D.P. Abhushan Ltd (DPABHUSHAN)
🎯 Key Takeaways
- D.P.
- Revenue declined 34.2% QoQ to ₹440 in Q4FY22.
- ⚠️ High valuation (P/E of 80.9) may limit upside unless growth sustains or margins expand further.
- Market Cap
- ₹3,175
- P/E Ratio
- 76.3
- P/B Ratio
- 23.00
- ROE
- 29.4%
- ROCE
- 24.0%
- Debt/Equity
- 1.11
- Div Yield
- 0.07%
- Promoter
- 74.9%
📖 The Story
D.P. Abhushan Ltd is in a growth phase driven by expanding retail footprint and strong demand in gold and silver segments, particularly during key cultural and wedding seasons. Management is executing an asset-light expansion strategy, opening new showrooms in underserved markets while maintaining operational efficiency. The company demonstrates consistent top-line and bottom-line growth, supported by high margins and disciplined capital allocation. However, elevated valuation multiples and a concentrated promoter holding suggest limited near-term upside without further scalability proof points.
📰 What's Happening
In Q1FY27, D.P. Abhushan reported a 58% YoY revenue surge to ₹853.63 crores and a 77% YoY PAT increase to ₹64.45 crores, with EBITDA up 70% and margins expanding by 80-82 bps. The company finalized locations for new showrooms in Jabalpur and Dahod, marking its entry into Gujarat and Maharashtra. It also launched its first franchisee-owned, company-operated (FOCO) model store in Jabalpur, reflecting a strategic shift to an asset-light retail model. Management highlighted sustained demand during wedding and festive periods, including Akshaya Tritiya, and noted that gold exchange sales now contribute 25% of total revenue. Expansion plans are underway in Gujarat and Maharashtra, with additional stores expected to roll out under the asset-light framework.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 |
|---|---|---|---|---|
| Revenue | 175 | 448 | 668 | 440 |
| Operating Profit | 9 | 18 | 25 | 17 |
| OPM % | 5.3% | 4.0% | 3.8% | 3.9% |
| Net Profit | 4 | 11 | 16 | 10 |
| EPS | ₹1.92 | ₹4.87 | ₹7.09 | ₹4.34 |
Revenue has grown consistently over the past year, rising from ₹175 crores in Jun 2021 to ₹853.63 crores in Q1FY27, with a notable 58% YoY jump in the latest quarter. Profitability has improved in tandem, as PAT grew 77% YoY to ₹64.45 crores, while operating and net margins remained stable or slightly expanded. Despite modest absolute operating profits in earlier quarters, the recent earnings surge reflects both volume growth and pricing power in high-margin segments. The company has maintained positive operating cash flow (₹17 crores in Mar 2022), though net cash flow turned negative due to investing and financing outflows, likely from expansion capex and debt servicing.
🔮 Management Outlook & What's Next
Management expects sustained growth through asset-light franchise expansion and continued reliance on wedding, festive, and wedding-related demand drivers. They have emphasized the scalability of the FOCO model to accelerate store openings without significant capital outlay. The structured gold savings scheme is being rolled out to deepen customer engagement and drive recurring revenue. No formal long-term guidance was provided, but management expressed confidence in maintaining momentum despite macro timing factors like Adhik Maas. The focus remains on market penetration and brand reach rather than margin compression.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2022 |
|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 |
| Reserves | 47 | 75 | 116 | 90 |
| Borrowings | 95 | 156 | 153 | 138 |
| Total Liabilities | 269 | 395 | 414 | 407 |
| Fixed Assets | 30 | 42 | 50 | 51 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 269 | 395 | 414 | 407 |
The balance sheet shows a stable capital structure with equity of ₹22 crores and reserves growing modestly from ₹75 to ₹116 crores over two years, indicating retained earnings are being reinvested. Borrowings have declined slightly from ₹156 to ₹138 crores, suggesting active deleveraging or reduced reliance on external financing. Total assets have risen incrementally, aligning with operational growth. The company maintains a healthy asset base relative to liabilities, but the leverage ratio of 1.11 suggests moderate financial risk, particularly as expansion continues. Capital allocation appears focused on organic growth rather than large-scale acquisitions or heavy dividends.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2022 |
|---|---|
| Operating | +17 |
| Investing | -5 |
| Financing | -18 |
| Net Cash Flow | -6 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 74.9% | 74.9% | 74.9% | 74.9% |
| FII | 0.2% | 0.2% | 0.3% | 0.2% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 18.6% | 18.9% | 18.9% | 19.1% |
| # Shareholders | 8,736 | 8,976 | 9,315 | 10,316 |
Promoter holding remains stable at 74.89% over the past year, indicating confidence in long-term prospects. Institutional ownership is minimal, with FII holding at just 0.23% in Q1FY27 and DII at 0%, suggesting limited institutional interest or coverage. The shareholder base is fragmented, with over 10,000 individual shareholders, which may contribute to low liquidity. No significant selling by promoters or institutions has been observed, but the lack of institutional accumulation could signal untapped upside or under-coverage by analysts.
⚖️ Peer Comparison — Diamond, Gems and Jewellery
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TITAN | 4.27 L Cr | 74.2 | 20.9% | — | 1.75 |
| KALYANKJIL | 58,190 | 40.5 | 29.0% | — | 0.69 |
| LALITHAA | 17,854 | — | — | — | 0.55 |
| THANGAMAYL | 15,570 | 39.8 | 26.3% | — | 0.58 |
| PCJEWELLER | 13,129 | 13.7 | 9.7% | — | 0.13 |
| SKYGOLD | 12,348 | 36.8 | 42.5% | — | 0.89 |
| BLUESTONE | 12,000 | 236.5 | 13.2% | — | 1.23 |
| PNGJL | 7,943 | 17.8 | 19.9% | — | 0.80 |
| SENCO | 5,232 | 9.2 | 20.4% | — | 0.93 |
| GOLDIAM | 4,707 | 16.9 | 38.4% | — | 0.01 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. High valuation (P/E of 80.9) may limit upside unless growth sustains or margins expand further. 2. Heavy reliance on discretionary spending during weddings and festivals makes revenue vulnerable to economic or sentiment downturns. 3. Expansion via asset-light model depends on franchisee performance and brand consistency, which could affect control and customer trust. 4. Low institutional interest and thin trading volumes may lead to price volatility and limited analyst coverage.
📋 Recent Filings
- Announcement2026-09-28D.P. Abhushan Ltd announced the closure of its insider trading window effective October 1, 2026, until 48 hours after the unaudited quarterly results …
- 🟡 voting results2026-09-26
- 🟡 Board Meeting2026-09-25D.P. Abhushan Ltd held its 9th AGM on September 25, 2026 in Ratlam, India, with 36 shareholders present and remote e-voting open from September 22-24.…
- 🔴 Announcement2026-09-24D.P. Abhushan Limited announced the inauguration of its first showroom in Dahod, Gujarat on September 24, 2026, marking its strategic entry into a hig…
- 🟡 Board Meeting2026-09-24D.P. Abhushan Ltd informed BSE and NSE that its secretarial auditor's name changed from M/s. ALAP & Co. LLP to M/s. Prasad and Partners LLP, effective…
- 🔴 Announcement2026-09-24D.P. Abhushan Ltd announced its participation in the Arihant Capital Virtual Conference on September 30, 2026, from 10:00 to 11:00 AM, confirming atte…
- 🔴 Announcement2026-09-17D.P. Abhushan Ltd announced that its officials will attend the Anand Rathi Annual Flagship Conference G-200 Summit 2026 on September 22, 2026, at Taj …
- 🟡 Board Meeting2026-09-03D.P. Abhushan Ltd announced its Ninth AGM on September 25, 2026 at 4:00 PM IST at Hotel Balaji, Ratlam. Shareholders recorded as of September 18, 2026…
- 🟡 sustainability report2026-09-03D.P. Abhushan Ltd filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 on September 3, 2026, confirming standalone disclo…
- 🔴 annual report2026-09-03D.P. Abhushan Ltd reported FY2025-26 revenue of ₹4,06,512.83 lakhs, up 23% YoY, with PAT rising 88% to ₹21,184.04 lakhs. EBITDA grew 77% to ₹310 crore…
🧠 Analyst's Read
D.P. Abhushan is executing a clear expansion strategy with strong near-term momentum in revenue and profit, but the path to scalable profitability remains unproven. Investors should monitor the pace and profitability of new store openings, especially in new markets like Gujarat and Maharashtra, as well as the uptake of the gold savings scheme. The key watchpoint is whether the asset-light model can drive margin-accretive growth without compromising control or customer experience.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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