RBZ Jewellers Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

RBZ Jewellers posted strong Q2 FY26 results. Revenue from operations grew 24% YoY to INR 145 Cr, with EBITDA up 105% YoY to INR 28 Cr (19.5% margin) and PAT soaring 130% YoY to INR 19 Cr. H1 FY26 revenue stood at INR 221 Cr (+11% YoY) and net profit at INR 26 Cr (+50% YoY). Volumes increased 20% in Q2, while H1 volumes were flat despite a 50% gold price rise, reflecting robust business performance. Job work accounted for 65% of Q2 volumes.

Management cited new designs and early festive demand as key drivers. Retail expansion is planned for Rajkot, Surat, and Baroda, with one new store opening in late Q4 FY26. Demand trends are encouraging, especially for the wedding season. While holding its FY26 guidance of INR 700 Cr revenue and INR 45 Cr PAT, management notes potential revenue shifts to job work, maintaining profitability. The company remains focused on design innovation and strategic retail growth in Gujarat. Management's sentiment is confident, balanced with caution on market volatility.