Volume decline due to high gold prices
Gold volume sold in 9M FY26 fell ~29% YoY to 2,344 kg from 3,297 kg, indicating price-led demand destruction that could persist if gold prices remain elevated.
DPABHUSHAN / bear-case history
Track the concerns that keep returning.
D. P. Abhushan · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Inventory gain not sustainable
Management acknowledged that ~₹20 crore of PAT in Q3 came from inventory gains due to rising gold prices, which may not recur if prices stabilize or decline.
QIP delay and dilution concerns
The proposed QIP has been delayed, and management cited waiting for better market conditions to minimize dilution, which may signal equity overhang.
Store expansion pace slower than guided
Only one new store opened in the last 9 months (Dahlab in April 2025), and management now targets 4-5 stores next year, suggesting execution risk.