Tribhovandas Bhimji Zaveri Limited delivered exceptional financial performance for the quarter and nine months ended December 31, 2025, demonstrating strong operational leverage and margin expansion. The jewellery retailer reported significant growth across key financial metrics, validating its strategic focus on profitable growth and operational efficiency.

Strong Q3 FY26 Performance Driven by Operational Excellence

The company's Q3 FY26 results showcased robust growth momentum with revenue from operations increasing 14.40% year-on-year. The performance was driven by healthy festive and bridal demand across key markets, improved store productivity, and continued traction in design-led collections.

The quarter marked a decisive demonstration of operating leverage, with profitability metrics expanding significantly. Gross margin improved by 500 basis points to 17.48%, while EBITDA margin expanded by 592 basis points to 12.44%. PAT margin increased by 441 basis points to 7.70%, reflecting the company's ability to convert revenue growth into enhanced profitability.

Nine-Month Performance Sustains Growth Trajectory

For the nine months ended December 31, 2025, Tribhovandas Bhimji Zaveri maintained consistent performance with earnings growth materially outpacing topline expansion. The sustained momentum demonstrates the structural nature of the company's margin improvements.

The nine-month results highlighted the company's successful transition from mid-single-digit EBITDA margins in FY25 to double-digit EBITDA margins on a year-to-date basis in FY26. EBITDA margins progressed from approximately 6-7% in FY25 to 8.73% in H1 FY26, and further to 10.39% in 9M FY26.

Strategic Focus on Design-Led Growth and Operational Efficiency

The company's performance reflects successful execution of its profitable-growth blueprint, emphasizing design-led product strategy and disciplined cost management. Key initiatives included the launch of 'Dohra', a detachable jewellery collection designed for festive occasions, and continued focus on 14k diamond jewellery to address wider price points and customer preferences.

Management highlighted the company's approach to expansion through franchise-led models to widen distribution while maintaining capital discipline. The strategy includes format enhancements and location upgrades across stores to improve same-store productivity and customer experience.

Financial Highlights and Margin Expansion

The company demonstrated strong financial discipline with expenses not rising at the same pace as revenue, allowing operating leverage to flow through effectively. This performance was achieved despite a challenging environment of elevated gold prices, which typically increases working capital requirements.

Key Financial Metrics:

• Gross Margin Expansion: Q3 FY26 gross margin of 17.48% (+500 bps YoY) and 9M FY26 gross margin of 16.96% (+361 bps YoY)
• EBITDA Performance: Q3 FY26 EBITDA margin of 12.44% (+592 bps YoY) and 9M FY26 EBITDA margin of 10.39% (+372 bps YoY)
• Earnings Per Share: Q3 FY26 basic EPS of ₹12.25 compared to ₹4.57 in Q3 FY25, and 9M FY26 basic EPS of ₹19.99 versus ₹9.32 in 9M FY25

The results underscore Tribhovandas Bhimji Zaveri's successful positioning as a trusted, design-led jewellery brand with improving operational metrics and sustained profitability growth across multiple quarters.

Malabar Gold and Diamonds executed a significant divestment in Tribhovandas Bhimji Zaveri on January 19, selling 0.8% of its stake in the heritage jewellery retail chain through open market transactions. The Kerala-headquartered jewellery group offloaded 5.28 lakh shares at ₹165.54 per share, generating proceeds of ₹8.75 crore from the transaction.

TBZ Share Performance and Stake Details

Despite the stake sale by Malabar Gold, TBZ shares demonstrated resilience, gaining 0.88% to close at ₹164.73. However, the stock continued to trade below all key moving averages, indicating ongoing technical weakness. The transaction represents 0.79% of TBZ's paid-up equity capital.

Tribhovandas Bhimji Zaveri, established in 1864, represents one of India's oldest jewellery retail chains, making it an attractive investment for industry players like Malabar Gold and Diamonds.

Other Notable Bulk Deals

The trading session witnessed additional significant bulk transactions across different sectors. PESB Alpha Fund, managed by Pune E-Stock Broking, acquired a 0.73% stake in Gabion Technologies India, purchasing 99,200 equity shares at ₹91.92 per share for a total consideration of ₹91.18 lakh.

Despite this institutional investment, Gabion Technologies shares declined 3.4% to ₹91.78 per share, reflecting broader market sentiment.

Greenleaf Envirotech Faces Selling Pressure

Greenleaf Envirotech experienced continued selling pressure, with shares falling 3.64% to ₹147, marking the third consecutive session of decline. The stock traded near the lower Bollinger bands, indicating potential oversold conditions.

The environmental solutions company faced additional pressure from Unicorn Fund's stake reduction, which involved selling 31,000 shares at ₹147.89 per share for ₹45.84 lakh.

Market Implications

These bulk deals reflect ongoing portfolio adjustments by institutional investors and strategic players across different sectors. While Malabar Gold's divestment in TBZ represents a partial exit from the jewellery retail space, the entry of PESB Alpha Fund into Gabion Technologies suggests continued interest in technology and infrastructure sectors despite short-term price volatility.