D. P. Abhushan Limited has informed the Exchange about Transcript of Q1 FY26 Earnings Calls held on Wednesday, July 30, 2025.
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D.P. Abhushan Limited reported Q1 FY26 total revenue of INR 541 crore (up 7% YoY) and a strong 45% jump in profit after tax to INR 36 crore, with PAT margin at 6.73% and EBITDA at INR 55 crore (10.21% margin, up 44% YoY). The company recently opened its second showroom in Ratlam, taking the total store count to 11, and plans to raise up to INR 600 crores via QIP (expected to close in August 2025) purely to fund store expansion toward a target of 50 stores by FY30. Management guided FY26 revenue of INR 4,500 crores and FY27 of INR 6,000 crores, with EBITDA margin targets of 6% (FY26) and 6.5% (FY27), and aims to lift studded jewellery share from 6% to 15% by FY30. Industry volumes declined 10-12% due to record-high gold prices crossing INR 1 lakh per 10 grams, but wedding and festive buying cushioned the impact, and Q2 is expected to remain soft before picking up.
Strong Q1 earnings with 45% PAT growth and an ambitious 50-store expansion plan backed by a INR 600 crore QIP signal robust growth runway, though high gold prices are pressuring volumes and Q2 is likely to stay subdued. Investors should track execution of the store rollout, margin expansion from the studded jewellery mix shift, and the impact of planned gold metal loan (GML) financing on the balance sheet.