Tribhovandas Bhimji Zaveri announced that ICRA has placed the credit ratings assigned to the company on rating watch with positive implications. According to reports from Business Standard, the rating agency has taken this action on multiple credit instruments issued by the company. The latest developments show that ICRA's rating watch reflects the company's proposed association with the GRT group, with monitoring underway to assess the transaction's progress.
The rating watch applies to long term and short term credit ratings issued by ICRA. As reported by Business Standard, the specific ratings include ICRA A-/ICRA A2+ for long term and short term (fund based working capital) and ICRA A- for long term (fund based term loans). All ratings have been placed on rating watch with positive implications. The latest figures show that ICRA has placed the Long term / Short term (Fund-based - working capital) of ₹900.00 crore, the Long term (Fund-based - Term loans) of ₹15.00 crore, and the Fund-based working capital of ₹900.00 crore on watch with positive implications.
The rating watch with positive implications indicates that ICRA's assessment of TBZ's creditworthiness remains favorable despite the current watch status. According to Business Standard, this rating action suggests that the company's credit profile continues to meet ICRA's criteria for maintaining the current rating levels, though the agency is monitoring the situation closely. The latest developments show that ICRA has withdrawn the Issuer rating of [ICRA]A- (Stable) and the ratings for Fund-based working capital/ Cash credit, while noting that ratings for Fund-based working capital of ₹900.00 crore and Long-term – Fund based – Term loans of ₹15.00 crore remain on watch with positive implications.
The rating watch with positive implications reflects the company's proposed association with the GRT group, with monitoring underway to assess the transaction's progress. As reported by Business Standard, GRT Jewellers has announced a takeover bid for TBZ, structured as a Share Purchase Agreement and a public open offer to all TBZ shareholders. The acquisition will see GRT acquire approximately 74.12% of TBZ's equity, or 4,94,59,775 shares, currently held by the company's promoters and promoter group, who will subsequently exit their ownership and leadership roles. The transaction is subject to regulatory approvals, including from the Competition Commission of India, with a detailed public announcement containing specifics on the offer price and terms to be published on or before September 7, 2026.
The company has demonstrated strong financial performance with a 13.5% increase in gross profit for Q3 FY'24, reaching ₹292.33 crore, despite facing revenue challenges from fluctuating gold prices and a subdued wedding season. Recent financial data shows total revenue growth from ₹508.61 crore in March 2024 to ₹1,063.47 crore in June 2026, with EBITDA increasing from ₹33.46 crore to ₹127.00 crore over the same period. The company has also declared a dividend of ₹2.50 per equity share for the financial year ended March 31, 2026, at its 19th Annual General Meeting held on September 9, 2026.
