CCI clears GRT Jewellers’ proposed majority stake acquisition in TBZ

Tribhovandas Bhimji Zaveri Ltd, which operates jewellery stores under the TBZ – The Original brand, has received a key regulatory clearance for a proposed change in control after the Competition Commission of India approved GRT Jewellers (India) Private Ltd’s plan to acquire a majority stake in the company.

The company disclosed the development on October 13, 2026, referring to its earlier disclosures of August 31, 2026. The approval is specifically for GRT Jewellers’ proposed acquisition of a majority stake in TBZ, the company said in a filing made under SEBI listing regulations.

The clearance removes a significant competition-law hurdle for the proposed transaction, although TBZ has not disclosed in the latest filing the stake size, transaction value, purchase mechanism, timeline for completion or any remaining approvals and conditions. CCI approval by itself does not indicate that the acquisition has been completed.

The transaction comes at a time when TBZ has reported a sharp improvement in its financial performance and strengthened its retail presence. On a consolidated basis, the company’s revenue from operations rose 22.23 per cent year-on-year to Rs 3,202.95 crore in FY2025-26, while profit after Tax more than tripled to Rs 202.31 crore from Rs 55.68 crore in the preceding year.

Its retail business accounted for the bulk of revenue, contributing Rs 3,136.05 crore during FY2025-26. TBZ had 37 stores across 28 cities and 13 states as of March 31, 2026, including 32 company-owned stores and five franchise stores. The company also operates a manufacturing facility through its wholly owned subsidiary in Mumbai.

The more recent June 2026 quarter showed continued sales expansion, although profitability moderated sequentially. Net sales rose 34.77 per cent year-on-year to Rs 840.97 crore. Profit after tax increased 50.76 per cent from a year earlier to Rs 33.92 crore but was lower than Rs 67.65 crore in the March quarter. Operating margin, measured by PBIDT margin excluding other income, stood at 8.60 per cent in the June quarter compared with 13.54 per cent in the preceding quarter.

For GRT Jewellers, the proposed majority acquisition could provide an entry into or expansion within TBZ’s established branded retail network, particularly in markets where TBZ has built recognition around wedding, occasion and gold jewellery purchases. The Indian jewellery market is becoming increasingly organised as customers shift towards branded retailers, transparent pricing, hallmarking and design-led offerings, while high gold prices continue to influence affordability and product mix.

TBZ has previously identified selective expansion, lightweight jewellery, digital customer engagement and franchise-led growth as priorities. However, jewellery retail remains working-capital intensive because of inventory requirements and gold-price exposure. As of March 31, 2026, TBZ had consolidated current borrowings of Rs 782.57 crore, including working-capital loans, cash credit and gold loans.

As of 10:12 AM on October 14, 2026, TBZ shares were trading at Rs 678.20, up 3.20 per cent from the previous close of Rs 657.20. The stock was about 2.2 per cent below its 52-week high of Rs 693.20 and had gained 260.41 per cent over the preceding year, compared with a 5.70 per cent decline in the BSE 500 over the same period.

The next disclosures will be watched for details on the proposed stake purchase, the transaction structure, completion timeline and whether GRT Jewellers plans any changes to TBZ’s store network, brand positioning or operating strategy.

Disclaimer: The article is for informational purposes only and not investment advice.