The Management Discussion and Analysis include statements regarding the CompanyRss objectives, projections, estimates and expectations. These may be considered forward-looking statements under applicable securities laws and regulations. Such statements involve risks and uncertainties that could cause actual results to differ materially. The Company assumes no obligation to update these forward-looking statements unless required by law. Readers should review this discussion alongside the CompanyRss financial statements and accompanying notes in the Annual Report. This analysis is based on the CompanyRss consolidated financial results.
Global Economic Overview
The global economy operated in an increasingly uncertain environment during 2025, shaped by rising trade tensions, evolving tariff policies, fiscal adjustments across major economies and persistent geopolitical conflicts. Ongoing tensions in Eastern Europe and the Middle East continued to influence global supply chains, energy markets and investor sentiment, contributing to periodic volatility in commodity prices and financial markets. At the same time, economies continued to adapt through supply chain diversification, improved energy security measures and targeted policy interventions.
While trade policy uncertainty and geopolitical developments weighed on economic activity, global economic growth remained steady at 3.4% in 2025. Growth was supported by strong technology-related investments, including artificial intelligence (AI), accommodative financial conditions and resilient demand across several economies.
Advanced economies expanded by approximately 1.9% in 2025, supported by relatively stable labour markets, easing financial conditions and recovering consumer demand. Emerging Market and Developing Economies (EMDEs) continued to demonstrate resilience, with growth estimated at 4.4% in 2025. Domestic consumption, infrastructure investment and improving activity across manufacturing and services sectors led this growth.
Inflation trends remained uneven across regions. 2025, reflecting the easing of supply-side constraints and the cumulative impact of earlier monetary tightening measures. Inflation remained above target in certain major markets, particularly the United States.
Outlook
The global outlook remains subject to heightened uncertainty amid evolving geopolitical developments, trade policy shifts and financial market volatility. Continued tensions in key regions may affect energy prices, logistics networks and global investment flows. However, ongoing investments in technology, digital infrastructure and productivity-enhancing sectors, together with efforts to strengthen supply chain resilience and energy security, are expected to support economic activity.
Global growth is projected to moderate to 3.1% in 2026 before improving marginally to 3.2% in 2027. Advanced economies are expected to grow by 1.8% in 2026, while EMDEs are projected to expand by 3.9%, supported by domestic demand and infrastructure spending. Although risks from geopolitical tensions and trade policy uncertainty remain elevated, the global economy is expected to continue its gradual expansion over the medium term. However, price pressures softened across several economies, supporting consumer demand and macroeconomic stability. This gradual moderation in inflation is expected to provide a favourable backdrop for economic activity going forward.
(Source: IMF World Economic Outlook April 2026)
INDIAN ECONOMY
The Indian economy remained among the fastest-growing major economies in FY 2025-26, supported by resilient domestic demand, infrastructure investments and policy reforms. According to the Second Advance Estimates released by the National Statistical Office (NSO), real GDP is estimated to grow by 7.6% in FY 2025-26, while real Gross Value Added (GVA) is estimated at Rs 294.40 Lacs crore, reflecting growth of 7.7% over the previous year. Growth was driven by strong private consumption, healthy investment activity and continued expansion across services and manufacturing sectors.
India continued to strengthen its position in the global economy and is now recognised as the worldRss sixth-largest economy by nominal GDP. Structural reforms such as the Goods and Services Tax (GST), Production Linked Incentive (PLI) schemes, and Make in India initiatives continue to support formalisation, manufacturing competitiveness and integration into global supply chains. Manufacturing activity remained resilient during the year, with the HSBC India Manufacturing PMI rising to IndiaRss HSBC Manufacturing PMI rising to 55.0 in May 2026, driven by faster gains in new orders, output and purchasing, led by domestic demand as exports softened.
The conflict in West Asia and disruptions across global trade routes have created fresh uncertainty around energy prices, logistics and availability of critical industrial inputs. As an import-dependent economy for crude oil and intermediate goods, India remains exposed to global supply chain disruptions and commodity price volatility. However, diversified sourcing strategies, domestic manufacturing capabilities and integration with emerging markets are helping mitigate external risks and support industrial continuity.
Industrial activity remained robust, supported by infrastructure development and government-led capital expenditure. Driven by a strong expansion of 6.2% in the Manufacturing Sector, the Index of Industrial Production (IIP) records 4.9% Growth in April 2026.
IndiaRss renewable energy sector continued to witness strong momentum during FY 2025-26. IndiaRss total installed renewable energy capacity reached 274.68 GW, representing a growth of almost three times the capacity installed a decade ago. The Government continues to advance towards its target of 500 GW of non-fossil fuel-based energy capacity by 2030, supported by ongoing investments in renewable power generation, transmission infrastructure and grid integration. Reflecting the scale of this transition, the International Energy Agency (IEA) estimates that IndiaRss energy investment will reach approximately US$170 billion in 2026, driven by spending across renewable energy, electricity networks and
energy infrastructure. These investments are expected to strengthen energy security, support industrial growth and accelerate IndiaRss clean energy transition.
Government initiatives continued to support manufacturing and investment activity. The Production Linked Incentive (PLI) Scheme has attracted investments of over Rs 2.16 lac Crore across key sectors, contributing to capacity creation, employment generation and domestic value. Continued public capital expenditure on transportation, logistics, energy and digital infrastructure has supported broad- based economic growth.
Inflation moderated significantly during the year, aided by favourable supply conditions and easing food prices. Reflecting the improving inflation outlook, the Reserve Bank of India reduced the policy repo rate to 5.25%, supporting credit growth, investment activity and overall economic momentum. IndiaRss exports are expected to approach US$1 trillion in FY 2026-27, supported by expanding manufacturing capabilities, improving competitiveness and ongoing trade agreements.
(Source: Tradingeconomics, PIB, International Energy Agency, MOSPI, RBI)
Outlook
IndiaRss GDP growth for FY 2025-26 is estimated at 7.4%, driven by the twin engines of consumption and investment, reinforcing its position as the worldRss fastest-growing major economy for the fourth consecutive year. The country is projected to become a US$30-35 trillion economy by 2047, supported by structural reforms, expanding digital and physical infrastructure, and sustained economic momentum.
Despite global trade uncertainties, geopolitical tensions and tighter financial conditions, IndiaRss outlook remains positive, supported by strong domestic demand, easing inflation and a gradual revival in private sector investments. Initiatives such as Make in India 2.0 and the Production Linked Incentive (PLI) Scheme continue to strengthen manufacturing capabilities, promote exports and enhance global competitiveness, while improving rural consumption is expected to further support growth.
The Union Budget 2026-27 has reaffirmed the GovernmentRss focus on infrastructure-led development by increasing capital expenditure to a record Rs 12.2 Lac Crore, up from Rs 11.2 Lac Crore in the previous year. The increased allocation towards roads, railways, ports, airports, power transmission and urban infrastructure is expected to sustain investment activity and support the GovernmentRss vision ofRsViksit Bharat.
(Source: PIB, Global Economic Cooperation (GEC),Economictimes)
Industry Overview
Indian Gems and Jewellery Sector
The Indian gems and jewellery sector continues to be a key contributor to the economy, accounting for nearly 7% of IndiaRss GDP and employing over 5 million people. The sector remains one of the largest globally, with the domestic market estimated at US$85 billion in 2025 and projected to expand to US$130 billion by 2030, supported by rising disposable incomes, urbanisation, and changing consumer preferences. Additionally, during FY 2025-26, IndiaRss overall gross exports of gems and jewellery stood at Rs 2,44,827.26 crore, compared with Rs 2,42,559.39 crore in FY 2024-25, registering a growth of 0.93%, reflecting the sectorRss resilience amid geopolitical uncertainties, evolving trade policies and subdued demand across key export markets. Growth in the sector is being supported by demand in key markets such as the U.S. and the Middle East, alongside favourable trade policies and a gradual recovery in global consumption. At the domestic level, higher household incomes, urbanisation, and cultural affinity for gold and diamond jewellery and the fast-growing wedding market in India continue to support long-term demand.
Overall, the industry outlook remains stable, with growth expected to be driven by both domestic consumption and export demand, despite volatility in global markets.
(Source: GJEPC, IBEF)
The key factors driving the growth of the Indian jewellery industry are as follows:
IndiaRss gems and jewellery sector is deeply connected to the nationRss cultural legacy, where jewellery is more than an adornment as it represents social status, a store of value and religious belief. This long-standing cultural connection, strengthened by recurring seasonal demand, continues to reinforce IndiaRss position as a leader in the global jewellery industry.
Gold holds significance in Indian traditions, festivals and religious beliefs. Celebrations, including Diwali and Akshay Tritiya, typically witness heightened jewellery purchases, as in this nation, buying gold during this period is symbolised as prosperity and positive beginnings.
The wedding sector continues to remain a key demand driver of gold in India, contributing to almost 50% of total market consumption. Spending on traditional investments in bridal jewellery provides long-term demand visibility.
In the Indian jewellery market, there is a gradual shift of consumer preferences towards everyday wear and lightweight jewellery, particularly among the growing base of working professionals and younger buyers. Eventually, this increases demand for 14K and 18K gold
jewellery, highlighting the industryRss response to balance affordability, practicality and design appeal in alignment with global fashion trends.
IndiaRss gems and jewellery market is regulated by the organised players, having strong brand recall and an extensive retail network. These participants meaningfully shape the industryRss direction, initiating innovation and responding to evolving consumer expectations.
Gold is recognised as the preferred investment avenue in agriculture and rural communities in India. This segment witnesses seasonal demand, according to the harvest cycles, resulting in periodic surges in jewellery purchases.
Future Outlook
The Indian gems and jewellery sector is expected to witness steady growth, supported by domestic demand, favourable demographics, and policy support. Factors such as rising disposable incomes, wedding demand, and preference for branded jewellery are likely to sustain momentum. In addition, despite increase in the import duty, ongoing trade agreements, government initiatives to strengthen the domestic gems and jewellery ecosystem, and expanding export opportunities are likely to support the industryRss long-term growth. The market size is projected to reach US$ 130 billion by 2030, reflecting a stable long-term growth trajectory.
The sector is also evolving in line with changing consumer behaviour and global trends. There is a shift toward lightweight, design-led, and branded jewellery, alongside the adoption of digital channels and organised retail formats. Export demand is expected to improve gradually, supported by recovery in key markets such as the U.S. and the Middle East, although geopolitical uncertainties and price fluctuations may persist.
Key Challenges
Despite its strong long-term growth potential, the Indian gems and jewellery industry operated in a complex environment during FY 2025-26. The sector navigated persistent volatility in gold prices, fluctuating consumer sentiment and an uncertain global economic backdrop, all of which influenced purchasing behaviour across key jewellery categories. Elevated gold prices particularly affected affordability in value-conscious customer segments, leading many consumers to defer discretionary purchases or shift towards investment-oriented products such as gold coins and exchange-traded funds (ETFs).
On the international front, export performance remained uneven amid a slower-than-anticipated recovery in major consuming markets such as the United States and
China. Geopolitical developments, particularly ongoing tensions in the Middle East, added further pressure by disrupting supply chains, increasing freight and logistics costs and creating uncertainties in the procurement of precious metals and gemstones. As India continues to rely significantly on imports of gold and diamonds, the industry remains exposed to fluctuations in global commodity prices, foreign exchange movements and changes in trade- related regulations.
The sector is also witnessing a gradual transformation in consumer preferences. Demand is increasingly shifting towards lightweight, design-led and branded jewellery offerings, while emerging categories such as lab-grown diamonds are gaining wider acceptance among younger consumers. These evolving trends require jewellery manufacturers and retailers to continuously innovate their product portfolios, strengthen brand differentiation and enhance customer engagement strategies. At the same time, elevated raw material costs and significant working capital requirements continue to place pressure on profitability and capital efficiency across the value chain.
Looking ahead, strengthening IndiaRss position as a global gems and jewellery manufacturing and trading hub will require sustained investments in infrastructure, technology adoption and workforce development, in alignment with the broader vision of Viksit Bharat. Enhancing manufacturing productivity, upgrading gemstone processing capabilities and improving efficiencies across the value chain will be critical for increasing competitiveness against major global players, including China. Continued policy support in the form of infrastructure development, export facilitation and a stable regulatory framework can further accelerate the sectorRss growth while generating employment and attracting investment.
According to the Gem and Jewellery Export Promotion Council (GJEPC), key priorities for the industry include promoting global diamond demand through coordinated marketing initiatives, developing dedicated jewellery parks and extending infrastructure status benefits to the sector, creating specialised funding mechanisms to strengthen trading hubs and gem bourses, encouraging the expansion of emerging segments such as platinum jewellery and lab-grown diamonds, and enhancing skill development programmes to improve craftsmanship, productivity and global competitiveness.
(Source: GJEPC )
India: A Global Hub for Gems and Jewellery
India retains a well-known position in the gems and jewellery landscape globally, ranking among the largest markets in the world, in terms of consumption and exports.
The country has exceptional expertise in gold refining, diamond cutting and creating intricately handcrafted jewellery, which in turn solidifies its reputation for quality and craftsmanship. Owing to the sectorRss value-added contribution and growth potential, the Indian government has prioritised the industry for export promotion.
India is a prominent global jewellery manufacturing hub, apart from being the largest diamond cutting and polishing centre in the world. The countryRss export activity is extensively driven by cut and polished diamonds, coloured gemstones, synthetic stones, lab-grown diamonds, plain and studded gold jewellery, platinum and imitation jewellery, silver jewellery and precious metal articles. Through scaling and specialisation, IndiaRss leadership is reinforced in the global jewellery value chain. Moreover, IndiaRss government collaborates with industry participants, supporting initiatives aimed at extending jewellery exports and promoting IndiaRss international presence.
Gems and Jewellery Exports
India continues to maintain a strong position in the global gems and jewellery value chain, particularly in the diamond processing segment, where the country accounts for more than 90% of the worldRss polished diamond manufacturing. The sector remains a significant contributor to IndiaRss exports, foreign exchange earnings and employment generation. To support investment and industry growth, the Government of India continues to permit 100% Foreign Direct Investment (FDI) under the automatic route in the gems and jewellery sector.
According to the Gem and Jewellery Export Promotion Council (GJEPC), IndiaRss gems and jewellery exports stood at US$ 27.72 billion during FY 2025-26, compared with US$ 28.67 billion in the previous year, reflecting a decline of 3.32% amid geopolitical uncertainties, evolving tariff regimes and subdued demand across certain global markets. Despite these headwinds, the industryRss performance highlighted a structural shift towards a more diversified export base and reduced dependence on any single geography.
The United Arab Emirates emerged as IndiaRss largest export destination during FY 2025-26, with exports growing 10.52% year-on-year to US$ 8.70 billion, while exports to Hong Kong increased by 30.99% to US$ 5.97 billion. Markets such as Australia and Canada also recorded strong growth, reflecting the success of market diversification initiatives undertaken by the industry. While exports to the United States remained affected by tariff-related uncertainties and weaker demand conditions, the expansion of trade relationships across multiple geographies helped mitigate concentration risks.
Product-wise, cut and polished diamonds remained the largest export category, contributing approximately 43.9%
of total gems and jewellery exports, with exports valued at US$ 12.16 billion during FY 2025-26. Gold jewellery exports remained broadly stable at US$ 11.36 billion, while studded gold jewellery exports recorded growth of 6.27%, reflecting increasing global demand for value-added jewellery products. Silver jewellery and platinum jewellery emerged as notable growth segments, registering growth of 52.21% and 39.32%, respectively, during the year.
IndiaRss export ecosystem continues to benefit from trade facilitation initiatives and free trade agreements. The India Jewellery Exposition (IJEX) Centre in Dubai has strengthened access to international buyers, while trade agreements with the UAE and Australia have supported export diversification and market expansion. Additionally, the recently signed India-New Zealand Free Trade Agreement is expected to create new opportunities for Indian exporters through zero-duty market access. GJEPC estimates that gems and jewellery exports to New Zealand could increase from approximately US$ 16.6 million to nearly US$ 50 million over the next three years, highlighting the growing importance of alternative export destinations.
Looking ahead, the industryRss export prospects are expected to be supported by continued market diversification, increasing demand for value-added jewellery products, expanding trade partnerships and the anticipated implementation of trade agreements with additional markets. These developments are expected to strengthen IndiaRss competitiveness and reinforce its position as one of the worldRss leading gems and jewellery exporting nations.
(Source: GJEPC)
Gems and Jewellery Imports
India continues to be one of the worldRss largest importers of gold and precious stones, reflecting the countryRss strong jewellery consumption, investment demand and well- established manufacturing ecosystem. Gold remains a critical raw material for the domestic jewellery industry and is imported extensively to meet requirements arising from festive, wedding and investment-related demand.
During FY 2025-26, IndiaRss gold imports increased by 24.1% to an all-time high of US$ 71.98 billion, compared to US$ 58.00 billion in the previous year. However, in volume terms, gold imports declined by 4.8% to 721.03 tonnes, indicating that the increase in import value was primarily driven by elevated global gold prices rather than higher physical consumption.
Silver imports also witnessed substantial growth during the year, increasing by approximately 150% to US$ 12.0 billion, supported by rising industrial usage, investment demand and higher international prices. Import volumes increased
by around 42% to 7,334.96 tonnes during FY 2025-26.
The import basket of the gems and jewellery sector continued to be dominated by gold bars, rough diamonds, cut and polished diamonds and coloured gemstones, which serve as essential inputs for IndiaRss manufacturing and export-oriented jewellery industry. While elevated precious metal prices influenced purchasing patterns, demand remained supported by wedding-related consumption and the increasing preference for gold as a long-term store of value.
At the policy level, the Ministry of Commerce & Industry introduced the Diamond Imprest Authorisation (DIA) Scheme, effective from 1st April, 2025. The scheme permits duty-free imports of natural cut and polished diamonds below one-fourth carat, including semi-processed and broken stones, for value addition and further processing within India. The initiative is aimed at strengthening the domestic diamond processing ecosystem and enhancing IndiaRss competitiveness in the global diamond value chain.
The scheme aligns with beneficiation strategies adopted by major diamond-producing countries such as Botswana, Namibia and Angola, which encourage local processing and value addition. Complementing this initiative, the Government of India reduced customs duty on cut and polished diamonds and coloured gemstones from 5% to 2.5%, while eliminating customs duty on rough coloured gemstones. These measures are expected to lower input costs, support domestic manufacturing and improve export competitiveness.
In addition, the Government introduced measures to regulate imports of finished precious metal jewellery and strengthen oversight of bullion imports, to encourage domestic value addition and improve the sectorRss long- term competitiveness.
Going forward, import trends are expected to remain influenced by domestic jewellery demand, precious metal prices, currency movements and global economic conditions. However, continued policy support, expanding manufacturing capabilities and increasing value-addition activities are expected to strengthen IndiaRss position as a leading global hub for gems and jewellery manufacturing and trade.
(Source: Ministry of Commerce and Industry)
Gold Jewellery
India remains a key market for gold, ranking among the largest global customers of the precious metal, although demand trends in 2025-2026 reflect a shift from jewellery to investment. According to the World Gold Council, IndiaRss total gold demand declined to nearly 710.9 tonnes in 2025 (-11% YoY), mainly due to high prices impacting jewellery consumption.
Jewellery demand saw a sharper decline, falling 24% to 430.5 tonnes in 2025, reaching one of its lowest levels in recent years, as elevated prices reduced discretionary purchases. However, in value terms, demand remained strong due to a significant rise in gold prices.
Gold prices increased sharply during 2025-2026, rising by nearly 70%, supported by geopolitical uncertainty, currency movements, and investment demand. This led to a shift in consumer behaviour, with buyers preferring lighter jewellery and postponing purchases.
Investment demand strengthened significantly during the year. Gold investment rose by 17% to 280.4 tonnes in 2025, with its share increasing to 40% of total demand, the highest in India over a decade. Gold ETFs also saw strong inflows, with investments increasing as investors used gold as a hedge against inflation and market volatility.
At the institutional level, the Reserve Bank of India maintained strong gold reserves of around 880 tonnes in 2025. GoldRss share in IndiaRss foreign exchange reserves increased significantly, reflecting the impact of rising gold prices and its importance as a reserve asset.
Looking ahead to 2026, gold demand in India is expected to remain in the range of 600-700 metric tonnes, with weaker jewellery demand likely to be offset by strong investment.
(Source: World Gold Council, www.gold.org , )
Key drivers for gold demand in India
Cultural Relevance: Gold holds a strong religious, cultural and social significance, particularly during festivals and weddings, sustaining consistent inter-generational demand.
Store of Value: Indian households regard gold as a reliable source of wealth, auguring well for preserving value over long periods. During economic uncertainties, it is capitalised on as savings and investment assets.
Hedge against Volatile Currency: Gold is instrumental in safeguarding against volatile currency and inflation, reinforcing demand during macroeconomic uncertainty.
Inter-generational Ownership: In inter-generational wealth transfer, gold remains significant, highlighting its role as a financial asset and a repository of family tradition.
Wedding-led demand: Gold demand is widely shaped by the wedding segment, as bridal jewellery and gifting purposes offer a stable consumption base.
Investment Accessibility: Gold-backed financial products, such as ETFs, Sovereign Gold Bonds, and Digital Gold, are widely available, broadening investment participation among younger urban investors.
Rising Gold Prices: The appeal of gold is enhanced by its rising prices, as increasing valuation strengthens its perception as a long-term and safe store of wealth, hedging against inflation.
Changing demographics
IndiaRss gold market witnesses a transition shaped by changing democratic preferences. With the rise of a younger and financially aware population followed by deeper financial inclusion, the behaviour of traditional gold investment is reshaped. While gold is culturally and emotionally relevant, changing preferences and investment choices indicate that the market is at an important inflexion point.
Demand in Wedding
Despite a record hike in gold prices moderating discretionary purchasing behaviour, jewellery demand is largely driven by essential requirements such as wedding-related buying. Weddings play a major role in gold consumption in India, as jewellery is an indispensable part of a brideRss attire and a cherished gift from families and guests. Beyond its ornamental value, gold carries a deep cultural and emotional significance in Indian weddings, symbolising security, celebration and prosperity, contributing to sustaining jewellery demand.
Gold: A Store of Value
GoldRss enduring relevance is shaped by its financial resilience and its cultural acceptance. It is commonly regarded as a defensive asset preserving its value during economic downturns. While paper currency is subject to dilution, gold plays the role of a hedge against inflation. Compared to the volatility of stocks and other financial instruments, gold prices are generally more stable, reflecting their position as a reliable store of value for investors. In India, gold has long been viewed as a preferred asset to safeguard wealth and facilitate intergenerational transfer.
Demand for gold investment is projected to rise amid macroeconomic uncertainties and global geopolitical issues, led by its comparatively resilient performance. Collectively, all these factors contribute to the industryRss growth outlook. Looking forward, seasonal buying trends and wedding-related purchases will continue to enhance gold demand.
(Source: www.gold.org )
Organised Jeweller Industry: India
IndiaRss organised jewellery industry emerges as a key
growth driver in the economy. Driven by formalisation, hallmarking, evolving consumer purchasing behaviour, and strong wedding demand, organised players are capturing larger market share. The sector is expected to witness a 23% revenue growth in FY 2025-26, mostly supported by the cultural significance of gold, geopolitical uncertainties boosting gold investment, and the rise of trustee brands.
The natural diamond segment has emerged as a key growth driver, with India becoming the worldRss second-largest diamond jewellery market, accounting for 12% of global demand. The domestic natural diamond jewellery market, currently valued at Rs 49,700 crore, is projected to reach Rs 1.5 Lac Crore by 2030, driven by rising aspirational spending and the increasing perception of diamond jewellery as a lifestyle and self-expression product rather than solely an investment or store of value.
Over the past few years, the Indian organised jewellery sector, comprising branded chain stores and large-format retailers, has been steadily expanding, indicating a transition towards trusted and compliant retail experiences. Owing to the increased disposable income, consumers now prefer branded, hallmarked, lightweight and versatile jewellery, in line with their modern lifestyle, contributing to the wider adoption of the industry.
The organised jewellery industry continues to have favourable growth prospects, supported by the wedding season and investment demand. Besides the deep, sentimental and cultural value of gold as an adornment, its investment demand is likely to be boosted by the prevailing global geopolitical and macro-economic uncertainty and the relative outperformance of the asset class.
Organised retailers benefit from offering certified products, clearly-defined pricing mechanisms, transparent exchange and buyback policies, reinforcing consumer trust. Additionally, organised players differentiate themselves from smaller and unorganised retailers, using wider product portfolios, superior craftsmanship, digital advancements and high-end service standards. Franchise formats allow the organised retailers to expand strategically, focusing on changing consumer preferences related to daily wear and studded jewellery, further positioning them to outperform the unorganised industry. The current shift reflects a balance between heritage-driven demand and modern, trust-based gold retailing.
[Source: India Ratings and Research]
Growth Drivers and Opportunities
Disposable income and favourable demographics:
Jewellery demand in India continues to be supported by rising disposable income and a favourable demographic profile. The growing middle-income urban population, increased participation of women in the workforce, and the prevalent dual-income households support discretionary spending on branded and value-added jewellery. In 2025, India witnessed resilient domestic consumption trends, reinforcing gold jewellery demand beyond traditional investment concepts.
The market dynamics are mostly shaped by younger consumers, including millennials and Gen Z, as they demonstrate a preference for modern designs, certified products and trusted brands. Jewellery purchases for this generation are focused on lifestyle-led consumption, rather than entirely ceremonial needs. In India, established brands, offering transparency, quality assurance and contemporary retail experience, gain share, propelling the growth of the organised jewellery sector.
Expanding Digital and E-Commerce Platforms: Digital platforms are rapidly adopted with the integration of high-speed internet and digital payment methods, transforming jewellery purchasing behaviour. Online channels are gaining traction as they offer customers the opportunities to discover, engage and shop conveniently. Social media platforms continue to influence consumersRs buying decisions across demographics by strengthening awareness of emerging design trends and branded offerings. This evolution enables jewellery brands to scale their growth opportunity, engaging more effectively with younger and tech-savvy consumers.
Growing Preferences Lightweight Contemporary Jewellery: The Indian jewellery market is witnessing demand for contemporary and light-weight jewellery, shaped largely by millennials and Gen Z consumers, seeking affordability, modern aesthetics and versatility. Increasing urbanisation, price sensitivity and evolving lifestyles have accelerated the demand for design-led but affordable jewellery, suitable for occasion-based and daily use. Eventually, jewellery manufacturers and retailers are prompted by this trend to expand their product portfolio in lower caratage jewellery, auguring well for volume-led growth and making jewellery more accessible to a wider consumer base.
Formalisation Opportunity: Despite ongoing
formalisation, IndiaRss jewellery retail ecosystem continues to perform within the unorganised segment. This presents a significant opportunity to the organised players to formalise further, expanding their presence through regulatory compliance, enhanced transparency and improved consumer trust. Accelerating integration of stricter regulatory requirements, digital payments and hallmarking norms is expected to strengthen the transition towards organised retail.
India as a Key Global Player in Gems and Jewellery:
In the context of evolving global trade dynamics and increased geopolitical uncertainty, India strengthened its position as a global hub for gems and jewellery in 2025. The country is well-positioned to benefit from the RsChina Plus OneRs strategy as international players seek to diversify their sources and manufacturing bases for a resilient supply chain. India boasts strong manufacturing capabilities, a skilled workforce and cost competitiveness, enhancing its attractiveness as a favourable and reliable global sourcing and investment.
Threats and Concerns
Inflationary Pressure and Increasing Gold Prices: The gold price remained persistently high in 2025, coupled with inflationary pressure, weighing on gold jewellery consumption in India. While investment in gold remained resilient, discretionary jewellery purchases moderated significantly. Moreover, as certain domestic and international markets witnessed slower economic growth, it could potentially affect export volumes and the overall industry.
Geopolitical Risks: The current geopolitical challenges, such as the Russia-Ukraine conflict and instability in the Middle East, have resulted in increased uncertainty across the gems and jewellery supply chain globally. The G7 sanctions against Russian diamonds significantly disrupted the diamond industry in India in 2025-2026, primarily due to the introduction of a traceability scheme, supply chain issues, and a decline in exports to key markets.
Fragmented Industry: The unorganised and local jewellers predominantly shape competitive dynamics in this Indian industry, despite increasing formalisation. Price-sensitivity and strong consumer loyalty from this segment can limit market share gains for organised businesses, posing challenges to consolidation and scale-led growth.
Import Dependence: This Indian industry is substantially reliant on imports for its raw material requirements. The dependence exposed India to fluctuating global prices, logistical disruptions and regulatory changes, affecting cost structure, production planning and supply continuity.
Industry Outlook
The Indian gems and jewellery sector will sustain its medium-term growth, augmented by evolving consumer preferences, resilient domestic demand and increasing global market opportunities. With its 7% contribution to the countryRss GDP in 2025, the sector remains a significant player in the Indian economy and benefits from favourable demographic trends and increasing disposable income. In 2025, the market stood at US$ 85 billion, and it is projected to reach US$ 100 billion by 2027. This indicates constant expansion, shaped by cultural demand and lifestyle-driven consumption.
Domestic gold requirements are expected to remain substantially higher in 2026, driven by current seasonal, wedding-related purchases and investment interests. This highlights goldRss dual significance as a cultural asset and a hedge for preserving wealth.
Considering the export perspectives, IndiaRss gems and jewellery sector showcased resilience in 2026, reflecting recovery momentum despite global headwinds. Free Trade
Agreements, easing of tariffs, and support of government initiatives are expected to improve competitiveness in 2026.
(Source: https://www.imarcg roup.com/insight/top -factors- driving-growth-india-iewellerv-market)
The medium-to-long-term growth outlook remains steady as industry reports are projecting the sector to grow over the next decade. According to the estimates, the sector will significantly expand by 5.30% Compound Annual Growth Rate (CAGR) from 2025 to 2034, reaching US$ 151.4 billion in 2034 from US$ 95.1 billion in 2025, strengthened by increasing the organised retail sector, digital engagement and positioning India in the global value chain strategically. Additionally, policy reforms, diversifying into lab- grown diamonds, contemporary designs, infrastructure investments and a base of over 450 organised iewellery manufacturers, are proiected to build growth momentum, enabling the industry to address domestic and international demand.
The domestic iewellery industry witnesses steady expansion, with the sector expected to add more than 5,000 gems and jewellery outlets within the next five years. While near-term demand may be impacted by macroeconomic factors and increasing prices, the industry is expected to be shaped by IndiaRss enduring cultural affinity and investment preferences for gold, as well as increasing market access and consumer base.
Company Overview
Tribhovandas Bhimji Zaveri Limited (hereafter referred to as "TBZ - The Original" or "The Company") is a well- recognised and trustworthy name, built on a 161-year of multi-generational legacy in IndiaRss organised jewellery sector. Since its establishment in 1864, the Company has been evolving from a single-store legacy enterprise into a nationally acclaimed jewellery brand, led by its constant emphasis on integrity, consumer trust and craftsmanship.
The product portfolio of TBZ - The Original comprises meticulously crafted gold jewellery, diamond-studded designs and a precious jewellery collection across festive, wedding and daily-wear segments. Approximately, 65% of the CompanyRss sales are derived from wedding and occasion-related purchases, reflecting its positioning in one of the most resilient segments of the jewellery market. Carving a niche for themselves, TBZ - The Original remains at the forefront of traditional motifs and contemporary trendsetting collections, catering to a broader customer base with aspirational and eclectic tastes.
As of 31st March 2026, the Company operated 37 retail outlets across 28 cities in 13 states, with a total retail area of over 1,00,000 square feet. During FY 2025-26, the
Company further strengthened its retail presence through the opening of two new showrooms at Ahmedabad, Kondapur and Himayatnagar in Hyderabad. This reinforces TBZ - The OriginalRss footprint in key growth markets. The store network comprises 33 large-format stores and 4 small-format stores, enabling the Company to cater to diverse customer demographics across metropolitan, Tier-I and emerging markets.
Over the years, TBZ - The Original has formalised IndiaRss jewellery sector with its earlier adoption of consumer- centric and transparent practices. Introducing 100% BIS hallmarked 22 karat gold jewellery, providing certified solitaire diamonds, promoting lightweight precious jewellery and offering lifetime buyback are examples that enhanced accessibility without compromising on quality norms. The Company prioritises transparent pricing, strong corporate governance and ethical sourcing, supporting customer trust and operational credibility, which are crucial in the regulated industry. Consistency in quality and relevance in design are contributing factors to repeat consumer engagement.
The CompanyRss primary retail platform functions under the brand name the Tribhovandas Bhimji Zaveri, anchoring its presence in the organised jewellery retail sector. The brand enjoys recognition among multi-generational clientele, resulting in customer retention, repeat purchases and word-of-mouth referrals. At Zaveri Bazar, TBZ - The Original has its flagship Store, complemented by various locations across Mumbai, including Churchgate, Santacruz, Borivali, etc.
Manufacturing and design capabilities of the Company are led by its modern production facility in Kandivali, Mumbai. Having this integrated setup enhances the CompanyRss design consistency, faster product development and quality control, contributing to operational scale and competitive positioning. The CompanyRss gold jewellery manufacturing is largely outsourced through a network of more than 100 vendor partners with expertise in regional handcrafted jewellery. Diamond jewellery manufacturing is undertaken in-house, allowing the Company to maintain design exclusivity and enhance margins.
TBZ - The Original has expanded its retail footprint, spanning several important urban and regional centres such as Mumbai, Hyderabad, Jaipur, Vijayawada, Kolkata, Ahmedabad, Kochi, Thane, Raipur, Surat, Jamshedpur, Rourkela, Bhubaneswar, Indore, Lucknow, Pune and Ranchi. The CompanyRss extensive retail network, combined with a trusted brand heritage and deep understanding of regional jewellery preferences, provides a strong platform for sustainable growth.
Going forward, the Company remains committed to strengthening its position in the organised jewellery retail market. TBZ - The Original aims to expand its retail footprint in a disciplined manner while enhancing customer engagement through data-driven marketing initiatives. The Company also continues to focus on product innovation, operational excellence and sustained financial performance. Supported by its growing retail presence, loyal customer base and market positioning, TBZ-The Original is well placed to capitalise on the growth opportunities emerging within IndiaRss organised jewellery retail industry.
Product Portfolio
TBZ - The Original boasts a diversified product portfolio spanning gold jewellery, diamond jewellery and precious gemstone-studded jewellery, enabling it to cater to multiple customer segments and purchase occasions. The Company has established itself as a leader in the wedding and occasion jewellery segment, which contributes approximately 65% of its overall sales, reflecting its positioning in one of the most resilient categories within the jewellery market. The Company continuously enhances its portfolio through the introduction of new collections and designs to align with evolving consumer preferences, regional tastes and emerging fashion trends.
The CompanyRss product development strategy is supported by its in-house diamond jewellery manufacturing facility and dedicated design capabilities, enabling control over product quality, design exclusivity and collection refresh cycles. TBZ - The Original launches various new jewellery lines annually, ensuring a pipeline of innovative offerings that blend traditional craftsmanship with contemporary aesthetics. The product portfolio incorporates heritage- inspired designs alongside modern styles, enabling the Company to remain relevant across generations and changing consumer lifestyles.
The Company structures its product offerings across multiple price points to cater to first-time buyers, aspirational consumers, wedding-related purchases and premium jewellery customers. TBZ - The OriginalRss diversified portfolio comprising gold, diamond and gemstone jewellery allows it to address varying consumer preferences and spending capacities, supporting demand stability across market cycles. This product strategy also helps mitigate the impact of fluctuations in consumer spending patterns and changing jewellery preferences.
The CompanyRss focus on design exclusivity, quality assurance and customer-centric product innovation contributes to customer loyalty and repeat purchases. By offering diversity across designs, formats, occasions and value segments, TBZ - The Original effectively responds to evolving market dynamics while strengthening brand affinity. The diversified product portfolio supports revenue stability and enhances the CompanyRss ability to capture growth opportunities across customer categories.
Product Category
Gold and Diamond Jewellery
Product Range
Rings, Earrings, Mangalsutra, Necklaces, Pendants, Bracelets, Bangles and Coins
Product Style
Plain gold, diamond-studded, precious and semi-precious stone studded, contemporary, lightweight, Temple, Plain, Jewellery with coloured stones in Gold and Diamond, loose diamond solitaires, loose precious and semi-precious stones.
Key Strengths
Legacy and Industry Positioning
With over 161 years of operating history, TBZ - The Original has established itself as one of IndiaRss most trusted and recognised jewellery retailers. Throughout its long journey, the Company has introduced several customer-centric initiatives that have strengthened transparency and trust within the organised jewellery market. Notably, the Company was among the first jewellers in India to offer a buyback guarantee in 1938, introduced lightweight jewellery in 1995 and implemented 100% pre-hallmarked jewellery practices in 2004. The operations of the jewellery house are currently spearheaded by the fifth generation of the promoter family, ensuring continuity of vision while adapting to evolving consumer preferences. By combining heritage, design-led innovation and industry experience, the Company continues to strengthen its relevance across generations and maintain its position as a trusted jewellery retailer in the Indian market.
Brand Strength
Decades of operating experience have enabled the Company to build an enduring brand presence in the jewellery retail industry. Supported by its legacy, customer trust and product authenticity, TBZ - The Original continues to drive store productivity, customer engagement and conversion rates. The CompanyRss established reputation, coupled with a loyal multi-generational customer base, provides a competitive advantage in a trust-driven industry where purchase decisions are often influenced by brand credibility.
Occasion and Wedding-led Portfolio
Occasion and wedding jewellery represent a significant component of the CompanyRss revenue generation, contributing approximately 65% of total sales. TBZ - The Original enjoys a long-standing association with Indian wedding traditions and celebrations, supported by design capabilities and an extensive range. Collections within this segment are refreshed periodically to align with changing regional preferences, consumer tastes and seasonal demand. This positioning enables the Company to benefit from relatively resilient demand within the wedding and occasion jewellery segment.
Design Exclusivity
TBZ - The Original introduces various new jewellery lines annually, reflecting its commitment to craftsmanship and customer-centric product development. Design and product development activities are supported by the CompanyRss in-house diamond jewellery manufacturing facility, design teams and skilled craftsmanship. This enables design exclusivity, quality consistency and responsiveness to emerging market trends. Continuous investments in product innovation and manufacturing capabilities strengthen customer loyalty, brand differentiation, and support the CompanyRss presence in premium jewellery segments.
Retail Scalability
TBZ - The Original continues to expand its retail footprint across India and, as of 31st March 2026, operated 37 stores across 28 cities in 13 states, with a retail area exceeding 1,00,000 square feet. The CompanyRss retail network follows a differentiated format, comprising 33 large-format stores and 4 small-format stores, enabling it to address diverse customer demographics and regional demand patterns. Large-format stores are strategically located in prominent high-street destinations and key commercial centres, while smaller outlets support brand accessibility. Store layouts, product assortments and merchandising strategies are customised to local consumer preferences, enhancing customer engagement.
Multi-generational Clientele
The Company has cultivated a customer base spanning multiple generations, with families continuing their association with the brand over decades. This enduring relationship is built on trust, consistent service standards and product quality. The resulting repeat purchases and customer retention contribute significantly to revenue stability and business sustainability.
Increased Brand Visibility
TBZ - The OriginalRss strong brand equity is reinforced by its multi-generational customer base. Positive experiences shared across generations have led to word-of-mouth referrals, enhancing brand awareness. This organic brand advocacy continues to strengthen the CompanyRss market visibility and competitive positioning.
Long-term Customer Relationships
The Company nurtures customer relationships through personalised service and product authenticity. TBZ - The OriginalRss trained retail teams assist customers in selecting jewellery suited to their preferences and occasions, creating a superior shopping experience. By recognising the emotional significance of jewellery in family traditions and celebrations, TBZ - The Original continues to deepen customer relationships, driving loyalty.
Broad Spectrum of Revenue
By catering to customers across varied preferences, occasions and spending capacities, the Company benefits from diversified revenue streams. The CompanyRss product portfolio spanning gold, diamond and gemstone jewellery supports revenue stability, mitigating the impact of changing market conditions and consumer spending.
Insightful Product Development
The CompanyRss diverse customer base provides valuable insights into emerging jewellery trends, design preferences and purchasing behaviour. Through customer feedback and market analysis, TBZ - The Original refines its product offerings, in-store experience and develops more targeted marketing initiatives. This customer-centric approach enables the Company to remain responsive to evolving expectations while strengthening its competitiveness.
Operational Highlights
On the operational front, the Company continued to strengthen its retail footprint during FY 2025-26 through the opening of two new stores at C.G. Road, Ahmedabad and Kondapur, Hyderabad. This enhances its presence across key growth markets and expands its reach among aspirational jewellery consumers.
Customer engagement remained robust throughout the year, supported by a combination of targeted marketing initiatives and customer relationship management programmes. The customer base remained well diversified, comprising approximately 40% new customer acquisitions, 45% active customers and 15% reactivated customers, reflecting the effectiveness of its CRM-driven engagement strategy. Targeted outreach through our structured CRM program contributed to improved customer retention and repeat purchases.
The Company executed a series of integrated multi- channel marketing campaigns during the year to enhance brand visibility and capitalise on key consumption periods. Notable campaigns included "A Little More of Everything", focused on highlighting value-driven offerings, and "Just Hers", a consumer insight-led campaign celebrating individuality and self-expression. These campaigns were complemented by region-specific festive promotions for occasions such as Gudi Padwa, Ugadi and Eid, helping the Company strengthen customer engagement across markets.
Product innovation remained an important focus area during the year. The Company continued to expand its design portfolio through the launch of new collections and innovative offerings such as the "Dohra" detachable jewellery collection, which combines versatility with contemporary styling. Such differentiated product offerings enhanced customer appeal and further strengthened the CompanyRss positioning in the wedding and occasion jewellery segments.
Digital initiatives also gained momentum during FY 2025-26, supporting broader customer outreach and brand engagement. The CompanyRss social media platforms recorded healthy growth in audience engagement and follower additions, supported by enhanced content strategies, digital advertising campaigns and influencer collaborations. A notable collaboration with actress Raashii Khanna generated significant reach, engagement and content consumption, further strengthening brand visibility among target consumer groups.
Overall, the CompanyRss continued focus on retail expansion, customer engagement, marketing effectiveness, product innovation and digital outreach contributed to improved operational efficiencies and supported its strong financial performance during FY 2025-26.
Financial Overview
TBZ is expected to deliver improved financial performance, supported by consistent revenue growth and profitability. A strong balance sheet, reduced debt, and healthy cash position provide a solid foundation for future growth in the Indian jewellery industry.
| Particulars | FY 2025-26 | FY 2024-25 |
| (? Lacs) | (Rs Lacs) | |
| Net Sales | 3,20,282.30 | 2,61,986.39 |
| Revenue from Operations | 3,20,295.29 | 2,62,048.42 |
| Gross Profit | 55,945.94 | 35,784.76 |
| EBIDTA | 35,821.34 | 17,609.49 |
| Depreciation | 2,904.11 | 2,515.69 |
| Finance Costs | 6,856.70 | 5,613.28 |
| PBT | 26,844.70 | 9,971.10 |
| Tax | 6,795.55 | 2,736.11 |
| Particulars | FY 2025-26 (Rs Lacs) | FY 2024-25 (Rs Lacs) |
| PAT | 20,049.15 | 7,235.00 |
| Gross Margin | 17.47% | 13.66% |
| EBIDTA Margin | 11.18% | 6.72% |
| Basic Earnings Per Share | 30.04 | 10.84 |
| (EPS) (Rs ) | ||
| Dividend Per Share (Rs ) | 2.25 | 1.75 |
| Net Worth | 84,670.44 | 66,767.04 |
| Short-Term Borrowings | 78,256.91 | 69,815.44 |
| (including working capital | ||
| loans) | ||
| Inventory | 1,77,293.73 | 1,46,297.42 |
| Debtors | 299.26 | 349.81 |
| Net Block | 18,017.60 | 16,255.01 |
| Cash and Bank Balance | 10,158.00 | 9,771.67 |
Key Financial Highlights, FY 2025-26 Revenue From Operations
The CompanyRss revenue from operations has increased by 22.23% YoY in FY 2025-26, reaching Rs 3,20,295.29 Lacs from Rs 2,62,048.42 Lacs in FY 2024-25.
EBITDA
The Company reported a 103.42% YoY increase in EBITDA, reaching Rs 35,821.34 Lacs in FY26 from Rs 17,609.49 Lacs in FY 2024-25.
EBITDA Margin
The positive impact of the CompanyRss ongoing cost management efforts is evident in the EBITDA margin, which improved by 446 basis points in FY26, standing at 11.18% from 6.72% in the earlier year.
Gross Profit
The CompanyRss Gross Profit stood at Rs 55,945.94 Lacs in FY26, increasing by 56.34% during the year from Rs 35,784.76 Lacs in FY25. Gross margins improved 381 basis points during the year, standing at 17.47% from 13.66% in the earlier year.
Profit After Tax
The Company achieved a notable 177.11% YoY increase in Profit After Tax (PAT), reaching Rs 20,049.15 Lacs in FY26 from Rs 7,235.00 Lacs in the previous year.
PAT Margin
The PAT margin also improved by 350 basis points in FY26, reaching 6.26% in FY26 from 2.76% in FY25.
Management Outlook
With its commitment to excellence, the CompanyRss management focuses on expanding the TBZ - The OriginalRss retail footprint across Indian markets. The Company intends to offer a broad and relevant jewellery portfolio, besides its consistent and personalised in-store experience, strengthened by transparent pricing and customer-centric business methods. Emphasising quality assurance and design integrity across its product portfolio, in which each store presents a contemporary and traditional collection comprehensively, TBZ - The Original continues to engage customers across various demographic segments.
With a long-standing operating history of 161 years built on trust, the Company is positioned to participate in the current expansion of IndiaRss gems and jewellery sector. It taps into IndiaRss booming jewellery market, supported by a rising middle class with increasing disposable income and demand for branded jewellery. The company constantly focuses on product innovation and customer accessibility and offers digital engagement initiatives such as Rsshop-from-homeRs and video-call assistance, aligning with evolving customer trends.
The Company continues to reinforce customer engagement through digital initiatives aimed at expanding and increasing its market share. With its retail footprint expanding across locations in India, TBZ - The Original improves brand value and attracts new consumers to foster organic growth. This is further strengthened by its strong balance sheet and low debt, which position the Company for sustained expansion in IndiaRss dynamic industry. With the aim of a steady financial performance, its management prioritises constant revenue expansion and margin sustainability. The Company remains committed to offering exceptional craftsmanship and a unique value proposition to customers while ensuring profitability in retail expansion.
Risk Management
The Company has an efficient risk management framework for the timely identification, assessment and mitigation of key business and operational risks. The CompanyRss key risks and their corresponding mitigation measures are depicted below:
Macroeconomic risk
Impact: Increased geopolitical uncertainty, a potentially slowing down global economy, supply-chain disruptions, trade policy changes, shift in tariffs, persistent inflationary pressure and heightened gold prices weigh on consumer spending and sentiment. These factors can impact demand conditions across domestic and international markets. In turn, these adversely affect the CompanyRss exports, profitability and growth trajectory.
Mitigation: The Company focuses on pursuing geographic expansion, and continually evolving its product portfolio to strengthen its competitive position. A continuing emphasis on the domestic market helps cushion the impact of a volatile global economy. Additionally, a diversified geographic presence mitigates dependence on a particular market, thereby reducing exposure to adverse international occurrences.
Margin Risk
Impact: Volatile commodity prices and fluctuating exchange rates may exert pressure on the margin and overall profitability of the Company.
Mitigation: The Company adopts a calibrated approach to reduce margin pressure risks and improve operational efficiency. Key measures are expanding the network through an asset-light franchise model, disciplined cost management and procuring inventory supported by increased participation in gold loan schemes and developing long- term partnerships with suppliers. Together, these initiatives empower the Company to respond effectively to volatile market conditions and maintain margin stability.
Competition Risk
Impact: The gems and jewellery sector witnesses intense competition from the growing influence of the unorganised sector. Any shortfall in delivering high-quality and aesthetically compelling designs could affect the market share and expansion prospects of organised players.
Mitigation: Owing to its superior brand recognition, unique product offerings and stellar performance, the Company has established its position as a preferred and leading jewellery brand in India. Additionally, continued investment in research and development, product innovation, focused branding and marketing initiatives further reinforce brand recall and deepen customer relationships.
Raw Material Risk
Impact: Any disruption in procuring raw materials on time, at competitive prices, may have an adverse impact on the operational efficiency and profitability of the company.
Mitigation: With a dedicated and highly skilled team and a well-defined central procurement policy, the Company ensures effective inventory management. It capitalises on the long-standing partnership with reputable suppliers of polished diamonds and the gold loan scheme to source raw materials promptly and cost-effectively.
Human Resources
TBZ - The Original regards its human resources as its most valuable assets and acknowledges their pivotal role in the CompanyRss growth journey. With its well-crafted policies, the company cultivates a culture of competitiveness, teamwork and work-life balance among employees, ensuring the organisation is future-ready. It strives to create a transparent, safe and inclusive work environment to improve employee morale and productivity. The company promotes equal opportunities and encourages competitiveness to unlock the full potential of its workforce. The Company places a strong emphasis on training and skill development initiatives to enhance employee capabilities and consistently engage its workforce. It regularly conducts skill development and training programmes across all levels to augment employee competencies. The Company is focused on nurturing high levels of employee engagement, ensuring consistent performance and fostering an innovative mindset to mitigate attrition. It organises periodic interactive sessions between management and employees to nurture a growth-oriented culture. As of 31st March 2026, the CompanyRss total employee strength stood at 1,136 employees.
Internal Controls
The Company has established well-framed internal control systems tailored to the nature, size and complexity of its business. These internal controls encompass various aspects of governance, compliance, audit, control and reporting. They ensure the efficient use and safeguarding of the CompanyRss assets, detect and prevent errors and fraud, address evolving business risks, prepare reliable, accurate financial reports on time, maintain accurate, comprehensive accounting records, and ensure stringent compliance with laws and regulations.
The Company periodically monitors adherence to internal controls, ensuring proper documentation, regular evaluation and updation by both internal and statutory auditors. Audit firms appointed by the Company closely oversee and review the efficiency of these internal controls, promptly reporting any discrepancies to the management and Audit Committee for necessary action.
Cautionary Statement
The Management Discussion and Analysis may contain some statements describing expected future events, the CompanyRss objectives, projections, estimates and financial and operating results which may be Rsforward-looking statementsRs within the meaning of applicable laws and regulations. Actual results may differ substantially or materially from those either expressed or implied in the forward-looking statements, depending on various risks and uncertainties. Readers are advised to exercise caution and refrain from placing undue reliance on forward- looking statements. Therefore, the document is subject to the disclaimer and is qualified in its entirety by the assumptions, qualifications and risk factors outlined in the managementRss discussion and analysis of TBZ LimitedRss Annual Report 2025-2026. The Company undertakes no responsibility to publicly amend, modify or revise any forward-looking statements, whether as a result of any subsequent developments, new information, future events or otherwise.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
