{"id":183162,"date":"2026-05-15T08:21:24","date_gmt":"2026-05-15T12:21:24","guid":{"rendered":"https:\/\/alphastreet.com\/india\/rbz-jewellers-ltd-rbzjewel-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-15T09:00:38","modified_gmt":"2026-05-15T13:00:38","slug":"rbz-jewellers-ltd-rbzjewel-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/rbz-jewellers-ltd-rbzjewel-q4-2026-earnings-call-transcript\/","title":{"rendered":"Rbz Jewellers Ltd (RBZJEWEL) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Rbz Jewellers Ltd (NSE: RBZJEWEL) Q4 2026 Earnings Call dated May. 15, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Heena Khatri<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Harit Zaveri<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Rajender<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings conference call of RBZ Trellos Limited hosted by Bellarum Advisors. 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. I now hand the conference over to Ms. Sina Khatri from Belarama Advisors.<\/p>\n

Thank you. And over to you ma’. Am.<\/p>\n

Heena Khatri<\/strong> \u2014 Investor Relations<\/em><\/p>\n

Thank you. Good evening everyone and a very warm welcome to you all. My name is Heena Khatri from Valorum Advisors. We represent the Investor Relations of RBZ Dwellers 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 full year ended 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.<\/p>\n

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 beliefs 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 year under review.<\/p>\n

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. Harish Zaveri, Joint MD and CFO of the company. Mr. Harshit Gandhi, Internal Financial Controller and Mr. Bhavesh Sabnani, Senior Manager Accounts and Finance of the company. Without any further delay, I request Mr. Harid Zaveri to start with his opening remarks. Thank you. And over to you sir.<\/p>\n

Harit Zaveri<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Hina and good evening everyone. Welcome to our earnings conference call for discussing our performance for the fourth quarter financial year 2026. Before I give you the financials and operational 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. RBZ is one of the leading organized manufacturers of gold jewelry transforming itself into a B2C segment. We are unique jewelry company with diversified business model wherein we offer products to national retailers on a wholesale and job work basis as well as direct to consumers.<\/p>\n

From our flagship retail store in Ahmedabad, we have a state of art manufacturing facility equipped with advanced casting, laser 3D printing technologies supported by 280 plus professionals and 200 skill artisans. Because of our manufacturing setup and presence across both wholesale and retail segment, we are able to garner better margins than our peers. We offer a diverse range of jewelry collection comprising of different manufacturing techniques and varieties, but our specialty lies in antique gold bridal jewelry.<\/p>\n

Our flagship showroom Harid Sivari Jewelers in Ahmedabad offers bridal, occasional and daily wear jewelry across diverse price ranges. The product portfolio features of diverse collection of gold, silver, studded and other jewelry including bangles, chains, necklace, rings, earrings etc. We are also planning to expand our retail presence in Rajkot, Surat and Ahmedabad as well. Now coming to the financial highlights for the period under journey, the company reported a healthy performance during the quarter with the revenue growth broadly in line with the guidance and expectations shared with investors in the previous quarter.<\/p>\n

The growth momentum was supported by festive demand particularly during Akshaya season. For the quarter under review, revenue from operations stood at 190 crores registering a strong growth of 38% y on yes. EBITDA for the quarter came in 21 crores reflecting a healthy growth of 46% with EBITDA margins improving to 11.19% up 63 basis points year on year. Profit after tax for the quarter increased by 36% year on year to 12 crores translating the PAT margins of 6.17%. For the financial year 2026, revenue from operations stood at INR 637 crores reflecting the growth of 20% year on year.<\/p>\n

EBITDA for the year increased significantly by 43% to 92 crores with EBITDA margins improving to 14.44% and expansion of 233 basis points. Profit after tax for the yearly increased by 41% year on year to 55 crores with PAT margins at 8.61% reflecting continued improvement in profitability and operating efficiency. In terms of segmental performance for the quarter, retail revenue stood at INR 121 crores registering a healthy growth of 31% year on year. Wholesale revenue stood at 67 crores reflecting a strong growth of 57% y and y while job growth revenue stood at approximately 1 crore.<\/p>\n

Now coming to the operational highlights of the period in the review. During the quarter we actively participated in key exhibitions including national level and state level across B2B and B2C segments, further strengthening the brand visibility market presence and customer outreach across markets. We launched multiple digital campaigns to strengthen customer engagement and brand visibility across both occasion wear and daily wear categories. In occasion wear segment, campaigns such as Shwed Kesuru for Holi, Akshaya and Redbreakers showcase companies Gold, Polky and Antique Jewelry Collection.<\/p>\n

Additionally, the company continued to strengthen the positioning of its lightweight and elegantly designed dailywear portfolio through targeted digital campaigns such as Viva and Polki Cradle across social media platforms, enhancing brand recall and customer outreach. During the quarter we launched 730 new designs averaging eight designs per day primarily in occasion wear segment, further strengthening our product portfolio. Additionally, we are set to commence certain products in house in daily bed segment from Quarter 1 FY27 with delegated infrastructure increases on the retail front.<\/p>\n

Encouraged by the strong performance of our Ahmedabad store, we are now planning to expand in other key Gujarat markets including Surat, Rajkot. Both the showrooms are targeted to commence operations by quarter two of FY27. Further, we are actively exploring strategic location in eastern Ahmedabad and nearby cities such as Gandhinagar for mid sized stores of around 5,000 square feet and aimed at strengthening the regional presence and driving incremental growth overall. We concluded the financial year 2026 on a strong note and remain focused on carrying this momentum into the current fiscal year.<\/p>\n

Supported by the preparation of upcoming wedding season and key regional festival across core markets. We continue to witness steady consumer demand in occasion wear segment ahead of the wedding season while also optimizing our inventory mix with a greater focus on lightweight and budget friendly product offering to cater to EVOL consumer preference. With this I now open the floor for questions and answer session. Thank you,<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen we will wait for a moment while the question queue assembles. We take the first question from the line of Uchit Shah from Vimana Capital. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Thank you sir for taking us through the presentation. I just had a few questions so first is due to recent increase in customs duty and the advanced authorization on import of gold that was announced yesterday, do you see any impact on volumes or revenue or margins?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So see these are very you know very immediate events or it has just been few days that this all things are happening and generally we would take some time let’s say a week or two. In fact a Little bit more to understand what how the market and the consumers are reacting. Well, I understand that there are news and all but this, this type of appeals the government has also done in past. We have seen in the previous government that you know, things were announced. Now what we are really waiting or what we are really wanting to see is the what is happening on the actual ground levels, right?<\/p>\n

Like are the customers slowing down or is there exchange happening more so as like you when we are studying what certainly I think you know, these restrictions are not advantageous but up to what level there is an impact. This is crucial. Now when you talk about the industry Quarter 1 Post Akshaya remains low in terms of sentiments and all in the buying. There is no buying season as such in late quarter one. So even if there is an impact on a, you know, it can be quite low because you know this has not come in the period of Navratri Diwali, this type of announcements.<\/p>\n

So this is also seen as a positive sign that okay, what will happen in the quarter upcoming quarters and in the year we have to just understand and see. But generally like you, we are also understanding what is happening on ground doesn’t look that discouraging. But certainly on the wholesome perspective we have witnessed things like this in the past. I don’t have my comments on this until unless there is something really concrete to tell you,<\/p>\n

Rajender<\/strong><\/p>\n

But we are on it. Sure, sir. And then the second question is slightly more related to the geopolitical scenario right now. So is this changed any of our strategies around gold hedging, particularly around the gold metal loan like we’ve been doing it in the past but are we anticipating to increase that in future or we plan to keep it at the same level.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So we will be exploring GML in this financial year perhaps for buying the new buying of coal that will happen for the upcoming stores. And how we generally play a safeguard is we have our weighted weighted inventory at about 2025% lower than the current market price. So whatever we buy, we try to maintain it in the range of let’s say whatever the new buying or new absorption of gold has happened, it should still the weighted average still has to remain at least 15% lower to current market price.<\/p>\n

Now I know. So if there is a correction and all we can straight away hedge it on the forward markets. So to answer your question, yes, we are looking for gml. The practices are quite good. We are not a company who is looking forward to realize all our profits once the gold pattern has gone up. And you know Jump in to sell all the gold in the market etc. We maintain certain percentage of, you know, certain percentage variant of cushion that that is required. You know, even if there’s an absorption of coal, to what extent can absorb and then obviously once the pricing are coming to parity we are sure to hedge it.<\/p>\n

Rajender<\/strong><\/p>\n

Got it. Got it. Thank you sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Raj Shah from RK family office. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Am I audible?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yes Raj.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah. So hi. This year there was a volume de growth in our job business and in the last quarter you had told that JBO services are in demand and due to the price rise job services are in demand. So what is the outlook for FY27? How many kgs do we target and what is the order book?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So generally if you see the value of merchandise in job work last year and this year you will find that there is a significant increase. Now when you say about the quantity, if the gold price has doubled and let’s say the revenue you know, has not doubled, that means there is certainly going to be a dip in terms of quantity. Now you know what we see in what I had told in the last quarter was that there is a preference that corporate jewelers are having because of steep increase in price that they are going for job work instead of wholesale business.<\/p>\n

And thus there is a change in how the demand is getting to us. And we as a company would always prefer job work because we get cold a little bit in advance. Hence it’s a better thing for us. But given that in quarter four we are seeing some difference. In quarter four the wholesale sales actually increased to 56% and some of the people who were doing job work tilted their demand into wholesale. The better way of looking at this is combining the B2B segment of both streams I.e. Job work kg plus wholesale kgs and then multiplied by the average value.<\/p>\n

So just to give you a perspective, the total amount of value of merchandise this year that we have sold is 1251 crores. The retail segment has done 408 crores. In the B2B segment has done 843 crores. So this will be a better picture to look at and you know, thus both the things will get combined. So in looking forward we don’t know whether the demand is going to come from job work much or if the demand is going to come from the wholesale. But in whichever way the B2B demand is coming, we are just equipping ourselves to serve it.<\/p>\n

If you ask my preference, I would really go for job work.<\/p>\n

Rajender<\/strong><\/p>\n

Correct. So the reason I asked this question because I think in the current year like bulk of our bulk of like significant portion of our profit is because of our job work services. And if in next year the job work services are lower then it will take a good hit on our profits. So that is the reason why I’m asking about this.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So you know if you check the value of merchandise now if it is coming from job work or wholesale the value of merchandise should actually increase. What is the value of merchandise? This year it is 1251 crores. Now say next year job birth remains for an example just, just a case. If John Bird remains consistent at 600 let’s say 21 crores and wholesale increases, let’s say again couple of hundred crores still the bottom line will be secured. If you’re talking about margins that you know the margins will improve or improve depending on the sales mates because Jobbucks is contributing highly in terms of, you know, the bottom margins etc.<\/p>\n

Then your point is valid. But if you’re talking about absolute number change then we should look at the value of merchandise. Okay,<\/p>\n

Rajender<\/strong><\/p>\n

Got it then. Currently there is 336 crore kg of gold on our balance sheet and the gold prices risen and there is reduction in volumes in all our three segments because of course our price has increased. So do we still need 200 crore more gold for Rajput and Surat or it has reduced and some of our, some of our current gold can transfer, can get transferred.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So there is a 336 crores of inventory which is lying. I don’t think so. It is KGS that is fine. So but the intention of your question is quite clear that how much do we need in Surat and Rajkot? So these are large format stores like how we have in Ahmedabad. A typical large format store will need an inventory of somewhere around 125 to 150 crores. So there is inventory shift, there will be an additional debt which will be required and hence all the showrooms will be funded. We see Surat and Rajput both are a very potential market.<\/p>\n

Ahmedabad ranks number seven, Surat ranks number nine and Rajkot ranks in the top 20 economies of India. Hence the large stores are. There has to be a large store and it is in the in the right prominent location where the gold market is basically situated. And thus the amount of inventory that we are forecasting is required. Doing all the competitor analysis, the consumers etc. We have previously done exhibitions also in this area and we have got sufficient marketing budget to push it.<\/p>\n

Rajender<\/strong><\/p>\n

Continuation. It’s in continuation. This is the last question I’m asking. So what I’m asking is gold price has risen and volumes have reduced. And because of that do you think that the earlier estimate of our150,125 crore of gold in our new showrooms is required because due to rise in gold prices volumes have decreased. That’s why I’m asking that 120, 150 crore has it reduced. And because volumes is not coming in our current business, some of our current gold can get transferred to Rajkot and Surat.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Correct? Correct. So again I think I had answered this. So there will be a transfer of stock in terms of kgs. But your fundamental question was that if we are allocating some rupees then will it get reduced? The answer is no. Why? Because people generally when the gold prices are rising still they are. You know, their value does not. The budget does not change. Like for an example. Okay, now that is different. But generally people the behavior of consumer is to buy it from a budget perspective. Now that<\/p>\n

Rajender<\/strong><\/p>\n

Will be increased, right? Or what will be a peak debt after we take this loan? Because currently 120 crores are in short term debt.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

We want to. We want to stay. We want to keep the debt levels at 1. One is to one ratio ideally. Or one is to one point. Maybe leverage it 1.4, 1.5. But generally right now I think for this showrooms it will be around 1 is to 1.2. For this that I am understanding.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Shikhar Mundra from Vivog Commercial limited. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hi. Congrats on this set of numbers. What was the approximate inventory gains this year because of the increase in gold prices?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So it’s a nice question. So currently I do not have a number on it. But in future let me take this up into number categories and etc stuff. But I think assuming that around 10 to 12 crores or 10 to 11 crores or 12 crores should be inventory gain number. That is what we are anticipating on the. You can. I mean if gold prices then not to increase. I think somewhere around 40, 45 crore should be the bank. I’m still see this is just a very very. Don’t take me on numbers. Because if we are having it I would have said it right now.<\/p>\n

We don’t have that inventory gain number as such. What we really have is the cushion that we have from the current market price to the inventory. And that is around 2025%.<\/p>\n

Rajender<\/strong><\/p>\n

Okay, but like assuming no inventory gains then what would have been our profit growth like compared to last year? FY25. I’m just trying to get that. So if you say 40, 45 then that’s not a big thing.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah. So supposing. So generally when we calculate, you know gold, if we were to do a GML like how other players do then the interest cost should have been half. Right. So we will be saying somewhere around 8 crore rupees in our interest cost and subtract the inventory gain maybe. And that will be the match. But exactly. If I could have the number I would have given it to you right now. We don’t. But I hope that in future this number transparency will be better. I. I just hope there’s no commitment.<\/p>\n

Rajender<\/strong><\/p>\n

And my second question is a trade receivables have jumped like from 17 to 56. What’s the reason for the same. So this must be<\/p>\n

Harit Zaveri<\/strong><\/p>\n

24th of March there was an 8 mission in Bangalore, IHS Tripya and those because of emissions there was a spike in sales. That said this year came in a little early if you understand from 30th of April 2025 to 19th April 2026. Hence that last 10 days of March where a little bit of. There was a little bit spike in sales. And the data now it has come down again to a normal level.<\/p>\n

Rajender<\/strong><\/p>\n

Got it. Got it. Right. Thank you and all the.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Yash from Dande Equity. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hi. So just wanted to understand. I think you shared a number. Kind of missed it. What would be the inventory required for the next upcoming two stores?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So inventory generally both the stores are large format stores. We anticipate about 125 to 150 crores of inventory for each store.<\/p>\n

Rajender<\/strong><\/p>\n

Are we anticipating any sort of dilution to fund this?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

No, I think in the raise of debt plus inventory transfer plus the profit gain would actually suffice it<\/p>\n

Rajender<\/strong><\/p>\n

As far as the next three years are concerned. Because I think you’re very focused on Gujarat as a state. Right. Just wanted to understand why the focus on Gujarat. Is it because you’re a local player there? Because I mean you anyways do a lot of wholesale. Right. So I’m assuming you have supply chain networks throughout. Why not Mumbai? Right. Why not any other city? Just curious. Not, not a, not questioning anything. Yeah,<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah. So that is fine. A good question. In fact, you know, so if you, if you look at Gujarat and pinpoint the pan India players that are present in Gujarat. There are, there are four to five players who are having approximately a nil level presence in Gujarat. They are having maybe some six, seven stores. Just take out the data from any stats and you know, maybe all the pan India players, you can take it out. Apart from one player there is no other player who has penetrated the Gujarat market or being successful.<\/p>\n

And in Gujarat there is particularly no chain brand. So that’s a clear white space that we are having.<\/p>\n

Rajender<\/strong><\/p>\n

But why is that?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Why is that? The market is great. There are southern pan India jewelers who have not been able to cater to this market well. And hence we are in, we have an opportunity over here. I mean we should realize this as fast as possible. We should become a good jeweler, you know, a chain store in Gujarat. And because there’s a clean white space, I just take out the number, you know, I cannot. But, but if you take out a number of, let’s say an eastern player or a southern player having X number of stores in a particular state in which, in which it was their home ground, I think those many numbers of stores we should be having in our home ground.<\/p>\n

If the GDP data and population data matches and which matches. Right. Gujarat is a prosperous state and that’s a clear white space available. And hence this thought, you know, after a lot of debates and things have come out to be very clear that yet yes, we should go forward for this thing.<\/p>\n

Rajender<\/strong><\/p>\n

But is it so just the original question. Do you think in the next three years or four years or five years when you’re looking at growing your retail business, which you obviously are, do you think it’s wise to be concentrated in just one state? I got your POV in terms of the lack of retail chain presence in organized wealthy in Gujarat. But what would you think like five years ahead or three years ahead? Do you think it’s wise for.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So there is a vision and you know, aspirations 100% are there, you know, in future to expand. We are, we, we are certainly right now we are a single flagship store. We are going to have let’s say four stores in this calendar year. But you know, and we are talking about becoming a good player in state of Gujarat. But we are not restricted to Gujarat itself. Let us first play out this four, five stores etc. Well and let the pulse come. I think we are 100% aggressive in terms of scaling. If you look at post IPO things you will understand that when we came to IPO our turnover was around 300 crores.<\/p>\n

Now we have reached let’s say 600 crores. The profit margin was X, the back level was 22. We have reached let’s say 50, 55. We will be scaling and the company has got aspirations to become big. We will be not, we are not restricted to any of our, you know, states or anything like that. Let the opportunity come, let the capital<\/p>\n

Rajender<\/strong><\/p>\n

So what we know. Yes,<\/p>\n

Operator<\/strong><\/p>\n

I would request you to please join back with you for follow up questions.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah, I’ll do that.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in the interest of time and fairness to others, we request you to restrict to two questions per participant. We take the next question from the line of Rajendrapasi from NP Analyst. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yes, you’re audible.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah. So. Hi Harith. So my first question is initially we planned that we are going to open the two stores like one in early Q2 and the other one may be in late T2. So is the timeline still correct? And about the showroom third and showroom fourth, do we have any estimated timelines now previously? Because you, you didn’t provide any estimated timelines for the third and fourth with your token.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah. So I think the timelines for Surat and Rajpur remains same and the timelines for the third and the fourth store still it is a little early to give, but we should be opening in the season time.<\/p>\n

Rajender<\/strong><\/p>\n

But within this year.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah, within this calendar year.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. And the other question would be regarding a sharp increase in the fixed basis as well as a sharp increase in the current work in progress. So is it related to these two showrooms which are going to be open in Q2?<\/p>\n

Operator<\/strong><\/p>\n

Correct.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. And as you mentioned that as Akshay Prickya came in early this year. Right. On 19th of April and you had a big sale in the Bengaluru side in the late of March and that increased our receivables to 56cr this year. So what is the current status of receivables as of today?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

The current status, it has gone to a normal level. Basically cannot actually disclose the number. But you will certainly get it in the quarter one of the results. But yes, there was a spike and it has now. It has now reduced. Generally the data days in wholesale are approximately 30 days. So the realization has happened.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. And how this quarter has been for us up until so far since. Because now there has been a speech and.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

No, no, no. Very honestly I’ll tell you see, post modi, we are also gauging. Right. And you are also gauging and whatever the anticipation is, I think ground level reality will Matter the most, you know, the assumptions etc, you know we will not be working on that. We’ll be working on what the customers the real time demand is now. How has been April? April has been very good.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Om Golay from Adit Wealth Advisory. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hi. Am I audible? Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hello. Thank you. Yes. So my question is recently that like our Prime Minister told that everyone should not purchase gold for one year. Right. And also we are planning to open new stores in Q2 and Q3. Right. So how we are going to face the situation like what will be our strategy to pull the demand and all. So this is my first question.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So see the Prime Minister has requested that you know, you all know what the announcement is and let us see what the impact of that words you know are and how will it remain. India is a much rooted in a traditional, you know country so certainly if there is weddings and the prime minister has said etc stuff will that really you know stop the you know buying of pool jewelry and you need to have social status. There is a lot of traditions that are going on. I don’t think so. Things are going to really you know let’s see again what you’re telling me about, what you are asking me is about strategy and what what we are seeing is that there is a huge market.<\/p>\n

There is a new market that we are exploring and you know we are in this game for a very long term and hence this kind of things will come. And because of our marketing spend if you are expecting X it will be X minus some percentage. But in the overall kitty it has to really grow. Currently I really don’t have that level of. I really don’t have exact strategy saying but exchange of gold is one thing that everyone is looking forward. Likewise we will also look forward is that going to make everything just perfectly okay?<\/p>\n

We don’t know. The best part about our company is we are in occasion occasion jeweler more. Hence all the demand is linked through weddings. So daily wear purchases here and there can. Can really take a pause but I don’t think so daily occasion where we actually take a pause, you know and perhaps let us go all in for the occasion. You know the upcoming market like you know the season time I think rest you know. See we as an organization we go, we go all in for the season times. We will not. I understand the sentiments and etc but the announcement has come on a very favorable time.<\/p>\n

It’s a low season time. If the announcement has come on with Akshaya Day and etc it will be very different but not that condition. Yes, let us see. Okay. Okay. Well understood. Thank you so much sir. Yeah, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Saurabh Dhole from FIO to asset management. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah. Good evening. I have two questions. First is when you say the stores that you plan to have in let’s say a city like Gamina there. I’m curious to know why would you start with a small store? Is it you know, for capital constraints or you’re not as positive about this particular market versus let’s say your current, you know, end our market. So that is question one. And the second one is can you talk about the tool stored through the clutch code? What is the, you know how much time will it take for these course to kind of come to Ahmedabad level sales?<\/p>\n

You did about 400 queries in FY26 from Ahmedabad. I mean roughly on a volume equivalent basis. When do you think it will, I mean Surat Raj could then be touched these areas?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So first question was Gandhi Nagar location. Gandhinagar comes into the northern side of Ahmedabad. From center Ahmedabad, you know is a 10 kilometer or 12 kilometer radius kind of circle city and Kandinagar just comes at around 15km or so. It’s a very good location to have. You know, basically we are having a presence in the north of Ahmedabad. It is going to act as a feeder store and also certain kind of it’s the right catchment area because it is any catchment which is spread 7 km far is considered to be a good area to open a retail store at.<\/p>\n

Its a nice city. It is one of the prominent city in Gujarat. A lot of advantages is what we are able to see. There is a market over there and also the brand itself, the brand presence. If the people are seeing multiple modes of that same brand again and again here and there in the city, the brand is going to increase, the visibility is going to increase basically. So yeah, Gandhi Nagar seems to a very promising and strategic location. The second store will be on the eastern side of Ahmedabad. Again it will really have a good impact on the brand overall because then we are having three stores in Ahmedabad or in and around Ahmedabad.<\/p>\n

Now the second question about Surat and Rajput, how the sales are going to turn up, etc. See we are when, whenever the store is happening, it is happening for a very long period of time. We generally do a long term lease agreement. So you know we. This is too much a nascent kind of a stage wherein you would comment anything and I don’t know, you know, ultimately what would, what would. But let us look, let us be. You know, let the time pass, let a month pass. You will understand how the market is reacting, right?<\/p>\n

There might be another news coming up. Suddenly we don’t know the market will change sentiments. And I think you people are much better in understanding how quickly market changes the sentiments. You know, wait and watch. We are good at our domain, at what we do. And we will continue to do that. Be it expansion, be it generating better profitability, be it growing, the organization being fundamentally investing in the company’s infrastructure. This is all things that we will continuously do.<\/p>\n

Rajender<\/strong><\/p>\n

The first question, the main thing was that why would you start with a smaller store? Because you want it to be zero stores.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

It’s a strategy. Large format, mid format and small format are three formats of stores that just company will generally have. We have got two large format stores in Surat and Dashput and two mid format stores to start with which are considered to be a strategic location. So any, any market which has a lesser population will have mid format stores. Let’s say if a market has a 50 lakh population like Ahmedabad has some 70, 80 lakh population, there will be a large format store is good over there. If a Rajput market has a population of let’s say 20 lakhs, 30 lakhs, it will be a large store neighbor.<\/p>\n

If a market is having the population of let’s say 10 lakh people or 8 lakh people or 6 lakhs people then there will be a mid format store. It depends on the size of the market and then the decision will be made. It has got nothing to do with other things.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Sahil Pathani from Strokes Capital. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hi. Thanks for the opportunity. So wanted to understand what is your capacity utilization for FY2.6?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

The capacity utilization is approximately 50% or 55%.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. I know in one of your slides you’ve mentioned that you are targeting maximum peak capacity utilization by 26. So is this. Can you say like 50 to 55% is your peak or do you think we have more room to grow before like going into like for the capex and taking on more expansion.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

See, when I. When I did an IPO it was in 2023 December, let’s say 24 fiscal year the price was 60,000 rupees. Okay. My single artisan was able to do let’s say 800 grams to thousand thousand grams per month. And hence I calculated the capacity to be, let’s say two tons. They have 200 carriers. Now the gold prices has increased from 60,000 to one and a half lakh. Now the same artisan is still doing thousand grams. Okay. He has not. His potential is to 2000 grams. So in rupee wise my capacity has increased to let’s say 3000 crores from let’s say 1200 crores before right when I did the IPO.<\/p>\n

So because of the value of commodity price gets getting increased. You know it is right now we are in a comfortable state still despite doubling our revenue. You know and I think right now we are not looking for any kind of capex in manufacturing setup. We are at a comfortable scenario.<\/p>\n

Rajender<\/strong><\/p>\n

Got it. Thanks for that. And my second question is Harith with these four new stores coming up this year by how much are you expecting to grow your top line and bottom line for 27?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

You know I think in the scenarios like this we would really not give out the guidance for this year. Not that we are not optimistic for it or anything but you know let us reserve this guidance. Let us talk about the month of April or mid May. It has been good. April has been very good. You know May. We are yet to have 15 days more so we cannot even comment about the month May. But I think the to talk about future or coming season or etc we are optimistic. I can just say that we are investing but we don’t know exactly, you know what is, what is, what is going to be, you know how the scenarios are going to turn up.<\/p>\n

Etc, etc. Etc. The market is huge. Market is big. You know it is not that India is a concrete consumable consumer market. So nothing diverse or inverse is going to happen. We are, and hence we are looking, you know for. Looking for the, for the market very aggressively. That might be a haircut here and there but we don’t know even if that is going to happen or not. Let us wait and watch. There is no guidance for this year frankly saying<\/p>\n

Rajender<\/strong><\/p>\n

Okay yeah that is, that is fine basically because previously you know whenever you guided you more or less met it. Right. So it’s fine that you are taking a pragmatic approach but we expect in the coming quarters when you see kind of the picture getting clear you kind of give some sort of.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

I would be very honest, you know in that, in that case you would be getting guidance or etc stuff once see this too early. The government has just announced it in a very recent time. The market has reacted in a different way. We are waiting how the consumers Are reacting and you know, it is too less a time for me to judge channel or you know, understand anything and tell you.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah, no makes sense. Thank you Arita and all the best.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Dipesh J. Sancheti from Vanya Finance. Please go ahead. The pash. Please unmute your line and proceed with your question.<\/p>\n

Rajender<\/strong><\/p>\n

Can you hear me? Can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes.<\/p>\n

Rajender<\/strong><\/p>\n

Hi. Hi. Sorry yeah, just landed that just wanted to understand have. Have only two questions. One, which coming into wedding jewelry. How much of you know, a competition would you face? Have you?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Not really. I mean seeing their. I think they are coming into a plain gold segment of wedding jewelry. We are into an antique segment of wedding jewelry. So as such there is no competition on the other side they are in their the Ahmedabad antique jewelry is very different from you know, under the regional antiquity. And generally when a company comes it takes you know, time to mature itself in terms of any goods whatever the product category they offer. You know, right now we are not seeing any impact of Shringa as such.<\/p>\n

Rajender<\/strong><\/p>\n

Okay, great. That’s reacting to them. And the second thing is now with the current, I mean the gold prices increasing a government focus on reducing gold imports more of especially with this duty and debts increasing a lot of gold from the black market would come in. How much do you see that the corporate business will be affected because of this? Because there will be a difference in the prices which the corporate will offer and what the normal jewelers can offer.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So see you are. You are partially, you know correct that the prices of you know, the unorganized or the local jewelers would be different from the corporate jewelers or the corporate cost would be different let’s say but consumer market will run on the brands and you know, the trust that they have, etc. So let me this again too soon for to gauge anything because the news are very recent. You know, let the time pass. I think couple of months or 11 month at least to observe will be a very nice thing.<\/p>\n

In fact a quarter will be a very right thing. I think by August 12th when we come up you should be able to say something more better and concrete and how the IIJS turns up. You know, I know you have been visiting IIJS and etc. I think market. So I think let us. Let us look at the market and I think still from the company’s point of view we are. We are optimistic but at the same time we are conservative. We are conservative in the sense that we are not from the current Market level, The inventory is 20, 25% conservatively kept.<\/p>\n

And I think those are the good signals that we are having. Otherwise we are optimistic in terms of a long term expansion plan.<\/p>\n

Rajender<\/strong><\/p>\n

Right. And if I can squeeze in one more question, you know, how confident are you especially with the new store openings. You think that you know, even in this kind of scenario you will be having all the openings and on the prescribed date only or you want to, you know, go slow. How you as a entrepreneur looking into this.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So we want to enter the market in a season time market is big opportunity is there. There is a clear transformation in the from, you know, from the unorganized market to the organized market. We really think there is an opportunity. Doing all the studies about the Pan India players and etc in Gujarat, their presence etc. Is really motivating us to go ahead very you know, as fast as possible and covering the market of Punjab. I think we should from the company’s point of view we should not waste more time and scale as much as possible.<\/p>\n

Short term hiccups and all are okay. We are here for the business and for long term. So there is no question about consumption and there is no question about the transformation. Both are happening. The short term things can. Yeah. I mean ultimately if you, if you see Modi has told that one year purchase it is not going to be longer. Although this is on a lighter note. But the statement will, you know, let us see you know in, in a month or two what is actually happening. Otherwise we are, we are in first floor expansions.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. And all the very best and thank you. All the very best for the store openings. And we’re looking forward to be in the store openings also.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Sure, sure, sure.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Moksha Ranka from Aurum Capital. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

I want to understand you made around 92 crore EBITDA in FY26. So can you provide in a breakup how much of it was in B2C and some B2B like a ballpark number to understand.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

I think I don’t have the numbers very much handy. As of now we were talking about margins and etc. But what I can really tell you is, you know, I think from the revenue contribution side sales of merchandise. If you look at it, we have 1251 crores which is the total value of merchandise. Now if you divide it into B2C and B2B around 850 crores or 840 crores is into B2B and 408 crores are into retail. Now breaking that up, I think it’s a 3,366 ratio and generally we get a lesser margins in wholesale and in a B2B segment than in a B2B 2C segment I think there is a 3% or so margin difference.<\/p>\n

So I think that will be sufficient for me to you to derive every numbers, OPM etc.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. And also like we are into antique jewelry and antique jewelry is like the highest margin segment in terms of markups or whatever. So<\/p>\n

Harit Zaveri<\/strong><\/p>\n

In terms of gold jewelry. Yes. Otherwise diamond would be the highest margin segment but in gold will be the highest margin.<\/p>\n

Rajender<\/strong><\/p>\n

Okay. So generally like what the difference between gross margins in B2B and B2C would be just 3%.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So when you talk about B2B and B2C the gross margins I was talking about the OPM. But even if you say the gross margin it depends on the national retailer or the regional retailer or the local jeweler whom you sell.<\/p>\n

Rajender<\/strong><\/p>\n

Would you like provide me a range at which like for example I think retail would be around 10 to 15% gross margins you might have. And then<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yes, retail would be around 12% or 14% GP. Wholesale will be around 7 to 8%. B2B will be around 6 to 7. 77 and 8% GP.<\/p>\n

Rajender<\/strong><\/p>\n

Have a couple of questions. We’ll get back.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Raj Shah from RK family office. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Am I audible?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yes Raj.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah. So sir, after considering your accident Surat, what will be the peak debt and are we comfortable at that number?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

See business is fundamentally right now leveraging debt. We are right now under leveraged. I think we are very much comfortable given the position we are in to even have this year. We are having equity of 300 crores by the time we open showroom half year. You know we are almost in the quarter two of the next year. So I think we are in a very comfortable situation with respect to debt, equity ratios etc. Don’t see any challenge over there.<\/p>\n

Rajender<\/strong><\/p>\n

So 1 is to 1. We are targeting like 300 crores of equity and 300 crore of debt overall.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

1, 1 is to 1, 1.2 is to 1. 1.55 is to 1 is what we are targeting. It should be good. I mean that’s the right. We particularly believe even if you see in the peers, competition, etc. People work at a high debt level and meet any of the larger companies etc. And I think those both debts are reasonable enough. One is to one is in fact a right thing, but we can leverage it to 1. 1 is 1.5 or also. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Rishi Kari from Capital Bridge Advisors. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Hello, thank you so much for taking the question,<\/p>\n

Operator<\/strong><\/p>\n

But your audio is not clear. Could you please use your hand, sir?<\/p>\n

Rajender<\/strong><\/p>\n

Is it audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Thank you so much for taking a question. On the retail front, which more or less company focuses on going forward. As you said that we have two sets of retail store format, one is flagship and other is negative market segment. Kind of a form format. Right. So that you categorize with population thing that, that all this is sort of this particular thing. We have our retail format channel proper. Are there big other factors that influence the sort of retail format? We go with population that we can.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So basically the demographic study that you’ll be asking for, what is the, you know, grammage of gold consumption per capita is what, you know, we will be understanding, we’ll be studying the competitive markets, we’ll be studying the, you know, the space that we really have inside that area, etc. We would be wanting to study, you know, Indo catchment area of let’s say around 7, 6 kilometers. Do we have another opportunity? You know what, you know, there’s a lot of, you know, research that goes into, goes into it.<\/p>\n

But you know, ultimately, ultimately if there’s a marketplace and if it’s a growing market space, we would certainly want to go in. We have an understanding about merchandise quite deeply as we are attracting into the same market of Gujarat. Right. So Ahmedabad, we have got a very good success despite having zero legacy. You know, the store is new fresh, the brand is new fresh. And we have proved that in a few years in detail. Even in the jewelry segment, things can roll up very easily and it gives us a real motivation to actually go forward and dive in other marketplaces.<\/p>\n

Rajender<\/strong><\/p>\n

Okay, understood. Makes sense. Now following up with this question, I mean of course you already have to open new stores in the BA1 cities, but do we have any sort of future plans with this? I know it’s bit early to ask for it, but see the small set of jewelry shop format, but I think most of the market that we’re looking at pretty much unorganized in nature. I think that’s where the real market catalyst could be for us. So we have that sort of future focus for the company.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

See, if you’re talking about placing the brand into tier 3 or tier 4 cities, if there is a consumption, I mean, why Won’t the brand go? Let us map out which are the low hanging fruits and this is on that the strategy will be prepared where to really place ourselves or not. Currently if you look at it in Gujarat, Ahmedabad, Surat, Rajput, Baroda are four prominent cities. We should be targeting at opening this kind of cities and making the brand more stronger by opening more stores within the same city.<\/p>\n

So if there is a good opportunity, you know, for a tire, tire 3 or tire 4 city, we see that we will go forward and we will, you know, do it. But as of now, in this calendar year, four stories. What, what is coming up too large and too big companies for any kind of, you know, any kind of retail stores for the coming year, for you know, in the coming years if the opportunity is there.<\/p>\n

Rajender<\/strong><\/p>\n

Okay, understood. Thank you so much for answering the questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Yash from Dande Equity. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah, so just wanted to understand, I kind of understood what you just explained about how your wholesale manufacturing capacity is at 50 to 60% with our retail growth endeavors for the next two, three years, when do you think our capacity will hit higher? 8085 digit numbers in terms of capacity utilization.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

See even if the retail stores are coming, the retail model is also getting the work done. You know, we are also getting the job work done from other vendor players. So it’s first is that using the in house capacity versus doing the combination of getting the product sourced plus doing in house, I mean the combination really works well and at least for a couple of years, let us understand where the gold price is heading, you know, what is actually happening and then take a call. See to increase the capacity is not a, it is not going to be that much of a problem.<\/p>\n

The supply basically is not a problem. So the issue would be that you know, if the gold prices jumps from here to let’s say 2x I don’t know whether it’s going to happen or not. Even 60,000 we thought the prices are high. So you know, if it is then there will be almost no need of increasing capacity from here on. But let us, let us study, let us understand the market. Right now we are at 50, 50. That is the truth.<\/p>\n

Rajender<\/strong><\/p>\n

Right? My second question is regarding this whole started dwelling segment. It seems to be the highest margin, highest growth business. You’re looking at Bluestone, Carrot Lane, a couple of new age players coming in especially. I don’t know about West India, but at least as far as south India is concerned, Strategic Jersey is doing very well in Terms of margins, EBITDA growth, revenue growth, top end growth. I do get the focus on antique jewelry but I want to understand from you that from lab grown diamonds to studded jewelry, you know, everyday jewelry, what’s your view on these segments and you know, when are we going to do something in this sort of market?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So right now we are not doing lab grown diamonds. Right now we are into the daily wear jewelry and the occasion jewelry be to be antique or diamonds. How much aggressively we are looking for studied jewelry. There is a diamond jewelry that if you are asking that type of question, company will have a, you know, company as a whole has a view of still, you know, being into the segment of antique jewelry and realizing its potential. So you have seen that, okay, diamond jewelry does well in terms of margin but in gold category being the safest category, antique has a very good margins.<\/p>\n

So and it’s a very safe thing to play. Now with gold you can really take the, you know, you can really take the risk of expansion and there is no cash flow stoppage in this because gold itself is liquid. So it’s a good place to be. And if you strategically look at it, you can explore, experiment, you know, and if it, you know, fails Even let’s say 5%, 10%, then you can remelt it and reuse it with diamond it becomes tough. You need a very different kind of an ecosystem, etc. We as a company will be developing that and the strength is antique jewelry.<\/p>\n

We will be utilizing the strength for the expansion. So we are keen on taking aggressive steps to in all the categories or taking forward the steps in all the categories. But aggressively looking at anti grip now,<\/p>\n

Rajender<\/strong><\/p>\n

Right? No, but do you see potential in the categories that I just mentioned to you?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah, I see potential in diamond jewelry. Studied jewelry, why not? There is a market,<\/p>\n

Rajender<\/strong><\/p>\n

Right? Because obviously, I mean just on the diamond jewelry I did read a post, you know, by economic desk saying that diamond national diamond jewelry is hit a decade low or two decade low in terms of their pricing, right? Natural diamond jewelry. So that is one thing. And the second thing is that at least as far as the next generation is concerned, right? The Gen Z or the generation above that, as far as they are concerned, I think they are more into everyday jewelry, nothing too flashy, you know, and solitaire and lab grown diamonds and studded jewelry in a very basic sense.<\/p>\n

So I really hope you kind of look at that segment too a little more seriously. The antique jewelry is a great segment, but I also believe that the studded jewelry is a low capital Intensive business compared to, you know, pure gold business.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

I mean let us, let us look at the market, see the size of market for antique jewelry itself. Very, very big. So when you’re talking about other market like are we having diamond? Yes, we are having diamond as a category. Are we looking forward for that thing? Yes, we are looking forward for that thing. Now let grown and all we are really not looking for it. And as far as the consumer behavior goes, the Gen Z and all the first shopping that any girl does by herself is her wedding jewelry, right? So you can really take an example of your own families.<\/p>\n

You know that when a convent, when a girl genuinely selects a jewelry for her own, that is the first opinion is always the bridal occasion and post. Then when she enters the stage of 30s, she basically enters into the daily wear segments of jewelries celebrating her anniversaries and joyous occasions etc. So when they are selecting the bridal jewelry, we are right on it. We are sitting on the antique jewelry segment. So who is catering to the first customer who is going to be a Gen Z customer looking forward for a gold jewelry?<\/p>\n

It will be our brand in the positioning way and in the occasion where what you’re talking about daily wear? Yes, Gen Z will wear daily wear but when are they going to wear daily wear jewelry like gold and all in college times? No post the college time when they are getting married. They are getting married in the occasion where and then they will be buying the daily jewelry on their anniversary etc. What I mentioned. Hence this is how the consumer behavior is working for us.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We take the next question from the line of Rajendrapasi from NP Analyst. Please go ahead.<\/p>\n

Rajender<\/strong><\/p>\n

I’m audible.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah.<\/p>\n

Rajender<\/strong><\/p>\n

So I wanted to ask like as the gold project has risen so much, right? So across industry we are seeing a trend that there will be, you know, exchange of gold will happen more as compared to the new gold buying by the customers. So what kind of trend are we seeing right now and what do you anticipate on this part?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

See the sense of, you know, it is too early to comment on what is the trend that we are seeing. Like you, we are also observing are there walk ins in the store? Yes, there are walk ins in the store. Is the business happening? The business is happening. Now if you’re telling me to show a trend, basically we will be motivating people to exchange gold. Do they really want to exchange? Depends on them. Do they? They want to listen, not listen, behave in whatever ways we are here to analyze and then react.<\/p>\n

Okay. Our intention is to sell jewelry in whichever mediums it is possible. Be it exchange or be it a fresh bag now, you know, I think more or less it is, you know, the gold prices have risen, etc. This has happened in past, in historic way. Gold has always risen and we see that generally 40 to 50% of the jewelry is exchanged and 40 to 50% or 50 to 60% is a new buy. Will this trend change? I don’t know. Let me, let me, let me gauge it for at least a month or two or a quarter.<\/p>\n

Rajender<\/strong><\/p>\n

As of now you are saying that it is already at 50 rupees.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yes, it is. It is showing the same momentum. A little bit exchange is increased. But this is too soon a data. I mean what I will tell you in three, five, ten days.<\/p>\n

Rajender<\/strong><\/p>\n

Yeah, yeah, that is, that is fine. And my second question is like from, and if I have heard it correctly, you mentioned that from the starting of FY27 we have started on the daily segment as well. So what kind of growth are we expecting? Or do we have an internal number from the retail side or what kind of, you know, orders are we expecting or have we had any discussion from our wholesale side whether it is from the job work or B2B side? So any, any. So you know, inside.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah, so we are in daily wear segment. We are already doing good delivered. In terms of our retail store. The consumption is approximately 35% of daily wear and 65% of occasion wear. Now when it comes to B2B segment, we have, we are doing a pilot testing in ihs. We will be launching a few varieties of daily wear. Let us sense how this, how this comes across and post that. I think both the learnings and the learning curve will be developed and then we will be telling you how, how are we really launching it or you know, this is just a pilot testing that we are doing for B2B side.<\/p>\n

Rajender<\/strong><\/p>\n

And in direct terms like what all have been launched as of now like from 10 carats or maybe 18 carat, 20 carats.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Yeah. So in antique jewelry 18 carats is what we have really sold in the quarter three there are, there’s a good interest of corporates looking for 18 carat antique jewelry. The company has also made some color stone collection which was needed again by corporate and it has turned out to be a positive response. But these are collections. Let us see the longevity of it. Let us then understand what kind of market generally the sense is that low carriage anti jewelry is, you know, is still in experiment this season or this coming year will Actually able to translate that.<\/p>\n

What you know, how much KG we produce in that category. But yes, we are producing 18 karat jewelry as well as a little bit of color stone jewelry. Also that we have got orders and we have dispatched.<\/p>\n

Rajender<\/strong><\/p>\n

And what about from the daily wear side on the carrot side?<\/p>\n

Harit Zaveri<\/strong><\/p>\n

So the elevated side we are. I told you, right. Pilot testing has been done and in August we will understand what is the. You know, how it did it, how did it work? Did we get orders? You know, we do. We need to improve our products much better. You know what is to be done. That segment will, you know, we will understand it better once, you know, we get the reviews from the market in a very stronger way. And that is the right platform for that would be an exhibition.<\/p>\n

Rajender<\/strong><\/p>\n

Got it. But as you already mentioned that we are already doing 35% in our retail. Right. So can you provide like the details on that part? Like what kind of carrots are customers generally, you know, picking up? 18<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Carat is generally picked up more in terms of growth. 18 carat is gaining more growth than 22 carat. But 22 carat still remains as a preferred category.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. Due to time constraint. That was the last question and we conclude the question and answer session. I now hand the conference over to the management for their closing comments.<\/p>\n

Harit Zaveri<\/strong><\/p>\n

Thank you all for participating in the earnings conference call. If you have any further questions or would like to know more about the company, please reach out to our investor relationship manager at Veloram Advisors. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you on behalf of Velorem Advisors. That concludes this conference call. Thank you for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Rbz Jewellers Ltd (NSE: RBZJEWEL) Q4 2026 Earnings Call dated May. 15, 2026 Corporate Participants: Heena Khatri \u2014 Investor Relations Harit Zaveri \u2014 Chief Financial Officer Analysts: Rajender \u2014 Analyst Presentation: Operator Ladies and gentlemen, […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":181077,"url":"https:\/\/alphastreet.com\/india\/rbz-jewellers-q3-earnings-surge-retail-revival-stuns\/","url_meta":{"origin":183162,"position":0},"title":"RBZ Jewellers Q3 Earnings Surge: Retail Revival Stuns","author":"Staff Correspondent","date":"February 16, 2026","format":false,"excerpt":"RBZ Jewellers (BSE: 544060, NSE: RBZJEWEL) is a leading organized manufacturer of gold jewellery in India. 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