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Last Updated: April 2, 2026, 3:50 am
Author: Getaka|Social: XLinkedIn

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

Fair Value

₹53.82Overvalued by 57.29%vs CMP ₹126.00

P/E (5.8) × ROE (10.9%) × BV (₹104.00) × DY (1.79%)

₹200.00Undervalued by 58.73%vs CMP ₹126.00
MoS: +37% (Strong)Confidence: 48/100 (Moderate)Models: 5 Under, 1 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹79.7626%Over (-36.7%)
Graham NumberEarnings₹224.7719%Under (+78.4%)
DCFCash Flow₹406.1612%Under (+222.3%)
Net Asset ValueAssets₹104.288%Over (-17.2%)
EV/EBITDAEnterprise₹123.7510%Fair (-1.8%)
Earnings YieldEarnings₹215.908%Under (+71.3%)
ROCE CapitalReturns₹351.0010%Under (+178.6%)
Revenue MultipleRevenue₹196.276%Under (+55.8%)
Consensus (8 models)₹200.00100%Undervalued
Key Drivers: EPS CAGR 48.2% lifts DCF — verify sustainability. | Wide model spread (₹80–₹406) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 48.2%

*Investments are subject to market risks

Investment Snapshot

59
Tribhovandas Bhimji Zaveri Ltd (TBZ) scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health57/100 · Moderate
ROCE 12.0% AverageROE 10.9% AverageD/E 0.67 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 74.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 7% Steady
Quarterly Momentum90/100 · Strong
Revenue (4Q): +12% YoY GrowingProfit (4Q): +100% YoY StrongOPM: 12.0% (up 6.0% YoY) Margin expansion
Industry Rank45/100 · Moderate
P/E 5.8 vs industry 10.2 Cheaper than peersROCE 12.0% vs industry 21.0% Below peersROE 10.9% vs industry 24.0% Below peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Tribhovandas Bhimji Zaveri Ltd (TBZ) Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 5.8 vs Ind 10.2 | ROCE 12.0% | ROE 10.9% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.67x | IntCov 0.0x | Current 1.67x | Borrow/Reserve 1.31x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹68 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII 0.00 pp | DII 0.00 pp | Prom 0.00 pp
Business Momentum
+100
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +54.2% | Q NP +153.1% | Q OPM +3.0 pp
Derived FieldValueHow it is derived
Valuation Gap %+58.7%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.31xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change0.00 ppLatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-1,359Latest shareholder count minus previous count
Quarterly Sales Change+54.2%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+153.1%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+3.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:50 am

Market Cap 841 Cr.
Current Price 126
Intrinsic Value₹200.00
High / Low 233/110
Stock P/E5.83
Book Value 104
Dividend Yield1.79 %
ROCE12.0 %
ROE10.9 %
Face Value 10.0
PEG Ratio0.12

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Tribhovandas Bhimji Zaveri Ltd (TBZ)

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Tribhovandas Bhimji Zaveri Ltd (TBZ) 841 Cr. 126 233/1105.83 1041.79 %12.0 %10.9 % 10.0
D. P. Abhushan Ltd 2,295 Cr. 1,006 1,730/89012.3 2220.00 %33.6 %35.1 % 10.0
Moksh Ornaments Ltd 80.0 Cr. 9.06 16.6/8.118.59 14.10.00 %13.3 %10.0 % 2.00
Kanani Industries Ltd 25.1 Cr. 1.27 2.72/1.0214.0 3.380.00 %1.21 %1.19 % 1.00
Lypsa Gems & Jewellery Ltd 13.7 Cr. 4.65 11.0/4.05 5.590.00 %45.1 %63.0 % 10.0
Industry Average1,568.00 Cr229.4010.1869.810.36%21.04%24.04%6.60

All Competitor Stocks of Tribhovandas Bhimji Zaveri Ltd (TBZ)

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 8124655714817415075965679285296246881,061
Expenses 768434538451695475555532868493571624930
Operating Profit 443132304631413560365364131
OPM % 5%7%6%6%6%6%7%6%6%7%9%9%12%
Other Income 1111221111222
Interest 11121213121313131317181619
Depreciation 6666656667786
Profit before tax 271415122915231742143042108
Tax % 25%15%25%26%26%17%27%30%28%30%24%25%26%
Net Profit 211211921131712309223281
EPS in Rs 3.081.761.701.353.211.892.561.794.481.423.374.7212.08

Last Updated: February 3, 2026, 7:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 26, 2026, 6:41 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,8241,9341,6551,6901,7511,7641,8101,3421,8442,3942,2992,6202,903
Expenses 1,6851,8541,6121,6171,6721,6811,6901,2161,7622,2692,1532,4392,618
Operating Profit 139804273798312012682124146181285
OPM % 8%4%3%4%5%5%7%9%4%5%6%7%10%
Other Income 523436421285647
Interest 52576155445362524153576470
Depreciation 10910991032272324242528
Profit before tax 8338-26123223286026527296194
Tax % 34%36%7%-10%34%33%24%28%22%23%24%29%
Net Profit 5524-28132116214320405468144
EPS in Rs 8.253.65-4.131.943.192.333.216.483.026.028.1610.2521.59
Dividend Payout % 27%27%0%0%24%32%31%39%33%29%21%22%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-56.36%-216.67%146.43%61.54%-23.81%31.25%104.76%-53.49%100.00%35.00%25.93%
Change in YoY Net Profit Growth (%)0.00%-160.30%363.10%-84.89%-85.35%55.06%73.51%-158.25%153.49%-65.00%-9.07%

Tribhovandas Bhimji Zaveri Ltd (TBZ) has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:3%
5 Years:8%
3 Years:12%
TTM:14%
Compounded Profit Growth
10 Years:14%
5 Years:25%
3 Years:50%
TTM:23%
Stock Price CAGR
10 Years:5%
5 Years:38%
3 Years:35%
1 Year:-23%
Return on Equity
10 Years:5%
5 Years:8%
3 Years:9%
Last Year:11%

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

Balance Sheet

Last Updated: December 4, 2025, 2:08 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 67676767676767676767676767
Reserves 381397369389410417414456461494535590629
Borrowings 568588650549569606637438588575614792822
Other Liabilities 301237210187174334350254341339243320522
Total Liabilities 1,3161,2891,2961,1921,2191,4231,4681,2151,4571,4751,4591,7692,040
Fixed Assets 97108109103103111174140152159151164171
CWIP 2502000001010
Investments 0000000000000
Other Assets 1,2181,1761,1871,0881,1161,3121,2941,0751,3051,3161,3081,6041,869
Total Assets 1,3161,2891,2961,1921,2191,4231,4681,2151,4571,4751,4591,7692,040

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -3015141534232149231-669340-27
Cash from Investing Activity + -5426-110-9-21-65-2-7-7-45
Cash from Financing Activity + 86-47-2-155-27-16-147-23371-87-2985
Net Cash Flow 1-71-26-4-432-0413
Free Cash Flow -49241463217146230-678631-39
CFO/OP 5%29%35%208%61%51%133%196%-70%82%40%-1%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-429.00-508.00-608.00-476.00-490.00-523.00-517.00-312.00-506.00-451.00-468.00-611.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 100055110030
Inventory Days 270246292261265307293326276214223241
Days Payable 192424202451484646362027
Cash Conversion Cycle 252222269241246261246280230178205215
Working Capital Days 5661636667666410575637365
ROCE %15%8%3%6%7%7%8%11%6%9%11%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 74.12%74.12%74.12%74.12%74.12%74.12%74.12%74.12%74.12%74.12%74.12%74.12%
FIIs 0.60%0.56%0.94%1.82%1.02%0.76%0.92%0.60%0.64%0.55%0.00%0.00%
DIIs 0.00%0.00%0.00%0.00%0.00%0.00%0.12%0.07%0.00%0.00%0.00%0.00%
Public 25.27%25.31%24.94%24.05%24.87%25.12%24.85%25.20%25.26%25.33%25.88%25.88%
No. of Shareholders 29,62430,15229,29030,87631,11131,36949,52455,15453,66653,83053,33251,973

Shareholding Pattern Chart

No. of Shareholders

Tribhovandas Bhimji Zaveri Ltd (TBZ): Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 10.258.166.023.026.48
Diluted EPS (Rs.) 10.258.166.023.026.48
Cash EPS (Rs.) 14.0611.719.696.4010.47
Book Value[Excl.RevalReserv]/Share (Rs.) 98.4990.1483.9879.0678.36
Book Value[Incl.RevalReserv]/Share (Rs.) 98.4990.1483.9879.0678.36
Revenue From Operations / Share (Rs.) 392.70344.51358.70276.31201.11
PBDIT / Share (Rs.) 26.5721.7418.1812.5920.11
PBIT / Share (Rs.) 22.7618.1914.519.2216.12
PBT / Share (Rs.) 14.3510.737.803.898.96
Net Profit / Share (Rs.) 10.258.166.023.026.48
NP After MI And SOA / Share (Rs.) 10.258.166.023.026.48
PBDIT Margin (%) 6.766.315.064.559.99
PBIT Margin (%) 5.795.284.043.338.01
PBT Margin (%) 3.653.112.171.404.45
Net Profit Margin (%) 2.602.361.671.093.22
NP After MI And SOA Margin (%) 2.602.361.671.093.22
Return on Networth / Equity (%) 10.409.047.173.828.27
Return on Capital Employeed (%) 20.3017.8315.2010.3218.52
Return On Assets (%) 3.863.732.721.383.56
Total Debt / Equity (X) 1.060.880.860.960.67
Asset Turnover Ratio (%) 1.621.571.631.380.99
Current Ratio (X) 1.551.661.551.491.67
Quick Ratio (X) 0.120.110.090.090.11
Inventory Turnover Ratio (X) 1.971.131.131.180.77
Dividend Payout Ratio (NP) (%) 17.0721.4516.6082.650.00
Dividend Payout Ratio (CP) (%) 12.4414.9410.3139.070.00
Earning Retention Ratio (%) 82.9378.5583.4017.350.00
Cash Earning Retention Ratio (%) 87.5685.0689.6960.930.00
Interest Coverage Ratio (X) 3.162.912.712.362.81
Interest Coverage Ratio (Post Tax) (X) 2.222.091.901.571.91
Enterprise Value (Cr.) 1825.281179.27848.07917.42727.84
EV / Net Operating Revenue (X) 0.690.510.350.490.54
EV / EBITDA (X) 10.298.136.9910.925.42
MarketCap / Net Operating Revenue (X) 0.460.300.170.240.30
Retention Ratios (%) 82.9278.5483.3917.340.00
Price / BV (X) 1.861.160.720.860.79
Price / Net Operating Revenue (X) 0.460.300.170.240.30
EarningsYield 0.050.070.090.040.10

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Tribhovandas Bhimji Zaveri Ltd. is a Public Limited Listed company incorporated on 24/07/2007 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L27205MH2007PLC172598 and registration number is 172598. Currently Company is involved in the business activities of Retail sale of jewellery and immitation jewellery. Company's Total Operating Revenue is Rs. 2620.48 Cr. and Equity Capital is Rs. 66.73 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Gems, Jewellery & Precious Metals241/43, Zaveri Bazar, Mumbai Maharashtra 400002Contact not found
Management
NamePosition Held
Mr. Shrikant ZaveriChairman & Managing Director
Ms. Raashi ZaveriWhole Time Director
Ms. Binaisha ZaveriWhole Time Director
Mrs. Sudha NavandarInd. Non-Executive Director
Mr. Ramesh ChandakInd. Non-Executive Director
Ms. Preeti SadaranganiInd. Non-Executive Director

FAQ

What is the intrinsic value of Tribhovandas Bhimji Zaveri Ltd (TBZ) and is it undervalued?

As of 05 April 2026, Tribhovandas Bhimji Zaveri Ltd (TBZ)'s intrinsic value is ₹200.00, which is 58.73% higher than the current market price of ₹126.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (10.9 %), book value (₹104), dividend yield (1.79 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Tribhovandas Bhimji Zaveri Ltd (TBZ)?

Tribhovandas Bhimji Zaveri Ltd (TBZ) is trading at ₹126.00 as of 05 April 2026, with a FY2026-2027 high of ₹233 and low of ₹110. The stock is currently near its 52-week low. Market cap stands at ₹841 Cr..

How does Tribhovandas Bhimji Zaveri Ltd (TBZ)'s P/E ratio compare to its industry?

Tribhovandas Bhimji Zaveri Ltd (TBZ) has a P/E ratio of 5.83, which is below the industry average of 10.18. This is broadly in line with or below the industry average.

Is Tribhovandas Bhimji Zaveri Ltd (TBZ) financially healthy?

Key indicators for Tribhovandas Bhimji Zaveri Ltd (TBZ): ROCE of 12.0 % is moderate. Dividend yield is 1.79 %.

Is Tribhovandas Bhimji Zaveri Ltd (TBZ) profitable and how is the profit trend?

Tribhovandas Bhimji Zaveri Ltd (TBZ) reported a net profit of ₹68 Cr in Mar 2025 on revenue of ₹2,620 Cr. Compared to ₹20 Cr in Mar 2022, the net profit shows an improving trend.

Does Tribhovandas Bhimji Zaveri Ltd (TBZ) pay dividends?

Tribhovandas Bhimji Zaveri Ltd (TBZ) has a dividend yield of 1.79 % at the current price of ₹126.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Tribhovandas Bhimji Zaveri Ltd (TBZ). Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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