Credit Rating

11th September, 2026 To, To, The Manager, The Manager, Compliance Department, Corporate Service Department, National Stock Exchange of India Limited BSE Limited Exchange Plaza, Plot No. C/1, G Block, Bandra- Phiroze Jeejeebhoy Towers, Kurla Complex, Bandra (East), Dalal Street, Mumbai - 400 001 Mumbai - 400 051 Symbol: TBZ Script Code & ID: 534369 Dear Sir/Madam Ref: Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Sub: Intimation of Credit Ratings With reference to above and in compliance with the provisions of SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30th January, 2026, we write to inform you that ICRA Limited, Credit Rating Agency (“ICRA”), vide its letter dated 10th September, 2026 has placed on rating watch with positive implications as follows: Sl. Particular / Type / Facility / Rating Action No. Instrument 1. Long term / Short term [ICRA] A- / Placed on Rating Watch with (Fund-based - working capital) [ICRA]A2+ Positive Implications 2. Long term [ICRA] A- Placed on Rating Watch with (Fund-based - Term loans) Positive Implications A copy of the letter received from the rating agency is attached herewith. Kindly take the same on record. Thanking you. Yours faithfully, For Tribhovandas Bhimji Zaveri Limited Arpit Maheshwari Company Secretary ACS: 42396 Encl.: as above September 10, 2026 Tribhovandas Bhimji Zaveri Limited: Placed on Rating Watch with Positive Implications Summary of rating action Previous Rated Current Rated Financial Sector Instrument* Amount Amount Rating Action Regulator# (Rs. crore) (Rs. crore) [ICRA]A-; placed on Rating Watch with Long term/ Short term – 900.00 900.00 Positive Implications/[ICRA]A2+; placed on RBI Fund-based working capital Rating Watch with Positive Implications Long term – Fund-based - [ICRA]A-; placed on Rating Watch with 15.00 15.00 RBI Term loans Positive Implications Total 915.00 915.00 *Instrument details are provided in Annexure I #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Rationale Tribhovandas Bhimji Zaveri Ltd.’s (TBZ) promoters/promoter group have entered into a share purchase agreement (SPA) with GRT Jewellers (India) Private Limited (GRTJIPL) on August 31, 2026 for the sale of 4,94,59,775 equity shares, representing 74.12% of TBZ's paid-up equity share capital, at a price not exceeding Rs. 209 per share, for an aggregate consideration of around Rs. 1,034 crore. The proposed acquisition is subject to receipt of requisite regulatory approvals. Further, pursuant to the proposed acquisition, GRTJIPL has made a mandatory open offer in compliance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The proposed transaction is currently undergoing due diligence and approval processes. Upon successful execution of the SPA, TBZ will become a subsidiary of GRTJIPL and, consequently, a part of the GRT Group, resulting in a change in control and management of TBZ. ICRA notes that the proposed acquisition would result in TBZ becoming a part of the GRT Group, which has an established presence in the jewellery retail market, particularly in southern India. The proposed transaction is expected to strengthen TBZ's business profile through association with a larger jewellery retail group and access to its operational and financial strengths. Given the potential benefits arising from TBZ’s proposed association with the GRT group, ICRA has placed TBZ’s ratings on Rating Watch with Positive Implications. ICRA will continue to monitor the progress of the transaction and will resolve the rating watch after getting greater clarity on the future management structure, strategic plans, and the nature and extent of operational and financial support available to TBZ from the GRT Group. Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description, Environmental and social risks, Liquidity position, Rating sensitivities: Click here Analytical approach Analytical Approach Comments Corporate Credit Rating Methodology Applicable rating methodologies Jewellery - Retail Parent/Group support Not applicable For arriving at the rating, ICRA has considered the consolidated financials of TBZ. Refer to Consolidation/Standalone the Annexure II for the list of entities considered for consolidation. www.icra.in 1 Sensitivity Label : Public Page | About the company Tribhovandas Bhimji Zaveri Limited (TBZ), known for the brand ‘TBZ- the Original’, is one of India’s oldest jewellery houses. It started jewellery retailing business in 1864. TBZ was incorporated in July 2007 following the conversion of a partnership firm, Tribhovandas Bhimji Zaveri. It was reconstituted as a public limited company from a private limited company in December 2010. At that time, TBZ had only one store in Mumbai. Currently, the company has 37 showrooms across 13 states in India, of which 32 are operated by the company and the rest are franchisee stores. The company is involved in retail sales of ornaments made of gold, diamond, silver, platinum and precious stones. It is a reputed player in diamond-studded jewellery. TBZ has a prominent presence in Maharashtra and Gujarat, where it runs 10 stores and nine stores, respectively. The company got listed on NSE and BSE in 2012. The promoters hold around a 74% stake in the company and the operations are looked after by the fifth generation of the promoter family. TBZ has a wholly-owned subsidiary called Tribhovandas Bhimji Zaveri (Bombay) Limited. It is involved in designing and manufacturing of diamond ornaments on a job-work basis for TBZ. Key financial indicators (audited) TBZ (Consolidated) FY2025 FY2026 Q1 FY2027* Operating income 2,620.5 3,203.0 841.0 PAT 68.4 202.3 33.9 OPBDITA/OI 6.6% 11.3% 8.6% PAT/OI 2.6% 6.3% 4.0% Total outside liabilities/Tangible net worth (times)^ 1.7 1.5 - Total debt/OPBDITA (times)^ 4.6 2.5 - Interest coverage (times) 3.1 5.3 - Source: Company, ICRA Research; All ratios as per ICRA’s calculations; Amount in Rs. crore; PAT: Profit after tax; OPBDITA: Operating profit before depreciation, interest, taxes and amortisation; *Unaudited; ^Total outside liabilities and total debt include lease liabilities Status of non-cooperation with previous CRA: Not applicable Any other information: None www.icra.in 2 Sensitivity Label : Public Page | Rating history for past three years Current ratings (FY2027) Chronology of rating history for the past 3 years FY2026 FY2025 FY2024 Amount Instrument Type Rated 10-Sep-2026 Date Rating Date Rating Date Rating (Rs. crore) [ICRA]A-; placed on Long Watch with Positive Fund-based [ICRA]A- term/ Implications / 12-Mar- working 900.00 (Stable)/ - - - - Short [ICRA]A2+; placed 2026 capital [ICRA]A2+ term on Watch with Positive Implications 12-Mar- [ICRA]A- - - - - 2026 (Stable) [ICRA]A-; placed on Long 24-Feb- [ICRA]A- Term loans 15.00 Watch with Positive - - - - term 2026 (Stable) Implications 03-Jun- [ICRA]A- - - - - 2025 (Stable) Fund-based 24-Feb- [ICRA]A- [ICRA]A- 30-Aug- [ICRA]A- Oct- working Long 2026 (Stable) (Stable) 23 (Stable) - - 2024 capital/ term 03-Jun- [ICRA]A- Cash credit - - - - 2025 (Stable) 18- [ICRA]A- 24-Aug- [ICRA]A- - - Oct- (Stable) Issuer Long 23 (Stable) - - 2024 Withdrawn rating term 30-Aug- [ICRA]A- - - - - 23 (Stable) Complexity level of the rated instrument Instrument Complexity Indicator Long term/ Short term – Fund-based working capital Simple Long-term – Fund based – Term loans Simple The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicate [Showing first 8,000 characters — download PDF for full document]