WEBSITE BSE:544161 NSE: DPABHUSHAN Inc. Year: 2017 Industry: Diamond & Jewellery My Bucket: Add Stock
Last updated: 15:52
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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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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
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(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 |
| #(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 |
| # | 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% |
| #(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 |
| #(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 |
| # | 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 |
| # | 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 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.67 | 1.67 | 1.67 | 1.67 | 1.67 | 1.7 | 1.7 | 1.71 | 1.71 | 1.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.01 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.56 | 0.56 | 0.56 | 0.59 | 0.59 | 0.56 | 0.56 | 0.57 | 0.57 | 0.57 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.23 | 2.23 | 2.23 | 2.26 | 2.26 | 2.27 | 2.27 | 2.28 | 2.28 | 2.28 |
* The pros and cons are machine generated.
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