Jeweller Peer Scorecard
Ten listed jewellers compared on growth, margin quality, cash conversion, balance sheet, ownership and valuation. Prices as of 24–26 Sep 2026; financials are TTM or FY26 (Mar-2026) unless noted; Q1 = Apr–Jun 2026 (Q1 FY27).
Who owns them
Nine of the ten are family-promoted. Titan is the only conglomerate-backed name. TBZ is changing hands from one family to another (GRT Jewellers).
Ranking and weights
How scoring works: each coloured cell earns points (Strong +2, Good +1, Watch 0, Weak −1). Points are averaged inside six buckets and scaled to 0–100, then the buckets are combined using the weights below.
The default "Growth at a fair price" weighting puts 60% on growth and valuation and 20% on earnings and inventory quality (margin jump, hedging, and whether stock is growing faster than sales), so gold-price profits don't carry a stock to the top. Grey cells and size figures are left out. Operating cash flow is shown for reference but not scored: jewellers building stock for new stores normally run negative cash flow, so the score instead checks whether inventory is growing faster than sales, and whether the build is funded sensibly (debt ÷ equity).
Reading the ranking (default weights)
Ranks first (76/100) with the most strong cells (13 · 3 · 3 · 3), led by returns, growth, a low P/E (13.4x, PEG 0.5) and the most productive stores in the group. Its lowest bucket is earnings and inventory quality (33/100): hedging has only just started and the margin rose about 3 points with gold, so part of recent profit may not repeat if gold prices fall.
Scores 70/100, stays in the top five under every weighting and has only one weak cell (5 · 13 · 1 · 1). Growth scores 93/100, PEG is 0.6 and hedging is 70%+. The weak cell is inventory: stock is up about 3.8x since FY24 against 1.7x sales. Part of that comes from doubling the store count to 78, so how quickly the new stores ramp up matters.
Scores 71/100. Stock turns in about 50 days, ROCE is 27% and PEG is 0.5 on 76% annual sales growth. It makes jewellery for other retailers rather than running stores, so its growth depends on their orders. The promoter stake is down 21.8 points in three years.
The strongest retailer on quality: 96% hedged, cash-positive, ₹6.2 lakh sales per sq ft, and inventory days up only 17. At 40.5x P/E its valuation bucket scores 11/100, so it ranks first only under the "Quality first" weighting.
Both rank near the top under "Value first". RBZ is a ₹689 Cr company with almost no institutional holders and one retail store. Senco has the lowest P/E (9.5x) but five weak cells: inventory days up 84, about 50% hedged, and a Q1 profit decline as its margin normalised.
The score reads TBZ on its past, which is 10% sales growth and slow stock turns. The event that matters is GRT Jewellers taking 74% control. GRT sells over ₹600 Cr per store against TBZ's ₹87 Cr. If even part of that gap closes, TBZ's earnings base changes, which the trailing numbers can't show. See the special-situation section below.
Titan and Kalyan score well on quality and ownership, but at 74x and 40x P/E their valuation buckets score 0 and 22. Motisons ranks last, with inventory at 525 days and rising.
Important: this ranking is a mechanical screen of public data using the weights shown above. It is not a recommendation to buy, sell or hold any security. Q1 growth and FY26 margins across the sector are inflated by the gold rally, and import duty rose from 6% to 15% in May 2026.
Special situation: TBZ under GRT
A mechanical score looks backwards, and a change of control can reset the future. GRT Jewellers (Chennai, 1964, AA- rated by ICRA) is buying the Zaveri family's 74.12% at ₹209 a share. The open offer at ₹249.61 is far below the market price, so GRT is likely to end up with about 74%. The store-productivity gap between the two is the core of any re-rating case.
| FY25–26 | GRT Jewellers (unlisted) | TBZ | Gap |
|---|---|---|---|
| Stores | 66 (Mar 2026), 70%+ of revenue from Tamil Nadu | 37 in 28 cities, mainly Maharashtra and Gujarat | – |
| Revenue | ₹41,246 Cr (FY25) | ₹3,203 Cr (FY26) | ~13x |
| Sales per store | ₹600 Cr+ | ~₹87 Cr | ~7x |
| Operating margin | 3.9% FY24, 7.0% FY25 | 6% FY24, 11% FY26 | TBZ earns more per rupee |
| Gold funding | Low-cost gold metal loans backed by ₹7,500 Cr+ of deposits | Gold metal loans, D/E 1.05 | Cheaper funding possible |
| Gold volume | −11% FY25, about −18% FY26 | n/d | Price-led growth at both |
What could drive a re-rating
Four things could close part of the gap: GRT's merchandising and gold-scheme know-how, cheaper gold funding, faster stock turns (TBZ holds 249 days of inventory), and GRT using TBZ as its listed platform to grow outside the south. None of these is announced as a plan yet, apart from the stated goal to "expand its pan-India presence".
Why the gap won't fully close
GRT's per-store figure reflects Tamil Nadu's very high gold demand, large flagship stores and a plain-gold-heavy mix; its operating income may also include bullion. TBZ sells more studded and wedding jewellery in more competitive Mumbai and Gujarat markets, with higher margins but lower throughput. Integration takes time, and the deal still needs CCI and lender approvals.
How much is already in the price
TBZ trades at ₹673, which is 3.2x the ₹209 deal price and 2.2x its price on announcement day. At 1.3x price to sales it is already valued close to Kalyan (1.5x) and far above Senco, D.P. Abhushan and P N Gadgil (0.6–0.8x). The market is pricing in a good part of the GRT effect.
Arithmetic: P/E at today's ₹4,486 Cr market cap, if sales per store rises on the same 37 stores. Net margin is the profit TBZ keeps per rupee of sales. FY26 was 6.3%, inflated by gold; 3.5% is closer to its long-run level.
| Sales per store → sales | Net margin 3.5% | Net margin 5% | Net margin 6.5% |
|---|---|---|---|
| ₹87 Cr (today) → ₹3,219 Cr | 39.8x | 27.9x | 21.4x |
| ₹120 Cr (+40%) → ₹4,440 Cr | 28.9x | 20.2x | 15.5x |
| ₹150 Cr (+70%) → ₹5,550 Cr | 23.1x | 16.2x | 12.4x |
| ₹200 Cr (2.3x) → ₹7,400 Cr | 17.3x | 12.1x | 9.3x |
Read it this way: the current price already assumes that sales per store rises about 40–70% while margins hold near 5%. For TBZ to look cheap on today's price, GRT would need to more than double sales per store, still a fraction of GRT's own level. This is arithmetic on stated assumptions, not a price target or forecast; new stores would add to sales, and a fall in gold prices would lower both sales and margins.
Side-by-side metrics
What the colours say
Read cash flow together with inventory
Negative operating cash flow at Senco, P N Gadgil, Sky Gold and D.P. Abhushan mostly reflects gold bought for new stores, which is normal for a growing jeweller. The better test is whether stock is growing faster than sales. Kalyan, RBZ and Sky Gold now turn stock faster than in FY24. Senco (+84 days), Motisons (+75) and P N Gadgil (+69, est.) are holding much more stock per rupee of sales.
The biggest margin jumps carry gold risk
Senco and TBZ added about 5 points of operating margin between FY24 and FY26, and D.P. Abhushan added 3 (then 11% in Q1). Senco's Q1 already showed the reversal: margin fell from 10% to 7% and profit dropped 4% on 67% higher sales.
Low P/E usually comes with red cells
The cheapest stocks (Senco 9.5x, RBZ 12.1x, D.P. Abhushan 13.4x) are the ones with negative cash flow, thin hedging or no institutional holders. The market is discounting profits that come from gold prices.
Hedging is the discipline to watch
Thangamayil is 96% hedged on gold and P N Gadgil is at 70%+ (fully hedged next year). Senco is at about 50%. D.P. Abhushan has only started using gold metal loans, so a fall in gold would hit it hardest.
Institutional ownership is thin in small caps
FII+DII holding is under 2% at D.P. Abhushan, TBZ and RBZ, against 20–30% at Titan, Kalyan, Thangamayil and Senco. That means less outside scrutiny and thinner trading.
Sector headwind
Gold import duty rose from 6% to 15% in mid-May 2026. Thangamayil said sales had not recovered in the first four weeks of Q2, and its stock fell 27% in three days. Expect Q2 FY27 volumes to be weak across the group.
