D. P. Abhushan Limited (NSE: DPABHUSHAN) Q3 2026 Earnings Call dated Jan. 24, 2026
Corporate Participants:
Ajit Mishra — Investor Relations
Anil Kataria — Whole-time Director
Vikas Kataria — Promoter
Manish Laddha — Chief Financial Officer
Analysts:
Unidentified Participant
Chetan Sharma — Analyst
Kushal Kasliwal — Analyst
Anjali Singh — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to DP Abhorisian Limited Q3FY26 earnings call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ajit Mishra from Ernst and Young. Thank you and over to you sir.
Ajit Mishra — Investor Relations
Thank you. Good afternoon to all the participants on this call. I am Ajit Mishra from Ernst and Young Investor Relations. Before we proceed to the call, let me remind you that the discussion may contain forward looking statements that may involve known or unknown risk uncertainties and other factors. It must be viewed in conjunction with our business risk that could cause future results, performance or achievement to differ significantly from what it expressed or implied by such forward looking statements. Please note that we have mailed the press release results and the same are available on the Exchange and company website.
In case if you have not received the same you can write to us and we’ll be happy to send that back to you to take us through the results and answer your questions. Today we have the top management of DP Abhushan Limited represented by Anil Kataria, Whole time Director, Vikash Kataria, Promoter and Mr. Manish Ladda, Chief Financial Officer. We will start the call with an opening remark on the company performance for the third quarter and nine months ended and then we’ll conduct question and answer session. With that said I will now hand over the call to Anil sir, over to you sir.
Thank you.
Anil Kataria — Whole-time Director
Good afternoon everyone.
[Foreign Speech]
Vikas Kataria — Promoter
Thank you. Good afternoon everyone. Good afternoon everyone. Gold continue to remain the dominant category with revenue of 2494 crore. 2494 crore in nine months. Financial year 26 reflecting steady growth despite price lead volume moderation. Wedding demand along with positive festival momentum during October and November support overall revenue growth. Silver emerged as a key growth driver with revenue rising sharply to 114 crore up by 118% year on year. Supported by festive gifting demand and its relative affordability. Revenue from diamond stood at 115 crore. Customers with committed event particularly weddings continue to purchase actively while investment oriented customers remain engaged through our saving and accumulation scheme.
From an operating standpoint, customer walk ins over the nine month period stood at 1:75,350 with a healthy overall conversion ratio of 82% indicating sustained purchase intent despite elevated price. We observe encouraging traction across multiple market on a nine month basis particularly in Kota, Ujjain, Bhopal and Udaipur. Our flagship locations such as Zaplam and Indore continue to attract a strong customer footfall and stable foothold conversion ratio with a strategic focus on strengthening our student jewelry portfolio which continue to offer relatively higher margins. The company undertook select brand building initiative during the quarter to deepen customer engagement and enhance market presence.
This include the World of Diamond Exhibition held in Ajumain from 13th to 26th November aimed at improving customer interaction and visibility of diamond jewelry as well as the Diamond Polki Festival organized in Boswala and Binwala to showcase curated diamond and Polki jewelry collection. Overall, this initiative supported brand visibility and customer outreach across key markets. Looking ahead, we remain confident in the strength of our brand product portfolio and calibrated expansion plan to drive sustainable growth over the medium to long term. With that said, I would now like to hand over to Mr. Manish Lagda for a detailed financial overview.
Thank you,
Manish Laddha — Chief Financial Officer
thank you. Good afternoon. Now let me walk you all through the financial performance of quarter three financial 26 and the nine months ended financial year 26. During quarter three FY26, revenue from operations stood at 1,222.4 Cr, registering a sequential growth of 26% and a year on year increase by 13% driven by seasonal wedding and festival demand in October and November, especially while higher gold prices continue. To weigh on volumes. EBITDA for the quarter was 105 cr up 39%, continued to quarter on quarter and 89% year on year with the EBITDA margin expanding to 8.64% reflecting the operating leverage and the better cost absorptions. Profit after tax came 73.35 cross marking a 43% quarter on quarter and 96% year on year growth with a PET margin improving to 6% on a nine month basis. Revenue from operations stood 2731cr reflecting a 5% year on year growth. EBITDA for nine months was 236cr, up 79% year on year with the margin expanding by 357 basis points to 8.67%. PAT for the period stood at 161.24 cr, an increase of 84% year on year with the PAT margin improving to 5.90.
Overall. The performance reflects continued improvement in the profitability metrics driven by margin expansion and the operating efficiencies. Separately on 4th of November the company granted 62,300 stock options under the ESOP scheme of which 1200 options were profited. On 17th of December 2025 the necessary accounting treatment has been carried out in accordance with Indes 102. The ESOPs have been allocated not only to the key manager and senior personnel but also a long serving employees who have contributed meaningfully to the company’s growth. This initiative reflect the company’s continued focus on the employee engagement program, ownership and alignment with the long term value creation.
With that now I would like to open the floor for question and answer session. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Operator request has been initiated. If you would like to cancel this request please press star zero again. The first question is from the line of Chetan from Systematics group. Please go ahead.
Chetan Sharma
Yeah, hello everyone. Thank you for the opportunity. So can you please highlight how has the festive demand been compared to last year in our core markets and any noticeable change in the consumer behavior or say buying mix during the festive and weddings.
Vikas Kataria
Thank you Chetan for asking the question. The consumer demand during the festival we see it’s a good very good so we can say. I think people are very excited to buy the gold jewelry because the gold prices continue rising. Jewelry 14 Karat jewelry Lightweight jewelry and maybe kafi tayari kariti. We are trying to introduce the nine carat as well.
[Foreign Speech]
Manish Laddha
[Foreign Speech]
Vikas Kataria
[Foreign Speech]
Manish Laddha
Yes sir. Got it. Okay sir. Thank you.
operator
Thank you. The next question is from the line of Krishal Kaslival from Inved research. Please go ahead.
Kushal Kasliwal
Yeah hello sir. Thank you for taking my question
[Foreign Speech] and if I look at FY24 or some part of you know calendar year 24 they are more than double in some cases almost double.
So [Foreign Speech] what have we changed that we are now doing a very high significantly high margins Margins are also due to gold prices because
Vikas Kataria
Thank you for asking and very good question.
[Foreign Speech]
Kushal Kasliwal
[Foreign Speech]
from a permanent like 5, 4% margin to 8, 9, 10% margin [Foreign Speech] What is the remaining 70% mix of this? Of this margin increase.
Vikas Kataria
[Foreign Speech] This is the one thing plus [Foreign Speech]
Kushal Kasliwal
Silver or diamond [Foreign Speech]
Okay. Understood answer. Silver and diamond is how much percentage of our sales.
Vikas Kataria
Silver and diamond is [Foreign Speech]
Kushal Kasliwal
Okay. And earlier it was very low [Foreign Speech]
Okay. [Foreign Speech] Sustainable.
Vikas Kataria
Yes. Margin is sustainable. margin maybe not. Take it.
Kushal Kasliwal
[Foreign Speech], thank you so much.
Vikas Kataria
Thanks.
operator
Thank you. The next question is from the line of Lokesh from LK Investments. Please go ahead.
Unidentified Participant
Hello. Thanks for the opportunity sir. [Foreign Speech]
Vikas Kataria
[Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game. [Foreign Speech] Is the inventory game.
Manish Laddha
[Foreign Speech] So it’s been like nine months and we haven’t opened any more stores. [Foreign Speech]
Vikas Kataria
[Foreign Speech] And coming next year we have a plan to open another like four or five stores.
Manish Laddha
[Foreign Speech] Current weighted average cost
Vikas Kataria
Current weighted average price is somewhere around like the 1 lakh 10,000.
Manish Laddha
1 lakh 10,000. And so one more last question is [Foreign Speech]
Vikas Kataria
[Foreign Speech] Definitely. We’ll share with you. [Foreign Speech] We’ll share with you.
Manish Laddha
Thank you. Thank you sir.
operator
Thank you. The next question is from the line of Purab Agarwal, an individual investor. Please go ahead.
Unidentified Participant
Hi sir. Congratulations on a good set of numbers. Just wanted you to know what would be our triple SG for this quarter and how do we see it going forward for the full year for FY26 as well as for FY27 going forward.
Vikas Kataria
So our SSG gross for this quarter is like around 20 to 25% overall.
Unidentified Participant
Okay. Is that SSG or is that revenue. Growth that we have.
Vikas Kataria
Revenue growth.
Unidentified Participant
Okay. Okay. Okay. And how do we expect this going forward?
Vikas Kataria
So around like the 10 15% we are like the expecting 10 to 15% we are expecting continuously growing.
Unidentified Participant
Okay. Okay. Okay. Understood. And I think my question might have been repeated but how do we see our margins going forward given the gold prices. If the gold prices stabilize and you know we don’t see much Increase in oil prices. So will we see a margin expansion from here and or will we see a margin correction?
Vikas Kataria
No margin expansion. We are seeing the margin expansion if the gold price is stable. Gold price is down because we are introducing the more category and we are like the more focused on the lower heritage and the new product where we can increase our margins and silver diamond Polki where we can get a more margin. So we have continuously our focus is to increase our margin.
Unidentified Participant
Okay. Okay, understood. I’ll get back into for further questions. Thank you. Yeah.
operator
Thank you. The next question is from the line of Paris Kakkar from AB Capital. Please go ahead.
Unidentified Participant
Hi sir, good afternoon. Congratulations on a very good set of numbers. My question is what is your outlook on growth let’s say for the next one or two years. Because the revenue that we have seen is increasing but is also in line around 33, 34 hundred crores like the last year. So do we expect growth this year and the next year on the revenue front? Thank you.
Vikas Kataria
Yes. So we expect growth both the year and like the furthermore here through the SSG growth and to open a new store. So maybe this year we are growing by like the 25 to 25% to 30% and again this next year again on the same pace we are growing and continuously this percentage of growth will be remain same minimum. And we are trying to open more stores. So maybe it will be increased more.
Unidentified Participant
Okay. And do we also expect the margins to sustain with increased revenue?
Vikas Kataria
Yes, yes, definitely.
Unidentified Participant
Okay, thank you. And all those.
Vikas Kataria
Same and it will be increased.
Unidentified Participant
Thank you sir.
operator
Thank you. The next question is from the line of Vijay Chauhan from rhpms. Please go ahead.
Unidentified Participant
Yes, thank you for the opportunity. And so my first question is basically the clarification of one of the participants has asked so EBITDA margins expense. Okay. So if I look at the gross profit in the PPT it’s up from 85 crore to 137. It’s somewhere around 57, 58%. But other expense, it used to be somewhere around 28 crore. Q3FY25 and currently we’re at 3132. It’s a jump of 10% or 11%. So is it fair understanding like this is purely basically the operating leverage which has led to the increase in the EBITDA margin. Is understanding correct?
Manish Laddha
Sorry, come again.
Unidentified Participant
[Foreign Speech] EBITDA margin expand basically from 5% to 8.7%. So my under. So is my understanding correct? That is the whole reason for the margin expansion because we are getting operating leverage.
Manish Laddha
So actually see what happened that last year eventually we opened three showroom. So that cost also added in that expense number one. Number two, definitely inventory gain is also playing a very important role because of the heavy gold prices. So these two components actually adding to the gross margin as well as in the net margin of the EBITDA level.
Unidentified Participant
Right. [Foreign Speech] So 20 crore was the inventory gain. So even if I remove the inventory gain from 137 which is gross profit and it comes to 117, so it is still showing growth of 36%. So if we see the similar price increase going ahead and we are charging percentage of the basically the making charges as a percentage of gold. So the more the more our gross Profit increases maybe 30% even for the next year. So we’ll continue see to see the expansion of the EBITDA margin because our other expenses or the employee benefits are not going to grow at the speed of 30%.
So is the understanding correct?
Manish Laddha
Yes, yes. Obviously see that the moment the gold prices the same pattern will follow 100% the inventory is going to come in the books at least for the next couple of quarters. The same momentum we will see in the numbers also. And simultaneously definitely the new showrooms are coming. So the expense will also gradually increase. But nevertheless compared to that the profitability is going to increase drastically.
Unidentified Participant
Right. [Foreign Speech] if you can suggest.
Vikas Kataria
Yeah. So Overall like a 1012 is the year. This is the band actually.
Unidentified Participant
Okay, okay. So 10 12%. [Foreign Speech] We’ll continue to see the operating leverage. Now my question is on the demand side. So. So how we have seen the transition in the basically the H2 Q3 strong as you highlighted. But how the Q4 is panning out because there are higher number of weddings. So what’s your general observation? So so that we get the idea of like what’s happening on the ground because now little bit again high has been made because of various geopolitical issue on the gold side. So how are you see the.
How are you seeing the demand and all.
Vikas Kataria
So the demand of the Q4 is very good. The wedding season started and a lot of wedding during this month. The January, February and I think after the 30th of January there are a lot of weddings so demand stable gold prices is continuously rising so we can see a very good demand in particularly this quarter especially the three month January, February and March. So I think yeah we’re. We’re losing very good number this year.
Unidentified Participant
Right [Foreign Speech] if you would like to share regarding the gold prices general like question like how do you see the gold price maybe in FY27 do you have some internal estimate or something?
Vikas Kataria
FY27 maybe this the gold price is continuously rising to us. Geopolitical situation so 6000, 6500 maybe it will touch and may not be so. It will depend on. So we are expecting the huge volume. Growth in the business.
Unidentified Participant
That’s fine, that’s fine. Or what’s our store expansion plan for maybe next two, three years?
Vikas Kataria
I can say one thing overall long price will increase like the. With the 9%, 10% of the like this area. [Foreign Speech]
Unidentified Participant
Yeah definitely Even like lot of countries central banks are also shifting towards from moving from treasury to gold so yeah.
Vikas Kataria
Currency
Unidentified Participant
yeah yeah definitely [Foreign Speech] store expansion. Guidance if you would like to give maybe for next two, three years.
Vikas Kataria
So yeah next next two, three years we have plan to open another 20 stores 20 more stores by the end of the 29th. And especially tier 2 tier 3 cities and like.
Unidentified Participant
So that will be all from my side and thank you for all the clarification and good luck for the future.
Manish Laddha
Thank you sir.
operator
Thank you. Before we take the next question a reminder to all you may press star and one to ask a question the next question is from the line of Anjali Singh from Bansal family office Please go ahead. Hello.
Anjali Singh
Thanks for the opportunity. So my first question is what is the average capex and payback period per store currently.
Manish Laddha
So in general depend on the store size the Capex remains between 2.5 to 3 cr for the decent size of 3 to 5,000 square feet and for the 8,000 to 10,000 square feet it remains between the 5 to 7 cr. It is the past trend which we have observed and the same is going continue except the incessant which comes like 5 to 7% every year and so far as payback period is concerned I think about our past experience is saying that within a period of nine months in general we get all our capex recovered.
Anjali Singh
Okay so. So second question is Ratlam shows the highest conversion at 88% so what best practices from flagship source can be replicated.
Vikas Kataria
Is our flagship store and it’s a Legacy of the more than 85 years and especially
Anjali Singh
Thank you so much. Thank you. That’s all from my side. All the very best.
operator
Thank you. The next question is from the line of Sunil F from Sunil Investments. Please go ahead.
Unidentified Participant
Hello sir. [Foreign Speech]
Vikas Kataria
So volume is the this quarter three is 9.24kilo in gold. And what? What else you ask?
Unidentified Participant
9 monthly volume [Foreign Speech]
Vikas Kataria
[Foreign Speech] 2344 kg in gold.
Unidentified Participant
Same period last year.
Vikas Kataria
Same period last year 1317 kg. And 30-97 kg.
Unidentified Participant
30 to 97 volume. [Foreign Speech]
Vikas Kataria
Yes. Yes.
Ajit Mishra
Okay.
Manish Laddha
Around 29%.
Vikas Kataria
29%.
Unidentified Participant
Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech] Okay, sir [Foreign Speech]
Vikas Kataria
Yes. Yes. [Foreign Speech] And the wedding demand. Wedding season is there. [Foreign Speech] We can achieve this.
[Foreign Speech]
Unidentified Participant
Okay. [Foreign Speech] Thank you sir. Thank you.
operator
Thank you. Ladies and gentlemen, a reminder to all if you wish to ask a question please press star and 1. The next question is from the line of Risha Shah, an individual investor. Please go ahead.
Unidentified Participant
Hello sir. Thank you for the opportunity. So my first question is how has elevated gold pricing altered customer behavior in terms of ticket size, purity preference and product selection.
Vikas Kataria
So this gold price is like shifted the consumer preference. So Pele bicycle is a first choice and heavyweight jewelry demand. But this gold price continuously so lightweight jewelry coffee preference plus consumer like 18 karat 14 karat will be. And everything like that from necklace. So that’s what they say. [Foreign Speech]
Unidentified Participant
Okay, so. So my next question is there appears to be a growing industry interest in 18 carat and 14 karat jewelry. Is this trend visible across our key geographies?
Vikas Kataria
Yes, definitely. [Foreign Speech]
Unidentified Participant
Thank you. So that’s also my side.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question Please press star and 1. The next question is from the line of Lokesh from LK Investments. Please go ahead.
Unidentified Participant
Hello. Thanks for the opportunity again [Foreign Speech]
Vikas Kataria
Qip is. We are like in the process. [Foreign Speech]
Unidentified Participant
[Foreign Speech] Dilution comes shareholders
Vikas Kataria
definitely.
Unidentified Participant
Okay. And sir, one more thing. [Foreign Speech]
Vikas Kataria
[Foreign Speech] So now we started jml plus.
Unidentified Participant
Okay. And sir, one more thing.
Vikas Kataria
Yes.
Unidentified Participant
[Foreign Speech] Total revenue hit 13% grow same store growth 20 25%.
Vikas Kataria
13%.
Unidentified Participant
Okay. Okay. Thank you.
operator
Thank you. The next question is from the line of Harish Sharma, an individual investor. Please go ahead.
Unidentified Participant
Good afternoon, sir. My question was also with respect to the QIP investment Because in the last quarter it was mentioned that we are on the final discussion and outcome shall be communicated shortly. It was not communicated, so I wanted to ask on that aspect. And secondly, whether the delay in store opening is linked to somewhere with the QIP offer?
Vikas Kataria
Not exactly. Already we have finalized the two locations. [Foreign Speech] So store opening is on their journey. [Foreign Speech]
Unidentified Participant
Okay. Okay. Thank you.
operator
Thank you. As there are no questions from the participants I now hand the conference over to the management for closing comments. Thank you. And over to the management. Sir, we are unable to hear you.
Vikas Kataria
Thank you everyone for your thoughtful questions and active participation in today’s earning call. As we conclude today’s call, we would like to retrace our focus on strengthening our operation and continue to build the business in a disciplined manner. We remain committed to serving our customer with consistency and maintaining the trust of all our stakeholders. We would like to thank our employees for their continued efforts and our investors and partners for their ongoing support. Thank you for joining us today. We look forward to engaging with you again in the coming quarters. Should you have any further queries, please feel free to reach out the EY Investor relations team.
Thank you.
operator
Thank you very much on behalf of DP Abhorjan limited that concludes this conference. Thank you all for joining us today. And you may now disconnect your lines.
Vikas Kataria
Thank you. Thank you.