D.P. Abhushan Q1 PAT jumps 77% YoY to ₹64 Cr as revenue surges 58%, margins expand

D.P. Abhushan reported a strong start to FY27 on a standalone basis (its only basis — the company has no subsidiaries). Q1 revenue rose 57.7% YoY to ₹852.40 Cr from ₹540.37 Cr, and net profit climbed 76.9% to ₹64.45 Cr from ₹36.42 Cr, with profit outpacing the topline — a clean quarter with no exceptional items on either side. Net margin expanded to 7.56% from 6.73% a year ago, and EPS rose to ₹28.23 from ₹16.07. The profit growth was helped by operating leverage and a favourable inventory swing: a ₹105.4 Cr inventory build (change in inventories) cushioned cost of goods against the sharply higher purchases, keeping operating margin near ~11%, roughly double the 5.16% OPM of the seasonally lower March quarter.

The sequential optics are seasonal, not deteriorating: revenue fell 36.1% QoQ off the ₹1,334.73 Cr March quarter — jewellery retail concentrates sales in the Jan–Mar wedding window plus Akshaya Tritiya, so the like-for-like YoY comparison is the meaningful one. Even so, PAT rose 27.4% QoQ despite lower sales, reflecting the margin recovery from Q4's compressed 3.78% net margin.

The stock went into the print at ₹1,404.95, up 52.6% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Single segment (Gems & Jewellery) — unaudited, limited-reviewed by Jeevan Jagetiya & Co with unmodified conclusion

Against management's own FY27 guidance from the Q4 concall (20–25% revenue growth toward ~₹4,800 Cr and EBITDA margin of 6–6.5%), the quarter runs ahead of plan on both counts — YoY revenue growth of 58% is well above the guided pace and operating margin sits above the annual target, though management's numbers are annual and one strong seasonal quarter shouldn't be annualised. The board paired the result with continued store expansion — approving a new company-owned showroom at Dahod (Gujarat) and a franchise-operated showroom at Jabalpur (MP) — consistent with the stated 3–4 stores/year and pilot-franchisee strategy. No street consensus is published for this smallcap, so the print can't be scored against external estimates. Note the quarter followed two exchange clarifications (July 9) on a share-volume spurt attributed to market factors.