Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

D.P. Abhushan Ltd

DPABHUSHAN
Diamond, Gems & Jewellery

D.P. Abhushan Ltd's earnings have outrun its stock. EPS grew +78.9% in a year against a −17.5% price move.

The sharpest disagreement: profits are rising, but only 19% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a downtrend (25 weeks in) while the P/E sits at the 74th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +97.3% year on year, and 19% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹1,336
−17.5% 1Y
P/E
74.8×
74th pctile
of its own 5-year range
Revenue (Dec 25)
₹1,222 Cr
+12.7% YoY
Profit (Dec 25)
₹73.0 Cr
+97.3% YoY
Operating margin
9.0%
+4.0 pp YoY
ROCE
34%
FY25
ROIC
27.3%
vs WACC 12.0% → +15.3 pp
Cash conversion
19%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

D.P. Abhushan Ltd trades at ₹1,336, in a downtrend and 25 weeks into that stage. That is +13.3% against its own 200-day average. It sits at 61% of a 52-week range of ₹897 to ₹1,615. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 25 of stage 4, confirmed. At ₹1,336 it trades +13.3% versus its 200-day average and sits at 61% of its 52-week range (₹897–₹1,615).

Jul 26: ₹1,336 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+13.3% versus the 200-day line, week 25 of stage 4
Price50-day avg200-day avg
S2S2S4₹1,918₹1,473₹1,028₹583₹138₹1,336₹1,179Jul 23Apr 24Feb 25Nov 25Jul 26
S2S2S4₹1,918₹1,473₹1,028₹583₹138₹1,336₹1,179Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2017 Each cell is one week from 2017 to now (443 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Oct 17Jul 26

Against the market, two honest reads. Cumulative: over the last 8.7 years the stock moved +3,888% while the NIFTY 500 moved +153% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 74th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

D.P. Abhushan Ltd trades at 74.8× P/E, at the pricey end of its own range (74th percentile). Its long-run median P/E is 39.6×, measured across 5.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 74.8× is at the pricey end of its own range (74th percentile), against a long-run median of 39.6× measured over 5.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 74.8× vs a 39.6× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 5.1-year window; loss-period spikes above 94× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (74th percentile)
P/EMedianEPS (TTM) (quarterly)
100.6×₹19.777.0×₹14.853.5×₹9.830.0×₹4.96.4×₹0.0×72.90×₹18Jun 21Sep 22Feb 24Jun 25Jul 26
100.6×₹19.777.0×₹14.853.5×₹9.830.0×₹4.96.4×₹0.0×72.90×₹18Jun 21Feb 24Jul 26
PEG 0.23 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 11 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.3×1.0×0.7×0.4×0.2××0.23×Q4 FY23Q2 FY24Q2 FY25Q4 FY25Q3 FY26
1.3×1.0×0.7×0.4×0.2××0.23×Q4 FY23Q2 FY25Q3 FY26
P/E
74.8×
74th percentile of 5y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +78.9% against a −17.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +48.6%/yr price move, ~+8.2%/yr came from earnings growth and ~+40.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

D.P. Abhushan Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 60.9% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
49%115%35%81%21%47%7.4%13%−6.5%−21%%%9.4%79.6%77.3%Mar 23Jun 24Dec 25
49%115%35%81%21%47%7.4%13%−6.5%−21%%%9.4%79.6%77.3%Mar 23Jun 24Dec 25
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
63%56%49%43%36%%60.9%Mar 23Jun 24Dec 25
63%56%49%43%36%%60.9%Mar 23Jun 24Dec 25
Revenue growth
Rolling over
latest +9.4% · span −2.7% to +45.4%
Profit growth
Steady high
latest +79.6% · span −11.2% to +106.0%
EPS growth
Steady high
latest +77.3% · span −10.2% to +104.9%
ROCE
Rising
latest 60.9% · span 37.9%–60.9%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Growth, year by year: revenue +41.5% in FY25, profit +82.3% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
55%88%40%67%25%46%10%25%−4.7%4.0%%%41.5%82.3%FY17FY21FY25
55%88%40%67%25%46%10%25%−4.7%4.0%%%41.5%82.3%FY17FY21FY25
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+9.4%) with the last 8 annualized (+26.1%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
49%115%35%81%21%47%7.4%13%−6.5%−21%%%9.4%79.6%Mar 23Jun 24Dec 25
49%115%35%81%21%47%7.4%13%−6.5%−21%%%9.4%79.6%Mar 23Jun 24Dec 25
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+41.5%+24.2%+32.6%
Profit+82.3%+40.2%+46.1%
EPS+78.9%+39.8%+46.0%
Share price−17.5%+70.0%+48.6%
Revenue YoY (Dec 25)
+12.7%
latest quarter vs a year ago
Profit YoY (Dec 25)
+97.3%
latest quarter vs a year ago
Revenue 10y
28.3%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

51.1/100 — rank 15 of 26 in Diamond, Gems & Jewellery · 100% evidence confidence

D.P. Abhushan Ltd scores 51.1 out of 100 against the 26 companies it is compared with in Diamond, Gems & Jewellery, ranking 15. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 20.8 + 15.2 + 5.3 + 9.8 = 51.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

D.P. Abhushan Ltd reported ₹1,222 Cr of revenue in the Dec 25 quarter, +12.7% year on year. Over 8 years it has compounded at 28.3% a year. The last full year, FY25, came in at ₹3,307 Cr. The last four reported quarters add to ₹3,447 Cr.

D.P. Abhushan Ltd reported ₹1,222 Cr of revenue in the Dec 25 quarter, +12.7% year on year. Over 8 years it has compounded at 28.3% a year. The last full year, FY25, came in at ₹3,307 Cr. The last four reported quarters add to ₹3,447 Cr.

FY25 revenue came in at ₹3,307 Cr (+41.5% on the year), capping 8 years at 28.3% compound. The latest quarter (Dec 25) printed ₹1,222 Cr, +12.7% year on year.

FY25 revenue ₹3,307 Cr (+41.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
28.3% a year over 8 years
RevenueYoY growth
3.6k55%2.7k40%1.8k25%89310%0−4.7%₹ Cr%₹3,30741.5%FY17FY21FY25
3.6k55%2.7k40%1.8k25%89310%0−4.7%₹ Cr%₹3,30741.5%FY17FY21FY25
Dec 25: ₹1,222 Cr (+12.7% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
1.3k92%99064%66036%3307.9%0−20%₹ Cr%₹1,22212.7%Mar 23Jun 24Dec 25
1.3k92%99064%66036%3307.9%0−20%₹ Cr%₹1,22212.7%Mar 23Jun 24Dec 25

Pace check: the last four quarters averaged +11.2% growth against the decade's 28.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +9.4% over the last 4 quarters against +26.1%/yr over the last 8 — rolling over; TTM profit +79.6% vs +92.4%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 9.0% this quarter (+4.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

D.P. Abhushan Ltd's operating margin is 9.0% in the Dec 25 quarter, +4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 3.0% to 5.0%. The current quarter is running above every full year in that window.

D.P. Abhushan Ltd's operating margin is 9.0% in the Dec 25 quarter, +4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 3.0% to 5.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 9.0%, +4.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 3.0%–5.0%, and FY25's 5.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.6 pp year on year while gross margin went +2.5 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY25: 5.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 9-year window.
the widest a 3.0–5.0% band over 9 years
operating marginYoY change (pp)
5.2%1.2%4.6%0.6%4.0%0.0%3.4%−0.6%2.8%−1.2%%%5%1%FY17FY21FY25
5.2%1.2%4.6%0.6%4.0%0.0%3.4%−0.6%2.8%−1.2%%%5%1%FY17FY21FY25
Dec 25: 9.0% operating margin (+4.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
11%4.4%8.5%2.9%6.5%1.4%4.5%−0.2%2.4%−1.7%%%9%4%Mar 23Jun 24Dec 25
11%4.4%8.5%2.9%6.5%1.4%4.5%−0.2%2.4%−1.7%%%9%4%Mar 23Jun 24Dec 25

→ Margins held — did that reach the bottom line? Next: profit +97.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

D.P. Abhushan Ltd earned ₹73.0 Cr of net profit in the Dec 25 quarter, +97.3% year on year. It is the 8th consecutive quarter of growth. Full-year FY25 profit was ₹113 Cr. The 8-year compound rate is 47.7%. That is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr.

D.P. Abhushan Ltd earned ₹73.0 Cr of net profit in the Dec 25 quarter, +97.3% year on year. It is the 8th consecutive quarter of growth. Full-year FY25 profit was ₹113 Cr. The 8-year compound rate is 47.7%. That is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹37.0 Cr.

Dec 25 profit was ₹73.0 Cr, +97.3% year on year — the 8th consecutive quarter of growth. On the full year, FY25 printed ₹113 Cr (+82.3%), and the 8-year compound rate is 47.7%.

FY25 profit ₹113 Cr (+82.3% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
47.7% a year over 8 years
Net profitYoY growth
12288%9267%6146%3125%04.0%₹ Cr%₹11382.3%FY17FY21FY25
12288%9267%6146%3125%04.0%₹ Cr%₹11382.3%FY17FY21FY25
Dec 25: ₹73.0 Cr (+97.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
8th straight quarter of growth
Net profit (quarterly)YoY growth
79329%59225%39121%2017%0−87%₹ Cr%₹7397.3%Mar 23Jun 24Dec 25
79329%59225%39121%2017%0−87%₹ Cr%₹7397.3%Mar 23Jun 24Dec 25

Why profit moved: revenue contributed +12.7% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +75.4% vs revenue +11.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 19% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 19% of D.P. Abhushan Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−19.0 Cr of operating cash against ₹113 Cr of profit. After ₹36.0 Cr of capital spending, ₹−55.0 Cr was left as free cash.

FY25: operating cash of ₹−19.0 Cr against reported profit of ₹113 Cr, leaving free cash of ₹−55.0 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 19% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO ₹−19.0 Cr vs profit ₹113 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 9-year window, annual resolution.
19% of 3-year profit arrived as cash
Operating cashNet profitFree cash
1267829−20−68₹ Cr₹−19₹113₹−55FY17FY21FY25
1267829−20−68₹ Cr₹−19₹113₹−55FY17FY21FY25
FY25: CFO = −17% of profit (three-year rate 19%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
333%213%94%−26%−146%%−17%FY17FY21FY25
333%213%94%−26%−146%%−17%FY17FY21FY25

🚨 Why conversion sits at 19%: the cash cycle tightened 19 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹46.0 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

D.P. Abhushan Ltd's cash conversion cycle runs 66 days in FY25, down from 85 days in FY20. Capital spending ran ₹46.0 Cr over the last 3 years. At FY25 sales of ₹3,307 Cr each day of that cycle holds about ₹9.1 Cr, so roughly ₹598 Cr sits inside the business at any moment.

FY25: debtors at 0 days, inventory at 87 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 66 days, tighter than FY20's 85.

The full loop: cash goes out to suppliers and production on day 0; stock waits 87 days to sell; customers pay about 0 days after that; and suppliers themselves are paid at 21 days — netting out to the 66-day cycle.

In money terms: at FY25 sales of ₹3,307 Cr, each day of the cycle holds about ₹9.1 Cr — so the 66-day loop keeps roughly ₹598 Cr sitting inside the business at any moment.

FY25: a 66-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 9-year window.
−19 days vs FY20
Cash cycleInventory daysDebtor daysPayable days
122895724−9days66d87d0d21dFY17FY19FY21FY23FY25
122895724−9days66d87d0d21dFY17FY21FY25

On the investment side: capital spending of ₹46.0 Cr over the last 3 fiscal years against ₹20.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹11.0 Cr (FY25) — capacity paid for but not yet earning.

FY25: capex ₹36.0 Cr, work-in-progress ₹11.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
392919100₹ Cr₹36₹11FY18FY19FY21FY23FY25
392919100₹ Cr₹36₹11FY18FY21FY25

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 34% and the ROIC − WACC spread is +15.3 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

D.P. Abhushan Ltd earns a ROCE of 34% in FY25. That is up from a trough of 15% in FY18. Return on invested capital clears the cost of that capital by +15.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 3.4% net margin on 3.95× asset turns.

FY25 ROCE is 34%, recovered from a FY18 trough of 15% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 3.4% net margin × 3.95× asset turns × 2.07× balance-sheet leverage ≈ 27.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 27.3% − 12.0% = a +15.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY25: ROCE 34% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 8-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY18's 15%
ROCEROIC (annual)WACC
36%29%23%17%10%%34%25.9%FY18FY21FY25
36%29%23%17%10%%34%25.9%FY18FY21FY25
Q4 FY26: ROCE 45.8% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
49%39%29%19%9.3%%45.8%32.9%Q2 FY24Q3 FY25Q1 FY27
49%39%29%19%9.3%%45.8%32.9%Q2 FY24Q3 FY25Q1 FY27

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.46.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

D.P. Abhushan Ltd carries total debt of ₹304 Cr against shareholder equity of ₹633 Cr as of Jun 26, a debt-to-equity of 0.48. On the annual view that ratio went from 1.23 in FY22 to 0.48 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Jun 26: total debt of ₹304 Cr against shareholder equity of ₹633 Cr — a debt-to-equity of 0.48. On the annual view, debt-to-equity went from 1.23 (FY22) to 0.48 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹304 Cr at 0.48× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3281.3×2461.1×1640.8×820.6×00.4×₹ Cr×₹3040.48×FY22FY24FY26
3281.3×2461.1×1640.8×820.6×00.4×₹ Cr×₹3040.48×FY22FY24FY26
Jun 26: debt ₹304 Cr, debt-to-equity 0.48 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3280.8×2460.7×1640.6×820.5×00.4×₹ Cr×₹3040.48×Sep 23Dec 24Jun 26
3280.8×2460.7×1640.6×820.5×00.4×₹ Cr×₹3040.48×Sep 23Dec 24Jun 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of D.P. Abhushan Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved −0.1 points over the same window, to 74.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +0.2 points over 8 quarters to 0.2%; Promoters: −0.1 points over 8 quarters to 74.9%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

Fiscal-year ends: promoters −0.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%74.9%0.3%0%24.8%Mar 24Mar 25Mar 26
81%59%38%16%−6.0%%74.9%0.3%0%24.8%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
81%59%38%16%−6.0%%74.9%0.2%0%24.9%Jun 23Dec 24Jun 26
81%59%38%16%−6.0%%74.9%0.2%0%24.9%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

D.P. Abhushan Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Diamond, Gems & Jewellery Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
D.P. Abhushan Ltd this page74.8×₹3,032 CrConsistent
Titan Company Ltd80.6×₹4.2L CrTurning around
Kalyan Jewellers India Ltd43.0×₹59,233 CrConsistent
Thangamayil Jewellery Ltd60.7×₹21,467 CrImproving
Bluestone Jewellery & Lifestyle Ltd209.0×₹11,772 CrNo read
Sky Gold & Diamonds Ltd36.8×₹10,124 CrMixed
PC Jeweller Ltd12.6×₹9,011 CrNo read
P N Gadgil Jewellers Ltd21.3×₹8,780 CrMixed
Senco Gold Ltd10.9×₹6,273 CrTurning around
Vaibhav Global Ltd15.7×₹4,216 CrImproving
Rajesh Exports Ltd20.9×₹3,510 CrImproving
Rajesh Exports Ltd23.3×₹2,626 CrMixed
D.P. Abhushan Ltd12.3×₹2,295 CrConsistent
Shringar House of Mangalsutra Ltd18.3×₹2,118 CrNo read
Khazanchi Jewellers Ltd24.0×₹1,836 CrNo read
Tribhovandas Bhimji Zaveri Ltd8.5×₹1,728 CrNo read
Khazanchi Jewellers Ltd18.6×₹1,666 CrNo read
Motisons Jewellers Ltd25.2×₹1,612 CrMixed
Shanti Gold International Ltd10.9×₹1,523 CrNo read
PNGS Reva Diamond Jewellery Limited19.9×₹1,287 Cr
Utssav CZ Gold Jewels Ltd21.1×₹1,248 CrNo read
Asian Star Company Ltd24.0×₹971 CrTurning around
PNGS Gargi Fashion Jewellery Ltd25.8×₹785 CrMixed
SJ Corporation Ltd₹776 Cr
Manoj Vaibhav Gems N Jewellers Ltd6.6×₹761 CrTopping out
Radhika Jeweltech Ltd10.0×₹751 CrConsistent
PNGS Gargi Fashion Jewellery Ltd21.8×₹685 CrTopping out
RBZ Jewellers Ltd10.3×₹564 CrMixed
Uday Jewellery Industries Ltd13.7×₹491 CrMixed
Golkunda Diamonds & Jewellery Ltd16.0×₹195 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is D.P. Abhushan Ltd's share price today?

D.P. Abhushan Ltd trades at ₹1,336, −17.5% over the past year. The company is valued at ₹3,032 Cr. The stock sits at 61% of its 52-week range of ₹897–₹1,615, +13.3% versus its 200-day average. On the tape, the price is in a downtrend, 25 weeks in. — as of 24 July 2026.

What were D.P. Abhushan Ltd's latest quarterly results?

D.P. Abhushan Ltd reported revenue of ₹1,222 Cr and net profit of ₹73.0 Cr for the Dec 25 quarter. Revenue rose 12.7% and profit rose 97.3% year on year. Earnings per share were ₹32.13. The operating margin was 9.0%, 4.0 pp higher than a year earlier. — as of 24 July 2026.

What is D.P. Abhushan Ltd's revenue?

D.P. Abhushan Ltd reported revenue of ₹1,222 Cr in the Dec 25 quarter, +12.7% year on year. For the full FY25 fiscal year, revenue was ₹3,307 Cr (+41.5%). Over the last 8 years revenue compounded at 28.3% a year. — as of 24 July 2026.

What is D.P. Abhushan Ltd's profit?

D.P. Abhushan Ltd earned ₹73.0 Cr of net profit in the Dec 25 quarter, +97.3% year on year — the 8th straight quarter of growth. Full-year FY25 profit was ₹113 Cr. The operating margin ran 9.0% in the latest quarter. — as of 24 July 2026.

What is D.P. Abhushan Ltd's market cap?

D.P. Abhushan Ltd's market capitalisation is ₹3,032 Cr at a share price of ₹1,336. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is D.P. Abhushan Ltd's P/E ratio?

D.P. Abhushan Ltd trades at a P/E of 74.8×, at the 74th percentile of its own 5-year range, against a long-run median of 39.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does D.P. Abhushan Ltd pay a dividend?

Not in its latest year — D.P. Abhushan Ltd's dividend payout was 0% of profit in FY25. It did record a payout in 3 of its last 9 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is D.P. Abhushan Ltd overvalued?

On its own history, D.P. Abhushan Ltd looks expensive against its own history: its P/E of 74.8× sits at the 74th percentile of its 5-year range (long-run median 39.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is D.P. Abhushan Ltd growing?

Yes — D.P. Abhushan Ltd is growing: latest-quarter revenue +12.7% year on year, profit +97.3%, and the margin +4.0 pp at 9.0%. The 8-year compound rates are 28.3% (revenue) and 47.7% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is D.P. Abhushan Ltd performing?

D.P. Abhushan Ltd is in a downtrend, 25 weeks in. Its latest quarter's revenue rose 12.7% and profit rose 97.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is D.P. Abhushan Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 60.9% and holding. The read comes from the last 12 quarters of growth (revenue growth +9.4% latest, profit growth +79.6% latest, eps growth +77.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is D.P. Abhushan Ltd in an uptrend?

No — the price is in a downtrend (week 25 of stage 4), trading +13.3% versus its 200-day average and at 61% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is D.P. Abhushan Ltd beating the market?

On recent form, yes — D.P. Abhushan Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.7 years the stock moved +3,888% against the NIFTY 500's +153% — ahead of the index over the full window. — as of 24 July 2026.

Will D.P. Abhushan Ltd's share price go up?

This page publishes no price forecast for D.P. Abhushan Ltd. What it measures instead: the share price is ₹1,336, the price is in a downtrend 25 weeks in. Its P/E of 74.8× sits at the 74th percentile of its own 5-year range. — as of 24 July 2026.

Who owns D.P. Abhushan Ltd?

Promoters hold 74.9% of D.P. Abhushan Ltd, foreign institutions 0.2%, domestic institutions 0.0% and the public 24.9% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does D.P. Abhushan Ltd have too much debt?

It is moderate — D.P. Abhushan Ltd's debt-to-equity is 0.46, and operating profit covers the interest bill 10×. FY25 borrowings were ₹184 Cr against equity of ₹404 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is D.P. Abhushan Ltd's capex?

D.P. Abhushan Ltd spent ₹46.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹36.0 Cr, with ₹11.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is D.P. Abhushan Ltd's cash flow?

D.P. Abhushan Ltd generated ₹−19.0 Cr of operating cash flow in FY25 and ₹−55.0 Cr of free cash flow after ₹36.0 Cr of capital spending. Reported profit that year was ₹113 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is D.P. Abhushan Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 19% of D.P. Abhushan Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹−19.0 Cr against reported profit of ₹113 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is D.P. Abhushan Ltd in its business cycle?

D.P. Abhushan Ltd's FY25 operating margin was 5.0%, against a 9-year band of 3.0%–5.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 9.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the D.P. Abhushan Ltd story?

The sharpest disagreement: profits are rising, but only 19% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is D.P. Abhushan Ltd a stock worth studying right now?

This is not investment advice. The machine read: D.P. Abhushan Ltd's earnings have outrun its stock. EPS grew +78.9% in a year against a −17.5% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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