### **Overview** DP Abhushan Limited, operating under the brand **'D.P. Jewellers'**, is a leading jewellery retail chain in Central and Western India with a legacy of over **85 years**, founded in 1940 in Ratlam, Madhya Pradesh. Managed by the fourth generation of the founding Kataria family, the company is now a publicly listed entity on the NSE SME platform (NSE: DPABHUSHAN), having gone public in 2017. It has emerged as **one of the largest organised jewellery retailers in Central India**, capitalising on the sector’s shift from unorganised to organised retail. --- ### **Recent Expansions (FY25–FY26)** As of November 2025, DP Abhushan has significantly expanded its retail footprint in Central India, reflecting strong market confidence and growth momentum: - **New Showrooms Inaugurated in FY25 (April–March 2025):** - **Ajmer (Rajasthan):** A **6,050 sq. ft.** four-floor showroom (including basement and rooftop) on a 1,500 sq. ft. plot. Opened in **September 2024**, this is the 9th store and aims to serve rising regional demand for gold, diamond, and silver jewellery. - **Neemuch (Madhya Pradesh):** A **7,700 sq. ft. G+3** showroom launched in **Q3 FY25** (November 2024), strategically located **150 km from Ratlam HQ**, enabling efficient logistics and market responsiveness. - **Second Showroom in Ratlam (MP):** Opened in **April 2025**, this **15,000 sq. ft.** (Basement + Ground + 4 floors) facility is the largest and most modern jewellery store in the city. It increases retail space to **9,450 sq. ft.** and enhances brand visibility in the company’s birthplace. - **Retail Network:** The company now operates **11 showrooms** across **Madhya Pradesh and Rajasthan**, with key locations in **Ratlam, Indore, Udaipur, Bhopal, Ujjain, Bhilwara, Kota, Banswara, Ajmer, and Neemuch**. --- ### **Expansion Strategy & Future Plans** - **Growth Target:** Scale from **8 stores in FY24 to 20 by FY2028**, with long-term plans to grow to **30 stores**. - **Geographic Focus:** Target **Tier 2 and Tier 3 cities** in **Madhya Pradesh, Rajasthan, Chhattisgarh, and Gujarat** — markets with rising disposable incomes and strong cultural demand for jewellery. - **No Plans for Tier 1 Cities:** The company is **not targeting metropolitan cities** like Delhi or Mumbai, instead focusing on **emerging regional markets** where brand recognition and limited competition offer first-mover advantage. - **Store Models:** A mix of **medium-sized showrooms (3,000–7,000 sq. ft.)** and **flagship stores (>10,000 sq. ft.)**. The Indore flagship spans **15,000 sq. ft.** and generates a significant portion of total revenue. - **Expansion Model:** Primarily **Company Owned Company Operated (COCO)** for full control; limited **franchise (FOCO)** model to be piloted in select markets. --- ### **Financial Performance (Q1 FY26 – Aug 2025)** - **Revenue:** ₹541 crore (~7% YoY growth) - **EBITDA:** ₹55 crore (**+44% YoY**) - **PAT:** ₹36 crore (**+45% YoY**) - **Key Growth Drivers:** - Strong performance in **Udaipur (+20% YoY)**, **Banswara (+13%)**, and **Kota (+11%)** - Contributions from new showrooms in **Ajmer, Neemuch, and second Ratlam outlet** - High customer conversion and loyalty --- ### **Product & Brand Strategy** - **Sales Mix (as of Nov 2025):** - **Gold:** 93% - **Diamonds:** 5% - **Silver:** 2% - **Others (Platinum/Gemstones):** <0.3% - **Strategic Shift:** Increasing focus on **diamond-studded jewellery** to **15% of sales (from 6%)** by FY2028–30 due to higher **making charges (15–17% vs. 9–10% for plain gold)** and improved profitability. - **New Collections:** - **"Amoura":** Launched in Sep 2025 — a **minimalist, elegant diamond jewellery line** targeting modern, everyday wear. - Dedicated marketing for **wedding and festive segments**, including collections like **Mewar, Dohra, Lightweight, and Valentine’s**. - **Marketing & Engagement:** - **Annual Event 'Parinay':** Focused on promoting studded jewellery. - **Targeted Exhibitions:** Events like **Ajmer Ring & Earring Festival**, **Dewas Exhibition**, and **Neemuch Chain & Bangle Fest** are used to boost brand visibility and reach customers in non-store markets. --- ### **Operational Strengths** - **Centralized Procurement:** Hub in **Ratlam** ensures efficient inventory distribution within **300 km radius**, reducing dead stock and enabling fast turnover. - **Inventory Turnover:** **5–6 times per year (every 180 days)** — **above industry average** due to periodic reshuffling and customer-driven designs. - **High Efficiency Metrics:** - **Customer Conversion Rate:** **85%** from footfall to purchase - **Repeat Buy Rate:** **70%** in established stores - **Natural Hedging:** Uses **weighted average cost method**, purchasing gold **on the day of sale**, helping maintain inventory cost **below market price**. - **Logistics & Cost Advantage:** Operating in Tier 2/3 cities reduces making, operational, and marketing costs. --- ### **Unique Value Propositions** - **Golden Locker Scheme:** Allows customers to **upgrade old gold to new jewellery after 11 months with minimal or no making charges** — a key differentiator in Central India. - **Hallmarking & Transparency:** Complies with **BIS/IGI certification** and uses **HUID (Hallmark Unique ID)** for full traceability. - **Ethical Selling:** Emphasis on **purity, transparency, and fair pricing**. - **Customisation:** Designs are **region-specific** and **customer-preference driven** using in-house CAD teams. --- ### **Competitive Landscape** - **Key Competitors:** **Tanishq, Kalyan, Malabar Gold**, and strong regional players in cities like **Indore, Udaipur, and Bhopal**. - **Differentiation:** Strong **local trust**, deep regional penetration, lower cost structure, and customer-centric services. - **Market Trend:** Shift from unorganised to **organised retail** driven by hallmarking norms, rising consumer awareness, and demand for trusted brands. --- ### **Leadership & Governance** - **Santosh Kataria:** Promoter, Chairman & Managing Director — **25 years of industry experience**, leading expansion and strategy. - **Manish Laddha:** Chief Financial Officer — **24 years in finance** across jewellery, banking, and manufacturing sectors, with expertise in fundraising, compliance, and risk management. - **Fourth-Generation Legacy:** Leadership anchored in the **Kataria family** since inception in 1940. --- ### **Flagship Stores & Revenue Drivers** - **Ratlam & Indore Stores:** Together contribute **~50% of total revenue**. - **Ratlam:** Headquarters with **85+ years of legacy**, two showrooms now operational. - **Indore Store:** **15,000 sq. ft.**, company-owned, opened in 2010 and expanded in 2017 — a benchmark for customer trust and brand visibility. - Both locations benefit from **long-standing customer relationships, prime locations, and high footfall**. --- ### **Sourcing & Manufacturing** - **Sourcing:** - **Gold, Silver, Diamonds:** Procured from **bullion dealers, DTC Sight Holders**, and **customer exchanges**. - **Manufacturing:** **Outsourced** to a national network of **300+ goldsmiths and vendors**. - **In-House Design:** Strong **in-house R&D and CAD team** for innovative, trend-driven collections.