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Volume decline due to high gold prices
View Risks →D. P. Abhushan Limited — Q3 FY26
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).
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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.
डीपी अभूषण ने वित्त वर्ष 2026 की तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कुल कमाई ₹1,240 करोड़ रही, जो पिछले साल से 13% ज्यादा है। कंपनी ने ₹115 करोड़ का परिचालन लाभ कमाया, जो 89% बढ़ा। शुद्ध लाभ ₹73.35 करोड़ रहा, जो 96% ज्यादा है। मुनाफा बढ़ने की वजह बेहतर संचालन, सोने-चांदी के स्टॉक से फायदा और चांदी व हल्के सोने के गहनों की ज्यादा बिक्री है। चांदी की बिक्री 118% बढ़कर ₹114 करोड़ हो गई। कंपनी अगले दो सालों में 25-30% कमाई बढ़ाने की योजना बना रही है। वह 20 नए स्टोर खोलेगी। लेकिन सोने की ऊंची कीमतों के कारण सोने की बिक्री में 29% गिरावट आई है, जो जोखिम हो सकता है।
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Read Transcript →Quarter Snapshot
Gold Volume (Q3 FY26)
924 kg
-29% YoY
Gold volume sold in Q3 FY26 was 924 kg, down from ~1,317 kg in Q3 FY25, reflecting price-led demand moderation.
Silver Revenue (9M FY26)
₹114 crore
+118% YoY
Silver emerged as a key growth driver, with revenue more than doubling, supported by festive gifting and relative affordability.
Customer Walk-ins (9M FY26)
750,350
N/A
Total customer footfalls over 9 months stood at 750,350 with a healthy overall conversion ratio of 82%.
Same-Store Growth (Q3 FY26)
20-25%
N/A
Management guided same-store growth of 20-25% for the quarter, though overall revenue grew only 13% due to underperformance in some stores.
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Guidance and risk preview
Management expects revenue to grow 25-30% in FY26 and FY27, driven by same-store growth and new store openings.
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 rema...
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