D. P. Abhushan Limited (DPABHUSHAN)
₹2,293.50 -4.14% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, D. P.'s revenue was ₹852 Cr (+57.7% year on year, -36.1% on the previous quarter), and net profit ₹64.4 Cr (+76.9% year on year); the operating margin was 10.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹852 | +57.7% | -36.1% |
| Operating profit | ₹92.8 | +70.8% | +34.4% |
| Net profit | ₹64.4 | +76.9% | +26.4% |
| Operating margin | 10.9% | — | — |
DPABHUSHAN delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.13% of the DPABHUSHAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.87%. That is close to its usual level. Volume was 0.3 times its average, well below normal. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 28.0% · 29.8% · 32.7% · 36.5% · 39.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
D. P. Abhushan has issued an Extraordinary General Meeting (EGM) notice scheduled for October 29, 2026, to seek shareholder approval for a preferential equity issue. The company plans to allot up to 8,66,434 fully paid-up equity shares at ₹1,430 per share (face value ₹10 plus ₹1,420 premium), raising up to ₹123.90 crore. This fundraise represents ~1.5% of current market cap (₹8,046 Cr) and ~19.6% of net worth (₹633 Cr). Proposed allottees primarily include non-promoter entities, high-net-worth individuals, and Category II/III Alternative Investment Funds (AIFs).
- Proposed preferential issue of up to 8,66,434 equity shares raising up to ₹123,90,00,620.00
- Issue price fixed at ₹1,430.00 per share (₹10 face value plus ₹1,420 premium)
- EGM scheduled on October 29, 2026, with cut-off date for e-voting set to October 22, 2026
- Key allottees include Rathi Ramkumar Hiralal HUF (1,86,450 shares), Eterna Prima-Scheme I (69,931 shares), and Hem Growth Opportunities Fund (69,931 shares)
The Board of D. P. Abhushan Limited approved a preferential allotment to raise up to ₹558.01 crore via equity shares and convertible warrants at an issue price of ₹1,430 per unit. The raise comprises 8,66,434 equity shares worth ₹123.90 crore and 30,35,711 convertible warrants totaling ₹434.11 crore. Key warrant subscribers include marquee investor Mukul Mahavir Agrawal (₹100.03 crore) and Motilal Oswal Financial Services (₹75 crore). Post-conversion, promoter shareholding will dilute from 74.89% to 66.46%, representing an equity dilution of approximately 14.8% on the expanded capital base.
- Board approved ₹123.90 crore via 8,66,434 equity shares at ₹1,430 per share
- Board approved ₹434.11 crore via 30,35,711 warrants convertible within 18 months at ₹1,430 per warrant
- Total combined capital raise stands at ₹558.01 crore, equivalent to ~88% of net worth (₹633 crore)
- Promoter holding to decline from 74.89% to 66.46% post full conversion of warrants
- Notable allottees include Mukul Agrawal (6,99,500 warrants) and Motilal Oswal (5,24,450 warrants)
The Board of D. P. Abhushan Limited approved a preferential allotment to raise up to ₹558.01 crore via equity shares and convertible warrants at an issue price of ₹1,430 per unit. The raise comprises 8,66,434 equity shares worth ₹123.90 crore and 30,35,711 convertible warrants totaling ₹434.11 crore. Key warrant subscribers include marquee investor Mukul Mahavir Agrawal (₹100.03 crore) and Motilal Oswal Financial Services (₹75 crore). Post-conversion, promoter shareholding will dilute from 74.89% to 66.46%, representing an equity dilution of approximately 14.8% on the expanded capital base.
- Board approved ₹123.90 crore via 8,66,434 equity shares at ₹1,430 per share
- Board approved ₹434.11 crore via 30,35,711 warrants convertible within 18 months at ₹1,430 per warrant
- Total combined capital raise stands at ₹558.01 crore, equivalent to ~88% of net worth (₹633 crore)
- Promoter holding to decline from 74.89% to 66.46% post full conversion of warrants
- Notable allottees include Mukul Agrawal (6,99,500 warrants) and Motilal Oswal (5,24,450 warrants)
D. P. Abhushan Limited has scheduled a Board of Directors meeting for Monday, October 05, 2026, to consider raising funds. The proposed capital raise may occur through equity shares and/or warrants via private placement, preferential issue, or other permitted methods, subject to shareholder and regulatory approvals. Additionally, the trading window closure has been advanced from October 01, 2026, to September 29, 2026, and will remain closed until 48 hours after Q2 FY27 results are declared.
- Board meeting scheduled on Monday, October 05, 2026 to consider fund raising
- Fundraise modes under review include equity shares and/or warrants via preferential issue or private placement
- Trading window closure prepone from October 01, 2026 to September 29, 2026
- Trading window to stay shut until 48 hours after declaration of Q2/H1 FY27 unaudited financial results
D. P. Abhushan Limited concluded its 9th Annual General Meeting on September 25, 2026. The company noted key operational milestones, including expanding its retail showroom footprint to 13 stores following a new showroom opening in Dahod, marking its formal entry into Gujarat. During the meeting, management recapped FY26 performance, citing revenue of approximately ₹4,070 crore (up 23%) and PAT of approximately ₹212 crore (up 88%). Resolutions regarding executive re-appointments and alterations to the Articles of Association were put to shareholder vote via remote e-voting and poll.
- Expanded retail showroom count to 13 stores, entering Gujarat via a new showroom in Dahod opened September 24, 2026
- Showroom network area reached approximately 53,650 square feet across 12 stores prior to the Dahod launch
- CFO highlighted FY26 revenue of approximately ₹4,070 crore (+23%) and PAT of approximately ₹212 crore (+88%)
- Proposed five-year re-appointment of Mr. Anil Kataria as Whole-time Director effective October 1, 2026
- Reported total personal attendance of 36 members with e-voting results to be declared within 48 hours
D. P. Abhushan Limited inaugurated its first showroom in Gujarat at Dahod on September 24, 2026, marking its formal entry into the state. The showroom features approximately 3,200 sq. ft. of retail area within an 8,261 sq. ft. building, expanding the company's total store footprint to 13 showrooms. This marks progress on the company's stated strategy to expand retail presence into Gujarat, Chhattisgarh, and Maharashtra beyond its primary Madhya Pradesh base. The retail addition represents an incremental expansion relative to the company's prior footprint of 54,217 sq. ft. across 10-12 branches.
- Inaugurated first Gujarat showroom in Dahod on September 24, 2026
- Showroom adds approximately 3,200 sq. ft. of retail area (building area: 8,261 sq. ft.)
- Expands total operational showroom count to 13 across Central and Western India
- Execution against stated multi-state geographic diversification plan
D. P. Abhushan Limited has announced that company officials will participate in the Anand Rathi Annual Flagship Conference G-200 Summit 2026. The meeting will take place in physical mode on Tuesday, September 22, 2026, at Taj Santacruz, Mumbai. The discussions will strictly cover publicly available information with no unpublished price-sensitive information shared.
- Conference scheduled for Tuesday, 22 September, 2026
- Participation in Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Event to be held in physical mode at Taj Santacruz, Mumbai
- Discussions restricted strictly to publicly available information
D. P. Abhushan Limited has submitted newspaper clippings regarding the notice of its upcoming 9th Annual General Meeting (AGM). The notice was published on September 04, 2026, in Financial Express (English) and Chautha Sansar (Hindi) in compliance with Regulation 47 of SEBI LODR Regulations. This is a standard statutory compliance filing with no operational or financial impact on the company.
- Published notice for the 9th Annual General Meeting of the company
- Newspaper advertisements released on September 04, 2026
- Advertised in Financial Express (English) and Chautha Sansar (Hindi)
- Filing made under Regulation 47 of SEBI (LODR) Regulations, 2015
D. P. Abhushan has announced the inauguration of a new retail showroom under the brand 'D. P. Jewellers' in Dahod, Gujarat, scheduled for September 24, 2026. The opening aligns with management's strategic roadmap to expand physical footprint beyond its core Madhya Pradesh presence into Gujarat, Chhattisgarh, and Maharashtra. With an existing network of 10 branches spanning 54,217 sq. ft., adding this store expands the company's retail reach. The timing positions the Dahod outlet to capture upcoming festive and wedding demand in H2 FY27.
- New showroom opening under the brand 'D. P. Jewellers' at Dahod, Gujarat
- Showroom inauguration scheduled for Thursday, September 24, 2026
- Part of ongoing regional expansion strategy to strengthen market share in Gujarat
D. P. Abhushan Limited has issued the notice for its 9th Annual General Meeting scheduled for September 25, 2026, in Ratlam, Madhya Pradesh. Key agenda items include the adoption of FY26 audited financial statements and the re-appointment of Mr. Santosh Kataria as Chairman & Managing Director for a 5-year term starting October 1, 2026. Shareholders will also vote on re-appointing Mr. Anil Kataria as Whole-time Director for 5 years and amending the Articles of Association. The cut-off date for remote e-voting eligibility is September 18, 2026.
- 9th Annual General Meeting scheduled for Friday, September 25, 2026, at 04:00 PM IST in Ratlam.
- Cut-off date for remote e-voting and polling eligibility set as Friday, September 18, 2026.
- Proposal for re-appointment of Mr. Santosh Kataria as Chairman & MD for 5 years effective October 01, 2026.
- Proposal for re-appointment of Mr. Anil Kataria as Whole-time Director for 5 years effective October 01, 2026.
- Special resolution proposed to insert Article 165 into Articles of Association regarding non-transferable securities.
D. P. Abhushan's Board has approved the re-appointment of Mr. Santosh Kataria as Chairman & Managing Director and Mr. Anil Kataria as Whole-time Director, each for a 5-year term starting October 1, 2026, subject to shareholder approval. The Board also approved an alteration to the Articles of Association by inserting Article 165 to enable marking specified securities as non-transferable in compliance with statutory requirements. Further administrative approvals were granted for the 9th AGM, including the appointment of NSDL for remote e-voting and M/s ALAP & Co. LLP as scrutinizer.
- Re-appointment of Santosh Kataria as Chairman & MD for 5 consecutive years w.e.f. October 1, 2026 (holds 8,07,330 shares)
- Re-appointment of Anil Kataria as Whole-time Director for 5 consecutive years w.e.f. October 1, 2026 (holds 6,071,230 shares)
- Insertion of Article 165 in Articles of Association to mark specified securities non-transferable under applicable laws
- Approval of Draft Directors' Report for FY 2025-26 and appointment of NSDL for 9th AGM e-voting
D. P. Abhushan Limited has announced a new showroom under its 'D.P. Jewellers' brand in Jodhpur, Rajasthan. The store will operate under the Company-Owned and Company-Operated (COCO) model, with direct company oversight of staffing, inventory, and operations. The showroom is currently under construction and slated to open shortly, expanding beyond its existing 10-store base (54,217 sq. ft.).
- New showroom announced at Jodhpur, Rajasthan under the COCO (Company-Owned and Company-Operated) model.
- Showroom operations, inventory, staffing, and customer service will be directly managed by the company.
- Facility is currently under construction and scheduled to open shortly.
- Adds to existing physical retail presence of 10 branches (54,217 sq. ft.).
D. P. Abhushan Limited's board met on August 05, 2026, to approve a change in the location where the company's books of account are kept. The new address is located in Ratlam, Madhya Pradesh, effective immediately. This is a procedural administrative update under SEBI Regulation 30. The company, which has a TTM revenue of Rs 2,629 Cr and a market cap of Rs 5,317 Cr, continues its operations without any impact on its financial performance from this change.
- Board meeting held on August 05, 2026, to approve administrative changes.
- Meeting duration was 30 minutes, starting at 5:00 PM and concluding at 5:30 PM.
- The new address for books of account is located on the 2nd Floor in Ratlam.
D. P. Abhushan reported a robust 58% YoY revenue growth in Q1 FY27, supported by strong festive and wedding demand. The company is aggressively expanding its footprint, entering the Gujarat market with a 3,200 sq. ft. store in Dahod and adding a 3,750 sq. ft. FOCO store in Jabalpur. Management has provided a clear volume growth guidance of 10% for both FY27 and FY28. A significant shift in consumer behavior was noted, with old gold exchanges now contributing 25% of total sales, helping sustain demand despite high gold prices and a May 2026 import duty hike to 15%.
- Revenue grew by 58% YoY in Q1 FY27, driven by Akshaya Tritiya and summer weddings.
- Management guided for a steady 10% volume growth for both FY27 and FY28.
- Old gold exchange transactions contributed 25% of total sales in Q1 FY27.
- Average ticket size for the quarter stood at approximately ₹1,57,000 with an 81% conversion ratio.
- Planned expansion of ~6,950 sq. ft. across two new stores represents a ~12.8% increase over the current 54,217 sq. ft. footprint.
D. P. Abhushan Limited has released the audio recording of its Q1FY27 earnings call held on July 22, 2026. The call pertains to the unaudited financial results for the quarter ended June 30, 2026. Management's strategy remains focused on a 20-25% growth rate, supported by a retail footprint of 54,217 sq. ft. across 10 branches. Investors can access the recording to understand the company's progress on its planned expansion into Gujarat, Chhattisgarh, and Maharashtra.
- Earnings call held on July 22, 2026, following the Q1FY27 financial results disclosure.
- Company maintains a retail footprint of 54,217 sq. ft. across 10 existing branches.
- Management targeting a long-term growth rate of 20-25% through geographic expansion.
- Promoter holding remains high and stable at 74.89% as of March 2026.
Financial Performance
Revenue Growth by Segment
Gold jewellery remains the primary driver contributing 91% of total revenue. Silver segment showed exceptional growth of 103% YoY in H1 FY26, while diamond-studded jewellery experienced a slight decline of 3% YoY during the same period.
Geographic Revenue Split
The company operates 10 branches across Madhya Pradesh (Ratlam, Indore, Bhopal, Ujjain, Neemuch) and Rajasthan (Udaipur, Bhilwara, Kota, Banswara, Ajmer), with a total retail area of 54,217 sq. ft. as of November 2024.
Profitability Margins
Profitability showed significant improvement in Q2 FY26 with PAT margin at 5.32% compared to 2.50% in the previous year. H1 FY26 PAT margin stood at 5.83% (INR 87.88 Cr) compared to 3.33% (INR 50.21 Cr) in H1 FY25.
EBITDA Margin
EBITDA margin for Q2 FY26 improved to 7.83% from 3.79% YoY, a sharp 404 bps increase. For H1 FY26, margins reached 8.68% versus 5.06% last year, driven by better absorption of overheads and cost efficiencies.
Capital Expenditure
The company is planning to raise up to INR 600 Cr through a Qualified Institutional Placement (QIP) to fund its expansion roadmap, including new self-owned outlets and digital infrastructure.
Credit Rating & Borrowing
Credit rating was upgraded in January 2025 to CARE A-; Stable (Long-term) and CARE A2+ (Short-term) from CARE BBB+; Positive, reflecting healthy growth in scale and comfortable financial risk profile.
Operational Drivers
Raw Materials
Primary raw materials include Gold bullion (representing over 90% of costs), Silver, Diamonds, and Platinum.
Import Sources
Not specifically disclosed in available documents; however, the company follows an inventory replenishment model for hedging gold price volatility.
Capacity Expansion
Current retail footprint is 54,217 sq. ft. across 10 branches. Planned expansion includes entering Gujarat, Chhattisgarh, and Maharashtra markets over the next 4-5 years.
Raw Material Costs
Raw material costs are highly sensitive to gold price volatility, which caused a 4% YoY revenue decline in Q2 FY26 despite festive demand.
Manufacturing Efficiency
The company focuses on high-turnover retail operations rather than just manufacturing, maintaining a wide variety of designs to drive footfall.
Strategic Growth
Expected Growth Rate
20-25%
Growth Strategy
Growth will be achieved through a multi-pronged strategy: expanding the physical store footprint into Gujarat, Chhattisgarh, and Maharashtra; launching an e-commerce platform by the end of FY26; and increasing the revenue share of high-margin diamond-studded jewellery to a target of 10%.
Products & Services
Gold Jewellery, Diamond Jewellery, Platinum Jewellery, Silver Jewellery, and other precious metal ornaments.
Brand Portfolio
DP Jewellers
New Products/Services
Launching a dedicated e-commerce platform in Q4 FY26 and increasing focus on premium diamond-studded collections.
Market Expansion
Targeting pan-India presence with immediate focus on Madhya Pradesh, Gujarat, Chhattisgarh, Rajasthan, and Maharashtra over the next 4-5 years.
External Factors
Industry Trends
The industry is seeing a shift from unorganized to organized retail. Management expects strong demand from approximately 47 lakh weddings scheduled between November 2025 and March 2026.
Competitive Landscape
Competes with large pan-India players like Kalyan Jewellers and Tanishq, as well as numerous local unorganized jewelers.
Competitive Moat
Moat is built on an 85-year legacy, strong brand trust ('DP Jewellers') in central India, and high operational efficiency (inventory turnover of 5.47x).
Macro Economic Sensitivity
Highly sensitive to gold price fluctuations and consumer discretionary spending power, especially during the wedding season.
Consumer Behavior
Demand is heavily cyclical, peaking during the wedding season (Q3/Q4) and major festivals like Diwali and Akshaya Tritiya.
Geopolitical Risks
Susceptible to global gold price trends which are often influenced by geopolitical stability and central bank policies.
Regulatory & Governance
Industry Regulations
Operations are subject to hallmarking mandates, gold import/export restrictions, and GST regulations governing the Gems & Jewellery sector.
Risk Analysis
Key Uncertainties
Gold price volatility (potential impact on margins if not hedged correctly), regulatory changes in gold trade, and intense competition in new geographic markets.
Geographic Concentration Risk
High concentration in Madhya Pradesh and Rajasthan, though expansion plans are underway to mitigate this.
Third Party Dependencies
Dependency on bullion banks and suppliers for raw gold procurement.
Technology Obsolescence Risk
Risk of falling behind in the digital shift; being addressed by the upcoming launch of an e-commerce platform in FY26.
Credit & Counterparty Risk
Minimal for retail sales (cash/card), but relevant for any wholesale or bullion trading activities.
