment. We are pilot testing it. In the occasion wear segment we are already a specialist at it. So hence that we are a strategy vendor, partner to let’s say a corporate leading corporate etc. The company is not only trying lightweight jewelry, it is also trying into an occasion where a different carriage of jewelry that is 18 carat jewelry that we have started in both the things we have received. Good response. And I think coming season the lightweight or the look to weight ratio lightness will be more in focus. And I think the design and the. Manufacturing team is on it.
Dakshay
Thank you. So thank you for your response and all the best.
operator
Thank you. The next question is from the line of Dipesh from Manya Finance. Please proceed.
Deepesh
A couple of questions from my side is that one is what is the order book right now and in Caritage how much? What is the order book? As in how much of your sales is in what carrot?
Harit Zaveri
Currently in quarter three we have pilot. Tested 18 carat in occasion where seems very exciting. We should get this order. The pilot testing for the corporate should have might have already started and should happen more in Akshay training. Let’s say this year it’s February 15th. We should be receiving getting 30 days into a lead time level. We should be expecting order BY let’s say March, March 15th to understand things way better. But I think now is the time when this 22 karat to 18 karat migration, slow migration should start happening. But a good question by you and currently the order Books level order book is you know because of the rate last year quarter four rate was around 80, 85,000.
This year the rate is 150, 160,000. So if you look at the revenue kind of a thing from volume to revenue perspective we are steadily growing and.
Harit Zaveri
Purely from the KG perspective it will be a decline. Numbers are not so handy so cannot tell you enough but anything, it doesn’t look any anyway you know discouraging or anything like that. It is very much, you know we, we understand those numbers, we understand the market scenario, you know the gold price volatility and all. And with that understanding the company is doing quite well. And I think Caritage experimental also going to be. I hope it’s going to be successful. So for the corporates, I mean on the consumer level for us we have done it, we have produced same looking product of 18 karat which is there in 22 carat.
So power side is good consumer understanding, consumer acceptance has to be there and I think in daily where it is there occasion where it will be if it is there we are going to have an early more advantage for that matter.
Harit Zaveri
And so why haven’t we tried for new client additions especially Indriya who has been new in the market and has been putting in a lot of money. So why haven’t we got new clients you know to make up with this volume growth. So you know we are already a. Strategic vendor partner to Titan and you. Know.
Harit Zaveri
If you understand about these two corporates there have been you know quite of migration happening which has led to a little bit of you know not a very healthy kind of an environment. We literally wanted to put the company into a safer zone for this matter. And you know it has been always helpful if you see there is an increase in gold price but the volume has also increased last year and that is also relation to for of us towards Titan. So I think apart from Indriya that is somewhere that we have not taken you know much initiatives in honestly saying not initiative in fact we have been, we are being with Titan in that that matter but there has always been new client addition into IIGs and etc.
And but those are like you know local jewelers. So that is an ongoing process always but and we are also focused on it. So new exhibitions and all will is always helping us but we will be looking at more deeply if there is a remark.
Deepesh
Right because it’s good that you know we are sticking with the industry leader and he’s also, I mean they’re also expanding huge in Dubai with the new acquisition.
Harit Zaveri
Yeah. Just one suggestion. If you know during your launch, big launch of your two stores, if you can also call the investors, they can be, they can, they can see the store and they can actually see how the response is. And also what you know the grants opening also which will help your investors also gain confidence in your company. Because I can see that you know not a lot of, lot of retail investors have been a participant still. You know we numbers are still around 35,000 only as number of shareholders. You know this can actually go on and if the investor confidence can increase.
Deepesh
And yeah, I think, I hope IR agency is listening to this. It is a very welcome suggestion. Yeah. Thank you so much.
operator
Thank you. A reminder to participants, if you wish to ask a question please press star and one on their touchstone telephone. As there are no further questions from the participant. I would now like to hand over the conference to management for closing comments. Over to you sir.
Harit Zaveri
Thank you all for participating in this earning 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, Veloram Advisors. Thank you.
operator
Thank you. On behalf of RBZ Jewellers Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.