# D.P. Abhushan share price today (D.P. Abhushan Ltd, NSE: DPABHUSHAN)

> D.P. Abhushan share price today: ₹1,930.00 at the NSE close on 4 November 2026, up 28.7% in a year. D.P. Abhushan (NSE: DPABHUSHAN) is worth ₹4,406 crore, trades at a P/E of 18.4 and has closed between ₹896.95 and ₹2,363.80 over the past 52 weeks. > D.P. Abhushan Ltd's earnings have grown faster than its share price. Earnings per share grew +86.6% in a year while the price moved +28.7%. DPABHUSHAN · Diamond, Gems & Jewellery · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/dp-abhushan-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹1,930.00 (+28.7% in a year)
- P/E: 18.4× (higher than 51% of the last 9 years)
- Revenue (Jun 2026): ₹852 Cr (+57.8% on a year ago)
- Profit (Jun 2026): ₹64.0 Cr (+77.8% on a year ago)
- Operating margin: 11.0% (+1.0 points on a year ago)
- ROCE: 40%, FY26
- ROIC: 27.3%, against a 12.0% cost of capital: +15.3 points

The main question: profits are rising, but only −30% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the D.P. Abhushan share price today? D.P. Abhushan Ltd's share price was ₹1,930.00 at the close on 4 November 2026. It has been rising for 11 weeks. That is 33.2% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹897 and ₹2,364, and at that close it sat 70% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 20 weeks in a row. Over the last 9 years the share price moved +5,661% while the NIFTY 500 moved +137%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at D.P. Abhushan this quarter? Two changes stood out: best operating margin in 22 quarters and profit up on a year earlier for 10 quarters in a row. 1. Best operating margin in 22 quarters Operating margin was 11% in the June 2026 quarter, against 10% a year earlier. 2. Profit up on a year earlier for 10 quarters in a row In the June 2026 quarter profit was ₹64 crore, +77.8% on a year earlier. ## What are D.P. Abhushan's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), D.P. Abhushan reported revenue of ₹852 crore, up 57.8% from ₹540 crore a year earlier, and a profit of ₹64.0 crore, up 77.8% from ₹36.0 crore. ### D.P. Abhushan results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹852 crore | ₹540 crore | +57.8% |
| Profit | ₹64.0 crore | ₹36.0 crore | +77.8% |
| Earnings per share | ₹28.23 | ₹16.07 | +75.7% |
| Operating margin | 11.0% | 10.0% | +1.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). D.P. Abhushan's management discussed these results on a call held on 30 September 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the D.P. Abhushan share price history? D.P. Abhushan closed at ₹1,930.00 on 4 November 2026, up 28.7% from ₹1,499.50 a year earlier (7 November 2025) and up 746.3% over five years. Its highest weekly close since October 2017 was ₹2,363.80 on 9 October 2026. ### D.P. Abhushan share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹1,940.20 | −0.5% |
| 1 month ago · 1 Oct 2026 | ₹1,874.00 | +3.0% |
| 6 months ago · 8 May 2026 | ₹1,105.60 | +74.6% |
| 1 year ago · 7 Nov 2025 | ₹1,499.50 | +28.7% |
| 3 years ago · 3 Nov 2023 | ₹603.10 | +220.0% |
| 5 years ago · 4 Nov 2021 | ₹228.05 | +746.3% |
| Earliest and lowest weekly close in our records · 27 Oct 2017 | ₹33.50 | +5,661.2% |
| Highest weekly close since October 2017, also the 52-week high · 9 Oct 2026 | ₹2,363.80 | −18.4% |
| 52-week low (weekly close) · 10 Jun 2026 | ₹896.95 | +115.2% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (460 weekly closes from 27 October 2017 to 4 November 2026.)

## What is the latest news on D.P. Abhushan? 4 Nov 2026: D.P. Abhushan closed at ₹1,930.00, down 0.5% on the week and up 3.0% on the month. 30 Sep 2026: D.P. Abhushan held its results call for April to June 2026. Management guided: 51 stores and ₹15,000 crore topline by 2030. ### Earlier

- Our read, 22 Aug 2026: Showroom economics deliver 339 Cr revenue per store and 81% conversion rates, supported by 4.7x inventory turns.,Earnings growth of 77.8% in April to June 2026 is value-led from higher gold prices with modest 1-2% volume growth, while FY27 operating margin is guided down to 6.0-6.5%.,Negative 3-year operating cash flow of negative 116 Cr reflects retail inventory ramp funded by 100% Gold Metal Loans rather than credit leakage. - Results for April to June 2026: Revenue up 57.8% and profit up 77.8% on a year earlier. ### Our read of the business

Showroom economics deliver 339 Cr revenue per store and 81% conversion rates, supported by 4.7x inventory turns.,Earnings growth of 77.8% in April to June 2026 is value-led from higher gold prices with modest 1-2% volume growth, while FY27 operating margin is guided down to 6.0-6.5%.,Negative 3-year operating cash flow of negative 116 Cr reflects retail inventory ramp funded by 100% Gold Metal Loans rather than credit leakage. Latest quarter: Value-Led Surge on Gold Realization While Volume Growth Remains Modest at 1-2%. (Our read after the latest results, written 22 August 2026.)

## What dividend does D.P. Abhushan pay? D.P. Abhushan paid no dividend in the 12 months to 5 November 2026. The last was a dividend of ₹1 a share, ex-date 22 September 2023. ### D.P. Abhushan dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 22 Sep 2023 | ₹1 | Dividend | same day |
| 22 Sep 2022 | ₹1 | Dividend | 23 Sep 2022 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 2 of 5 Of the last 5 financial years, years with an NSE dividend record

Not in its latest year. D.P. Abhushan Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 3 of its last 10 reported years, so there is a history but no current dividend. (From the NSE corporate-actions record, read 5 November 2026.)

## What did D.P. Abhushan management say on the latest results call? On the call for April to June 2026, held on 30 September 2026, D.P. Abhushan's management guided: 51 stores and ₹15,000 crore topline by 2030. > “Whatever preferential funding is raised will be used entirely for new showroom inventory. There is no plan to repay debt. Everything will be required over the next 5 years to make this journey successful.”
> Manish Laddha, CFO, on the call for April to June 2026

### What management guided

- 6-8 stores annually across the focused footprint, including Gujarat, Chhattisgarh and Vidarbha, through 2030. - FOCO pilot in October and 6-8 FOCO stores by 2030, with the balance COCO. - Initial preferential funding of ₹200-250 crore, entirely for new showroom inventory and not debt repayment. - Diamond exposure planned at 2-2.5x current level over the next couple of years; blended gross profit 7-8% and profit margin 3.8-4.3%, potentially 4.5%, over five years. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/31807-30-Sep-2026.pdf). (From the call for April to June 2026, 30 September 2026.)

## What is the future of D.P. Abhushan? What is changing in the business? What is changing at D.P. Abhushan, from the latest results and calls: showroom revenue productivity & operating leverage, value-added mix shift into silver & studded jewelry and contiguous tier-2/3 geographic store network scaling. - Showroom Revenue Productivity & Operating Leverage. High revenue throughput of 339 Cr per store and 81% conversion rates cover fixed showroom operating expenses. ⚠ estimate
- Value-Added Mix Shift into Silver & Studded Jewelry. Rapid scaling of silver and studded jewelry categories expands blended gross margins above commodity gold baselines. ⚠ estimate
- Contiguous Tier-2/3 Geographic Store Network Scaling. Scaling showroom network from 12 to 51 stores by 2030 across underserved Central and Western Indian markets. ⚠ estimate
- Working Capital De-Risking via Gold Metal Loans and Hedging. Real-time vendor procurement and 100% Gold Metal Loan backing for new store inventory insulate operating margins. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 22 August 2026.)

## What could change the D.P. Abhushan story? What are the risks? The thesis breaks if showroom inventory turnover drops below 3.5x alongside persistent gold volume contraction exceeding 5% on a year earlier over two consecutive quarters, or if operating margin falls below 5.0% due to unhedged inventory losses. ### Each change stops working if

- Contiguous Tier-2/3 Geographic Store Network Scaling: Upfront showroom inventory capital spending of 40-60 Cr per store strains bank credit lines before break-even is achieved in 6-9 months. - Working Capital De-Risking via Gold Metal Loans and Hedging: Severe commodity price corrections trigger unhedged inventory write-downs on non-GML stock. ### The main risks

- Gold Tonnage Volume Stagnation: Underlying gold volume grew only 1-2% in April to June 2026 after declining 20% in FY26, exposing revenue to price plateaus. ✓ fact
- Working Capital Intensity & Negative Operating Cash Flow: Cumulative 3-year operating cash flow of negative 116 Cr and rising debt to 290 Cr driven by upfront showroom inventory needs. ✓ fact
- Store Rollout Delays and Guidance Framework Modification: Past store rollout goals were repeatedly scaled back with only 1 store added in FY26 versus 6 planned. ✓ fact
- Import Duty Increase and Policy Uncertainty: Gold import duty increase from 6.0% to 15.0% in May 2026 creates short-term price friction for retail consumers. ✓ fact

(Our read after the latest results, written 22 August 2026.)

## What to watch in D.P. Abhushan's next results? When D.P. Abhushan reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Preferential funding approval and deployment to new showroom inventory - check final terms and whether proceeds remain expansion-only. - What to check (from the call)
- Preferential funding approval and deployment to new showroom inventory - check final terms and whether proceeds remain expansion-only. - FOCO pilot opening - check franchisee capital commitment, D.P. operating control and identical customer pricing. - Hedged-stock coverage against the stated milestones - check whether the instrument mix reduces unhedged price exposure. - Diamond and studded mix progression - check whether higher-margin regular-wear products gain share without weakening gold-led wedding demand. ## Which stock lists is D.P. Abhushan on? D.P. Abhushan is on 2 of our India lists: Momentum stocks and Gold & silver stocks. - [Momentum stocks Market cap cr: 4405.715905576744](https://www.sectoralpha.in/momentum-stocks-india)
- [Gold & silver stocks Group on the list: Jewellery makers and shops](https://www.sectoralpha.in/gold-stocks-india)

## Is D.P. Abhushan profitable? D.P. Abhushan Ltd earned ₹64.0 Cr of net profit in the Jun 2026 quarter, +77.8% on the same quarter a year earlier. That is the 10th quarter in a row of profit growth. Full-year FY26 profit was ₹212 Cr. Over 9 years profit has grown 51.6% a year on average. That is 7.5% of the quarter's revenue. The same quarter a year earlier earned ₹36.0 Cr. For the full year, FY26 profit was ₹212 Cr (+87.6% on the year before). Why profit moved: revenue changed +57.8% on a year earlier and the margin moved +1.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +95.8% and revenue +38.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. FY26-Q4. revenue ₹1,335 Cr and profit ₹51 Cr as reported. FY27-Q1. revenue ₹852 Cr and profit ₹64 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much revenue does D.P. Abhushan make, and is it growing? D.P. Abhushan Ltd reported ₹852 Cr of revenue in the Jun 2026 quarter, +57.8% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 9 years it has grown 27.7% a year on average. The last full year, FY26, came in at ₹4,060 Cr. The last four reported quarters add to ₹4,377 Cr. FY26 revenue was ₹4,060 Cr, +22.8% on the year before. Recent pace: the last four quarters grew +38.3% on average, against 27.7% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +30.8%, against +35.8% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +94.3%, against +83.5% a year (accelerating). FY26-Q4. revenue ₹1,335 Cr and profit ₹51 Cr as reported. FY27-Q1. revenue ₹852 Cr and profit ₹64 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## How much of every ₹100 of sales does D.P. Abhushan keep? D.P. Abhushan Ltd's operating margin was 11.0% in the Jun 2026 quarter, 1.0 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 10 years it has been between 3.3% and 8.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +0.8 percentage points on the year while gross margin changed −0.3 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. FY26-Q4. revenue ₹1,335 Cr and profit ₹51 Cr as reported. FY27-Q1. revenue ₹852 Cr and profit ₹64 Cr as reported. Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters. ## Is D.P. Abhushan's profit turning into cash? Over the last 3 years D.P. Abhushan Ltd's operations used more cash than they brought in, so cash conversion was −30%, a gap worth watching. In FY26 its operations used ₹97.0 Cr of cash, against ₹212 Cr of profit. After ₹11.0 Cr of spending on assets, free cash was −₹108 Cr: it spent more than its operations brought in. Why this happened. The company replenishes gold 3 to 4 times daily at matched prices and finances new showroom inventory via 100% Gold Metal Loans and MCX derivative hedges. This framework stabilizes gross margins near 10.0% to 11.0% and reduces balance sheet exposure to gold price declines. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why −30% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. When less than 70% of profit comes in as cash, it is the thing to watch on this page. What to look at next: the bigger use of cash is spending on new assets, at 2.0× depreciation over three years. The next section checks what that spending is building. ## Where does D.P. Abhushan's cash go? D.P. Abhushan Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 89 days in FY26, up from 79 days in FY21. It spent ₹53.0 Cr on assets over the last 3 years. Customers take 0 days to pay, and stock sits for 100 days on average. At FY26 sales of ₹4,060 Cr, each day of that cycle ties up about ₹11.1 Cr, so roughly ₹990 Cr is tied up in the business at any time. FY26: customers took 0 days to pay and stock sat for 100 days, about 3.3 months of sales sitting as stock, for a full cycle of 89 days, longer than FY21's 79. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 100 days. Customers pay about 0 days after that. Suppliers are paid at 11 days. Together that makes the 89-day cycle. Spending on assets: ₹53.0 Cr over the last 3 years, against ₹26.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1.0 Cr (FY26): assets paid for that are not earning yet. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is D.P. Abhushan's P/E ratio, and how does it compare with its own history? D.P. Abhushan Ltd's P/E is 18.4×, in the middle of its own history: higher than 51% of past readings. Its usual P/E (the middle reading) is 17.9×, over 9 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved +86.6% while the price moved +28.7%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +53.3% a year; about +48.5% a year came from earnings growth and about +4.8 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the D.P. Abhushan share price assume? Worked out from its price on 26 August 2026, D.P. Abhushan Ltd's share price assumed profit growth of about 5.2% a year. Over the past 9 years its profit actually grew 51.6% a year. Today its P/E is 18.4×, higher than 51% of its own last 9 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the D.P. Abhushan business getting better or worse? D.P. Abhushan Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 62.8%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the D.P. Abhushan story, and has it been checked? D.P. Abhushan Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 2026. From the numbers. However, operating profit margins…

From the price. Price stage 2, week 11, above its 200-day line, relative strength rising. From the research. Where they disagree. However, operating profit margins reached a peak of 10.9% in Q1 FY27 (93rd percentile of 7-year history), which inflates trailing EPS to 105.07. What is proven. What is not proven yet. The thesis breaks if showroom inventory turnover drops below 3.5x alongside persistent gold volume contraction exceeding 5% YoY over two consecutive quarters, or if EBITDA margin falls below 5.0% due to unhedged inventory losses. What would change our mind. The thesis breaks if showroom inventory turnover drops below 3.5x alongside persistent gold volume contraction exceeding 5% YoY over two consecutive quarters, or if EBITDA margin falls below 5.0% due to unhedged inventory losses. The test written in advance. The thesis breaks if showroom inventory turnover drops below 3.5x alongside persistent gold volume contraction exceeding 5% YoY over two consecutive quarters, or if EBITDA margin falls below 5.0% due to unhedged inventory losses. Measured by: the thesis as written as stated by the next result. The test written in advance. Peak Operating Margin Normalization. Measured by: Peak Operating Margin Normalization Reported EBITDA margin printing below 6.0% in Q2 or Q3 FY27. by the next result. The test written in advance. Gold Tonnage Volume Stagnation. Measured by: Gold Tonnage Volume Stagnation Gold volume growth printing below 5.0% YoY in Q2 FY27. by the next result. What the company does. Showroom economics deliver 339 Cr revenue per store and 81% conversion rates, supported by 4.7x inventory turns. Earnings growth of 77.8% in Q1 FY27 is value-led from higher gold prices with modest 1-2% volume growth, while FY27 EBITDA margin is guided down to 6.0-6.5%. Negative 3-year operating cash flow of negative 116 Cr reflects retail inventory ramp funded by 100% Gold Metal Loans rather than credit leakage. What the surface reading misses. The surface reading is: ROCE of 39.6% and ROE of 40.9% signal elite through-cycle capital return and pricing power. The research reads it further: High return metrics are amplified by elevated asset turnover (4.7x) combined with transient margin expansion from commodity revaluation (28-30% of FY26 profit gains); through-cycle normalized ROE is closer to 24.0%. What the surface reading misses. The surface reading is: 3-year cumulative operating cash flow of negative 116 Cr against PAT of 387 Cr suggests severe cash leakage and unearned accrual profit. The research reads it further: Working capital in retail jewelry is 95%-98% bullion inventory; store expansion (Dhar showroom required 100-125 Cr inventory) and gold price inflation absorb cash upfront. Inventory turnover remains active at 4.7x to 5.0x with zero debtor days. Lever 1 · Operating leverage: building. High revenue throughput of 339 Cr per store and 81% conversion rates cover fixed showroom operating expenses. What proves it keeps working: Showroom Revenue Productivity & Operating Leverage. It stops working if Store throughput fails to scale beyond 200 Cr per showroom or footfalls decline in newly entered Tier-2/3 clusters. Lever 2 · Value-added mix: building. Rapid scaling of silver and studded jewelry categories expands blended gross margins above commodity gold baselines. What proves it keeps working: Value-Added Mix Shift into Silver & Studded Jewelry. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did D.P. Abhushan management deliver what it promised? What D.P. Abhushan Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. 2030 Revenue Goal Not Reconciled · 30 September 2026. In the May 2026 call, management set FY27 and FY28 revenue goals of INR4,800 crores and INR5,500 crores while also framing longer-term growth at approximately 25%-30% annually. In the Sep 2026 call, management introduced a 15,000 crores 2030 topline vision, implying a materially steeper trajectory from the stated FY28 goal without providing a bridge or explaining the change. Gross Margin Guidance Reduced Without Explanation · 30 September 2026. In May 2026, management said gross margins should remain approximately 10%-11%. In Sep 2026, it described overall gross profit at 7%-8% of sales, a material reduction that was not reconciled through a stated change in definition, product mix, or operating assumptions. Funding Route Shifted to Preferential Equity · 30 September 2026. In May 2026, management said the QIP was paused and had not proceeded, while the near-term expansion plan was supported by internal accruals and arranged financing. By Sep 2026, management was actively aiming for a 200-250 crores preferential issue for showroom inventory; the change in funding route and timing was not fully reconciled. FOCO Allocation Increased Without Reconciliation · 30 September 2026. In Jul 2026, management's stated plan was around three to four franchise stores within a 51-store network, with the majority COCO. In Sep 2026, management said 6-8 stores could be FOCO, materially increasing the planned franchise allocation without explaining the change beyond the pilot. Every quote above is taken word for word from the company’s own earnings calls. ## How much does D.P. Abhushan earn on its capital? D.P. Abhushan Ltd earned a ROCE of 40% in FY26. That is up from a low of 15% in FY18. Its return on capital used (ROIC) is 15.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 5.2% net margin and 3.55× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 5.2% net margin × 3.55× asset turnover × 1.81× leverage (assets divided by equity) ≈ 33.4% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 27.3% − 12.0% = +15.3 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does D.P. Abhushan have too much debt? D.P. Abhushan Ltd has total debt of ₹304 Cr against shareholder equity of ₹633 Cr as of Jun 2026, so its debt is 0.48× its equity. Year by year, that ratio went from 1.23 in FY22 to 0.48 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Mature showrooms generate 7.6 lakh revenue per square foot with footfall-to-conversion rates reaching 81.0% to 83.0%. Once upfront showroom inventory is funded, incremental retail volume yields operating leverage, allowing EBITDA margins to expand toward 8.0% to 8.5% over a 3-year store maturation curve. ## What is the D.P. Abhushan shareholding pattern? Promoters raised their stake in D.P. Abhushan Ltd by 1.1 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 74.9% of the company. Foreign institutions moved +0.3 points over the same period, to 0.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +1.1 points over 8 quarters, to 74.9%; Foreign institutions: +0.3 points over 8 quarters, to 0.5%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%. Why the owners changed: promoters drove it (+1.1 points). They raised their stake step by step. ## How far is D.P. Abhushan from balance-sheet trouble? For D.P. Abhushan Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does D.P. Abhushan rank in its industry? 72.9 out of 100, rank 1 of 28 in Diamond, Gems & Jewellery, with 96% of the evidence available. D.P. Abhushan Ltd scores 72.9 out of 100 against the 28 companies it is compared with in Diamond, Gems & Jewellery, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 24.5 + 19 + 12.1 + 17.3 = 72.9. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is D.P. Abhushan compared with? D.P. Abhushan ranks 1 of 28 Diamond, Gems & Jewellery companies on the 4-Factor Sector Score, with 72.9 out of 100. 1. D.P. Abhushan Ltd this page DPABHUSHAN · leader · Most evidence points up · 96% evidence 72.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Revenue 30.8% · Profit 94.3% · Operating margin change 1 points · 88% evidence Capital efficiency 19.0/25 · ROCE 39.6% · Operating margin 11% · 100% evidence Valuation 12.1/20 · P/E 18.5× · PEG 0.74 · 100% evidence Relative strength 17.3/20 · Lead over its industry 14.3% · Lead over NIFTY 500 53.2% · 1 year 37.4% · 100% evidence · 12 of 12 weeks ahead Exact sum: 24.5 + 19 + 12.1 + 17.3 = 72.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) SKYGOLD · leader · Most evidence points up · 100% evidence 71.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.1/35 · Revenue 73.1% · Profit 100% · Operating margin change 1 points · 100% evidence Capital efficiency 18.8/25 · ROCE 26.9% · Operating margin 8% · 100% evidence Valuation 6.9/20 · P/E 34.1× · PEG 1.71 · 100% evidence Relative strength 16.3/20 · Lead over its industry 36.4% · Lead over NIFTY 500 76.3% · 1 year 147.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.1 + 18.8 + 6.9 + 16.3 = 71.1 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [PNGS Reva Diamond Jewellery Limited](https://www.sectoralpha.in/stocks/pngs-reva-diamond-jewellery-limited) PNGSREVA · breaking out · Most evidence points up · 63% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 39.2/43.75 · Revenue 100% · Profit 100% · Operating margin change 5 points · 100% evidence Capital efficiency 19.0/31.25 · ROCE 22% · Operating margin 24% · 100% evidence Valuation 12.2/25 · P/E 20.8× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 39.2 + 19 + 12.2 = 70.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 4. [Shanti Gold International Ltd](https://www.sectoralpha.in/stocks/shanti-gold-international-ltd) SHANTIGOLD · breaking out · Most evidence points up · 71% evidence 67.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.1/35 · Revenue 100% · Profit 100% · Operating margin change -3 points · 83% evidence Capital efficiency 18.5/25 · ROCE 33.9% · Operating margin 10% · 76% evidence Valuation 10.9/20 · P/E 12.2× · PEG n/a · 15% evidence Relative strength 15.3/20 · Lead over its industry 1.1% · Lead over NIFTY 500 35% · 1 year 24% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.1 + 18.5 + 10.9 + 15.3 = 67.8 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) TBZ · leader · Most evidence points up · 100% evidence 67.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 24.1% · Profit 100% · Operating margin change -2 points · 100% evidence Capital efficiency 15.3/25 · ROCE 21.9% · Operating margin 7% · 100% evidence Valuation 10.9/20 · P/E 20.6× · PEG 0.72 · 100% evidence Relative strength 19.5/20 · Lead over its industry 100.6% · Lead over NIFTY 500 148.9% · 1 year 237.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21.6 + 15.3 + 10.9 + 19.5 = 67.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Khazanchi Jewellers Ltd](https://www.sectoralpha.in/stocks/khazanchi-jewellers-ltd) KHAZANCHI · breaking out · Most evidence points up · 71% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 24.4% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.3/25 · ROCE 34.8% · Operating margin 7% · 100% evidence Valuation 13.4/20 · P/E 17.5× · PEG n/a · 50% evidence Relative strength 10.6/20 · Lead over its industry n/a · Lead over NIFTY 500 6.8% · 1 year 7.3% · 25% evidence · 5 of 5 weeks ahead Exact sum: 26.5 + 16.3 + 13.4 + 10.6 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [PC Jeweller Ltd](https://www.sectoralpha.in/stocks/pc-jeweller-ltd) PCJEWELLER · breaking out · Evidence leans up · 100% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.9/35 · Revenue 29.3% · Profit 45.7% · Operating margin change 7 points · 100% evidence Capital efficiency 10.3/25 · ROCE 9.6% · Operating margin 29% · 100% evidence Valuation 13.2/20 · P/E 16.9× · PEG 0.32 · 100% evidence Relative strength 18.2/20 · Lead over its industry 14.7% · Lead over NIFTY 500 54.2% · 1 year 33.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.9 + 10.3 + 13.2 + 18.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [RBZ Jewellers Ltd](https://www.sectoralpha.in/stocks/rbz-jewellers-ltd) RBZJEWEL · breaking out · Evidence leans up · 96% evidence 61.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.7/35 · Revenue 30.3% · Profit 54% · Operating margin change -2.3 points · 88% evidence Capital efficiency 14.6/25 · ROCE 22% · Operating margin 14.8% · 100% evidence Valuation 16.4/20 · P/E 12.2× · PEG 0.23 · 100% evidence Relative strength 12.0/20 · Lead over its industry -8.2% · Lead over NIFTY 500 24.1% · 1 year 16.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 18.7 + 14.6 + 16.4 + 12 = 61.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Titan Company Ltd](https://www.sectoralpha.in/stocks/titan-company-ltd) TITAN · losing its lead · Evidence leans up · 96% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 45% · Profit 55.1% · Operating margin change 3 points · 88% evidence Capital efficiency 14.1/25 · ROCE 20.5% · Operating margin 14% · 100% evidence Valuation 9.8/20 · P/E 67.5× · PEG 1.43 · 100% evidence Relative strength 6.9/20 · Lead over its industry -21.5% · Lead over NIFTY 500 7.2% · 1 year 18.8% · 100% evidence · 8 of 12 weeks ahead Exact sum: 26 + 14.1 + 9.8 + 6.9 = 56.8 · What this means: Earnings are strong; relative strength in its sector is -21.5% and the one-year return is 18.8%. 10. [Thangamayil Jewellery Ltd](https://www.sectoralpha.in/stocks/thangamayil-jewellery-ltd) THANGAMAYL · quiet · Evidence leans up · 96% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 83.2% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 13.6/25 · ROCE 25.5% · Operating margin 5% · 100% evidence Valuation 9.5/20 · P/E 35.3× · PEG 0.78 · 100% evidence Relative strength 6.4/20 · Lead over its industry -20.4% · Lead over NIFTY 500 7% · 1 year 105.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.8 + 13.6 + 9.5 + 6.4 = 55.3 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is 105.3%. 11. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) SENCO · quiet · Evidence leans up · 96% evidence 53.0 out of 100 Growth Capital Valuation Relative
12. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) SHRINGARMS · breaking out · Evidence leans up · 73% evidence 52.2 out of 100 Growth Capital Valuation Relative
13. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) PNGJL · quiet · Evidence leans up · 93% evidence 52.1 out of 100 Growth Capital Valuation Relative
14. [Kalyan Jewellers India Ltd](https://www.sectoralpha.in/stocks/kalyan-jewellers-india-ltd) KALYANKJIL · losing its lead · Evidence leans down · 96% evidence 49.9 out of 100 Growth Capital Valuation Relative
15. [Motisons Jewellers Ltd](https://www.sectoralpha.in/stocks/motisons-jewellers-ltd) MOTISONS · breaking out · Evidence leans down · 96% evidence 48.0 out of 100 Growth Capital Valuation Relative
16. [PNGS Gargi Fashion Jewellery Ltd](https://www.sectoralpha.in/stocks/pngs-gargi-fashion-jewellery-ltd) basing · Evidence leans down · 72% evidence 48.0 out of 100 Growth Capital Valuation Relative
17. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) BLUESTONE · losing its lead · Too little evidence to rank firmly · 59% evidence 46.9 out of 100 Growth Capital Valuation Relative
18. [Manoj Vaibhav Gems N Jewellers Ltd](https://www.sectoralpha.in/stocks/manoj-vaibhav-gems-n-jewellers-ltd) MVGJL · losing its lead · Evidence leans down · 96% evidence 45.8 out of 100 Growth Capital Valuation Relative
19. [Radhika Jeweltech Ltd](https://www.sectoralpha.in/stocks/radhika-jeweltech-ltd) RADHIKAJWE · quiet · Evidence leans down · 96% evidence 45.6 out of 100 Growth Capital Valuation Relative
20. [Vaibhav Global Ltd](https://www.sectoralpha.in/stocks/vaibhav-global-ltd) VAIBHAVGBL · quiet · Evidence leans down · 100% evidence 43.7 out of 100 Growth Capital Valuation Relative
21. [SJ Corporation Ltd](https://www.sectoralpha.in/stocks/sj-corporation-ltd) breaking out · Too little evidence to rank firmly · 57% evidence 42.4 out of 100 Growth Capital Valuation Relative
22. [Rajesh Exports Ltd](https://www.sectoralpha.in/stocks/rajesh-exports-ltd) RAJESHEXPO · quiet · Evidence leans down · 88% evidence 36.7 out of 100 Growth Capital Valuation Relative
23. [Asian Star Company Ltd](https://www.sectoralpha.in/stocks/asian-star-company-ltd) ASTAR · turning · Most evidence points down · 78% evidence 28.4 out of 100 Growth Capital Valuation Relative
24. [Utssav CZ Gold Jewels Ltd](https://www.sectoralpha.in/stocks/utssav-cz-gold-jewels-ltd) UTSSAV · leader · Too little evidence to rank firmly · 47% evidence 63.7 out of 100 Growth Capital Valuation Relative
25. Uday Jewellery Industries Ltd Too little evidence to rank firmly · 47% evidence 62.2 out of 100 Growth Capital Valuation Relative
26. [Advit Jewels Ltd](https://www.sectoralpha.in/stocks/advit-jewels-ltd) RAMBHAJO · turning · Too little evidence to rank firmly · 45% evidence 58.9 out of 100 Growth Capital Valuation Relative
27. [Grover Jewells Ltd](https://www.sectoralpha.in/stocks/grover-jewells-ltd) GJL · Too little evidence to rank firmly · 34% evidence 52.9 out of 100 Growth Capital Valuation Relative
28. [Golkunda Diamonds & Jewellery Ltd](https://www.sectoralpha.in/stocks/golkunda-diamonds-jewellery-ltd) Too little evidence to rank firmly · 43% evidence 45.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Diamond, Gems & Jewellery](https://www.sectoralpha.in/sectors/diamond-gems-jewellery), all 28 compared on one page. ## Which companies are close to D.P. Abhushan in size? D.P. Abhushan is the 8th largest of 27 Diamond, Gems & Jewellery companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sky Gold & Diamonds, Bluestone Jewellery & Lifestyle and P N Gadgil Jewellers. Just below it: Senco Gold, Tribhovandas Bhimji Zaveri and Shringar House of Mangalsutra. ### Diamond, Gems & Jewellery companies close in size

1. [Sky Gold & Diamonds Ltd](https://www.sectoralpha.in/stocks/sky-gold-diamonds-ltd) ₹13,678 crore
2. [Bluestone Jewellery & Lifestyle Ltd](https://www.sectoralpha.in/stocks/bluestone-jewellery-lifestyle-ltd) ₹10,312 crore
3. [P N Gadgil Jewellers Ltd](https://www.sectoralpha.in/stocks/p-n-gadgil-jewellers-ltd) ₹8,222 crore
4. D.P. Abhushan Ltd ₹4,990 crore
5. [Senco Gold Ltd](https://www.sectoralpha.in/stocks/senco-gold-ltd) ₹4,803 crore
6. [Tribhovandas Bhimji Zaveri Ltd](https://www.sectoralpha.in/stocks/tribhovandas-bhimji-zaveri-ltd) ₹4,056 crore
7. [Shringar House of Mangalsutra Ltd](https://www.sectoralpha.in/stocks/shringar-house-of-mangalsutra-ltd) ₹2,638 crore

[All 27 Diamond, Gems & Jewellery companies, largest first](https://www.sectoralpha.in/sectors/diamond-gems-jewellery#all-companies)

### Companies close in size in other industries

1. [Orchid Pharma Ltd](https://www.sectoralpha.in/stocks/orchid-pharma-ltd) ₹5,009 crore · Pharma - API
2. [CARE Ratings Ltd](https://www.sectoralpha.in/stocks/care-ratings-ltd) ₹4,996 crore · Credit Rating Agencies
3. D.P. Abhushan Ltd ₹4,990 crore
4. [Triveni Engineering and Industries Ltd](https://www.sectoralpha.in/stocks/triveni-engineering-and-industries-ltd) ₹4,965 crore · Sugar
5. [Ion Exchange (India) Ltd](https://www.sectoralpha.in/stocks/ion-exchange-indialtd) ₹4,963 crore · Water Treatment

## What else do people ask about D.P. Abhushan? ### What is D.P. Abhushan's share price today? D.P. Abhushan Ltd's share price is ₹1,930.00, +28.7% over the past year. The whole company is worth ₹4,406 Cr on the market. In the last 52 weeks it traded between ₹897 to ₹2,364; today it is 70% of the way up from the low, 33.2% above its 200-day average (as of 4 November 2026). ### What were D.P. Abhushan's latest quarterly results? D.P. Abhushan Ltd reported revenue of ₹852 Cr and net profit of ₹64.0 Cr for the Jun 2026 quarter. Revenue rose 57.8% and profit rose 77.8% compared with a year earlier. Earnings per share were ₹28.23. The operating margin was 11.0%, 1.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is D.P. Abhushan's market cap? D.P. Abhushan Ltd's market capitalisation is ₹4,406 Cr at a share price of ₹1,930.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is D.P. Abhushan performing? D.P. Abhushan Ltd's share price has been rising for 11 weeks. In its latest quarter, revenue rose 57.8% and profit rose 77.8% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 20 weeks running (as of 4 November 2026). ### Will D.P. Abhushan's share price go up? This page does not forecast D.P. Abhushan Ltd's share price. What it shows instead: the share price is ₹1,930.00, and it has been rising for 11 weeks. Its P/E of 18.4× is higher than 51% of its own last 9 years (as of 4 November 2026). ### Who owns D.P. Abhushan? Promoters own 74.9% of D.P. Abhushan Ltd, foreign institutions 0.5%, domestic institutions 0.0% and the public 24.6% (latest quarter). The biggest change over the last two years: Promoters raised their stake by 1.1 percentage points over 8 quarters (as of 4 November 2026). ### Where is D.P. Abhushan in its business cycle? D.P. Abhushan Ltd's FY26 operating margin was 8.0%, against a 10-year range of 3.3% to 8.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 11.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the D.P. Abhushan story? The main question: profits are rising, but only −30% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is D.P. Abhushan a stock worth studying right now? What the numbers show: D.P. Abhushan Ltd's earnings have grown faster than its share price. Earnings per share grew +86.6% in a year while the price moved +28.7%. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a D.P. Abhushan share price forecast for 2026? What management itself guided: 51 stores and ₹15,000 crore topline by 2030. What is changing at D.P. Abhushan, from the latest results and calls: showroom revenue productivity & operating leverage, value-added mix shift into silver & studded jewelry and contiguous tier-2/3 geographic store network scaling. What would change the story: The thesis breaks if showroom inventory turnover drops below 3.5x alongside persistent gold volume contraction exceeding 5% on a year earlier over two consecutive quarters, or if operating margin falls below 5.0% due to unhedged inventory losses. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india
- Gold & silver stocks: https://www.sectoralpha.in/gold-stocks-india

This is research, not advice. We’re not SEBI-registered.