D.P. Abhushan Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript D.P. Abhushan Ltd filed with BSE on 26 May 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 Q4 FY26 revenue of Rs 1,338.9 crores, up 87% year-on-year, with EBITDA of Rs 73 crores and PAT of Rs 50.6 crores. For full year FY26, revenue grew 23% YoY to Rs 4,070.3 crores, EBITDA rose 77% YoY to Rs 309.7 crores with margins expanding to 7.61%, and PAT grew 88% YoY to Rs 211.8 crores. Management discussed store expansion, a paused QIP, gold and silver segment growth, and the impact of recent government commentary on gold purchases.
Numbers mentioned
Revenue: INR1,338.9 crores (Q4 FY26)
p. 5
“For Q4 FY26, total revenue stood at INR1,338.9 crores, registering a strong growth of 87% yearon-year, driven by continued traction across our operating markets.”
Manish Laddha, page 5 of the filed PDF · View the filing
EBITDA: INR73 crores (Q4 FY26)
p. 5
“EBITDA came in at INR73 crores, up 72% YoY.”
Manish Laddha, page 5 of the filed PDF · View the filing
EBITDA margin: 5.45% (Q4 FY26)
p. 5
“EBITDA margin for the quarter stood at 5.45%.”
Manish Laddha, page 5 of the filed PDF · View the filing
PAT: INR50.6 crores (Q4 FY26)
p. 5
“PAT for Q4 FY26 stood at INR50.6 crores, up 101% YoY, with margins of 3.78%.”
Manish Laddha, page 5 of the filed PDF · View the filing
Revenue: INR4,070.3 crores (FY26)
p. 6
“For the full year FY26, revenue stood at INR4,070.3 crores, reflecting a healthy growth of 23% YoY, supported by strong festive and wedding demand in second half of the year along with contribution from newly added stores and improved customer engagement initiatives.”
Manish Laddha, page 6 of the filed PDF · View the filing
EBITDA: INR309.7 crores (FY26)
p. 6
“EBITDA stood at INR309.7 crores, reflecting a strong growth of 77% YoY, with EBITDA margins improving to 7.61%, an expansion of 234 basis points over FY25.”
Manish Laddha, page 6 of the filed PDF · View the filing
PAT: INR211.8 crores (FY26)
p. 6
“PAT stood at INR211.8 crores, delivering a robust growth of 88% YoY, with PAT margins improving to 5.20%, an expansion of 180 basis points over FY25.”
Manish Laddha, page 6 of the filed PDF · View the filing
Silver segment revenue: INR69 crores (Q4 FY26)
p. 6
“The silver segment witnessed exceptional growth, rising from INR16 crores to INR69 crores, reflecting a sharp ~333% YoY increase, driven by higher customer traction and improved product mix.”
Manish Laddha, page 6 of the filed PDF · View the filing
Diamond segment revenue: INR36 crores (Q4 FY26)
p. 6
“The diamond segment also reported healthy growth of ~38% YoY, increasing from INR26 crores to INR36 crores, supported by growing acceptance of studded jewellery and premium offerings.”
Manish Laddha, page 6 of the filed PDF · View the filing
Gold segment revenue: INR3,702 crores (FY26)
p. 6
“For the full year FY26, gold segment revenue stood at INR3,702 crores as against INR3,071 crores in FY25, registering a steady growth of ~21% YoY.”
Manish Laddha, page 6 of the filed PDF · View the filing
Store network: 12 showrooms (FY26)
p. 5
“taking the total showroom network to 12.”
Vikas Kataria, page 5 of the filed PDF · View the filing
Average ticket size: ~INR1.27 lakhs (FY26)
p. 5
“Our average ticket size remained healthy at ~INR1.27 lakhs, indicating balanced demand across categories, while inventory turnover stood at ~4.7x, highlighting efficient inventory management and faster stock rotation.”
Vikas Kataria, page 5 of the filed PDF · View the filing
Same-store sales growth: ~20% (FY26)
p. 8
“So yeah, the number of the same-store sales growth is ~20% is the SSG growth.”
Vikas Kataria, page 8 of the filed PDF · View the filing
Volume growth: decline of around 20% (FY26)
p. 11
“On the volume side, we actually saw a decline of around 20% overall.”
Vikas Kataria, page 11 of the filed PDF · View the filing
Old gold exchange contribution: 35% to 40%
p. 14
“So, the old gold exchange is somewhere 35% to 40% as of now.”
Vikas Kataria, page 14 of the filed PDF · View the filing
New store revenue contribution: 12% to 15% (FY26)
p. 14
“So, the contribution from the new stores is around 12% to 15% of the overall business.”
Vikas Kataria, page 14 of the filed PDF · View the filing
Inventory gains: 28% to 30% (FY26)
p. 9
“Approximately 28% to 30% of the inventory gains have been reflected in our books.”
Vikas Kataria, page 9 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.
Revenue growth — 20% plus · FY27
stated firmly by Vikas Kataria
p. 9
“With these factors in place, we are quite confident of delivering 20%+ growth in the current year as well.”
Vikas Kataria, page 9 of the filed PDF · View the filing
Revenue — INR4,800 crores · FY27
stated firmly by Vikas Kataria
p. 12
“So FY27 and FY28, the revenue we are planning around like 20%, 25% growth. So INR4,800 crores, and the next year will be INR5,500 crores.”
Vikas Kataria, page 12 of the filed PDF · View the filing
EBITDA margin — 6% to 6.5% · FY27
stated conditionally by Vikas Kataria
p. 11
“Our margin guidance will be around 6% to 6.5%, EBITDA margin.”
Vikas Kataria, page 11 of the filed PDF · View the filing
Gross margin — 10% to 11%
stated firmly by Manish Laddha
p. 12
“As far as gross margins are concerned, we expect the business to maintain approximately 10% to 11%.”
Manish Laddha, page 12 of the filed PDF · View the filing
EBITDA margin — 6% to 6.5%
stated conditionally by Manish Laddha
p. 12
“Barring any abnormal movements in gold prices due to geopolitical situations, EBITDA is expected to remain within this 6% to 6.5% range.”
Manish Laddha, page 12 of the filed PDF · View the filing
EBITDA margin — 8% to 8.5% · FY30
stated as an aspiration by Manish Laddha
p. 12
“So, we are targeting EBITDA margins to remain between 8% and 8.5%, which is our FY30 vision already in place.”
Manish Laddha, page 12 of the filed PDF · View the filing
Store count — 51 stores · by 2030
stated as an aspiration by Vikas Kataria
p. 16
“Our long-term goal is to reach around 51 stores by 2030.”
Vikas Kataria, page 16 of the filed PDF · View the filing
Store additions — three to four COCO stores · FY27
stated conditionally by Vikas Kataria
p. 15
“For this financial year, we are planning to open around three to four COCO stores, along with adding more franchisees in a phased manner.”
Vikas Kataria, page 15 of the filed PDF · View the filing
Store additions — three to four store additions
stated conditionally by Vikas Kataria
p. 16
“However, on a more conservative basis, we may scale this down slightly to around three to four store additions, depending on market conditions.”
Vikas Kataria, page 16 of the filed PDF · View the filing
Topline growth — 25% to 30% annually · by 2030
stated as an aspiration by Vikas Kataria
p. 7
“Over the next five years, by the end of 2030, we aim to grow at an annual rate of approximately 25% to 30%.”
Vikas Kataria, page 7 of the filed PDF · View the filing
Digital/omni-channel revenue contribution — 3% to 5% of topline · next three to five years
stated as an aspiration by Vikas Kataria
p. 16
“So, over the long term, in the next three to five years, we are targeting around 3% to 5% of our topline revenue to come from this segment.”
Vikas Kataria, page 16 of the filed PDF · View the filing
Digital segment profit contribution — INR25 to INR30 crores
stated as an aspiration by Vikas Kataria
p. 16
“In terms of profitability, we expect this segment to contribute an incremental INR25 to INR30 crores in profit annually.”
Vikas Kataria, page 16 of the filed PDF · View the filing
Inventory days — 75 to 85 days
stated firmly by Manish Laddha
p. 13
“It is going to remain between 75 to 85 days, not more than that far as our business model is concerned.”
Manish Laddha, page 13 of the filed PDF · View the filing
Promoter holding post-QIP — 65% to 68%
stated conditionally by Manish Laddha
p. 15
“So, it depends on how much we will anticipate so far as QIP is concerned. But yes, we have targeted that it is going to be diluted between 5% to 8%.”
Manish Laddha, page 15 of the filed PDF · View the filing
Jaipur store entry — Jaipur store · next one to two years
stated as an aspiration by Vikas Kataria
p. 10
“We are targeting Jaipur in the next one to two years.”
Vikas Kataria, page 10 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 attributed it to gold price movements during the quarter but noted full-year GP improved versus last year.
Answered by Manish Laddha
Asked by Chetan: What drove the Q4 gross margin compression?
p. 6
“But, nevertheless, on the steady side, for the entire year, when we look at the numbers, so the GP has been increased almost 30% as compared to the previous year where we had a GP of around 7.72% compared to with the 10% GP we have achieved during this year.”
Manish Laddha, page 6 of the filed PDF · View the filing
Management said demand was good before the PM's comments, with no pressure seen at showrooms.
Answered by Manish Laddha
Asked by Chetan: How has demand been in April and May?
p. 7
“So, far as April and mid-May, when we look at, this is before PM comment. So, I think the growth was doing good.”
Manish Laddha, page 7 of the filed PDF · View the filing
Management said the QIP has been put on hold due to unfavourable market conditions but growth plans remain intact.
Answered by Vikas Kataria
Asked by Kanishk Gupta: What is the status of the QIP plan?
p. 7
“Yes, we are planning to undertake a QIP; however, we have currently put it on hold as market conditions are not favourable.”
Vikas Kataria, page 7 of the filed PDF · View the filing
Management said continued expansion requires inventory investment, but cash flow could stabilize if expansion slows.
Answered by Vikas Kataria
Asked by Kanishk Gupta: Can the business achieve sustainable positive operating cash flow?
p. 8
“Post FY30, if we slow down or pause our expansion, we can certainly focus on achieving stable cash flow positivity.”
Vikas Kataria, page 8 of the filed PDF · View the filing
Management said they would try to outperform, citing underlying demand strength.
Answered by Vikas Kataria
Asked by Shafaat Hussain: Will the company beat Q1 FY25's profit given PM's comments on gold purchases?
p. 10
“We will definitely try to outperform our previous performance.”
Vikas Kataria, page 10 of the filed PDF · View the filing
Management guided to 6% to 6.5% EBITDA margin.
Answered by Vikas Kataria
Asked by Subhanu Bangal: What is the FY27 EBITDA margin guidance given weaker diamond growth?
p. 11
“Our margin guidance will be around 6% to 6.5%, EBITDA margin.”
Vikas Kataria, page 11 of the filed PDF · View the filing
Management attributed it to inventory buildup for the new Dhar showroom opened in March.
Answered by Manish Laddha
Asked by Kanishk Gupta: Why did inventory days increase in FY26?
p. 13
“So basically, as you would have noticed, we opened one showroom in Dhar, Madhya Pradesh, in the month of March. Because of this, we had to build a significant amount of inventory for that store, and we also received a good response.”
Manish Laddha, page 13 of the filed PDF · View the filing
Management said expansion pace was slowed due to current conditions but long-term targets remain unchanged.
Answered by Vikas Kataria
Asked by Abhi Bilala: Why have FY26 and FY27 revenue and store guidance been revised down from earlier calls?
p. 15
“So, the overall plan remains the same. We have only slowed down the pace of expansion due to the current scenario.”
Vikas Kataria, page 15 of the filed PDF · View the filing
Risks flagged
Government commentary on mindful gold spending and customs duty changes affecting sentiment
p. 4
“Over the past few weeks, there has also been industry-wide discussion around the recent customs duty changes and the Honourable Prime Minister's comments regarding mindful spending practices.”
Anil Kataria, page 4 of the filed PDF · View the filing
High and volatile gold prices impacting volume demand
p. 11
“This trend was largely in line with the broader industry, where volume growth remained under pressure due to high gold prices.”
Vikas Kataria, page 11 of the filed PDF · View the filing
Short-term impact on consumer sentiment from PM's statement on gold purchases
p. 10
“See, the Prime Minister's statement may have a slight short-term impact on sentiment, but overall, we believe the underlying demand for gold remains strong.”
Vikas Kataria, page 10 of the filed PDF · View the filing
Seasonal slowdown in demand during June and July after wedding season
p. 9
“For instance, the wedding season has recently concluded, and months like June and July typically see relatively lower demand.”
Vikas Kataria, page 9 of the filed PDF · View the filing
Decline in diamond segment revenue due to moderation in premium discretionary spending
p. 6
“on the other hand, the diamond segment saw a marginal decline of ~5% YoY, reflecting some moderation in premium discretionary spending.”
Manish Laddha, page 6 of the filed PDF · View the filing
Potential expansion delays due to regulatory initiatives
p. 16
“That said, some expansion may be deferred by one or two quarters due to the recent initiatives announced by the Honourable Prime Minister.”
Vikas Kataria, page 16 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.