Rbz Jewellers Ltd (NSE: RBZJEWEL) Q4 2025 Earnings Call dated May. 13, 2025
Corporate Participants:
Unidentified Speaker
Nupur Jain Kunya — Valorem Advisors
Harit Zaveri — Chief Financial Officer
Raj Shah — individual investor
Bhavesh Chaun — Individual investor
Analysts:
Unidentified Participant
Akash Jha — Analyst
Kunal sharma — Analyst
Ankit Agrawal — Analyst
Prerana Amanna — Analyst
Palash Kawali — Analyst
Yash Modi — Analyst
Presentation:
operator
The conference is now being recorded. Ladies and gentlemen, good day and welcome to the conference call of the quarterly financial results of RBZ Jewellers. 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 the conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nupur Jain Kunya from Valorum Advisors. Thank you. And over to you ma’ am.
Nupur Jain Kunya — Valorem Advisors
Thank you. Good evening everyone and a very warm welcome to you all. My name is Nupur Jenkunia from Valorum Advisors. We represent the Investor Relations of RBZ Jewelers Ltd. On behalf of the company and Valerim Advisors I would like to thank you all for participating in the company’s earnings conference call for the fourth quarter and for the financial year 2025. 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 casual results, 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 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 opening remarks. We have with us Mr. Harid Zaveri, Joint MD and CFO of the company.
Mr. Harshit Gandhi, Internal Financial Controller and Mr. Bhavish Sabnani, Senior Manager, Accounts and Finance of the company. Without any further delay I request Mr. Harid Javeri to start with his opening remarks. Thank you. And over to you sir.
Harit Zaveri — Chief Financial Officer
Thank you Nupur. And so Karbisa Juniors Limited has completed its fourth quarter and the results we have grown our revenue top line by 59%. And so that is the continuous trend that is going on. Since all the previous three quarters we have had the same results in the quarter four also. So from 86 crores to 137 crores we have grown in top line. And last year in the quarter because of the weighted average issues the bottom line was subdued at 2 crores 69 lakhs which was indicated that in the next year of quarter one it would be revised and the quarter one of FY25 stood at approximately 9 crores.
So this year in the fourth quarter the results are on. The bottom line is 8 and a half crores. The jump which is reflected in the bottom line is quite, quite. You know that jump is just because the last year fourth quarter was subdued and because of the accounting weighted average matter. Otherwise the company is functioning very much in line with their operating margins, the EBITDA levels and the PAT levels in all the four quarters. And over to the. Over to the people who have any questions. Yes.
Questions and Answers:
operator
Thank you sir. We will now begin with 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 two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Kunal Sharma from SP Capital. Please go ahead.
Kunal sharma
Yeah, hi. I hope I’m audible.
Harit Zaveri
Yes, yes, Kunal, you’re all. Yeah.
Kunal sharma
So Hari, just wanted to understand an FY25 was quite eventful year. Right. But still we close it in a good note. So how do you confident for FY26? You know, be it on the demand side on overall, the business point of view. And additionally if you could highlight more on the Akshay Trity. How was that festival during the April month?
Harit Zaveri
So Kunal Akshaya was very good. We have had seen a 30% plus growth on the sales side for that day. But that should not conclude the overall month. The overall month still went flat. We on the quarter, the escalation of prices from, you know, to the tune of going to the tune of one lakh rupees for ten grams has certainly made the walk ins relatively slow. The demand has postponed. Why I’m saying the demand is postponed is occasion buyers will buy jewelry if not at one then the other point of time. And the daily wear demand gets, you know, gets denied also.
But we are mainly an occasion wear player. 70 to 80% of our jewelry which are sold is occasion wear. As far as group and in retail we sell about 60 to 65% of occasion wear. So the demand is postponed but not denied. As you know, as we are seeing in the month of April on the day of Akshayta the demand was fantastic. The day went good but. But April was still stable. And quarter also the result of quarter four. What I had. We have also Got the demand of Akshay but just previously like the corporates tend to order it previous advance in advance.
So that is why the quarter four was better than the guided figures. So in quarter one for the full fiscal year I am still hopeful that we will achieve a top line of around 700 crores. And the bottom line would be around 44 to 45 crores. And see any denial in demand is right now not seen. We are hopeful that we should still continue grow to grow by around 30% or so. And yes quite eventful year. As you rightly mentioned. Quarter one April has been the prices ups and downs. But we are habitual with the volatility and fundamentals are strong for us to you know have our growth plans in place.
We are, we are sure to grow by whatever the numbers are said.
Kunal sharma
So if I remember correct under last review like on the previous call that we have guided 800 crore for FY26. Now you are seeing that 700 crore. So do you see any, any slowdown in the coming years as well as in the quarter one we we were quite depend on the Akshay. Right. But you said there is a post that there is a quite you know muted in the demand. So like if you can quantify this area.
Harit Zaveri
So correct. I might have, you know certainly see once we get near to the year we are getting more clarity. If you remember that in the previous quarter I already told that we will be achieving anywhere between 500 to 600 crores. And then I you know I closed it up at, let’s say 500 to 550 crores. And in the quarter four I guided that okay. It will be 525 to 535 crores. So as and when we get near to the time we get more clearer about the you know areas. So again what my understanding is we should be able to get a upside revenue of around 30% or you know somewhere in.
Somewhere in that range. Still it’s a decent growth quarter. The April month is flat so and the prices were escalated. Not that we are seeing any denial of demand or any. We are seeing any sluggish thing. We are not talking about any early double digit or you know growth like that. We are still talking about a 30 digit revenue growth. And that is pretty good. Company has its expansion plan, expansion plans in place and we are sure that 44 crore is the bottom line that I have previously told also. In fact if you go on to hear my all the previous earnings call I have always guided that we will double the balance Sheet and we will double the profits as well.
And it is hundred percent happening on that accord itself.
Kunal sharma
Noted. Yeah, yeah, exactly. And for if I’m not wrong for FY27 that we guided thousand crore of top line and 55 crore of pad though that on. On that particular area we are intact on that guidance, right?
Harit Zaveri
Yes, yes. So. So still see as and when we get nearer to the subject now we. I will be my. My guidance has to be more on the side of truth. You know, whatever I have spoken, you can. My whole thing is that yes, 1000 crores is what we are looking at for FY and 55 crores bottom line is what we are looking for. There is right now there is no deviation in that.
Kunal sharma
Noted. My second question on that on a y wide basis that we grown substantially. But on a sequential basis that there is some dip. So if you could throw some light on that area.
Harit Zaveri
Jewelry industry is a seasonal demand industry. So quarter two and quarter three remains critical for us. Last year quarter two was very weak. It was because of the delayed demand or the postpone of demand that we had. And the whole effect came in quarter three of that year. So again you know, quarter four we had a pretty good quarter four. And the reason being is that Akshaya last, last to last year was May 10th and this year it was April 30th. So whatever demand for Akshaythya, what is that we got in the month of April for the corporate side of jewelers, for the independent retailers whom we cater or the retail store that we have, we still on the sale of good side.
We still are on the, you know, the April has its own demand. But you know the reason of not 5, 6 crores of PAT and 8 and a half crore of pat still remains that Akshaya was. We have gotten demand, advance demand for Akshaythya. And and I think that on the. On the sequential side, jewelry industry cannot be studied on that matter. It will be studied on Yoya. It will be the. It will give more relevant figures sequence inside it is difficult FMCG and all can still be understood. But jewelry as a segment itself has its own characteristics.
Right?
Kunal sharma
Okay, my third question on the balance sheet side. So when do we expect a positive net cash flow? Since like we can see there’s a money getting stuck in the working capital type too.
Harit Zaveri
Correct, Kunal. So see if you understand the whole inventory is majorly into gold and diamond. More in gold and less in diamond. So company does not have any issues in terms of cash, cash balances. I mean we have got right now good liquidity on our hand and if we are deploying the funds in inventory that clearly shows that we are still aggressive on the path of growth. And I think negative cash flow is in the side of worry right now. But yes, certainly let us go on with this, you know, continuous expansion plans and let us understand.
But right now if the money is deployed in inventory and the inventory is, you know, liquidity quite liquid in nature, our current assets are liquid in nature and I think there is no harm that we are seeing with this kind of a model here and there. We might have positive cash flow or a negative cash flow but I think overall we are sitting on gold that is itself liquid in nature. Iron and steel industry or other industries can be still commented on the inventory risk side. But gold is much more liquid in nature. So not any.
And there is no, you know, there is no fear or there is no harm in this. I think growth plans are in place.
Kunal sharma
So what, so what is the capex plan that we have.
Harit Zaveri
Right now? CAPEX plan. So the factory that we were supposed to plan about a 4 ton factory or a 5 ton factory. So if you understand that that time during the IPO the price was 50,000 rupees a grammar and we had a capacity. So now the price is one lakh rupees a gram. So already we have in the same capex. We are already achieving the same amount. Like if you just convert from 50,000 to 1 lakh and from 2 ton factory. So we don’t require a capex right now. We can easily fuel our growth for coming few years with the same capex that we are already having right now.
Kunal sharma
Okay, okay. And what is the cash balance that we have and, and any fundraising plan going forward I think we are supposed to.
Harit Zaveri
Correct, correct, correct. We are, we are 100% on our side of raising debt. We expect our. We expect to raise a debt to the tune of one is to one ratio. Maybe if not in full this year then in the coming year. But surely the one debt race plans are in debt race will fuel the growth for the coming year. It will improve the ROE and roce.
Kunal sharma
Okay, and the last question on the retail growth side. So if you could throw some more light on retail and how was the growth and what is, and what’s the CAPEX plan over there? Still we are in.
Harit Zaveri
So retail. So we are, we are, we had a wonderful year in retail and we expect that as I guided during the IPO that retail capacity is approximately 500 to 600 crores for this current store, I think during this financial year we will have a expansion in place for the coming store and that will again build up a additional capacity of 400 crores plus. So the growth journey in retail is going to get higher and higher.
operator
Thank you sir. We’ll move to the next question that comes from the line of Prerana Amanna with Equity ResearchProgram. Please go ahead.
Prerana Amanna
Yeah. Hi sir. Congratulations on a great year. So you mentioned in the opening remarks of the call, right that the gold price has increased as a result the demand has been postponed. So are we seeing particularly in wholesale, maybe the companies are not placing the order that much or we are seeing a slowdown over there because of this effect.
Harit Zaveri
So see every corporate retailer is watching the business because the kind of volatility gold has had customers mind are in confusion whether to buy it at today’s rate or wait for the, you know, upcoming rates. So they, what they are confused is there are some, there are some rumors in which they tell that the gold prices will come down and some rumors say that the gold prices go up. So again we, we do not know the consumer psyche but we have always noticed that due to volatility of gold customers mind gets confused. Occasion weddings and this kind of functions.
Can, can the demand can be post but cannot be denied if the corporates are not placing an order, let’s say in quarter one, the quarter or let’s say in the month of April, we have not received orders and we’ll be receiving in the month of May. When we are not in the month of May, we’ll be receiving in the month of June. We have to be ready with our capacity at peak to you know, take the orders when it comes. And also in the retail segment we are clearly understanding the consumer. You know, on the ground level itself there is a postpone of demand but there is, we are still very sure that the demand that the wedding buyers are not going to say no to their jewelry.
It’s a cultural bounded thing and we are sure to grow for the. I think quarter two will tell us much more. Quarter two and quarter three will tell us much more stronger about the whole position of demand. Jewelry itself is a robust industry. We are still very positive on the demand side.
Prerana Amanna
Okay sir, so if that happens, let’s say the demand is not that great. Are we going to see the job work part getting impacted? You know, that’s part of the revenue, the job work and the whole thing. Because I believe it happened, you know, in Q2 or Q3 of this, of this year. We had that the job work was a little bit slow. Right. So will that be the first portion that is going to be effective?
Harit Zaveri
So job work will be. See job book demand we have already received in advance in quarter four of this year. So the guided figure was five to six crores. We have done eight and a half crores. Why we have done it. And after the job work demand has fueled in advance. Right. For the month of akshaya, for the April 30 was last year, it was maintained. So the demand is flowed in. In the month of March this year. So in the, in the April.
operator
Hello sir, are you there? Ladies and gentlemen, the management line seems to have dropped. Please stay online while we get them reconnected. Thank you. Ladies and gentlemen, the management is back online. So please go ahead.
Harit Zaveri
Yes, so I think the demand for job work was more there in the quarter four of this this year for the festive of Akshaydhya. But still quarter in the quarter one we see a little bit of sluggish in terms of volumes. In terms of value, we don’t see any, any sluggishness. We are still hopeful to grow in terms of value. And I think quarter two will have a lot of excitement this this year because last year quarter two was quite sluggish. Okay. Okay, got it.
Prerana Amanna
And sir, what’s your view on the GST order? You have got the notice and also I believe one of the employees was involved in a fraud. Right. So what do you have to say about that?
Harit Zaveri
So income tax matter, they have, they have ordered US for a 25 crores of income tax bill for issuance of bonus shares. When we were a private limited company. I think that order we are already fighting for CIT appeal. We particularly think that it’s a very baseless order. And we have filed our replies into CIT fp. We are hopeful of hearing in a very early stage. And I think by next quarter we should be able to give you confined results. For that matter we are very sure that type of demand that is there, it’s just not.
Not going to have any impact on the financials or anywhere else.
Prerana Amanna
Okay, sure. Thank you. Thank you. That’s all.
operator
Thank you. The next question comes from the line of Yash Modi from Ashika Group. Please go ahead.
Yash Modi
Hey, good evening Harit. Congratulations on a good set of numbers. And congratulations on the rating upgrade as well to BBB positive from Krisil. So my first question was in this debt tie up that we are looking at what kind of interest rate benefit that we’ll have what is the current interest rate and what will happen if because of this rating upgrade.
Harit Zaveri
So currently we are having an interest of approximately. So there are various bankers associated from 9% to 10.25% the spread is. And with this rating upgrade we are hopeful that. I think the interest rate should be in the range of around 9 and a half percent or 9.75% at max, you know, on a consolidated basis. So. Yes, sure.
Yash Modi
And secondly, I was just reading from the rating crystal rating report itself and they have said that our revenue we would be opening a new showroom like you mentioned in early part of the call in Surat, Gujarat which is operationalized, expected to operationalize in third quarter. And another in Rajkot which is expected to operationalize in fourth quarter. So going forward what is going to be our revenue mix are. Because earlier we used to guide for 5050 so going. Should we look at RBZ more from a. More from a consumer perspective as in B2C is going to go up.
Is that the correct understanding?
Harit Zaveri
So yes, we are looking forward for the setup in which the manufacturing. Whatever designs we manufacture, we sell it onto our retail showroom as well. And with this, with this we want to improve our bottom lines, the margins to get more solidify. And also the designs that we manufacture in house. If we sell it to retail, there is some sort of exclusivity which will be also there. RBZ has already got a unique infrastructure when it comes to antique jewelry manufacturing. And we are so doing the stores like Surat and Rajkot. Sure. It will be operational in the month.
One will be operational in quarter three of this financial year and another will be. We are wanting to look at quarter one of the next financial year. So both the stores will be up and pumping in you know, I think year or so from now on. So yes, looking for more sales upgrow in the B2C front. I think it will be approx. What we are anticipating is that retail should go about 400 crores this year and next. By the. By the next the same store sales growth will be 400 crores in retail this year. And overall retail should be about 500 crores.
And next year it will be around 600 to 650, 700 or crores in retail itself.
Yash Modi
Got it. And I just missed the last question that the participant asked. What was the reason for the employee fraud? What is the status of that? The employee fraud that was announced.
Harit Zaveri
Mr. Om Shukla, who did the. Who did the fraud is right now behind the bars. It did not get bail. The Internal controls in the logs which was there. We have, we have submitted to the insurance company, we have got a positive footages and everything is very much available on even in the public domain TV has, the television news channels have already, you know, showcased it and insurance, we are very hopeful to get the insurance money back. Still on a conservative side we have put a provision of 25 lakhs. Even the police has recovered much of the gold which was there, which was stolen.
But yes, I think not much of impact on financials for that matter. And we are hopeful to recover incomplete amount from.
Yash Modi
And we have taken a 25 lakh provision in this quarter itself in the numbers.
Harit Zaveri
Correct? Correct.
Yash Modi
Okay, thank you. Thank you so much. All the best.
Harit Zaveri
Thank you.
operator
Thank you. The next question comes from the line of Raj Shah, an individual investor. Please go ahead.
Raj Shah
Hello. Am I audible?
Harit Zaveri
Just be a little louder Raj. Thanks.
Raj Shah
Am I audible now?
Harit Zaveri
Yes, Raj.
Raj Shah
Yeah. So sir, you said negative operating cash. Flow is not a problem but with the growth we are emphasizing and with every step of growth you need to borrow more or dilute more equity if there is a equity from there. So that is not sustainable. We need to generate positive ocs for business internally feeding for its growth. So what is the solution for this and why negative workload is not a problem?
Harit Zaveri
Raj, sorry to say but I’m really not able to hear you clearly. Am I open now.
Raj Shah
sir?
Harit Zaveri
Yes, yes.
Raj Shah
Yeah. So my question is you said that a negative operating cash flow is not a problem but with the growth we are emphasizing and with every step of growth you need to borrow more or dilute more equity if equity funded fundraiser is there. So that is not sustainable. Right. We need to generate positive OCF for business internally fueling for its growth. So what is the solution for this and why negative OCF is not a problem?
Harit Zaveri
So currently when we are, when the company’s ability to, is to, you know, to fund its expansion plans by its internal accruals and by fueling of debt, you know, the expansion can go on. See, negative cash flow does not imply that you don’t have profits. It just imply that your money is parked into not one or, but another allocation of fund. So for that basis and internal, let’s say if I am having an X amount of inventory or a Y amount of, you know, allocate my fund is allocated into some, let’s say capex or an inventory that should not be harmful for fueling my growth.
I mean at least to this part of my industry. And there could be another industry in which the growth Cannot happen. But generally we see that what is the basis of my growth? If the basis of my growth is let’s say inventory, my working capital, you know, then I don’t think or let’s say the basis of my inventory is capital. So the concern should be are we not producing sufficient profits? Are we not able to raise debts? Those are the questions. Cash flow are just like cash flow will be a different measure to see that kind of a thing that you’re telling Raj.
So as of now we don’t see that negative cash flow will not fuel us fuel in the growth or have any object, any have any constraints for the plans that we have.
Raj Shah
Okay sir, but don’t you think that current our job of cash is all our business cash is going into inventory of B2B and B2C vertical. And our expansion is coming from the borrowing. So expansion coming from the borrowing will be limited, right? Like it will be a short term thing. We will not be able to grow in long term sustainably.
Harit Zaveri
So expansion can also come from an internal accrual basis. So we are not just expanding from let’s say borrowings. Borrowing is just a handle to support it. Equity is very much a part of it. Internal approvals are a part of IT structure, you know, how the team is in IT infrastructure. Everything will be a part of it. But yes, to have a positive cash flow means let’s, let’s say for an example if I had to do a positive cash flow and that means I’m not much invested into my inventory, being into this industry I think would be a, would be a main part and we can have a different business model than in place to have a positive cash flow.
But as of now we don’t see any constraints in you know, money parked into inventory because most of the money is in gold. So it’s in liquid assets, it’s in current asset basically. So I don’t think that a negative cash flow, at least for upcoming few years are not a concern any like anywhere.
Raj Shah
Have you explored gold metal loan which can help here?
Harit Zaveri
So gold metal alone, if you just tell me we have already explored as an instrument and if you see that the volatility of old metal loan itself is very high. The interest rate has doubled in gold metal zone. It tuned to almost 6,7% in this financial year. Then again it is coming back, you know, so a lot of fluctuations are already there in place. We are the company and the size that we are in, we are much comfortable with the model that we have and we are very much conservative on our books when it comes to, you know, when it comes to like the book value of gold is always we maintain it lesser than the market value of gold.
And with this kind of an approach I right now don’t see any position in which that that metal loan can be, you know, a great value for adding the cash flow. At least adding to cash flow. I mean that can be a, to just hedge it. But it’s not a mechanism to have a cash flow.
Raj Shah
Okay sir, on the capex plan you said that on the basis of value you are already achieving it. But sir, that is again not sustainable. Right. Growth in terms of volume is more sustainable. So are we not increasing our tonnage in terms of capex?
Harit Zaveri
So let’s say gold from here goes to another 20, 25% hike.
Raj Shah
Right?
Harit Zaveri
It has done so previously. Or let’s say whatever the nature of gold, let’s say gold remains volatile. So in this case on the consumer side it is always the budget. If, let’s say if somebody in the daily wear side wants to enjoy their anniversary by having a chain, a gold chain or a gold earring or whatsoever or something, somebody wants to celebrate on their wedding day, you know, with their beautiful gold necklace. I think budget is also budget will be a constraint. So tomorrow if you want to buy a gold you will not see just grammage.
Right. You will also see your budget. Let’s say two years back a 10 gram gold change will be of 50,000. Now it is of 1 lakh. And your budget has to, has, has a limitation to 75,000 how much you can increase your budget. So again it is linked. It is not just purely, it is not purely, you know, it is a value. Yeah. You might have gold chain and you want to just exchange it and that might help you gaining the same amount of damage. But again as an industry, as a consumer you have two perspectives.
How much gold you have saved versus how much budget you have.
Raj Shah
Okay sir, agreed, Agreed. So just to confirming. Hello.
Harit Zaveri
Yes. Yes Raj. Yeah.
Raj Shah
So just to confirm things, currently we have 292 crores of inventory and it is of only B2B and B2C vertical. As job work business doesn’t require upfront investment. And this 292crore is valued on current prices. Am I right?
Harit Zaveri
So you are right. Only the part that it is allocated into B2C and B2B. But B2B also constitutes about job work. Jobber does require an upfront investment because our inventory holding days which we receive from corporates are limited. And you know it is not Sustainable to produce only from that inventory. The wastages and everything that we have in place are from our inventory. Plus you whenever you manufacture, let’s say giving you a clear example, we have an order of hundred grams of gold, right? A gold ornament. Now to make that gold ornament we need 125, 135, 140 grams of gold depending on the complexity.
Now if to get an output of 100 grams we if a job as a job worker. If we receive only 100 grams, it is irrelevant. We need to deploy our additional 35, 40% or 30% whatsoever, you know, depending on the order complexity. So we are invested in gold in job work segment itself. And that is one of the reason that that gold is considered as a base gold on our factory levels. And that does not have a churning effect as much. But it surely helps in, you know, a better bottom line. Because job book income, we save most of our job work income.
Raj Shah
My last question is incoming two, three years. What do you think will be the major part of our revenue job work B2B or B2C. Like if you can give a, give me the percentage. Like what will be the job work, what will be the B2B and what will be the B2C? As we are also expanding the retail teams.
Harit Zaveri
See again retail sales are more a linkage to a geographical, geographical market that we have. Let’s say for an example Ahmedabad market. The capacity of the store of Ahmedabad market, let’s say 500 crores, just approximate. Now let’s say a Surat store may be of 400 crores or Rajkot store maybe of 300 crores. So these are the pockets in terms of rupees. When you have a facility that that isn’t that facility is not in terms of rupees, that is in terms of KG. So as of today I have to take it two years back my Ahmedabad store was still 400 to 500 crore rupees for as a capacity store.
But as of today my capacity for 2 tons is 2000 crores. So. So you know, the installation of capacities on the basis of volume and the installation of retail as a unit is on the basis of rupees as a geographical, you know, capacity to generate sales in that particular spread of area. So we will grow like okay, we are into an expansion phase with Surat and Rajput coming, coming up stores. But surely if there is any job work is a very high sustainable business that we are looking forward. You can still what you can look forward for two to three Years is can the RBZ produce its own design, sell it its own design to a retail unit and have a better bottom line in place.
And if we are able to develop that kind of a model, it is a win win situation. B2B is again a fundamental good business that we have. Job work is great. We have a partnership in place which is wonderful and we are focused on that also to make it better.
Raj Shah
So sorry, my mistake. If not in terms of W is in terms of volume. Like currently we have 2000 tons. So in 23 years how much will be job work, how much will be B2B and how much will be. If you can bifurcate in terms of volume.
Harit Zaveri
Raj won’t be able to completely justify your answers because of volatility of gold prices are very much innate in nature. So just I can say that B2B volume versus B2B2C volume in the futures will be 50 50% on a volume front.
Raj Shah
And the last one, my suggestion is now if you, you, you are having an IV agency to a presentation or a press release where you can bifurcate your three your business along the three verticals and with margins of each like kgs of gold sold in each vertical will be very helpful. This is one suggestion. Thank you.
Harit Zaveri
Thank you, Raj. We’ll understand and we’ll get back to you for this thing.
operator
Thank you. The next question comes from the line of Palash Kawali from Novama Wealth Management. Please go ahead. Please go ahead with your question and kindly unmute yourself in case if you’re on mute.
Palash Kawali
Yeah. Good afternoon. Hope I am audible now.
Harit Zaveri
Yes.
Palash Kawali
Yes. Yeah. So congratulations on good setup results and doing better than what you had guided for the full year. Sir, my first question is Sorry if really many apologies. I joined the call little late. Sir, what was the total volume that you did for FY25?
Harit Zaveri
It is approximately 1315 kgs plus.
Palash Kawali
Okay. And could you give the segment wiser breakup of the volumes?
Harit Zaveri
I think job book volume has remained stable. Other than that, both the figures will have to check it.
Palash Kawali
Okay. Okay. And any new customers that you add or you’re planning to add in this, in this financial year on B2B side.
Harit Zaveri
We already have customers in place. We’ll be doing penetration among those customers. We are happy to add any new customers if, if you know the market has. There’s already players which are planning to expand more on more number of stores. So we are happy to be a partner in their growth.
Palash Kawali
Okay. Okay. And so again on that inventory side, do you see any further Scope of reducing the inventory inventory days on your balance sheet or like is it the comfortable number that you are in right now?
Harit Zaveri
So plush efficiency will be a part and parcel and it’s going to be a continuous process. So yes, inventory size on a TTM basis should always improve. Nonetheless, when there are new storerooms coming up, there will be a push in of inventory. There will be a lot of learnings that will be there. But again see what you’re talking about is on a macro level is efficiency. So we amount to give that as a company.
Palash Kawali
Okay. Okay. And so when are these new showrooms getting operationalized?
Harit Zaveri
One will be in the Q3 of this financial year and other one will be in the Q1 of the next financial year. That is what the plans are.
Palash Kawali
Okay. Okay. And what is the capex total capex for these two stores?
Harit Zaveri
We are primarily looking for a lease model but let’s see if there is any, you know if there any there is any plans for the capex we’ll surely let the investors know about it.
Palash Kawali
Okay okay. And so going forward do you plan to be a B2B focused or more focused would be on retail expansion site and any like what is your thinking, your personal thinking? If you could shed any light on that it would be really helpful for.
Harit Zaveri
So at a current level company is a B2B manufacturing company. We have gotten very, very nice skill when it comes to manufacturing. We are also having a nice. We’re having a successful retail store. So as of now we are wanting to you know the focus will remain in the couple of years for both the segments and I think as far as we are able to generate the right kind of roe Roi rock We do not see any harm in this kind of a model that we are in. But yes of the growth in terms of store is going to happen in this fiscal in the next fiscal year in retail for an expansion plan.
But on a B2B level people will look at volumes and for that the installed installed capacity of factories already in place.
Palash Kawali
So what is your utilization on B2B site right now?
Harit Zaveri
B2B side? I think volume utilization will be high as job work is contributing a lot in B2B.
Palash Kawali
Okay. Okay. Any guidance for next two years?
Harit Zaveri
I think 700 crores and 44 to 45 crores of fat. What I have been primarily saying will be sticking on to that. See it is a volatile market and I would rather have a conservative opinion.
Palash Kawali
And so like what is your average grammage on B2B side?
Harit Zaveri
What do you mean by average grammar? Did not get you like I. I.
Palash Kawali
Wanted to know if you are into very high grammage products. The reason for the question was since the prices are increasing, is there any effect on your volume because of that? Are you or the nothing like that?
Harit Zaveri
So we are into as a category, the culture or the psychographics of Indian consumers is not on the basis of grammage. Now it goes on to segment. First, is it a daily wear segment or it’s an occasion wear segment? Let’s say an occasion wear segment. The ticket size of a particular good might be 25 grams. In daily wear it is 5 grams. But you cannot wear a daily wear product into an occasion, right? So let’s say if you are having a wedding, so you not want to have a 5 gram product and go and in your like, you know, if you go in place that won’t look right.
So what is happening on a psychographics is that a 25 gram occasion wear product is now getting made at 20 grams and we are able to happily satisfy the customer. A daily wear demand is something that the person after their weddings go and buy in their anniversary or xyz. That demand, we are seeing that, okay, sometimes because of volatility, there is a denial in that demand aspiration still remains. But denial can be a place, you know, for a year or so or for few months in which there are anniversaries or birthdays or occasions that are coming up other than weddings.
And also we are an occasion player, occasion jewelry player. We are seeing that the demand is quite stable. We are seeing that a lot of weddings in India are coming up in this financial year. Also as what we understand, we see a continuous constant demand. There is a confusion because of volatility of gold in the mind of consumers. Confusion still cannot deny the demand. It can literally just postpone because there is an occasion. It’s an occasion linked demand. So on a safe side, no, as a company we are privileged to be.
Palash Kawali
Okay, okay, okay. Thank you. Thank you so much, sir. That’s it from my side. Thank you.
operator
Thank you. The next question comes from the line of Aniket Agarwal from Value Cap Investment. Please go ahead.
Ankit Agrawal
Hello. Yes, sir. Am I audible?
Harit Zaveri
Yes, yes, please go on.
Ankit Agrawal
Yes. First of all, congratulations on. Very good. So my question is a little bit related to what the previous participants have asked. I was just checking our balance sheet and I was looking at our inventory days and the inventory days are somewhere between 250 to 300 days from the last few years. And these numbers are quite high. When I compare you to the other B2B or B2C players. So don’t you think this high inventory race is a risk if let’s say gold prices go down by 20, 30%.
Harit Zaveri
So I think the inventory days we have a two times turn in terms of inventory. I think first let us get the objectives correct. I think 255 or 300 days that you’re quoting is the last financial year numbers. That financial number also I have the reasoning. We have had an IPO on December 22nd 7th of last financial year and we had pumped up the inventory for Akshay Trithia which resulted into sales in the next quarter itself. So just because of that one part you saw a very big surge in terms of inventory. If you check the past five years numbers in terms of inventory days, you will get an inventory days of approximately 180 or so kind of days.
And we are still on that. That that numbers we have around two times in terms of inventory. But because why we have two times one is also because there is a big base metal which is parked for job work. And yes, so your second question, if there is a decrease in gold prices, how much of a concern it is if there is a decrease in gold prices? Our MOOC value of gold is still lesser than the current market price. We are watching it. Once it comes to at Brim or somewhere closer, you will want to hedge it.
Ankit Agrawal
You will probably hazard. So. So what is. What is the inventory rate for FY25? I’m sorry, what are the inventory days for FY25 closing inventory days.
Harit Zaveri
Last year it was 224 crores and right now it is 290 crores order.
Ankit Agrawal
No, no. So I’m asking about the invented raise. I am not asking about the inventory value. What I can see is inventory number of days is. I think you have ended at 250 days.
Harit Zaveri
No, I don’t think so. It is 200 days. You are not the average value of an inventory. So it is 229 +292 divided by 2 into the number then the revenue divided by number of average inventory and then will get you.
Ankit Agrawal
So going forward you will maintain around 180 and 200 days is what we are saying.
Harit Zaveri
180 days will be a right kind of inventory days.
Ankit Agrawal
Okay, so my second question is a couple of quarters ago you said that you are not looking for store expansion and that you are more focused on the B2B side. So I would like to know what is it that change internally that you’re now more focused on B2C rather than B2B.
Harit Zaveri
So see, on the B2B side we have a tonnage demand. Like let’s say that on a B2B we had a. We have had a 2 ton factory, right? So the base rate was 50,000 rupees of coal at that point of time. So if you calculate, if I am utilizing my complete capacity, we will do a turnover of thousand crores. Let’s say in B2B segment for the capacity that we have now, rates have doubled. That means the rate has already gone to 1 lakh rupees. Now we still have a 2 ton factory. So that means we have already gotten 2000 crores of capacity in place.
Okay. We have got sufficient capacity in B2B. Now when you talk about B2C. B2C runs on the in rupee terms. So let’s say Ahmedabad showroom is. Let’s say 500 crore showroom. We are already expecting that by next year it should be around 400 crores. We will be touching. So it is bound that we have a spread of around one or two couple of showrooms just to get that cinco sank in place. We are not going anywhere out of B2B market. We are just playing a very rational game in this, in this case. But yes, there is a.
If you consider store expansion and as aggression, yes, we are aggressive. If you consider the capacity which is there, you know, but the rate have increased. So we have doubled the capacity in, in terms of rupees.
Ankit Agrawal
Okay. And if I look at your 2000 crores of what I would say capacity and you have achieved. I achieved, I think 13, 13, 1350 kgs this year. Okay. So I am asking this especially on the B2B side only. What is, what will be your growth rate in terms of volume on the B2B side for the next two, three years.
Harit Zaveri
See, gold has escalated 31%. We really need to, you know, it is too primary for us to tell you what will be the volume demand. Certainly I don’t, I expect the volume to be on the B2B side to grow but it will be on a single digit side. So let us say, you know, we should be able to grow by around 7 to 8% by volumes in terms of B2B side. And I think, yes, I’m not see 31% escalation or 30% escalation of price, you know. Still this comment cannot be taken as you know, a concrete one.
Because what happens next quarter, we don’t know. Volatility is just too much, much So I. You know I would want to answer your question but still not having a definite answer.
Ankit Agrawal
Okay sir, no issues. Only the. My only thing is that I want to ask is. Let’s say if the demand comes more from the B2B side. Are you ready to capture on it?
Harit Zaveri
We have capacity in place. Why not?
Ankit Agrawal
Okay, let’s say instead of 78% you see more demand of 1215 in terms of volume.
Harit Zaveri
But we already have 2 ton capacity in place. The bothering question should be that you know will the how much the volume can go up. We already very much are in a. You know in a situation where we can satisfy B2B demand at an upmost side. The infrastructure is also there in place. So no questions about it.
Ankit Agrawal
Okay. Thank you. Thank you sir.
Harit Zaveri
Thank you.
operator
Thank you. The next question comes from the line of Akash Jha from AJ Life. Please go ahead.
Akash Jha
Hi sir. So just one question from my side. Am I audible? Hello.
Harit Zaveri
Yes Akash.
Akash Jha
So your pad guidance of. I mean you have given a PAT guidance for FY26 or 45 crore. I mean it seems quite low because it is just 15 16% growth compared to FY25. And I mean in terms of revenue you have given a guidance of 30 32% growth. So any particular reason for this?
Harit Zaveri
So Akash, see this year quarter four the Akshay Trithya demand has come in advance. That is in the month of March we have seen a lot of delivery that has happened on a job work site. Okay. So if you need to understand I had already given a guidance of 35 to 36 crores as a complete year profit or a quarter four profit of 5 to 6 crores or so.
Now in quarter one last year we had a great demand in place. Now this year because we have already received an advanced demand. There will be slight, slight, you know a slowdown in terms of volumes. And that is the reason that you know from 35 crores if you see we would going we will be going up to 44, 45 kind of a crore of turnover. But we have already achieved 38 cr. That is why on a Y and Y basis you will be calculating that. Okay. The demand is you know here and there it is coming up to 16, 17, 18% growth.
But on a company side from the date of IPO we were at 22 crore profit. In a two year time we are doubling the balance sheet. Hundred crore by equity or 150 crores by equity. 100 crores by debt. And then we are going up to you know 45cr of profit on a right track. And this is already what I have guided in my previous quarters earnings call as well as in my IPO speech also. So sticking on to that and let us be conservative on that, let us, you know, defeat or beat the numbers guidance.
There is actually a sort of promise from a management side and you want to be very genuine about it. We are wanting to do as much as we can. But 44, 45 crores is what seems likely.
operator
Thank you. The next question comes from the line of Palash Kawali from Nuvama Wealth Management. Please go ahead.
Palash Kawali
Yeah, thank you for the opportunity again. Sir, my only question was does your job work inventory also comes on your balance sheet?
Harit Zaveri
No, it does not come from the balance sheet. Job work inventory are not calculated. This is only grown inventory.
Palash Kawali
Okay, okay, okay. That’s it. That’s it. Thank you. Thank you so much.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. Participants, please press star and one to ask a question. The next question comes from the line of Bhavesh Chaun, an individual investor. Please go ahead.
Bhavesh Chaun
Sir. In terms of three to five years perspective, what would be our aims? If you can elaborate.
Harit Zaveri
So as a company we would be wanting to see a continuous growth at a three year pace. We would be wanting that there should be stronger demand. We should be going up the top line of more than 1000 crores. And on a five year plan. It’s too long to comment, But a consistent 25% of sales on top line growth should remain with a bottom line approach to follow. On the same lines, 20% bottom line should get up year on year.
And we are steadily, we are on that strategy. So if you calculate on a five year basis, you will get your numbers.
Bhavesh Chaun
And sir, as we grow, should our.
Harit Zaveri
Margins be in line with what we are doing today? So the structure then the business model that we are preparing, the margins and the margins should be in line. If there is any business model change or something, we should be prior, there will be a very concrete intimation. But as of now there is nothing like that. Certainly when there is growth and in what ways the growth is coming should be noticed. But as of now, yes, we see that the margins will be, will remain same. Yeah. And since we have very ambitious plan, when is the time when you look.
Bhavesh Chaun
To raise more equity to grow?
Harit Zaveri
Maybe as you, as you already said that maybe in next two years we don’t want. But then at some point, you know, we would require some equity. So what is Management’s perspective equity. See, right now the first aim is to fuel the growth as much as we can by debt. And then, you know, once we have a right kind of infrastructure and stuff in place for the robust next jump, we assuredly that equities see, getting money and raising funds are part and parcel of operations. And once we are, you know, done with raising debt and we think that this is the right time to raise equity.
Yes, surely we’ll tap in. Okay, sir, that’s all from me. All the best. Thank you.
operator
Thank you. Thank you, sir. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.
Harit Zaveri
Yes, so we have had a year as promised and certainly it has been the fourth earnings call and the whole. It will be an honest story or it will be honest communication from my side that you can expect on the coming quarters as well. The company is in the clear path of growth. We are certainly wanting to build up an infrastructure which is robust and stable which can fuel growth on a consistent basis. Happy to have you all as listeners and let us hope for a wonderful year ahead. Thank you.
operator
Thank you, sir. Ladies and gentlemen, on behalf of RBZ jewellers, that concludes this conference. You may now disconnect your lines.