Tribhovandas Bhimji Zaveri Ltd (TBZ): Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: September 15, 2025, 2:02 pm

Quick Insight

Tribhovandas Bhimji Zaveri Ltd (TBZ) is currently trading at ₹188 with a market capitalization of ₹1,252 Cr and a price-to-earnings (P/E) ratio of 17.0. The company boasts a return on equity (ROE) of 10.9% and a return on capital employed (ROCE) of 12.0%, indicating efficient utilization of resources. With a healthy operating profit margin (OPM) of 9% and a comfortable interest coverage ratio (ICR) of 3.16x, TBZ demonstrates operational stability despite its borrowing levels of ₹792 Cr. The company's conservative leverage is further supported by a strong promoter holding of 74.12% and substantial reserves of ₹590 Cr.

In the competitive Gems, Jewellery & Precious Metals industry, TBZ's price-to-book value (P/BV) of 1.86x appears reasonable, considering the sector's average valuation metrics. However, the company's cash conversion cycle (CCC) of 215 days is notably high, indicating potential inefficiencies in managing working capital. This could pose a risk to short-term liquidity and profitability. Looking ahead, TBZ's growth prospects may improve with a focused effort on reducing CCC through streamlining inventory and receivables management. Additionally, diversifying funding sources to reduce reliance on borrowings could enhance the company's financial resilience in the face of economic uncertainties.

In conclusion, while TBZ demonstrates solid financial performance and prudent management, addressing working capital challenges and optimizing capital structure could further strengthen its position in the competitive industry landscape.

Competitors of Tribhovandas Bhimji Zaveri Ltd (TBZ)

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Quarterly Result

Last Updated: August 20, 2025, 2:00 am

Below is a detailed analysis of the quarterly data for Tribhovandas Bhimji Zaveri Ltd (TBZ) based on the most recent figures (Jun 2025) and their trends compared to the previous period:

• For Sales, as of Jun 2025, the value is 624.00 Cr.. The value appears strong and on an upward trend. It has increased from 529.00 Cr. (Mar 2025) to 624.00 Cr., marking an increase of 95.00 Cr..
• For Expenses, as of Jun 2025, the value is 571.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 493.00 Cr. (Mar 2025) to 571.00 Cr., marking an increase of 78.00 Cr..
• For Operating Profit, as of Jun 2025, the value is 53.00 Cr.. The value appears strong and on an upward trend. It has increased from 36.00 Cr. (Mar 2025) to 53.00 Cr., marking an increase of 17.00 Cr..
• For OPM %, as of Jun 2025, the value is 9.00%. The value appears strong and on an upward trend. It has increased from 7.00% (Mar 2025) to 9.00%, marking an increase of 2.00%.
• For Other Income, as of Jun 2025, the value is 2.00 Cr.. The value appears strong and on an upward trend. It has increased from 1.00 Cr. (Mar 2025) to 2.00 Cr., marking an increase of 1.00 Cr..
• For Interest, as of Jun 2025, the value is 18.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 17.00 Cr. (Mar 2025) to 18.00 Cr., marking an increase of 1.00 Cr..
• For Depreciation, as of Jun 2025, the value is 7.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 7.00 Cr..
• For Profit before tax, as of Jun 2025, the value is 30.00 Cr.. The value appears strong and on an upward trend. It has increased from 14.00 Cr. (Mar 2025) to 30.00 Cr., marking an increase of 16.00 Cr..
• For Tax %, as of Jun 2025, the value is 24.00%. The value appears to be improving (decreasing) as expected. It has decreased from 30.00% (Mar 2025) to 24.00%, marking a decrease of 6.00%.
• For Net Profit, as of Jun 2025, the value is 22.00 Cr.. The value appears strong and on an upward trend. It has increased from 9.00 Cr. (Mar 2025) to 22.00 Cr., marking an increase of 13.00 Cr..
• For EPS in Rs, as of Jun 2025, the value is 3.37. The value appears strong and on an upward trend. It has increased from 1.42 (Mar 2025) to 3.37, marking an increase of 1.95.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Profit & Loss - Annual Report

Last Updated: September 15, 2025, 4:07 am

Growth

Last Updated: September 5, 2025, 1:50 pm

Balance Sheet

Last Updated: September 10, 2025, 2:42 pm

Below is a detailed analysis of the balance sheet data for Tribhovandas Bhimji Zaveri Ltd (TBZ) based on the most recent figures (Mar 2025) and their trends compared to the previous period:

• For Equity Capital, as of Mar 2025, the value is 67.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 67.00 Cr..
• For Reserves, as of Mar 2025, the value is 590.00 Cr.. The value appears strong and on an upward trend. It has increased from 535.00 Cr. (Mar 2024) to 590.00 Cr., marking an increase of 55.00 Cr..
• For Borrowings, as of Mar 2025, the value is 792.00 Cr.. The value appears to be increasing, which may not be favorable. However, Borrowings exceed Reserves, which may signal higher financial risk. It has increased from 614.00 Cr. (Mar 2024) to 792.00 Cr., marking an increase of 178.00 Cr..
• For Other Liabilities, as of Mar 2025, the value is 320.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 243.00 Cr. (Mar 2024) to 320.00 Cr., marking an increase of 77.00 Cr..
• For Total Liabilities, as of Mar 2025, the value is 1,769.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 1,459.00 Cr. (Mar 2024) to 1,769.00 Cr., marking an increase of 310.00 Cr..
• For Fixed Assets, as of Mar 2025, the value is 164.00 Cr.. The value appears strong and on an upward trend. It has increased from 151.00 Cr. (Mar 2024) to 164.00 Cr., marking an increase of 13.00 Cr..
• For CWIP, as of Mar 2025, the value is 1.00 Cr.. The value appears strong and on an upward trend. It has increased from 0.00 Cr. (Mar 2024) to 1.00 Cr., marking an increase of 1.00 Cr..
• For Investments, as of Mar 2025, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded 0.00 Cr..
• For Other Assets, as of Mar 2025, the value is 1,604.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,308.00 Cr. (Mar 2024) to 1,604.00 Cr., marking an increase of 296.00 Cr..
• For Total Assets, as of Mar 2025, the value is 1,769.00 Cr.. The value appears strong and on an upward trend. It has increased from 1,459.00 Cr. (Mar 2024) to 1,769.00 Cr., marking an increase of 310.00 Cr..

However, the Borrowings (792.00 Cr.) are higher than the Reserves (590.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Cash Flow

Free Cash Flow

Financial Efficiency Indicators

Share Holding Pattern

Key Financial Ratios

After reviewing the key financial ratios for Tribhovandas Bhimji Zaveri Ltd (TBZ), here is a detailed analysis based on the latest available data and recent trends:

• For FaceValue, as of Mar 25, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 10.00.
• For Basic EPS (Rs.), as of Mar 25, the value is 10.25. This value is within the healthy range. It has increased from 8.16 (Mar 24) to 10.25, marking an increase of 2.09.
• For Diluted EPS (Rs.), as of Mar 25, the value is 10.25. This value is within the healthy range. It has increased from 8.16 (Mar 24) to 10.25, marking an increase of 2.09.
• For Cash EPS (Rs.), as of Mar 25, the value is 14.06. This value is within the healthy range. It has increased from 11.71 (Mar 24) to 14.06, marking an increase of 2.35.
• For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 98.49. It has increased from 90.14 (Mar 24) to 98.49, marking an increase of 8.35.
• For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 98.49. It has increased from 90.14 (Mar 24) to 98.49, marking an increase of 8.35.
• For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 392.70. It has increased from 344.51 (Mar 24) to 392.70, marking an increase of 48.19.
• For PBDIT / Share (Rs.), as of Mar 25, the value is 26.57. This value is within the healthy range. It has increased from 21.74 (Mar 24) to 26.57, marking an increase of 4.83.
• For PBIT / Share (Rs.), as of Mar 25, the value is 22.76. This value is within the healthy range. It has increased from 18.19 (Mar 24) to 22.76, marking an increase of 4.57.
• For PBT / Share (Rs.), as of Mar 25, the value is 14.35. This value is within the healthy range. It has increased from 10.73 (Mar 24) to 14.35, marking an increase of 3.62.
• For Net Profit / Share (Rs.), as of Mar 25, the value is 10.25. This value is within the healthy range. It has increased from 8.16 (Mar 24) to 10.25, marking an increase of 2.09.
• For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 10.25. This value is within the healthy range. It has increased from 8.16 (Mar 24) to 10.25, marking an increase of 2.09.
• For PBDIT Margin (%), as of Mar 25, the value is 6.76. This value is below the healthy minimum of 10. It has increased from 6.31 (Mar 24) to 6.76, marking an increase of 0.45.
• For PBIT Margin (%), as of Mar 25, the value is 5.79. This value is below the healthy minimum of 10. It has increased from 5.28 (Mar 24) to 5.79, marking an increase of 0.51.
• For PBT Margin (%), as of Mar 25, the value is 3.65. This value is below the healthy minimum of 10. It has increased from 3.11 (Mar 24) to 3.65, marking an increase of 0.54.
• For Net Profit Margin (%), as of Mar 25, the value is 2.60. This value is below the healthy minimum of 5. It has increased from 2.36 (Mar 24) to 2.60, marking an increase of 0.24.
• For NP After MI And SOA Margin (%), as of Mar 25, the value is 2.60. This value is below the healthy minimum of 8. It has increased from 2.36 (Mar 24) to 2.60, marking an increase of 0.24.
• For Return on Networth / Equity (%), as of Mar 25, the value is 10.40. This value is below the healthy minimum of 15. It has increased from 9.04 (Mar 24) to 10.40, marking an increase of 1.36.
• For Return on Capital Employeed (%), as of Mar 25, the value is 20.30. This value is within the healthy range. It has increased from 17.83 (Mar 24) to 20.30, marking an increase of 2.47.
• For Return On Assets (%), as of Mar 25, the value is 3.86. This value is below the healthy minimum of 5. It has increased from 3.73 (Mar 24) to 3.86, marking an increase of 0.13.
• For Total Debt / Equity (X), as of Mar 25, the value is 1.06. This value exceeds the healthy maximum of 1. It has increased from 0.88 (Mar 24) to 1.06, marking an increase of 0.18.
• For Asset Turnover Ratio (%), as of Mar 25, the value is 1.62. It has increased from 1.57 (Mar 24) to 1.62, marking an increase of 0.05.
• For Current Ratio (X), as of Mar 25, the value is 1.55. This value is within the healthy range. It has decreased from 1.66 (Mar 24) to 1.55, marking a decrease of 0.11.
• For Quick Ratio (X), as of Mar 25, the value is 0.12. This value is below the healthy minimum of 1. It has increased from 0.11 (Mar 24) to 0.12, marking an increase of 0.01.
• For Inventory Turnover Ratio (X), as of Mar 25, the value is 1.27. This value is below the healthy minimum of 4. It has increased from 1.13 (Mar 24) to 1.27, marking an increase of 0.14.
• For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 21.45 (Mar 24) to 0.00, marking a decrease of 21.45.
• For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 20. It has decreased from 14.94 (Mar 24) to 0.00, marking a decrease of 14.94.
• For Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 78.55 (Mar 24) to 0.00, marking a decrease of 78.55.
• For Cash Earning Retention Ratio (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 40. It has decreased from 85.06 (Mar 24) to 0.00, marking a decrease of 85.06.
• For Interest Coverage Ratio (X), as of Mar 25, the value is 3.16. This value is within the healthy range. It has increased from 2.91 (Mar 24) to 3.16, marking an increase of 0.25.
• For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 2.22. This value is below the healthy minimum of 3. It has increased from 2.09 (Mar 24) to 2.22, marking an increase of 0.13.
• For Enterprise Value (Cr.), as of Mar 25, the value is 1,825.28. It has increased from 1,179.27 (Mar 24) to 1,825.28, marking an increase of 646.01.
• For EV / Net Operating Revenue (X), as of Mar 25, the value is 0.69. This value is below the healthy minimum of 1. It has increased from 0.51 (Mar 24) to 0.69, marking an increase of 0.18.
• For EV / EBITDA (X), as of Mar 25, the value is 10.29. This value is within the healthy range. It has increased from 8.13 (Mar 24) to 10.29, marking an increase of 2.16.
• For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 0.46. This value is below the healthy minimum of 1. It has increased from 0.30 (Mar 24) to 0.46, marking an increase of 0.16.
• For Retention Ratios (%), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 30. It has decreased from 78.54 (Mar 24) to 0.00, marking a decrease of 78.54.
• For Price / BV (X), as of Mar 25, the value is 1.86. This value is within the healthy range. It has increased from 1.16 (Mar 24) to 1.86, marking an increase of 0.70.
• For Price / Net Operating Revenue (X), as of Mar 25, the value is 0.46. This value is below the healthy minimum of 1. It has increased from 0.30 (Mar 24) to 0.46, marking an increase of 0.16.
• For EarningsYield, as of Mar 25, the value is 0.05. This value is below the healthy minimum of 5. It has decreased from 0.07 (Mar 24) to 0.05, marking a decrease of 0.02.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Fair Value

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Strength and Weakness