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

• Market Cap: ₹29.08B
• Dividend Yield: N/A
• Average Volume (3M): 21.44K
• Price to Earnings (P/E): 15.6
• Beta (1Y): 0.51
• 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: 67 Neutral
• Price Target: ₹1,382.00 ▼(-2.48% Downside)

D. P. Abhushan Ltd. demonstrates strong financial performance with significant revenue growth and improved margins. However, liquidity concerns due to negative cash flow and technical indicators suggesting potential overbought conditions temper the overall outlook. The stock's valuation is moderate, lacking a dividend yield, which may affect its appeal to certain investors.

Positive Factors

Sustained revenue growth

A ~33% five-year revenue CAGR indicates the company has scaled retail presence and product uptake persistently. That level of top-line expansion supports durable investment in stores, inventory and brand, underpinning longer-term market share gains and capacity to leverage fixed costs.

Improving profitability

Improving gross and net margins point to better sourcing, pricing power or higher value-add sales mix (e.g., studded jewelry). Sustained margin expansion increases cash generation potential per rupee of revenue and supports reinvestment into stores, product design and customer experience.

Reduced financial leverage

A marked decline in debt-to-equity reflects deliberate de-leveraging and a stronger capital structure. Lower leverage improves financial flexibility, reduces interest burden, and makes the company more resilient to cyclical downturns in discretionary jewelry demand over the medium term.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow despite accounting profits creates a liquidity gap that can constrain working capital, store expansion or raw material purchases. Over months this can force higher reliance on financing or slower growth if cash conversion issues aren’t resolved.

Unfavorable cash-to-income conversion

Weak conversion of reported earnings into cash suggests earnings quality or working capital strain (inventory, receivables). This undermines sustainable free cash flow generation and raises structural funding risk for capex and debt servicing absent corrective operational action.

Revenue exposed to metal prices and footfall

Business depends heavily on showroom traffic, consumer discretionary spend and volatile gold prices. Structural swings in bullion prices or weaker consumption patterns can compress volumes and ticket sizes, making revenue and margin planning more volatile over the medium term.

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

D. P. Abhushan Ltd. shows strong revenue growth and improved profit margins, indicating robust financial health. The balance sheet is stable with reduced leverage, but cash flow management is a concern due to negative operating cash flow, suggesting potential liquidity risks.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	33.46B	33.11B	23.40B	19.75B	17.31B	12.17B
Gross Profit	2.82B	2.66B	1.50B	1.34B	1.09B	781.90M
EBITDA	1.90B	1.75B	1.01B	768.96M	751.67M	498.25M
Net Income	1.24B	1.13B	618.62M	453.17M	404.35M	274.02M
Balance Sheet
Total Assets	0.00	8.37B	5.37B	4.08B	4.14B	3.95B
Cash, Cash Equivalents and Short-Term Investments	229.03M	229.03M	292.09M	56.72M	47.11M	110.99M
Total Debt	0.00	1.84B	1.73B	1.26B	1.70B	1.69B
Total Liabilities	-4.04B	4.33B	2.99B	2.27B	2.76B	2.98B
Stockholders Equity	4.04B	4.04B	2.39B	1.81B	1.38B	970.79M
Cash Flow
Free Cash Flow	0.00	-441.12M	-39.52M	592.01M	91.67M	-380.77M
Operating Cash Flow	0.00	-189.25M	-2.81M	603.09M	167.46M	-294.24M
Investing Cash Flow	0.00	-268.86M	-38.74M	-9.21M	-52.03M	-97.93M
Financing Cash Flow	0.00	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: Positive

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 1395.21, below the 50-day MA of 1452.00, and below the 200-day MA of 1493.97, indicating a bearish trend. The MACD of -45.78 indicates Positive momentum. The RSI at 36.78 is Neutral, neither overbought nor oversold. The STOCH value of 16.12 is Positive, 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
DPABHUSHAN	67 Neutral	₹29.08B	15.56	―	―	16.87%	77.79%
THANGAMAYL	66 Neutral	₹103.54B	43.07	―	0.37%	35.04%	80.12%
SENCO	66 Neutral	₹50.38B	20.09	―	0.31%	20.18%	16.17%
PCJEWELLER	62 Neutral	₹78.05B	10.98	―	―	190.41%	2939.51%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAJESHEXPO	60 Neutral	₹48.41B	36.68	―	―	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.

D. P. Abhushan Ltd. Releases Q2 FY26 Earnings Call Recording

D. P. Abhushan Ltd. has released an audio recording of its Q2 FY26 earnings call, detailing the unaudited financial results for the quarter ending September 30, 2025. This announcement, made in compliance with regulatory requirements, provides stakeholders with insights into the company’s financial performance and strategic direction.