SYNOPSIS: Two lesser-known jewellery stocks – RBZ and TBZ – combine strong earnings growth, improving margins, and attractive valuations, offering steady compounding potential amid sustained interest in precious metals.
With gold and silver once again commanding attention amid inflation concerns, currency volatility, and geopolitical uncertainty, investor interest in the jewellery space is picking up. Typically, the spotlight falls on bullion prices or large, widely tracked jewellery chains that dominate headlines and portfolios.
However, beneath this surface lie a few overlooked jewellery stocks that don’t always grab immediate attention but are steadily building value.
Backed by improving earnings, disciplined operations, and reasonable valuations, these companies offer an alternative way to participate in the precious metals theme – without chasing crowded trades. Here are two such jewellery stocks worth keeping on your radar.
With a market cap of Rs. 1,099 crores, the stock closed in the red at Rs. 164.7 on Friday. The stock has delivered negative returns of around 20 percent in the last one year, but has gained by over 1 percent in the last month.
On the financial front, the company reported a net profit of Rs. 32 crores in Q2 FY26, an impressive rise of around 167 percent YoY from a profit of Rs. 12 crores in Q2 FY25, while the revenue from operations also surged by over 21 percent YoY from Rs. 567 crores to Rs. 688 crores, over the same period.
Peer comparisons show TBZ trades at a P/E of around 13x multiples, well below the industry median of roughly 27x, pointing to potential undervaluation. Tribhovandas Bhimji Zaveri (TBZ) Limited is engaged in the business of retail sales of ornaments made of gold, diamond, silver, platinum and precious stones.
TBZ stands out for offering growth without demanding a premium valuation. Its long operating track record, gradually improving margins, and a conservative balance-sheet strategy provide downside protection that many fast-expanding jewellery players lack. Unlike newer chains, TBZ does not rely on aggressive store additions to drive profits – incremental efficiency gains do much of the heavy lifting.
If margin expansion continues and store-level productivity improves further, TBZ could deliver steady earnings compounding, even without major strategic overhauls.
With a market cap of Rs. 564 crores, the stock closed in the red at Rs. 141 on Friday. The stock has delivered negative returns of around 26 percent in the last one year, but has gained by nearly 1 percent in the last month.
On the financial front, the company reported a net profit of Rs. 19 crores in Q2 FY26, an increase of over 137 percent YoY from a profit of Rs. 8 crores in Q2 FY25, while the revenue from operations also surged by around 24 percent YoY from Rs. 117 crores to Rs. 145 crores, over the same period. Importantly, the company’s stable profit margins indicate that growth is being achieved without sacrificing profitability.
As of Q2 FY26, the company’s net profit margins stood at 12.78 percent, as against 9.4 percent in Q1 FY26 and 6.9w percent in Q2 FY25. A key differentiator for RBZ is its strong operating discipline, with operating margins improving sequentially through FY26. Capital allocation remains focused on production capacity and inventory rather than aggressive brand spending, helping sustain healthy returns on capital as the business scales. The steady margin expansion alongside revenue growth reflects better capacity utilisation and tighter cost controls, quiet but powerful signals that underpin long-term value creation.
RBZ currently trades at a P/E of around 13x, well below the industry median of roughly 27x, and if jewellery demand remains steady and the company continues to scale without stretching its working capital, this valuation gap with organised retail peers could gradually narrow – on the back of consistent earnings rather than market hype.
RBZ Jewellers Limited is primarily engaged in the business of manufacturing, trading and job work of jewellery and other accessories/products. It sells and trades its manufactured and traded jewellery and other accessories/products through wholesale and retail networks.
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