D P Abhushan Q4 FY26: PAT doubles, FY26 up 88%

What the company reported for Q4 FY26

D P Abhushan Limited reported a sharp year-on-year jump in profitability for the March 2026 quarter, backed by a strong rise in revenue. Revenue from operations for Q4 FY26 came in at ₹1,338.89 crore, up from ₹717.64 crore in Q4 FY25. Profit after tax (PAT) for the quarter stood at ₹50.60 crore, compared with ₹25.15 crore in the year-ago period.

In the earnings call notes, the company also shared operating profitability numbers for the quarter. EBITDA for Q4 FY26 was stated at ₹73 crore, up 72% YoY, with an EBITDA margin of 5.45%. PAT margin for Q4 FY26 was stated at 3.78%.

Full-year FY26 numbers: revenue and profitability

For the full year ended March 31, 2026, D P Abhushan reported revenue from operations of ₹4,070.33 crore, up from ₹3,312.35 crore in FY25. FY26 PAT rose to ₹211.84 crore, an 88% increase versus ₹112.70 crore in FY25.

The company’s EBITDA for FY26 was reported at ₹309.67 crore, reflecting 77% YoY growth. EBITDA margin improved to 7.61%, an expansion of 234 basis points over FY25, as stated in the investor communication. Management linked the improvement to better scale and operating efficiency.

Store footprint expansion and new initiatives

The company said it strengthened its presence in central India with the launch of a new store in Dhar, following another expansion earlier in the year. It also reported that its retail footprint increased to 12 showrooms. Alongside physical expansion, D P Abhushan said it launched an e-commerce platform as part of its growth plan.

On store productivity, management stated that for FY26 the business delivered average revenue of ₹7.66 lakh per square foot and ₹339 crore per store, pointing to store-level performance and utilisation of retail space.

Segment and product mix: gold, silver, and diamonds

In the quarter, management highlighted that gold remained the primary growth driver. The revenue contribution from gold grew 80% YoY in Q4 FY26, as per the call notes.

Silver was called out as a fast-growing category. The silver segment revenue for Q4 FY26 increased from ₹16 crore to ₹69 crore, a 333% YoY rise, attributed to higher customer traction and improved product mix. The diamond segment revenue in Q4 FY26 rose from ₹26 crore to ₹36 crore, a 38% YoY increase, supported by demand for studded jewellery and premium offerings.

For the full year, management stated the gold segment grew 21% YoY, the silver segment rose from ₹68 crore to ₹183 crore (up 168% YoY), while the diamond segment saw a 5% decline.

Snapshot table: key reported financial metrics

Segment table: growth points highlighted by management

Gold prices, demand signals, and the volume question

The broader operating backdrop through FY26 included sharp gold price moves. In notes around Q2 FY26, the company flagged gold prices rising nearly 45% YoY and 8% QoQ, crossing ₹100,000 per 10 grams in the retail market. The same communication also referred to a 20% decline in volume, indicating that part of the revenue growth was value-led rather than volume-led during elevated price periods.

Festive demand was reported as a support factor. During Navratri and Dussehra 2025, D P Abhushan said it recorded festive sales of ₹237 crore, registering 85% YoY growth across categories.

Q2 FY26 and Q1 FY26 context mentioned in the notes

For Q2 FY26, the company reported revenue from operations of ₹967.65 crore, EBITDA of ₹75.80 crore with a margin of 7.83%, and PAT of ₹51.46 crore with a PAT margin of 5.32%. EPS for Q2 FY26 was stated at ₹22.57.

In the same set of disclosures, D P Abhushan also shared store-level performance data points such as new stores contributing revenue, including Ajmer (₹30.33 crore) and Neemuch (₹76.97 crore). It also mentioned employee engagement via grant of 62,300 ESOPs under the 2024 plan.

For Q1 FY26, D P Abhushan was reported to have posted revenue of ₹541 crore, EBITDA margin of 10.21%, and PAT of ₹36 crore (PAT margin 6.73%).

Market impact: what the numbers suggest

The reported Q4 FY26 performance reflects strong scale-up in revenue with a faster pace of profit growth, as PAT doubled year-on-year. For FY26, EBITDA margin expansion to 7.61% and PAT growth of 88% are consistent with operating leverage as the company scaled revenue past ₹4,000 crore.

At the same time, the notes circulated alongside the call highlighted concerns around gross margin compression and inventory build-up, and mentioned negative operating cash flow linked to inventory needs. They also referred to delayed QIP plans. These points matter for investors tracking working capital intensity, especially in a jewellery business where inventory levels and gold price volatility can significantly influence cash flows.

Guidance and medium-term expansion goals mentioned in the shared notes

A summary shared with the call materials mentioned a revenue growth guidance of 25-30% for FY27 and FY28, and a target of 51 stores by 2030. The same notes pointed to management confidence on wedding demand and old gold exchange programmes, while also mentioning a temporary impact from comments related to gold purchases.

Conclusion

D P Abhushan ended FY26 with reported revenue from operations of ₹4,070.33 crore and PAT of ₹211.84 crore, while Q4 FY26 revenue rose to ₹1,338.89 crore with PAT of ₹50.60 crore. The company also highlighted store expansion to 12 showrooms, the launch of an e-commerce platform, and store productivity metrics for FY26. Next cues for investors are likely to come from follow-up disclosures on expansion execution, cash flow trends amid inventory requirements, and any updates tied to the growth guidance referenced in the shared call notes.