Revenue and Profitability Trends
Examining the consolidated net sales from fiscal year ending March 2019 through March 2025, T B Z’s revenue expanded from ₹1,763.83 crores in 2019 to ₹2,620.48 crores in 2025. This represents a compound growth trend with some variability, notably a dip in 2021 likely influenced by broader economic conditions, followed by a robust recovery. The total operating income mirrored this pattern, underscoring consistent core business growth.
Operating profit before depreciation, interest, and tax (PBDIT) excluding other income rose from ₹75.50 crores in 2019 to ₹172.94 crores in 2025, indicating enhanced operational efficiency. The operating profit margin improved from 4.28% in 2019 to 6.6% in 2025, reflecting better cost management and pricing power. Profit after tax (PAT) also showed a positive trajectory, increasing from ₹15.56 crores in 2019 to ₹68.39 crores in 2025, with the PAT margin rising from 0.88% to 2.61% over the same period.
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Cost Structure and Margins
The company’s raw material costs have naturally scaled with revenue, rising from ₹1,434.65 crores in 2019 to ₹1,692.66 crores in 2025. Purchase of finished goods also increased significantly, reflecting expanded inventory and sales activities. Notably, the company managed to reduce the impact of stock fluctuations in recent years, with a negative stock increase indicating efficient inventory management in 2025.
Employee costs and manufacturing expenses have risen moderately, consistent with business expansion, while other expenses have fluctuated but remained controlled relative to revenue growth. The absence of power and selling & distribution expenses in reported figures suggests these costs may be embedded elsewhere or minimal, contributing to margin stability.
Balance Sheet Strength and Capital Structure
T B Z’s shareholder funds have grown steadily from ₹480.74 crores in 2020 to ₹657.21 crores in 2025, supported by rising reserves which reached ₹590.48 crores. This indicates retained earnings accumulation and a solid equity base. The book value per share improved from ₹72.04 in 2020 to ₹98.49 in 2025, signalling enhanced net asset value for shareholders.
On the liabilities side, total debt increased from ₹548.35 crores in 2020 to ₹699.99 crores in 2025, with a notable rise in short-term borrowings. Long-term borrowings remain minimal, suggesting a preference for short-term financing. Total liabilities rose in line with asset growth, maintaining a balanced capital structure. The company’s total assets expanded from ₹1,461.54 crores in 2020 to ₹1,762.56 crores in 2025, reflecting business scaling and investment in fixed assets.
Cash Flow and Liquidity Position
Cash flow from operating activities has been volatile, with a negative outflow of ₹26 crores in 2025 contrasting with positive inflows in prior years. This was influenced by significant changes in working capital, which saw a large outflow in 2025. Investing activities consistently showed outflows, reflecting ongoing capital expenditure. Financing activities in 2025 provided a positive cash inflow of ₹84 crores, indicating fresh borrowings or capital infusion to support operations.
Despite fluctuations, the closing cash and cash equivalents improved to ₹24 crores in 2025 from ₹2 crores in 2020, enhancing liquidity buffers. The company’s ability to maintain positive net cash inflows in recent years suggests prudent cash management amid growth.
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Summary of Historical Performance
Overall, T B Z’s historical performance reflects a company that has steadily expanded its revenue base while improving profitability and shareholder value. The growth in net sales and operating profit margins over the six-year period highlights operational improvements and market acceptance. The balance sheet shows a strengthening equity position alongside manageable debt levels, supporting sustainable growth.
While cash flow from operations has experienced some pressure recently due to working capital demands, the company’s liquidity remains adequate with rising cash reserves. Earnings per share have more than quadrupled from ₹2.33 in 2019 to ₹10.25 in 2025, underscoring enhanced profitability and returns to shareholders.
Investors analysing T B Z should note the consistent upward trends in key financial metrics, balanced by the need to monitor short-term debt and working capital management. The company’s ability to maintain growth momentum and improve margins bodes well for its future prospects in the competitive gems and jewellery sector.
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