D. P. Abhushan Ltd. (DPABHUSHAN) AI Stock Analysis

• Market Cap: ₹22.51B
• Dividend Yield: N/A
• Average Volume (3M): 21.44K
• Price to Earnings (P/E): 11.1
• Beta (1Y): 0.68
• Revenue Growth: 16.87%
• EPS Growth: 77.79%
• Country: IN
• Employees: 572
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Luxury Goods
• EPS (TTM): 32.13
• Shares Outstanding: 22,827,920
• 10 Day Avg. Volume: 20,266
• 30 Day Avg. Volume: 21,438
• PEG Ratio: 0.35
• Price to Book (P/B): 7.83
• Price to Sales (P/S): 0.96
• P/FCF Ratio: -71.74
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹1,125.00 ▼(-20.62% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is supported by strong financial performance (growth, improving margins, and reduced leverage) and a modest P/E, but is held back by negative operating/free cash flow and a clearly bearish technical setup (below key moving averages with negative MACD).

Positive Factors

Multi-year revenue growth

Sustained ~33% five-year revenue CAGR indicates durable demand expansion and effective scaling of retail operations. Durable top-line growth supports investment in stores and design, spreads fixed costs, and provides a structural base for higher long-term margins and market share retention.

EPS momentum

Very strong reported EPS growth reflects improving profitability per share and operating leverage benefits. Persistent EPS momentum enables reinvestment, strengthens capital allocation choices, and provides buffer against volatility, improving strategic flexibility over the medium term.

Reduced financial leverage

Meaningful reduction in debt-to-equity over several years materially improves financial resilience. Lower leverage reduces interest burden, raises capacity for capex or weathering demand shocks, and lowers refinancing risk, supporting sustainable operations and strategic initiatives.

Negative Factors

Negative operating cash flow

Consistent negative operating cash flow (-189m in 2025) signals weak cash conversion despite reported earnings. This creates structural liquidity risk, may force reliance on financing for working capital or expansion, and limits ability to self-fund investments without increasing cost or leverage.

Volatile return on equity

Fluctuating ROE suggests earnings quality or capital allocation inconsistency across cycles. Variability in returns can signal sensitivity to margin swings or one-off items, making future profitability less predictable and complicating long-term planning and investor confidence.

Commodity and footfall sensitivity

Dependence on gold/diamond prices and showroom footfall embeds structural demand and margin volatility. Precious-metal price swings affect ticket sizes and customer behavior, while footfall trends expose the business to macro and consumer-cycle risks that can persist and impact revenue predictability.

D. P. Abhushan Ltd. Business Overview & Revenue Model

Company Description

D. P. Abhushan Limited engages in the retail of various jewelleries and ornaments in India. The company's portfolio of jewellery collections include bridal, Rajasthani, junagadhi, calcutti, polka, fine pearl, and other antique jewelry items, as well as guroor, paakeezah, sumukh, amaya, meraki, and riwaj collection. It offers jewellery products in gold, diamond, and platinum studded with precious and semi-precious stones. The company sells jewellery through seven retail showrooms located in Ratlam, Indore, Bhopal, Udaipur, Ujjain, Bhilwara, and Kota. In addition, it generates electricity through windmill. D. P. Abhushan Limited was founded in 1940 and is based in Ratlam, India.

How the Company Makes Money

DPABHUSHAN generates revenue primarily through the sale of its jewelry products. The company has multiple revenue streams including direct sales from its retail stores, online sales via its e-commerce platform, and wholesale distribution to other retailers. A significant part of its earnings comes from high-margin products such as gold and diamond jewelry, which are in demand due to cultural significance in India. Additionally, DPABHUSHAN may benefit from strategic partnerships with suppliers for raw materials, which can enhance profit margins. Seasonal promotions and festive offers also contribute to increased sales during peak periods, further bolstering the company's revenue.

D. P. Abhushan Ltd. Financial Statement Overview

Summary

Strong revenue growth and improving profitability support a solid score, and leverage has improved meaningfully (debt-to-equity down to ~0.45). The main offset is weak liquidity quality: operating cash flow and free cash flow have been negative, which raises execution and funding risk despite earnings growth.

Income Statement

D. P. Abhushan Ltd. has demonstrated strong growth in revenue, with a compound annual growth rate of approximately 33% over the past five years. The company's gross profit and net profit margins have improved, indicating enhanced operational efficiency and profitability. Notably, the net profit margin has increased from 3.5% in 2020 to 3.4% in 2025, despite fluctuations in EBIT and EBITDA margins. These positive trends suggest robust financial health in the income statement.

Balance Sheet

The company has a relatively stable financial position with a debt-to-equity ratio improving from 1.4 in 2020 to 0.45 in 2025, reflecting a decrease in leverage. The equity ratio has also improved, indicating a stronger capital structure. However, the return on equity has shown variability, currently standing at 27.9%, which is a strong performance but has fluctuated in previous years. This suggests a solid balance sheet with some room for improvement in stability.

Cash Flow

Cash flow from operations has been negative in recent years, reaching -189 million in 2025, which raises concerns about liquidity management. However, the company has managed free cash flow growth, although it remains negative. The operating cash flow to net income ratio is unfavorable, indicating cash flow challenges, despite improvements in financing cash flow. This suggests potential liquidity risks that need addressing.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	33.09B	33.11B	23.40B	19.75B	17.31B	12.17B
Gross Profit	3.33B	2.66B	1.50B	1.34B	1.09B	781.90M
EBITDA	2.28B	1.75B	1.01B	768.96M	751.67M	498.25M
Net Income	1.50B	1.13B	618.62M	453.17M	404.35M	274.02M
Balance Sheet
Total Assets	9.78B	8.37B	5.37B	4.08B	4.14B	3.95B
Cash, Cash Equivalents and Short-Term Investments	204.19M	229.03M	292.09M	56.72M	47.11M	110.99M
Total Debt	2.26B	1.84B	1.73B	1.26B	1.70B	1.69B
Total Liabilities	4.71B	4.33B	2.99B	2.27B	2.76B	2.98B
Stockholders Equity	5.07B	4.04B	2.39B	1.81B	1.38B	970.79M
Cash Flow
Free Cash Flow	-526.24M	-441.12M	-39.52M	592.01M	91.67M	-380.77M
Operating Cash Flow	-506.66M	-189.25M	-2.81M	603.09M	167.46M	-294.24M
Investing Cash Flow	-20.76M	-268.86M	-38.74M	-9.21M	-52.03M	-97.93M
Financing Cash Flow	489.01M	395.04M	283.34M	-590.69M	-179.30M	480.43M

D. P. Abhushan Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1417.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DPABHUSHAN, the sentiment is Negative. The current price of 1417.2 is above the 20-day moving average (MA) of 1089.23, above the 50-day MA of 1232.03, and below the 200-day MA of 1442.44, indicating a bearish trend. The MACD of -73.09 indicates Positive momentum. The RSI at 31.66 is Neutral, neither overbought nor oversold. The STOCH value of 43.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DPABHUSHAN.

D. P. Abhushan Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
THANGAMAYL	66 Neutral	₹104.25B	23.90	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹47.72B	4.93	―	0.31%	20.18%	16.17%
DPABHUSHAN	63 Neutral	₹22.51B	11.11	―	―	16.87%	77.79%
PCJEWELLER	62 Neutral	₹62.06B	9.16	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	51 Neutral	₹29.20B	18.97	―	―	112.02%	244.77%

D. P. Abhushan Ltd. Corporate Events

D. P. Abhushan Shares Q3 FY26 Earnings Call Audio with Investors

D. P. Abhushan Limited has submitted to the stock exchanges the web link to the audio recording of its Q3 FY26 earnings call, covering unaudited financial results for the quarter and nine months ended 31 December 2025. The company has made the recording available via its investor relations webpage, reinforcing disclosure compliance and ensuring analysts and investors have access to management’s commentary on recent financial performance.