DPABHUSHAN

D. P. Abhushan share price & financials

86-year-old family jewellery retailer running 12 showrooms across Madhya Pradesh and Rajasthan under the D.P. Jewellers brand.

Price: ₹918.3
Market cap: ₹3.2k Cr
Sector: Consumer Durables
Calls analysed: 8

Latest concall · Q1 FY27 · call held 22 Jul 2026

D. P. Abhushan Limited Q1 FY27

Revenue ₹853.63 cr +58%EBITDA ₹93.99 cr +70%EBITDA Margin 11.01% PAT ₹64 cr +77%

What went well

Revenue grew 58% year-on-year to INR 853.63 crores, supported by festive occasions and summer wedding season.
EBITDA increased by 70% year-on-year to INR 93.99 crores, with EBITDA margin expanding 80 basis points to 11.01%.
Profit after tax (PAT) increased by 77% year-on-year to INR 64 crores, with PAT margin expanding 82 basis points to 7.55%.

What to watch

The Indian jewellery industry entered FY27 against the backdrop of elevated gold prices and evolving consumer behaviour.
Overall consumer demand remained somewhat subdued in June, despite a sharp correction in gold prices.

Read the full call →

What D. P. Abhushan Limited does

D. P. Abhushan is a fourth-generation, Ratlam-headquartered jewellery retail chain selling gold, silver and diamond-studded jewellery through company-owned showrooms in Central India. Gold, silver and diamonds are sourced from bullion dealers, DTC sight holders and customer gold exchange, while manufacturing is outsourced to a nationwide network of goldsmiths and vendors, with purchasing centralised at Ratlam to supply all stores within a roughly 300-km radius. The company also runs a structured monthly gold-accumulation scheme (D.P. Swarn Plus) and has launched an e-commerce website and mobile app to build an omni-channel presence alongside its physical stores.

Segments

Gold jewellery
Silver jewellery
Diamond-studded jewellery

Number of showrooms: 12
Total store area: 53,650 sq ft
Geographic footprint: Showrooms across Ratlam, Indore, Udaipur, Bhopal, Ujjain, Bhilwara, Kota, Banswara, Ajmer, Neemuch and Dhar in Madhya Pradesh and Rajasthan
Store ownership model: Company-owned, company-operated (COCO) showrooms; centralised purchasing and inventory management from Ratlam
Sourcing model: Gold, silver and diamonds sourced from bullion dealers, DTC sight holders and customer gold exchange; manufacturing outsourced to a nationwide network of goldsmiths and vendors
Omni-channel presence: E-commerce website live; mobile app in final testing; expansion planned onto third-party marketplaces including Amazon

Founded 1940Headquarters Ratlam, Madhya Pradesh Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 7 delivered 5 missed 11 open

Annual PAT Margin delivered said Q2 FY25 Promised: 3% to 5% Q1 FY27: Q1 FY27 PAT margin was 7.55%, continuing to exceed the target range.
Fund Raising via QIP went quiet said Q3 FY25 Promised: up to ₹600 crores Q1 FY27: The QIP was not mentioned in the Q1 FY27 earnings call or presentation, despite previous statements about it funding expansion.
Studded Jewellery Revenue Share revised up said Q2 FY25 Promised: 12% in next 3 years Q1 FY27: Management revised the target upwards to 12-15% by March 2028, from the current 6-7% share. This is a stronger commitment with a clear timeline.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 86.2%, net profit up 104.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26
Revenue	505	1,005	1,084	717	540 +7%	968 −4%	1,222 +13%	1,335 +86%
Expenses	466	967	1,029	675	486	892	1,117	1,266
EBITDA	38	38	55	42	54 +42%	76 +100%	106 +93%	69 +64%
Margin	8%	4%	5%	6%	10%	8%	9%	5%
Other income	0	0	1	0	1	0	0	4
Interest	3	3	4	4	4	4	5	4
Depreciation	2	2	2	4	3	3	3	3
Profit before tax	34	33	49	35	49 +44%	69 +109%	98 +100%	67 +91%
Tax rate	26%	25%	24%	27%	25%	26%	25%	24%
Net profit	25	25	37	25	36 +44%	51 +104%	73 +97%	51 +104%
EPS	11.27	11.11	16.51	11.10	16.07	22.54	32.13	22.17

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −13.7% 1Y

1Y: ₹1,552.8 on 10 Sept 2025 → ₹1,340.6. High ₹1,643 (20 Nov 2025), low ₹887.5 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27: −5.8%; 22 Jul
Q4 FY26: +4.3%; 22 May
Q3 FY26: −2.9%; 24 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 27.3% a year over 5 years, FY21 to FY26. Operating margin widened to 7.5%.

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	₹1.2k Cr	₹1.7k Cr	₹2.0k Cr	₹2.3k Cr	₹3.3k Cr	₹4.1k Cr
Operating profit	₹51 Cr	₹75 Cr	₹78 Cr	₹100 Cr	₹173 Cr	₹305 Cr
Operating margin	4.2%	4.3%	3.9%	4.3%	5.2%	7.5%
Interest	₹11 Cr	₹15 Cr	₹13 Cr	₹11 Cr	₹14 Cr	₹17 Cr
Depreciation	₹4 Cr	₹5 Cr	₹4 Cr	₹4 Cr	₹10 Cr	₹12 Cr
Net profit	₹27 Cr	₹41 Cr	₹45 Cr	₹62 Cr	₹112 Cr	₹211 Cr
Net margin	2.2%	2.3%	2.3%	2.7%	3.4%	5.2%
Cash from operations	₹-29 Cr	₹17 Cr	₹61 Cr	₹0 Cr	₹-19 Cr	₹-97 Cr
Free cash flow	₹-38 Cr	₹9 Cr	₹60 Cr	₹-4 Cr	₹-44 Cr	₹-106 Cr
ROCE	22.0%	24.0%	—	—	—	—

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹22 Cr	₹22 Cr	₹22 Cr	₹22 Cr	₹23 Cr	₹23 Cr
Reserves	₹75 Cr	₹116 Cr	₹159 Cr	₹216 Cr	₹484 Cr	₹610 Cr
Borrowings	₹169 Cr	₹170 Cr	₹126 Cr	₹173 Cr	₹212 Cr	₹290 Cr
Other liabilities	₹129 Cr	₹105 Cr	₹102 Cr	₹126 Cr	₹259 Cr	₹220 Cr
Total liabilities	₹395 Cr	₹414 Cr	₹409 Cr	₹537 Cr	₹978 Cr	₹1.1k Cr
Fixed assets	₹42 Cr	₹50 Cr	₹49 Cr	₹49 Cr	₹74 Cr	₹75 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	₹12 Cr
Other assets	₹352 Cr	₹363 Cr	₹360 Cr	₹488 Cr	₹903 Cr	₹1.1k Cr
Total assets	₹395 Cr	₹414 Cr	₹409 Cr	₹537 Cr	₹978 Cr	₹1.1k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

What the price assumes

Attractive

To justify its price of ₹1341, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~50%. At that growth it is worth ₹11436 — upside of 753%.

Growth the price implies: 6.4% a year; for 7 years, fading to 4%
It has actually compounded at: 50.5% a year; net profit, FY21–FY26 · EPS 49.8%
The gap: -0.4 pp; 753% downside if it only repeats history

Price today ₹1,340.6 Value at the reference growth ₹11,435.86

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse D. P. Abhushan Limited

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