In an era where the Indian jewelry sector is navigating the twin challenges of record-high gold prices and shifting consumer preferences, D.P. Abhushan Limited (NSE: DPABHUSHAN) has emerged as a standout performer. The company’s latest financial results for the third quarter and nine months ended December 31, 2025 (Q3 FY26), reveal a narrative of strategic agility and robust operational efficiency that is outpacing many of its larger peers.
Record Performance Amidst Industry Headwinds
D.P. Abhushan reported a stellar performance for Q3 FY26, with total revenue climbing to ₹1,222.37 crore, a 13% year-on-year (YoY) increase. While the top-line growth is commendable, the true story lies in the company’s bottom-line expansion. The Net Profit (PAT) for the quarter surged by 96% YoY to ₹73.35 crore, nearly doubling from the previous year.
This profitability leap was fueled by a massive 89% increase in EBITDA, which reached ₹105.63 crore. For the nine-month period (9M FY26), the company maintained this trajectory, with PAT increasing by 84% YoY to ₹161.24 crore.
“The company’s disciplined approach to inventory management and natural hedging strategies proved instrumental in mitigating the impact of elevated gold prices, which affected volumes across the industry during the quarter.” — Management Commentary, Q3 FY26.
Competitive Benchmark: D.P. Abhushan vs. Industry Peers
When placed side-by-side with industry titans and mid-cap competitors, D.P. Abhushan’s efficiency metrics stand out, particularly in asset utilization and conversion rates.
| Metric | D.P. Abhushan (Q3 FY26) | Titan Company (Peer) | Kalyan Jewellers (Peer) |
| Revenue Growth (YoY) | 13% | ~28.8%* | ~29.5%* |
| Net Profit Growth (YoY) | 96% | ~59%* | ~99%* |
| EBITDA Margin | 8.64% | ~6.0% – 10% (Sector Avg) | ~7.0% – 8% (Sector Avg) |
| Conversion Rate | 82% | High (Industry Standard) | High (Industry Standard) |
*Based on recent available quarterly snapshots. Values are indicative of market trends.
While larger entities like Titan and Kalyan Jewellers possess more extensive national footprints, D.P. Abhushan’s focus on Tier II and III cities has allowed it to capture untapped demand with lower competitive pressure. Its inventory turnover ratio of 4.5x and a revenue of ₹5.39 lakhs per sq. ft. reflect a highly optimized retail model.
Strategic Evolution: Lightweight and Silver Jewelry
A significant driver of this growth is the company’s pivot toward evolving consumer tastes. As gold prices crossed the ₹100,000 per 10 grams mark in late 2025, D.P. Abhushan proactively shifted its focus toward:
- Lightweight Designs: Catering to younger demographics and daily-wear segments.
- The Silver Surge: The silver segment emerged as a high-growth driver, witnessing a 131% YoY growth in Q3 FY26.
- Wedding Segment Dominance: Despite the shift, high-value wedding jewelry still constitutes 60% of the company’s revenue mix, benefiting from a resurgence in auspicious wedding dates.
Future Outlook: Regional Expansion
Looking ahead to the remainder of 2026, D.P. Abhushan is pursuing an aggressive expansion roadmap. The company aims for a revenue target of ₹3,900–4,000 crore for FY26, supported by new showroom launches in Gujarat, Chhattisgarh, and Maharashtra. With a debt-to-equity profile managed through internal accruals and a recent credit rating reaffirmation, the company is positioning itself as a formidable “organized” player in a market that is rapidly shifting away from unorganized, local jewelers.