RBZ Jewellers Ltd

- For upcoming inventory and store expansions, RBZ Jewellers plans funding via a combination of debt raise, inventory transfer, and profit retention; no equity dilution is expected currently. - Peak debt after opening new stores is targeted at a debt-equity ratio of approximately 1:1 to 1.2:1, potentially going up to 1.4 or 1.5:1. - The company is currently underleveraged and comfortable with increasing debt within reasonable ratios. - There is no immediate plan for equity fundraising mentioned; last equity noted at INR300 crores. - Future capital expenditure in manufacturing is not anticipated since current capacity and artisan efficiency suffice. - Fundraising strategy remains conservative and will depend on market conditions and growth opportunities.

- No immediate capex planned for manufacturing setup as current capacity utilization is around 50-55%, which is comfortable given the gold price increase has effectively raised capacity value-wise. - Focus is on opening 4 new retail stores in the current calendar year: 2 large format (Surat and Rajkot) and 2 mid-format (Gandhinagar and Maninagar). - Inventory investment for each new large-format store is anticipated around INR125-150 crores. - Capital for new stores will come from a combination of raised debt, inventory transfer, and profit retained; no dilution expected. - Future capex in retail is possible if opportunities arise, including potential expansion to Tier 3 or Tier 4 cities. - Gold Metal Loan (GML) hedging may be explored for new gold purchases tied to store expansions. - Overall, strategic focus is on strengthening presence in Gujarat before possible expansion to other markets.

- Company is optimistic about retail growth, with 4 new stores planned this year (2 large, 2 mid-sized) focused primarily in Gujarat. - No specific guidance provided for FY27 sales or revenue due to recent market uncertainty and government announcements. - Early signs from April 2026 are positive, but management prefers to wait for clearer market trends before giving forecasts. - Capacity utilization currently at ~50-55%, with room for growth before further capex. Future capacity expansion contingent on gold price movement and demand. - Focus remains on strong retail and wholesale growth, with an emphasis on expanding presence in Tier 1 cities (Ahmedabad, Surat, Rajkot, Baroda) and selectively exploring Tier 3/4 cities based on opportunity. - Company sees the market as large and growing, confident in long-term demand despite short-term fluctuations. - Demand trends indicate growth in 18 carat gold category and potential in studded and diamond jewellery segments long-term.

- The management is optimistic about growth but refrains from giving explicit FY27 guidance due to recent government announcements and uncertain market reactions. - April 2026 showed strong performance, but May is still uncertain; hence, no clear projections provided for top line or bottom line growth this year. - The company plans aggressive retail expansion, including four new stores, particularly focusing on Gujarat (Rajkot, Surat, Ahmedabad). - EBITDA for FY26 was INR 92 crores with a 43% YoY increase; management expects continued improvement but is cautious about near-term guidance. - Margin improvements anticipated driven by retail growth, especially in antique gold jewellery, which offers higher margins. - Potential growth in studded and diamond jewellery segments is acknowledged but currently secondary to antique jewellery focus. - Debt levels targeted at a comfortable 1:1 to 1.5:1 ratio to support expansion without financial stress. - Overall, the company is optimistic on long-term growth driven by expansion and product diversification, while maintaining prudence given market uncertainties.

- The company did not provide specific current or expected order book numbers during the call. - Harit Zaveri mentioned that job work (processing gold for other jewellers) has seen increased demand despite volume degrowth due to rising gold prices. - The value of merchandise in job work has significantly increased year-over-year, implying strong demand in value terms. - Due to doubled gold prices, quantity in job work orders has decreased, but corporate jewellers prefer job work over wholesale business as they get gold in advance. - The company prefers job work business because it improves gold procurement and cash flow. - No concrete numeric figures for order book or pending orders were shared, but the outlook for job work in FY27 appears positive from a value perspective.