GRT Jewellers Takes Control of TBZ with 74.12% Stake Acquisition

Key numbers

Stake Transferred	74.12%Controlling Interest
Market Cap	₹4,071.9 CrMid Cap
P/E TTM	20.73Sector 49.82
1-Year Return	233.68%Price Performance

Key highlights

• Transfer of 4,94,59,775 equity shares finalized on October 30, 2026
• TBZ becomes a subsidiary of Chennai-based GRT Jewellers (India) Private Limited
• Resignation of Shrikant Gopaldas Zaveri as Managing Director after decades of leadership
• Appointment of joint Managing Directors from the GRT group for five-year terms
• De-classification of erstwhile promoters following the full exit of their shareholding

Ownership Transition and Control Transfer

On October 30, 2026, Tribhovandas Bhimji Zaveri Limited formally recorded the transfer of its controlling interest from the founding Zaveri family to GRT Jewellers (India) Private Limited. The transaction involved 4,94,59,775 equity shares, representing 74.12% of the company's total paid-up capital. This closure follows the initial Share Purchase Agreement dated August 31, 2026, and subsequent approvals from the Competition Commission of India.

With the completion of this sale, TBZ has officially become a subsidiary of GRT Jewellers. The erstwhile members of the promoter group now hold zero equity shares in the company and have been de-classified from their promoter status.

Leadership Overhaul and New Management

The change in control triggered a comprehensive restructuring of the company's leadership. Mr. Shrikant Gopaldas Zaveri has resigned as Managing Director, alongside Ms.

Binaisha Shrikant Zaveri and Ms. Raashi Shrikant Zaveri who stepped down as Whole-Time Directors. To lead the new era, the board has appointed Mr.

Govindarajulu Rajendran Ananthapadmanabhan and Mr. Govindarajulu Rajendran Radhakrishnan as joint Managing Directors for five-year terms starting October 30, 2026. Furthermore, Mr.

K N Jeethendra Babu, previously the Chief Operating Officer at GRT, has joined as Deputy CEO, bringing over 30 years of retail and financial experience to the management team.

Operational and Financial Snapshot

• Revenue for the quarter ended September 2026 stood at ₹705.35 crore, a 16.1% sequential decline
• Net profit for the same quarter contracted by 54.7% year-on-year to ₹14.27 crore
• Operating profit margin was recorded at 6.54% for the latest quarter
• The company maintains a retail network of 37 stores across 27 cities in 13 states
• Targeted same-store sales growth (SSSG) remains focused between 15% to 20%

Resignation of the Managing Director

I hereby tender my resignation from the office of director on the board of directors of the Company... as part of the board reorganization consequent to the change in control of the Company.

What to watch next

• Closure of the mandatory open offer tendering window on November 6, 2026
• Shareholder approval for new director appointments via Postal Ballot
• Fulfillment of post-completion obligations under the SPA Amendment Agreement

“The Board noted that pursuant to the completion of the transactions... the Acquirer has acquired control of the Company.”

Tribhovandas Bhimji Zaveri · financial snapshot

Share price	₹610.2
Market capitalisation	₹4,071.90 Cr
Revenue (annual)	₹3,202.95 Cr
Net profit (annual)	₹202.31 Cr
Revenue (latest quarter)	₹705.35 Cr-16.13% vs previous quarter
Net profit (latest quarter)	₹14.27 Cr-57.92% vs previous quarter
P/E (TTM)	20.73×Sector 49.82×
Promoter holding	74.12%0.00% QoQ
FII holding	0.45%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.