RBZ Jewellers Ltd

- Currently, RBZ Jewellers has a bank sanction of INR255 crores, with utilization around INR110-115 crores. - Internal accruals are expected to contribute INR55 crores this year and an additional INR25-30 crores by the time new stores open next year. - Overall, internal accruals of around INR100 crores are anticipated by the end of Q3. - Additional inventory funding needed (more than INR150 crores, closer to INR250 crores) will be met through a combination of internal accruals and incremental bank borrowings. - No explicit mention of new equity fundraising during this period. - Debt appears to be the primary means for incremental funding to support expansion and inventory needs.

- RBZ Jewellers is opening 2-3 new stores by the upcoming festive season: one in Surat (~10,000 sq ft), one in Rajkot (~12,000 sq ft), and two in Eastern Ahmedabad. - Inventory capex for new stores is estimated at around INR150 crores; total additional inventory investment including internal accruals and debt could be approximately INR250 crores. - Capex breakeven for new stores is expected within 1 to 1.5 years. - Store openings have been strategically delayed to align with the peak retail season (July-August) for maximum marketing impact and sales. - Marketing spend for expansion stands at INR20-25 crores, including costs for celebrity launches, hoardings, TV, radio, and digital media. - Bank borrowings sanctions are INR255 crores, with current utilization around INR110-115 crores; internal accruals estimated at INR55 crores for the current year and INR25-30 crores next year to support funding.

- RBZ Jewellers expects revenue around INR 630-650 crores for FY '27, roughly doubling from around INR 320 crores at IPO. - PAT guidance is INR 55-60 crores for next year, maintaining consistent bottom-line growth. - Volume growth is expected to be subdued this year due to higher gold prices, with volumes around 800 kg vs 1300 kg last year, but volumes may pick up next year with new store openings. - Retail segment expected to grow strongly with 2-3 new stores opening next year in Surat (INR 150 crores expected revenue) and Rajkot (INR 125 crores expected revenue), plus two stores in eastern Ahmedabad. - Marketing expenses will initially be high but expected to decrease as a percentage of revenue as stores mature. - Shift from B2B to B2C is key growth driver; retail grew ~38% in Q3, while B2B did well in Q2. - Overall company growth is healthy with revenues estimated close to INR 800-900 crores in coming years.

- Guidance for FY '27 expects revenue around INR800-900 crores with PAT between INR55-60 crores. - Marketing spend projected at INR20-25 crores next year, expected to reduce as a percentage of revenue over time. - Expansion into retail with 2-3 new stores planned by upcoming festive season, aiming to diversify revenue. - Retail segment showing strong growth (39% QoQ) contributing significantly to revenue. - Capex breakeven expected within 1 to 1.5 years; inventory investment to support future expansion. - EPS and profits are expected to increase, with PAT growing from INR22 crores (2 years ago) to projected INR55-60 crores. - Company aims for balanced growth in B2B and B2C, with B2C gaining scale, and maintaining margins despite increased marketing. - Overall, confident growth with healthy financials and doubling of revenues and profits over recent years is anticipated to continue.

- As of February 16, 2026, RBZ Jewellers has pilot tested 18-carat occasion wear jewelry in Q3, with corporate orders expected to start around Akshaya Tritiya. - Expected orders are coming in well, with positive outlook despite gold price volatility. - The transition from B2B to B2C is ongoing, with retail growth accelerating. - No specific total order book value in carats or revenue terms was explicitly mentioned. - The management anticipates demand due to their strategic vendor status with corporates. - Inventory build-up is planned with incremental inventory of around INR250 crores funded by internal accruals and bank borrowings to support future expansions and store launches. - The company is confident about meeting yearly targets with steady order inflows and new product line launches supporting growth.