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Revenue
₹1,240 Cr
verification pending
Revenue YoY
13%
reported change
EBITDA
₹115 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
D P Abhushan reported a strong Q3 FY26 with revenue of ₹1,240 crore (+13% YoY), EBITDA of ₹115 crore (+89% YoY), and PAT of ₹73.35 crore (+96% YoY). EBITDA margin expanded to 8.64% (+357 bps YoY), driven by operating leverage, inventory gains (~₹20 crore), and a favorable product mix shift toward silver and lower-carat jewelry. Silver revenue surged 118% YoY to ₹114 crore. Management guided for 25-30% revenue growth in FY26 and FY27, supported by same-store growth of 20-25% and plans to open 20 new stores over three years. Margins are expected to sustain or improve due to higher-margin categories. Key risk: volume decline of ~29% in gold (9M) due to elevated gold prices could pressure revenue if prices stabilize or fall.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 25-30% in FY26 and FY27, driven by same-store growth and new store openings.
- The company plans to open 20 additional stores by the end of FY29, focusing on tier-2 and tier-3 cities in MP, Rajasthan, Chhattisgarh, Gujarat, and Maharashtra.
- Management expects same-store growth to remain in the 20-25% range, though overall revenue growth may vary due to new store contributions.
- Management believes EBITDA margins are sustainable and may expand further due to a shift toward higher-margin categories like silver, diamond, and lower-carat jewelry.
Risks flagged
- 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.
- 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.
- The proposed QIP has been delayed, and management cited waiting for better market conditions to minimize dilution, which may signal equity overhang.
- 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.
Key quotes
- Silver is the next gold. So silver will definitely emerge as the next gold. That is my belief.
- Roughly 25 to 28% is the inventory gain included in this. So these two reasons are why our profit, PAT, is increasing significantly.
- We have started hedging. We have started GML as well. Plus we have started hedging.
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