D.P. Abhushan Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript D.P. Abhushan Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
D.P. Abhushan reported Q1 FY27 revenue of Rs 853.63 crore, up 58% year-on-year, with EBITDA growing 70% to Rs 93.99 crore and PAT rising 77% to Rs 64 crore. Management attributed the growth to strong wedding and festive demand, higher gold prices feeding into making-charge realization, and healthy footfall-to-conversion of 81%. The company also discussed store expansion plans into Gujarat and Madhya Pradesh, the new DP Swarna Plus scheme, and volume growth of approximately 1% to 2% for the quarter.
Numbers mentioned
Revenue: INR853.63 crores (Q1 FY27)
p. 5
“During Quarter 1 '27, our total revenue stood at INR853.63 crores as compared to INR541 crores in Quarter 1 FY26, registering a strong growth of 58% year-on-year.”
Manish Laddha, page 5 of the filed PDF · View the filing
EBITDA: INR93.99 crores (Q1 FY27)
p. 5
“At operating level, EBITDA increased by 70% year-on-year to INR93.99 crores in Q1 '27 as compared to INR55 crores in Q1 '26.”
Manish Laddha, page 5 of the filed PDF · View the filing
EBITDA margin: 11.01% (Q1 FY27)
p. 5
“EBITDA margin expanded by 80 basis points yearon-year to 11.01% as compared to 10.21% in the corresponding quarter of the previous year.”
Manish Laddha, page 5 of the filed PDF · View the filing
PAT: INR64 crores (Q1 FY27)
p. 6
“PAT increased by 77% yearon-year to INR64 crores in Q1 FY27as compared to INR36 crores in Q1 FY26.”
Manish Laddha, page 6 of the filed PDF · View the filing
PAT margin: 7.55% (Q1 FY27)
p. 6
“PAT margin expanded to 7.55%, up 82 basis points year-on-year, reflecting strong profitability growth and sustained efficiency across the businesses.”
Manish Laddha, page 6 of the filed PDF · View the filing
Gold revenue: INR781 crores (Q1 FY27)
p. 6
“Gold revenue increased from INR491 crores in Q1 FY26 to INR781 crores in Q1 FY27.”
Manish Laddha, page 6 of the filed PDF · View the filing
Silver revenue: INR40 crores (Q1 FY27)
p. 6
“it has grown as compared to Q1 FY26 where we were having INR16 crores to INR40 crores in Q1 FY27, registering a strong growth of 150% year-on-year.”
Manish Laddha, page 6 of the filed PDF · View the filing
Diamond revenue: INR29 crores (Q1 FY27)
p. 6
“Diamond revenue stood at INR29 crores in Q1 FY27as compared to INR31 crores in Q1 FY26.”
Manish Laddha, page 6 of the filed PDF · View the filing
Same-store sales growth: 52% (Q1 FY27)
p. 6
“Our same-store sales growth stood at 52% on an overall basis.”
Manish Laddha, page 6 of the filed PDF · View the filing
Footfall-to-conversion ratio: 81% (Q1 FY27)
p. 4
“the footfall-to-conversion ratio stood at 81%, showing strong buying intent and effective in-store engagement.”
Santosh Kataria, page 4 of the filed PDF · View the filing
Average ticket size: Rs. 1,57,000 (Q1 FY27)
p. 4
“During the quarter, our average ticket size was approximately Rs. 1,57,000, supported by wedding-led purchases and festive demand.”
Santosh Kataria, page 4 of the filed PDF · View the filing
Old gold exchange share of sales: approximately 25% (Q1 FY27)
p. 5
“old gold exchange contributed approximately 25% of total sales, which improves affordability for customers and reduces our dependence on fresh gold procurement.”
Santosh Kataria, page 5 of the filed PDF · View the filing
Volume growth: approximately 1% to 2% (Q1 FY27 vs Q1 FY26)
p. 14
“When we compare Q1 FY27 with Q1 FY26, we have delivered volume growth of approximately 1% to 2%.”
Manish Laddha, page 14 of the filed PDF · View the filing
Inventory turnover ratio: around 4.7x to 5.0x annually
p. 16
“Our business currently operates with an inventory turnover ratio of around 4.7x to 5.0x annually, which, in our view, is among the best in the industry.”
Manish Laddha, page 16 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Store count — 51 stores · FY30
stated firmly by Vikas Kataria
p. 9
“our overall plan remains broadly unchanged we aim to reach a total of 51 stores, and the majority of these will continue to be under the Company-Owned, Company-Operated (COCO) model.”
Vikas Kataria, page 9 of the filed PDF · View the filing
New store additions — approximately five to six new stores · FY27
stated firmly by Vikas Kataria
p. 10
“For this year as well, we are targeting the addition of approximately five to six new stores.”
Vikas Kataria, page 10 of the filed PDF · View the filing
Studded/diamond mix — 12% to 15% · March 28
stated as an aspiration by Manish Laddha
p. 12
“we have targeted by March ‘28, we would like to increase up to 12% to 15% on an overall basis.”
Manish Laddha, page 12 of the filed PDF · View the filing
Diamond segment size — 2x to 3x of current · March 28
stated as an aspiration by Manish Laddha
p. 12
“So, for March ‘28, our target is to take it to at least 2x to 3x of what we have today of diamond segment.”
Manish Laddha, page 12 of the filed PDF · View the filing
Volume growth — around 10% · FY27 and FY28
stated firmly by Vikas Kataria
p. 20
“Broadly, we are targeting around 10% volume growth going forward.”
Vikas Kataria, page 20 of the filed PDF · View the filing
Lightweight/lower-karat jewellery demand
stated conditionally by Manish Laddha
p. 13
“If gold prices remain elevated for a sustained period, we believe demand for lightweight and lower-karat jewellery will gradually increase, making it an increasingly important segment over time.”
Manish Laddha, page 13 of the filed PDF · View the filing
COCO vs FOCO store mix — between six to seven COCO and one to two FOCO annually
stated as an aspiration by Manish Laddha
p. 9
“I guess between six to seven, between six to seven will be COCO and we will target between one to two will be FOCO.”
Manish Laddha, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management described the mechanics of the SIP-based gold scheme launched in April and noted strong uptake including high-value contributors.
Answered by Manish Laddha
Asked by Praveen Jayaraman: How big is the DP Swarn Plus program and what has traction been like?
p. 7
“Even above INR 1,00,000/- almost 50 customers have been added which are contributing like more than INR 1,00,000 per month per scheme.”
Manish Laddha, page 7 of the filed PDF · View the filing
Management said the plan is to open six to eight stores annually going forward with a mix of COCO and FOCO models to still hit 51 stores by FY30.
Answered by Manish Laddha
Asked by Kanishk Gupta: How will the company bridge the gap between its 51-store target and the pace implied by 3-4 stores per year?
p. 9
“In FY27, FY28, six to eight more stores will open and the same persistently going on up to FY30.”
Manish Laddha, page 9 of the filed PDF · View the filing
Management said inventory is carried at weighted average cost of about Rs 1,20,000 versus a prevailing market price of Rs 1,51,000-1,52,000, creating a roughly 20% valuation gap that narrows as fresh inventory is procured.
Answered by Manish Laddha
Asked by Nitin Dhanawat: What is the total gold inventory and how is the mark-to-market gap managed given the fall in gold prices?
p. 15
“As of today, if we look at the prevailing gold price, it is trading at around INR1,51,000 - INR1,52,000 whereas the inventory value reflected in our books is approximately INR1,20,000.”
Manish Laddha, page 15 of the filed PDF · View the filing
Management explained that heavy inventory reliance in the jewellery business inherently constrains operating cash flow, and expects gradual improvement as inventory productivity improves.
Answered by Manish Laddha
Asked by Nitin Dhanawat: Why has operating cash flow been negative for the last three years and how will this be resolved?
p. 16
“Operating cash flow is directly linked to inventory levels.”
Manish Laddha, page 16 of the filed PDF · View the filing
Management said demand typically pauses when gold prices spike sharply but returns once prices stabilize, and expects volume growth to improve as pent-up demand returns.
Answered by Vikas Kataria
Asked by Sonu Nebhwani: How will the company sustain revenue growth once the base effect of higher gold prices fades and volume growth stays at 1-2%?
p. 20
“If prices remain stable or moderate further from current levels, we believe volume growth will improve meaningfully.”
Vikas Kataria, page 20 of the filed PDF · View the filing
Risks flagged
Elevated and volatile gold prices affecting near-term demand and cost sensitivity
p. 4
“While the recent government announcement and increase in gold import duty from 6% to 15% in May 2026 has introduced near-term cost and demand sensitivity, the long-term fundamentals of the sector remain intact”
Anil Kataria, page 4 of the filed PDF · View the filing
Sharp gold price movements causing customers to defer discretionary purchases
p. 20
“whenever gold prices rise sharply in a short period of time, demand tends to pause temporarily.”
Vikas Kataria, page 20 of the filed PDF · View the filing
Industry-wide volume stagnation due to geopolitical and macroeconomic uncertainty in the prior year
p. 14
“The industry as a whole faced several challenges, including geopolitical tensions, ongoing conflicts, and broader macroeconomic uncertainties, which had an impact on overall business sentiment.”
Manish Laddha, page 14 of the filed PDF · View the filing
Gap between inventory carrying value and current market price of gold
p. 15
“This creates a sizeable gap of nearly 20% between the carrying value of inventory and the current market price.”
Manish Laddha, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.