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D. P. Abhushan Q4 FY25 results: net profit up 55.2% to ₹25.15 crore, revenue up 28.8%
D. P. Abhushan Limited reported standalone Q4 FY25 revenue of ₹717.24 crore, up 28.8% from Q4 FY24 but down 33.8% from Q3 FY25. Net profit rose to ₹25.15 crore from ₹16.20 crore a year earlier, while basic EPS increased to ₹10.96 from ₹7.28.
Key points
- Q4 FY25 revenue was ₹717.24 crore, up 28.8% year on year and down 33.8% sequentially.
- EBITDA was ₹41.98 crore, up 72.8% from Q4 FY24, with margin at 5.9% against 4.4%.
- Net profit was ₹25.15 crore, up 55.2% from Q4 FY24, and basic EPS was ₹10.96.
- FY25 revenue was ₹3,310.79 crore, up 41.5% from FY24, while net profit was ₹112.7 crore, up 82.2%.
- The board approved the audited standalone results and decided not to distribute any dividend for financial year 2024-25.
How did D. P. Abhushan perform in Q4 FY25?
D. P. Abhushan’s standalone revenue for Q4 FY25 was ₹717.24 crore, compared with ₹556.78 crore in Q4 FY24 and ₹1,084 crore in Q3 FY25. The year-on-year increase was ₹160.46 crore, or 28.8%, while the sequential decline was ₹366.90 crore, or 33.8%. Total income was ₹717.64 crore against ₹556.85 crore in the year-ago quarter.
EBITDA was ₹41.98 crore in Q4 FY25, up ₹17.69 crore, or 72.8%, from ₹24.29 crore in Q4 FY24 and down ₹12.79 crore from ₹54.77 crore in Q3 FY25. EBITDA margin was 5.9%, compared with 4.4% a year earlier and 5.1% in the previous quarter. Profit before tax was ₹34.58 crore, net profit was ₹25.15 crore and basic EPS was ₹10.96.
The board approved the audited standalone results for the quarter and year ended 31 March 2025. The company presents standalone results because it had no subsidiary, associate or joint venture as of 31 March 2025.
| ₹ crore | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 717.24 | 1,084 | 556.78 | +28.8% | −33.8% |
| Other income | 0.40 | 1.02 | 0.07 | +471.4% | −60.8% |
| Total expenses | 683.06 | 1,036 | 534.31 | +27.8% | −34.1% |
| EBITDA | 41.98 | 54.77 | 24.29 | +72.8% | −23.4% |
| EBITDA margin | 5.9% | 5.1% | 4.4% | +1.5 pp | +0.8 pp |
| Profit before tax | 34.58 | 49.39 | 22.54 | +53.4% | −30.0% |
| Tax | 9.43 | 12.05 | 6.34 | +48.7% | −21.7% |
| Net profit | 25.15 | 37.34 | 16.20 | +55.2% | −32.6% |
| EPS (₹) | 10.96 | 16.60 | 7.28 | +50.5% | −34.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in D. P. Abhushan's costs and profit?
Total expenses were ₹683.06 crore in Q4 FY25, up ₹148.75 crore from ₹534.31 crore in Q4 FY24. Cost of materials was ₹161.44 crore, an increase of ₹50.61 crore from ₹110.83 crore, while employee cost was ₹8.66 crore, higher by ₹2.42 crore from ₹6.24 crore.
Finance costs increased by ₹3.56 crore from ₹0.47 crore to ₹4.03 crore. Depreciation was ₹3.77 crore, higher by ₹2.41 crore from ₹1.36 crore, and other expenses were ₹16.23 crore, up ₹4.69 crore from ₹11.54 crore. Other income was ₹0.40 crore, higher by ₹0.33 crore from ₹0.07 crore.
There was no exceptional item. Tax expense increased by ₹3.09 crore from ₹6.34 crore to ₹9.43 crore. Management said sustained wedding and festive demand and the rise in gold prices supported year-on-year growth, while elevated gold prices led to cautious spending and a sequential decline.
| ₹ crore | Q4 FY25 | Q4 FY24 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 161.44 | 110.83 | +50.61 | +45.7% |
| Employee cost | 8.66 | 6.24 | +2.42 | +38.8% |
| Finance costs | 4.03 | 0.47 | +3.56 | +757.4% |
| Depreciation | 3.77 | 1.36 | +2.41 | +177.2% |
| Other expenses | 16.23 | 11.54 | +4.69 | +40.6% |
| Total expenses | 683.06 | 534.31 | +148.75 | +27.8% |
| Other income | 0.40 | 0.07 | +0.33 | +471.4% |
| Tax | 9.43 | 6.34 | +3.09 | +48.7% |
Source: Company's results filing (XBRL).
How did D. P. Abhushan do in FY25 as a whole?
For FY25, D. P. Abhushan reported revenue of ₹3,310.79 crore, compared with ₹2,339.96 crore in FY24. The increase was ₹970.83 crore, or 41.5%, while total income rose 41.5% to ₹3,312.35 crore from ₹2,340.37 crore.
Profit before tax increased 81.1% to ₹150.98 crore from ₹83.39 crore, and net profit rose 82.2% to ₹112.7 crore from ₹61.86 crore. Basic EPS increased 80.0% to ₹50.04 from ₹27.80. The board decided not to distribute any dividend for financial year 2024-25.
| ₹ crore | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from operations | 3,311 | 2,340 | +41.5% |
| Profit before tax | 150.98 | 83.39 | +81.1% |
| Net profit | 112.70 | 61.86 | +82.2% |
| EPS (₹) | 50.04 | 27.80 | +80.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2025, total assets were ₹837.3 crore, compared with ₹721.96 crore at 30 September 2024. Total equity rose to ₹404.13 crore from ₹337.33 crore, while borrowings fell to ₹164.97 crore from ₹181.87 crore. Cash declined to ₹22.9 crore from ₹29.36 crore.
Inventories were ₹722.1 crore at 31 March 2025, against ₹606.49 crore at 30 September 2024. Trade receivables were ₹2.18 crore compared with ₹0.97 crore, and trade payables were ₹176.71 crore compared with ₹107.93 crore.
FY25 operating cash flow was negative ₹18.93 crore, compared with negative ₹0.28 crore in FY24. Investing cash flow was negative ₹26.89 crore against negative ₹3.87 crore, financing cash flow was ₹39.5 crore against ₹28.33 crore, and capital expenditure was ₹14.68 crore against ₹0.0 crore. Closing cash in FY24 was ₹29.21 crore.
| ₹ crore | As of 31 March 2025 | As of 30 September 2024 |
|---|---|---|
| Total assets | 837.30 | 721.96 |
| Total equity | 404.13 | 337.33 |
| Borrowings | 164.97 | 181.87 |
| Cash and equivalents | 22.90 | 29.36 |
| Inventories | 722.10 | 606.49 |
| Trade receivables | 2.18 | 0.97 |
Source: Company's results filing (XBRL).
| ₹ crore | FY25 | FY24 |
|---|---|---|
| Cash from operations | −18.93 | −0.28 |
| Cash from investing | −26.89 | −3.87 |
| Cash from financing | 39.50 | 28.33 |
| Capital expenditure | 14.68 | 0 |
Source: Company's results filing (XBRL).
How has D. P. Abhushan done over the last 8 quarters?
Revenue reached its highest level of the listed period at ₹1,084.14 crore in Q3 FY25, before falling to ₹717.24 crore in Q4 FY25. Its lowest level was ₹471.47 crore in Q1 FY24, and revenue rose year on year in each of the last eight quarters.
Net profit peaked at ₹37.34 crore in Q3 FY25 and fell to ₹25.15 crore in Q4 FY25. Its lowest level was ₹13.33 crore in Q2 FY24, and profit rose year on year in each of the last five quarters.
EBITDA margin reached its highest level at 7.6% in Q1 FY25 and its lowest at 3.8% in Q2 FY24. It moved to 5.1% in Q3 FY25 and 5.9% in Q4 FY25, ending above the 4.4% recorded in Q4 FY24.
What did D. P. Abhushan's management say?
Management attributed Q4 FY25 growth to sustained wedding and festive demand and a rise in gold prices, which peaked at ₹1 lakh per 10 grams. It said elevated gold prices affected industry demand sequentially and led to more cautious consumer spending, particularly in the mass-market segment.
Management said deferred purchases had not yet converted but were likely to materialise in the second or third quarter. Vikas Kataria said, “These deferred purchases haven't yet converted but are likely to materialize in the second or third quarter. So, while there's been a temporary pause, we expect that demand to return in the near future.”
Three showrooms opened during FY25: Ajmer, described as the ninth; Neemuch, described as the tenth; and a second Ratlam store, described as the eleventh and the city’s largest and most modern jewellery showroom. Management also said a QIP fundraise was in progress, with specifics to be shared after finalisation, and did not provide formal guidance.
Management identified elevated gold prices and purchase deferrals as risks, with recovery timing uncertain. It also said the Ratlam store contributed more than 25% of revenue. No analyst questions were recorded in the available earnings-call information.
How did D. P. Abhushan shares react?
D. P. Abhushan’s shares fell 1.2% after the filing at 5, 15 and 30 minutes. The reaction-day close was unchanged from the previous close. By the next day’s close, the stock was down 2.7% from its pre-results close, and by the fifth day it was down 8.3%.
The Gems Jewellery And Watches industry median rose 0.8% on the reaction day, fell 0.8% by the next day and rose 1.8% by the fifth day. D. P. Abhushan therefore underperformed the industry by 0.9 percentage points on the reaction day, 1.9 percentage points by the next day and 10.1 percentage points by the fifth day.
Earlier reaction-day moves were positive on 7 February 2025 at 3.1%, 28 October 2024 at 2.2% and 18 July 2024 at 2.5%. The move on 21 May 2024 was negative 4.4%.
| After the filing | Stock | Gems Jewellery And Watches median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.2% | |
| 30 minutes | −1.2% | |
| Reaction day | −0.0% | +0.8% |
| Next day | −2.7% | −0.8% |
| 5 days | −8.3% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 7 February 2025 | +3.1% |
| 28 October 2024 | +2.2% |
| 18 July 2024 | +2.5% |
| 21 May 2024 | −4.4% |
Source: MarketPing price-reaction measurement.
How did other Gems Jewellery And Watches companies do?
Twenty-two other Gems Jewellery And Watches companies filed for the quarter, with a median revenue growth of 26.1%. Eleven peers grew slower than D. P. Abhushan and 11 grew faster than the company.
Of the 22 peers compared for profit, 16 reported higher profit. The peer comparison was recorded as of 6 November 2026.
| D. P. Abhushan revenue growth (YoY) | +28.8% |
|---|---|
| Median of 22 other Gems Jewellery And Watches companies | +26.1% |
| Companies with slower revenue growth than D. P. Abhushan | 11 of 22 |
| Companies with faster revenue growth than D. P. Abhushan | 11 of 22 |
| Companies whose net profit rose | 16 of 22 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was D. P. Abhushan's revenue in Q4 FY25?
Revenue from operations was ₹717.24 crore, up 28.8% from ₹556.78 crore in Q4 FY24 (standalone).
Did D. P. Abhushan make a profit in Q4 FY25?
Yes. Net profit was ₹25.15 crore, against a net profit of ₹16.20 crore in Q4 FY24.
What was D. P. Abhushan's EPS in Q4 FY25?
Basic earnings per share were ₹10.96, against ₹7.28 in Q4 FY24.
How did D. P. Abhushan shares react to the Q4 FY25 results?
On the reaction day the stock moved −0.0% from the previous close; the median Gems Jewellery And Watches stock moved +0.8%.
When did D. P. Abhushan announce its Q4 FY25 results?
On 16 May 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Be Held On Friday, May 16, 2025 (BSE, 12 May 2025) · PDF
- Outcome of Board Meeting (NSE, 16 May 2025) · PDF
- General Updates (NSE, 16 May 2025) · PDF
- Press Release (NSE, 16 May 2025) · PDF
- The earnings call (23 May 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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