D.P. Abhushan Ltd(DPABHUSHAN)

NSE: DPABHUSHANBSE: 544161

₹ 2,207+4.64%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,038 crWebsite: www.dpjewellers.comUpdated: 24 Oct 2026

About

D.P. Abhushan Ltd. trades and manufactures gold, silver, and platinum studded jewellery under the retail brand DP Jewellers, operating 14 showrooms across Central India and Gujarat. The company reported revenue of ₹4,065.13 cr in FY26, making it a mid-sized regional jewellery retailer focused on Tier-II and Tier-III cities in Madhya Pradesh, Rajasthan, and now Gujarat.^[1][2][3]

Business segments

The company is a single-segment business in Gems & Jewellery, with retail operations contributing ₹2,779.75 cr and non-retail operations ₹530.98 cr of FY25 revenue.^[4][5]
Product categories in Q1 FY27: gold (dominant), silver ₹40 cr (+150% YoY), diamond ₹29 cr (-7% YoY); studded jewellery at 6-7% of revenue.^[6]

Products and brands

Retail brand is DP Jewellers (dpjewellers.com); product range covers gold, silver, platinum, and diamond-studded jewellery across standard and lightweight categories.^[1]
Lightweight jewellery brand Amoura was launched across all 11 stores as of Q3 FY26, with plans to expand it as a distinct segment.^[7]
Consumer shift toward 18-carat, 14-carat, and lightweight pieces accelerated in FY26 as elevated gold prices drove demand for lower-cost formats; 9-karat collections are in development.^[7]
Silver revenue grew 168% YoY in FY26 to ₹183 cr from ₹68 cr, and a further 150% YoY to ₹40 cr in Q1 FY27, making it the fastest-growing category.^[8][6]

Store network and operations

Network stood at 14 showrooms as of September 2026 after opening the Dahod, Gujarat store (3,200 sq ft) - the company's first outside MP and Rajasthan.^[3]
Store count was 12 at end of Q1 FY27 and 11 through most of FY26 until the Dhar, MP store opened in March 2026.^[6][8]
Flagship stores are in Ratlam (two stores), which contributed ₹394.08 cr in H1 FY26, down 19% YoY, due to gold price-led softness and a strong prior-year base.^[9]
Ajmer and Neemuch stores (new in FY26) contributed ₹30.33 cr and ₹76.97 cr respectively in H1 FY26, confirming early traction in new geographies.^[9]
Working capital borrowings are secured against inventories and receivables with HDFC, ICICI, SBI, and Kotak Mahindra banks; total borrowings were ₹16,496.79 lakh as of FY25.^[4]

Key operating metrics

SSSG was 52% in Q1 FY27 and ~20% for full FY26; volume growth in Q1 FY27 was ~1-2% YoY, with most revenue gain from higher gold prices.^[6][8]
Gold volume declined ~29% YoY for 9M FY26 (2,344 kg vs 3,297 kg in 9M FY25) as elevated prices compressed purchase volumes.^[7]
Footfall-to-conversion ratio was 81% in Q1 FY27 and 82% for 9M FY26; average ticket size was ~₹1,57,000 in Q1 FY27 vs ~₹1.27 lakh in FY26.^[6][8]
Old-gold exchange contributed ~25% of Q1 FY27 sales, down from 35-40% in full FY26.^[6][8]
Diamond-studded jewellery revenue share was 6-7% in Q1 FY27, unchanged from FY26; management target is 12-15% by March 2028.^[6]

Distribution model

Stores operate under COCO (Company-Owned Company-Operated) model; the Jabalpur store (~3,750 sq ft) is being set up as the first FOCO (Franchisee-Owned Company-Operated) pilot.^[6]
E-commerce website and mobile app (Play Store and App Store) were launched in Q1 FY27; the company is also expanding on third-party marketplaces including Amazon.^[6]

Expansion and capex

Target of 51 stores by FY30 across MP, Rajasthan, Gujarat, Chhattisgarh, and Maharashtra, with a majority COCO and 5-7 FOCO stores.^[6][8]
FY27 plan is 5-6 new stores; Dahod COCO (Gujarat) and Jabalpur FOCO are finalized, with Maharashtra cities including Nagpur under evaluation.^[6][3]
Jodhpur entry is planned near-term; Jaipur targeted within the next 1-2 years from Q4 FY26.^[8]
Capital work-in-progress for showroom construction was ₹1,094.01 lakh in FY25 vs ₹49.46 lakh in FY24, reflecting the step-up in expansion spending.^[4]

Recent developments

On 24 Sep 2026, the Dahod, Gujarat showroom was inaugurated (3,200 sq ft), taking the total network to 14 showrooms.^[3]
Gold Metal Loans (GML) and futures/leasing hedging were adopted from FY26 to manage gold price volatility and support working capital efficiency.^[8]

Market Cap

₹5,038 Cr

High / Low

₹2,495 / 856

Stock P/E

20.5

Price / Book

0.0

Book Value

₹277

EPS

₹92.8

No. of Shares

2.28 Cr

ROCE

39.4%

ROE

40.9%

OPM

7.3%

Debt / Equity

0.45

Sales

₹4,065 Cr

Net Profit

₹212 Cr

Promoter holding

74.9%

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