1. At a Glance – Blink and You’ll Miss the Gold
₹3,156 Cr market cap. ₹1,388 stock price. ROE of 35%, ROCE of 33.6%, and Q3 FY26 PAT growth of 96% YoY. If this was a wedding, this company would be the groom wearing 24-carat confidence while the market aunties whisper, “valuation thoda zyada hai kya?”
D.P. Abhushan is not some fancy South Bombay jeweller selling vibes and perfumes. This is a Tier-2/Tier-3 city gold machine, operating in Indore, Bhopal, Ratlam, Udaipur and now aggressively spreading like wedding season gossip.
Latest quarter (Q3 FY26):
- Revenue: ₹1,222 Cr
- PAT: ₹73.4 Cr
- EPS: ₹32.13
- OPM: 9%
Stock is down ~19% in 1 year while profits are doing bhangra. Either the market is blind… or it’s just waiting for the next quarter ka mangalsutra moment.
2. Introduction – From Ratlam to ROCE Royalty
D.P. Abhushan started as a local Ratlam jeweller and slowly turned into a listed cash-churning ornament factory. No influencer ads. No Bollywood brand ambassadors. Just old-school Indian jewellery retail: trust, gold purity, inventory rotation, and weddings that never get cancelled.
The IPO in April 2024 put the spotlight on the company. Since then, the numbers have spoken louder than management interviews. Revenues grew from ₹2,337 Cr in FY24 to ₹3,448 Cr TTM, and profits jumped like gold prices during geopolitical tension.
This is a jewellery retailer where:
- Gold dominates (92% of revenue)
- Diamonds are still warming up (6%)
- Silver just exists to fill the counter space (2%)
Question for you: How many jewellery companies can scale revenue without killing ROCE? Not many.
3. Business Model – WTF Do They Even Do?
Simple. They sell jewellery. A LOT of it.
D.P. Abhushan does not manufacture jewellery in-house like a factory nerd. Instead:
- Gold, silver, diamonds sourced from bullion dealers & exchanges
- Manufacturing outsourced to 300+ vendors
- Stores act as inventory + trust distribution centers
