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D.P. Abhushan Overview

1. Business Overview

D.P. Abhushan Ltd. is an Indian company operating in the Diamond & Jewellery sector. Its core business involves the manufacturing, retailing, and trading of various types of jewelry, primarily gold and diamond jewelry. The company's business model revolves around sourcing precious metals and stones, designing and crafting jewelry pieces, and then selling them to end-consumers through its retail network. It makes money from the sales margin on its jewelry products.

2. Key Segments / Revenue Mix

Based on the provided information, D.P. Abhushan Ltd. operates primarily within the Diamond & Jewellery segment. Its revenue is generated from the sale of gold jewelry, diamond jewelry, and other precious stone-studded ornaments. Specific breakdowns of revenue contribution from different product categories (e.g., gold vs. diamond) or geographical segments are not available in the given data.

3. Industry & Positioning

The Indian Diamond & Jewellery industry is one of the largest globally, characterized by a mix of organized and unorganized players. It is highly competitive and fragmented, driven by strong cultural significance, wedding traditions, and festive demands. D.P. Abhushan Ltd. likely positions itself as a regional or national player, competing with established national brands, other regional chains, and numerous local jewelers. Its positioning would depend on its specific target demographic, product range, pricing strategy, and brand reputation in its operating regions.

4. Competitive Advantage (Moat)

In the jewelry sector, potential moats often derive from strong brand trust and reputation, design exclusivity, extensive retail network with prime locations, and deep customer relationships built over time. For D.P. Abhushan Ltd., if it has cultivated a strong, trusted brand image within its operating regions, it could possess a soft moat based on customer loyalty and perceived quality. However, without specific details, it is challenging to confirm a durable competitive advantage. The ability to consistently offer unique designs, maintain competitive pricing, and provide excellent customer service could contribute to a moat.

5. Growth Drivers

Key factors that can drive growth for D.P. Abhushan Ltd. over the next 3-5 years include:

Rising Disposable Incomes: Growth in India's middle class and increasing discretionary spending.

Urbanization & Demographic Shifts: Expansion into new urban and semi-urban markets with growing consumer bases.

Cultural Significance: Continued strong demand for jewelry during weddings, festivals, and auspicious occasions.

Retail Expansion: Opening new stores in strategic locations to increase market reach.

E-commerce Adoption: Leveraging online sales channels to tap into a broader customer base, although physical trust remains critical for high-value items.

Product Innovation: Introducing new designs and collections to cater to evolving consumer preferences.

6. Risks

Commodity Price Volatility: Significant fluctuations in the prices of gold, diamonds, and other precious metals/stones can impact raw material costs, inventory valuation, and profit margins.

Economic Slowdown: As jewelry is a discretionary expense, an economic downturn or recession can reduce consumer spending and demand.

Intense Competition: The highly fragmented and competitive nature of the Indian jewelry market can put pressure on pricing and market share.

Regulatory Changes: Changes in import duties, taxation (e.g., GST), or hallmarking regulations can affect business operations and profitability.

Changing Consumer Preferences: Shifts in fashion trends or preference away from traditional jewelry could impact sales.

Counterfeit & Trust Issues: Maintaining consumer trust in authenticity and purity is crucial in this sector, and any lapse can severely damage reputation.

7. Management & Ownership

Specific details regarding the promoters, key management personnel, and a detailed breakdown of the ownership structure are not provided in the given information. Typically, many companies in the Indian Diamond & Jewellery sector are promoter-driven, often with significant family involvement in management and ownership, aiming to build long-term generational businesses.

8. Outlook

D.P. Abhushan Ltd. operates in a market with significant structural tailwinds from India's economic growth and cultural affinity for jewelry. The company has potential for growth by expanding its retail footprint and leveraging its brand. However, the business faces inherent risks from volatile commodity prices, intense competition, and sensitivity to economic cycles. Success will largely depend on its ability to manage these risks, maintain a strong brand reputation for trust and design, and effectively scale its operations while adapting to evolving consumer trends and regulatory landscapes.

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D.P. Abhushan Key Financials

Market Cap ₹2067 Cr.

Stock P/E 18.3

P/B 3.6

Current Price ₹905.4

Book Value ₹ 254.2

Face Value 10

52W High ₹1720

Dividend Yield 0%

52W Low ₹ 890

D.P. Abhushan Share Price

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Volume
Price

D.P. Abhushan Quarterly Price

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D.P. Abhushan Peer Comparison

D.P. Abhushan Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 546 765 557 505 1005 1084 717 540 968 1222
Other Income 0 0 0 0 0 1 0 1 0 -0
Total Income 546 766 557 505 1005 1085 718 541 968 1222
Total Expenditure 524 737 532 466 967 1029 675 486 892 1117
Operating Profit 22 29 24 38 38 56 42 55 76 106
Interest 3 5 0 3 3 4 4 4 4 5
Depreciation 1 1 1 2 2 2 4 3 3 3
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 18 22 23 34 33 49 35 49 69 98
Provision for Tax 4 6 6 9 8 12 9 12 18 25
Profit After Tax 13 17 16 25 25 37 25 36 51 73
Adjustments 0 0 0 -0 0 -0 0 0 0 0
Profit After Adjustments 13 17 16 25 25 37 25 36 51 73
Adjusted Earnings Per Share 6 7.5 7.3 11.3 11.1 16.5 11.1 16.1 22.5 32.1

D.P. Abhushan Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 660 812 809 1218 1731 1975 2340 3311 3447
Other Income 0 0 0 0 3 0 0 2 1
Total Income 660 812 809 1218 1734 1975 2340 3312 3449
Total Expenditure 638 784 774 1167 1659 1898 2239 3137 3170
Operating Profit 22 28 35 51 75 77 101 175 279
Interest 10 10 10 11 15 11 12 15 17
Depreciation 1 2 3 4 5 5 6 9 13
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0
Profit Before Tax 11 16 22 37 55 61 83 151 251
Provision for Tax 3 5 6 9 14 15 22 38 64
Profit After Tax 8 12 17 27 40 45 62 113 185
Adjustments 0 0 0 0 0 0 0 0 0
Profit After Adjustments 8 12 17 27 41 45 62 113 185
Adjusted Earnings Per Share 3.7 5.3 7.5 12.3 18.2 20.4 27.8 49.7 81.8

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 41% 24% 33% 0%
Operating Profit CAGR 73% 33% 38% 0%
PAT CAGR 82% 41% 46% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -41% 45% 48% NA%
ROE Average 35% 31% 32% 29%
ROCE Average 34% 29% 27% 23%

D.P. Abhushan Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 41 53 70 97 138 181 239 404
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 75 48 5 10 27 20 3 4
Other Non-Current Liabilities 1 1 3 12 10 10 12 17
Total Current Liabilities 78 129 191 277 238 213 304 448
Total Liabilities 195 230 269 397 414 425 558 873
Fixed Assets 26 27 30 42 50 49 49 65
Other Non-Current Assets 1 1 1 4 1 1 2 14
Total Current Assets 168 202 238 352 363 375 508 794
Total Assets 195 230 269 397 414 425 558 873

D.P. Abhushan Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 7 7 2 11 5 5 29
Cash Flow from Operating Activities -9 37 7 -29 17 61 -0 -19
Cash Flow from Investing Activities -17 -3 -2 -12 -5 -1 -4 -27
Cash Flow from Financing Activities 30 -34 -11 50 -18 -60 28 40
Net Cash Inflow / Outflow 3 0 -5 9 -6 0 24 -6
Closing Cash & Cash Equivalent 7 7 2 11 5 5 29 23

D.P. Abhushan Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 3.66 5.3 7.49 12.34 18.17 20.36 27.8 49.73
CEPS(Rs) 4.25 6.12 8.84 14.11 20.58 22.57 30.31 53.75
DPS(Rs) 0 0 0 0 1 1 1 0
Book NAV/Share(Rs) 18.46 23.76 31.33 43.67 62.04 81.36 107.28 176.15
Core EBITDA Margin(%) 3.32 3.44 4.25 4.21 4.19 3.89 4.31 5.25
EBIT Margin(%) 3.15 3.22 3.93 3.9 4.04 3.65 4.09 5.02
Pre Tax Margin(%) 1.7 2.03 2.75 3.01 3.15 3.07 3.56 4.56
PAT Margin (%) 1.23 1.45 2.06 2.25 2.34 2.29 2.64 3.4
Cash Profit Margin (%) 1.43 1.68 2.43 2.58 2.65 2.54 2.88 3.68
ROA(%) 4.18 5.55 6.69 8.25 9.97 10.81 12.59 15.75
ROE(%) 19.83 25.1 27.21 32.91 34.38 28.4 29.47 35.33
ROCE(%) 12.53 16.48 19.95 22.51 25.29 24.28 27.51 34.36
Receivable days 1.25 1.13 0.86 0.53 0.55 0.31 0.1 0.15
Inventory Days 81.83 74.77 93.6 82.41 70.68 64.37 62.45 64.86
Payable days 9.14 16.02 26.84 21.96 15.68 12.25 11.33 14.92
PER(x) 19.49 9.14 8.09 9.52 20.58 15.22 30.09 27.39
Price/Book(x) 3.87 2.04 1.93 2.69 6.03 3.81 7.8 7.73
Dividend Yield(%) 0 0 0 0 0.27 0.32 0.12 0
EV/Net Sales(x) 0.42 0.25 0.28 0.34 0.57 0.41 0.85 0.98
EV/Core EBITDA(x) 12.53 7.12 6.61 7.94 13.11 10.38 19.67 18.4
Net Sales Growth(%) 0 23.1 -0.43 50.65 42.13 14.08 18.47 41.49
EBIT Growth(%) 0 25.99 21.51 49.48 47.14 3.2 32.66 73.81
PAT Growth(%) 0 44.73 41.44 64.67 47.24 12.07 36.51 82.17
EPS Growth(%) 0 44.73 41.44 64.67 47.24 12.07 36.51 78.91
Debt/Equity(x) 3.03 1.87 1.39 1.63 1.16 0.64 0.67 0.41
Current Ratio(x) 2.14 1.57 1.25 1.27 1.52 1.76 1.67 1.77
Quick Ratio(x) 0.25 0.13 0.04 0.11 0.05 0.13 0.18 0.16
Interest Cover(x) 2.18 2.7 3.33 4.39 4.57 6.28 7.77 10.82
Total Debt/Mcap(x) 0.79 0.92 0.72 0.6 0.19 0.17 0.09 0.05

D.P. Abhushan Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 75 75 75 73.82 73.82 74.99 74.99 74.88 74.88 74.89
FII 0 0 0.06 0.13 0.2 0.2 0.22 0.22 0.22 0.32
DII 0 0 0 0 0.05 0.05 0.01 0.01 0 0
Public 25 25 24.94 26.05 25.93 24.76 24.78 24.89 24.89 24.79
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

D.P. Abhushan News

D.P. Abhushan Pros & Cons

Pros

  • Company has delivered good profit growth of 46% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31%
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Debtor days have increased from 11.33 to 14.92days.
  • Stock is trading at 3.6 times its book value.
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