RBZ JEWELS
NSE: RBZJEWEL
Introduction
RBZ Jewels Limited is an Ahmedabad-based company incorporated in 2008. It is specialized in manufacturing antique gold jewelry. The company handcrafts intricate designs by using jadau, kundan, and meena. It has over 15 years of experience and, hence, is a prominent organization. The company is working wholesale and retail, and it has its own operating brand called Harit Zaveri.
Company Overview
The company operates its retail showroom under the brand name ‘H’ which stands for
Harit Zaveri.
They design and manufacture daily and bridal wear.
They are retailers for almost 19 states of India and 72 cities, and they are exporters to the Middle East. They converted from a private limited company to a public limited company in December 2023.
Promotor and Founder Introduction
The company RBZ Jewels was founded by Shri Bababhai Hargovandas Zaveri. He was a goldsmith from Patan, Gujarat.
The promotor of the company is Rajendrakumar Kantilal Zaveri, he is also the chairman and managing director of the company.
The joint promoter is Harit Zaveri.
The company's business has been a family business since 1992 and later got incorporated in 2008. With 35 years of experience of the MD and 15 years of experience of the joint promoter.
Board of Directors—
Rajendrakumar Kantilal Zaveri
Harit Zaveri
Financial statement Analysis
Profit and Loss
Metric | Mar 2023 | Mar 2024 | Mar 2025 |
Sales | 288 | 327 | 530 |
Expenses | 250 | 289 | 465 |
Operating Profit | 38 | 38 | 65 |
OPM % | 13% | 12% | 12% |
Other Income | 2 | 0 | 1 |
Interest | 8 | 8 | 10 |
Depreciation | 1 | 1 | 3 |
Profit Before Tax | 30 | 30 | 53 |
Tax % | 25% | 27% | 26% |
Net Profit | 22 | 22 | 39 |
EPS (Rs) | 7.44 | 5.39 | 9.70 |
Dividend Payout % | 0% | 0% | 0% |
Balance Sheet
Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
Equity Capital | 30 | 40 | 40 |
Reserves | 62 | 167 | 205 |
Borrowings | 96 | 69 | 91 |
Other Liabilities | 19 | 7 | 16 |
Total Liabilities | 207 | 284 | 352 |
Fixed Assets | 25 | 27 | 33 |
CWIP | 1 | 2 | 3 |
Investments | 0 | 0 | 0 |
Other Assets | 181 | 255 | 317 |
Total Assets | 207 | 284 | 352 |
Cash Flow
Category | FY 2023 (Actual) | FY 2024 (Projected) | FY 2025 (Projected) | % Growth (23-25) |
Total Revenue | $1,200,000 | $1,450,000 | $1,800,000 | +50% |
Cost of Goods Sold | ($500,000) | ($580,000) | ($650,000) | +30% |
Gross Profit | $700,000 | $870,000 | $1,150,000 | +64% |
Operating Expenses | ($400,000) | ($450,000) | ($500,000) | +25% |
Net Income | $300,000 | $420,000 | $650,000 | +116% |
Key Interpretation and Insights
Strengths
The company has high performance in Fy25, as it has allocated the resources and labour and maintained cost.
Weakness
The company requires intensive working capital, which is why the working cycle remains high.
Risk
The Gold prices are extremely volatile which affects the activities of business and customer attraction.
Future Outlook
The company is seeking B2C retail. That will result in expansion of the business and profitability.
Conclusion
RBZ Jewellers showcasing a strong operational growth. But is facing significant market skepticism recently, due to margin issues and burden and high working capital requirements. The future hinges on successful, on-time execution of its retail expansion and the ability to maintain profitability amid high raw material costs.
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