NSE: DPABHUSHAN · BSE: 544161
D. P. ABHUSHAN LIMITED
Sells gold, silver and diamond-studded jewellery through a 12-showroom retail network in Central India, with gold jewellery being the core product. In Q1 FY27, gold revenue was Rs 781 cr, silver Rs 40 cr and diamond Rs 29 cr, with purchases concentrated around weddings and festivals. Old gold exchange contributed 25% of Q1 FY27 sales, and the company also runs a D.P. Swarna Plus gold accumulation SIP scheme. The studded jewellery mix is targeted to rise from 6-7% to 12-15% by March 2028. The company is targeting 51 stores by FY30, launching its first FOCO pilot in Jabalpur and entering Gujarat via a company-owned store in Dahod. A windmill segment contributes a negligible share of revenue. FY26 cost structure: materials 19.1%, employees 1.0%, other opex 1.8% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gems & Jewellery (100%), Windmill (0%). Asset-light retail jewellery; gold price sensitivity partly hedged via GML and MCX
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY21 | Q1 FY22 | Q3 FY22 |
|---|---|---|---|
| Revenue | 414 | 175 | 668 |
| Profit before tax | 12 | 6 | 21 |
| Net profit | 9 | 4 | 16 |
| EPS (₹) | 3.92 | 1.92 | 7.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,249 | 67.5 | 24.66 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 52,825 | 36.8 | 8.37 | 20.0 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 15,284 | 15.9 | 1.87 | 18.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,531 | 37.2 | 10.26 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 13,784 | 41.0 | 11.43 | 31.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,095 | 218.6 | 6.15 | 26.7 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,763 | 17.4 | 3.95 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,569 | 62.5 | 3.95 | 25.5 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 158.1 | 23.8 | 27 of 29 | 7% |
| EBITDA margin | 3.9 | 10.7 | 26 of 30 | 14% |
| Market cap | 4666 | 2932 | 11 of 30 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Corrigendum updates preferential issue details for extraordinary general meeting | compliance | minimal | — | — |
| 23 Oct 2026 · EGM notice corrected for proposed preferential share allottees | fund raising | high | — | — |
| 23 Oct 2026 · Five proposed equity allottees replace two in preferential issue | fund raising | high | — | — |
| 10 Oct 2026 · RTA certificate submitted for quarter ended September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · DP Abhushan publishes EoGM notice for October 29, 2026 meeting | compliance | minimal | — | — |
| 7 Oct 2026 · EGM on Oct 29 to issue preferential shares and warrants worth about 558 crore rupees | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Board approves preferential issue of shares and warrants worth about 558 crore | fund raising | high | — | — |
| 5 Oct 2026 · Board approves Rs 558 crore preferential issue of shares and warrants | fund raising | high | — | — |
| 5 Oct 2026 · Board approves preferential issue of shares and warrants worth about 558 crore | fund raising | high | — | — |
| 29 Sept 2026 · Board meeting on Oct 5 to consider fund raise via equity/warrants; trading window closed | fund raising | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.