1. Opening Hook
Gold prices sprinted ahead like they had insider information, and jewellery buyers blinked—but didn’t disappear. While the industry complained about “volume pressure,” D. P. Abhushan calmly rang up double-digit growth and pretended this was all very normal. Q3 FY26 wasn’t about flashy expansion headlines; it was about execution in an environment where customers had to think twice before swiping the card.
Wedding demand showed up like a loyal friend, festivals did their duty, and silver—yes, silver—walked in as the surprise hero. Management spoke about discipline, hedging, and calibrated growth, which in jewellery-speak usually means “we didn’t panic.”
If you think this is just another family jeweller cruising on legacy, read on. The numbers, and the subtext, get far more interesting.
2. At a Glance
- Revenue up 13% (Q3 YoY) – Gold prices tried to scare customers; weddings didn’t care.
- EBITDA up 89% – Margins woke up after a long nap.
- PAT up 96% – Operating leverage finally decided to cooperate.
- Silver revenue up 131% – The affordable cousin stole the show.
- Diamond revenue down 33% – High prices, low enthusiasm.
- Conversion ratio at 82% – Walk-ins came, wallets followed.
3. Management’s Key Commentary
“Despite elevated gold prices, we delivered healthy revenue growth.”
(Translation: Volumes wobbled, but pricing and weddings saved the quarter.) 😏
“EBITDA and PAT grew by 89% and 96% YoY.”
(Margins remembered they exist.)
“Wedding demand and festive momentum supported growth.”
(India still marries even when gold is expensive.)
“Silver emerged as a key growth driver.”
(Turns out affordability is a feature, not a bug.)
“Disciplined inventory
