D.P. Abhushan Limited (NSE: DPABHUSHAN), a premier name in the Indian retail jewelry sector, has once again demonstrated its operational resilience and strategic agility. In its latest financial disclosure for the third quarter ended December 31, 2025 (Q3 FY26), the company reported a stellar performance, characterized by nearly doubling its net profit despite the headwinds of record-high gold prices.
Financial Performance: A Quarter of Exponential Growth
The company’s Q3 FY26 results underscore a significant leap in both top-line and bottom-line metrics. Total revenue for the quarter reached ₹1,222.37 crore, representing a robust 13% year-on-year (YoY) increase. However, the true highlight was the expansion in profitability:
- Net Profit: Surged by 96.4% YoY to reach ₹73.35 crore.
- EBITDA: Jumped 89% YoY to ₹105.63 crore, with EBITDA margins expanding to 8.64%.
- 9-Month Trajectory: For the first nine months of FY26, the company recorded a revenue of ₹2,731.44 crore, while Net Profit after Tax (PAT) grew by 84% compared to the same period last year.
This performance is particularly noteworthy given that the industry faced a volume dip due to gold prices crossing the ₹100,000 per 10 grams threshold. The company successfully mitigated these pressures through disciplined inventory management and natural hedging strategies.
Strategic Drivers: Silver and Lightweight Jewelry
D.P. Abhushan’s growth was propelled by a keen understanding of evolving consumer behavior. With soaring gold prices, the brand saw a massive shift toward lightweight and everyday-wear jewelry, which has become a staple for modern brides.
Furthermore, the silver segment emerged as a powerhouse, registering an exceptional 131% YoY growth in Q3. Driven by festive gifting and affordability, silver has transitioned from a niche category to a primary revenue driver. The company’s focus on high-value wedding jewelry remains its anchor, accounting for roughly 60% of its total product mix.
Expansion and Future Outlook
As of late January 2026, D.P. Abhushan is in an aggressive “expansion mode.” The management has set an ambitious revenue target of ₹3,900–4,000 crore for the full fiscal year 2026. To achieve this, the retailer is expanding its footprint beyond its traditional strongholds of Madhya Pradesh and Rajasthan.
The company has finalized plans to enter high-growth markets in Gujarat, Chhattisgarh, and Maharashtra, targeting tier-II and tier-III cities where competition is less saturated. With a planned capital expenditure of ₹15–20 crore funded entirely through internal accruals, the brand aims to add 3–5 stores annually, eventually doubling its outlet count by 2028.
D.P. Abhushan Limited continues to outpace industry averages by combining its 86-year legacy with a modern, data-driven approach to retail. Its ability to maintain high inventory turnover (4.5x) and a remarkable customer conversion rate of 82% positions it as a formidable player in India’s organized jewelry market. As it ventures into new states, the company appears well-positioned to transform from a regional powerhouse into a national leader.