D. P. Abhushan Limited (DPABHUSHAN) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day and welcome to the DPA Abushin Limited Q4 FY26 Earnings Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should we need assistance during the conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Ajit. This is Mishra from EY Investor Relations. Thank you. And over to you, sir.

Good evening. Thank you for joining the call. I am Ajit Mishra from EY Investor Relations. Before we begin, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risk, uncertainties, and other factors. It must be viewed in conjunction with our business risk that could cause future result performance or achievement to devour significantly from what you've expressed or implied by such forward-looking statement. Please note. The press release and the financial results, investor presentations have been already circulated via email and are available on the stock exchanges as well as on the company's website. In case anyone has not received the documents, please feel free to reach out to us and we'll be happy to share them. To take you through F526 results and business performance today, we have with us Senior Management Team of D.P. Abushan Limited, Mr. Anil Kataria, Whole Time Director, Mr. Vikash Kataria, Anil Oter. I am Mr. Manish Ladakh, Chief Financial Officer. We will begin the call with the management's opening remarks on the company's performance for the quarter and financial year index 2026, followed by a questions and answers session. With that, I will now like to hand over the call to Mr. Anil Kataria, sir. Over to you, sir. Thank you.

Good evening, everyone, and thank you for joining us on the quarter four financial aid 26th coming call. Thank you. According to the report, the Thank you. Thank you. Good morning, everyone, and welcome to the call. This was the first time when I got in the custom duty situation, to make the decision, and to make the decision on the staff, Mr. President and Director of the Ujjjok-Jaghti. We understood the decision on the staff and respect the administration. Thank you. Thank you. Good morning, everyone, and welcome to the call. Good morning, everyone. Thank you. Thank you. Thank you.

Welcome, everyone. This is Anun Kod. During the year, the company further strengthened its footprint in central India with the successful inauguration of a new store in Dhar following the expansion in Rathlam earlier in the year, taking the total showroom network to a dozen, total 12 stores. Our total retail store area is 53,650 square feet, supporting our growing scale of operations.

On the productivity front, we delivered an average revenue of 7.6 lakhs per square feet.

339 crores per store for FY26, reflecting a strong store-level performance and efficient utilization of retail space. Our ticket size remains healthy at 1.27 lakhs, indicates balance demand across categories, while inventory turnaround stood at 4.7. Highlighting efficient inventory management and faster stock rotation. The company has also strengthened its risk management framework through productive adoption of gold metal loans and hedging mechanisms to manage volatility and maintain margin stability, effectively safeguarding inventory against gold price volatility.

From a product mix perspective, wedding jewelry continue to

dominate at 60%, followed by the festival and lightweight jewelry at 25%, and corporate and other gifting at 15%, reflecting as well diversifying and demand-aligned portfolio. Our store level conversion remains strong with the key stores such as Ratlam and Ratlam 2 delivering higher than average conversion level, while overall conversion has remained largely stable at 82-83%. During the year, we continue to depend our presence across key markets. Strengthen customer engagement initiative, expand our retail footprint, and invest in digital and omni-channel capability to make the buying experience more seamless for customers. Going ahead, we aim to expand our footprint in Madhya Pradesh, Rajasthan, Gujarat, Maharashtra, Chhattishgarh, through a disciplined, research-led approach, backed by detailed regional analysis, customer preference. SDP Abhushen. Our focus remains clear, strengthening customer trust, improving operational efficiency, expanding responsibly, and continue to build a long-term sustainable business. With that said, I would now like to hand over to Manish Radhaji for detailed financial overview.

Thank you.

Manish JP.

Good afternoon, everyone. Let me now walk you all through the financial performance of Q4, FI26, as well as the full year ended FI26. For Q426, the total revenue stood 1338.9 CR, resisting a strong growth of 87% year-on-year, driven by continued traction across operating markets. A bit of care. In at 73 crore, up 72% year-on-year. EBITDA margin for the quarters to 5.45%. Air for the Q4, FI26 to 50.6 CR, up 101% year-on-year with a margin of 3.78%. This strong year-on-year growth reflects our improved business scale and profitability. For the full year FY26, revenue stood 4,070 crores, reflecting a healthy growth of 23% year-on-year, supporting by a strong festive and wedding demand, especially in the second half of the year, along with the contribution from newly added stores and improved customer engagement initiatives. EBITDA-STUDE-309CR reflecting a strong growth of 77%. Year on year, the EBITDA margin improved to 7.61% and expansion to 234 basis point over FY25. This improvement was given by better scale, improved operating efficiency. PED stood at 212 CR, delivering a robust growth of 88% year-on-year, with a PED margin improved to 5.2%, an expansion of 180 basis points over FI25. On a product mix side, the revenue contribution from the gold grew 80% year-on-year for the quarter, remaining the primary growth driver for the quarter. Silver especially segment witnessed exceptional and exemplary growth rising from 16 CR to 69 CR, reflecting a sharp 333% year-on-year increase driven by higher customer traction and improved product mix. The diamond segment also reported a healthy growth of 38% year-on-year, increasing from 26 CR to 36 CR, supported by growing acceptance of studied jewelry and the premium offerings. For the full year FY26, gold segment revenue stood at 3,702 CR against the 3,071 CR. In last year, registering a steady growth of 21% year-on-year, the silver segment emerged as a key growth area, increasingly significantly from 68 CR to 183 CR, delivering a strong 168% year-on-year growth. On the other hand, the diamond segment saw a marginal decline of 5% year-on-year, reflecting some moderation in the premium discretionary spending. With that, I would like now open the floor for the question and answer session.

Thank you.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Chaitan from Systematic Group. Please go ahead.

Yeah. Hi, sir. Thank you for the opportunity, and congratulations to the team on a very strong top-line performance. I had a few questions. So firstly, during the quarter, we witnessed a drop in our gross margins. So what drove this Q4 margin compression? Like, was it product mix or lower inventory gain as the gold prices have stabilized or some other reason?

See, definitely, Jethar, the goal practice was playing a very important role in the last quarter, which everybody has visualized because of the geopolitical situation. But nevertheless, on the STD side, for the entire year, when we look at the numbers, so the GPE has been increased almost 30% as compared to the previous year, where we had a GPE of around 7.72%, compared to which the 10% GPE we have achieved during this year.

Okay, so, and so, secondly, so, we have now initiated gold metal loans and hedging strategies. So, how should we look at, say, steady state margins going ahead?

It may have an impact slightly on the margin side, but yes, we have started taking all the possible segments of the products available in the market, whether it is GML or whether it is future market or any kind of leasing which is available in the market, and it is going to help in our working capital cycle also, and definitely the finance cost is going to gradually down also. Okay.

And just one last question. If you can tell us, how has the demand been in April and May until now?

So, so far as April and mid-May, when we look at, this is before PM's comments. So, I think the growth was going good. As such, we did not find any kind of pressure on any of the showrooms, and the walk-ins are cheap on coming. So, I think, so far, it was a very good one and a half month.

Okay, sir. Okay, got it. Thank you and all the best. Thank you, Etan.

Thank you. The next question is from the line of Kanish Gupta from SS Family Office. Please go ahead.

Yeah, sir. Hello. Very good afternoon. Sir, I wanted to ask you, you had discussed the QIP plans and multi-state expansion strategy during the Q2 FY26 call. So, over the next five years, what kind of revenue scale does the company internally want to achieve through this expansion and what would be the key drivers behind this growth? Would it be the store additions or same store sales growth or market share gains? Thank you, Kanish, for asking the question.

So, yeah, we are planning to do QIB, but we just hold this QIB because the market is not in the favor, so we have not completed this QIB. But yeah, I guess that... Point of the growth plan. So we are on the same thing. We are growing every year. So this year, we also, as we mentioned, we have planned to expansion in NP, Rajasthan, Gujarat, Chhattisgarh, and Marasta. So I think every year, like this year, we have planned to open like three to four stores this year. And as well as we already finalized one franchisee. So we are opening one franchisee as well.

Sir, approximately after the next five years internally, any discussions on the revenue that you want to achieve?

So, yeah, if after five years, by the end of 2030, so we grow almost like the 25 to 30 percent every year.

In terms of top line, sir?

In terms of top line, yeah.

Okay, sir, and a follow-up on this, also, as the business scale, as you said, do you expect operating leverage benefits and margin improvement once the newer stores mature and fixed costs gets absorbed by the larger revenue base?

Yes, definitely. The margins are getting better, and our efficiency will also get better. Couple of, like, the professional team will join us, so we are, like, trying to achieve the better margin level.

Sir, when can we see the improvement kicking in rapidly?

Like, every year you can see the, some improvement in the margin.

Okay, sir, and can you provide me with the number of the same store sales growth?

So, yeah, the number of the same store sales growth is 20% of the SSG growth.

And this would be YOY?

YOY, yeah.

Okay, sir. Just the last question would be that last few periods operating cash flow conversion has remained weak despite bad growth, largely due to mainly inventory requirements. So, how would the working capital normalization be going forward and when can the business start generating sustainable positive operating cash flows?

So, we are into the jewelry business, where the major portion is into the inventory. So, whenever we are opening new stores, inventory will be required. So, the amount of new stores will open, the amount of inventory will be capital. I think differently, if we talk about this, we opened a store in the last month, so in the last month, we built an inventory. So, that's why we always have capital required.

So, sir, just like you said, FY30 to 4-5-12 years to open the plan, so that the cash flow positivity can be stable after FY30?

FY30, definitely, if we don't have any expansion, we can think.

If you're not doing expansion, the cash flow can be positive

in the current scenario.

Okay, sir. Okay, that will be it from my side. All the best for the future, sir.

Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question is from the line of Shriya Bhatia, an individual investor. Please go ahead.

Hello.

Yeah, hello.

Yeah. Good afternoon, sir. Thank you for the opportunity. Sir, multiple questions, a couple of questions to ask. So firstly, what is the outlook for 527 demand, considering that the gold prices have increased and there's geopolitical uncertainty? So can the company sustain 20% plus revenue growth going ahead?

Yes, definitely we can achieve like the 20% growth going ahead and because of the highly varying demand in the country and we are promoting more on old gold policies and like the exchange goals. So, we are pretty much sure that we will achieve 20% in the real aspect.

Okay, sir. Okay, that is really helpful, sir. And sir, can you provide some light on the recent customer demand scenario post-government announcement in the regions you are present, basically the Madhya Pradesh and Rajasthan regions? How's the customer demand scenario there?

Yeah, so there is a customer demand. I can't say that regularly is the same. Recently, a little bit more impacted. But yeah, people are thinking that gold price is a bit stable. But our country's major is an event-based wedding. We buy it. Thank you. Coming up with different strategies, that existing goal is by the house, the locker in the house, the goal is by the way, and we can see what customer can do to a new manager. So we are trying to get a better job.

Okay, sir. And, sir, one last question from my side is, during FIT, when you think, how much benefit came from the inventory gains due to the increase in gold prices?

So, around 28 to 30 percent, the inventory gain is coming to the books.

Okay. Okay. That's really helpful, sir. Thank you for answering my question. I will join back the queue.

Thank you. A reminder to all the participants that you may press star and want to ask a question. The next question is from the line of Shafat Hussain, an individual investor. Please go ahead.

Congratulations, sir, on the good side of the numbers. Sir. Hello. Sir.

Thank you.

Sir, my question is that the Prime Minister has also said that you delay gold and don't buy one year. Sir, you said that our sales were good for the last month, but the rest of the quarter, Q1, FI27 and Q2, how do you feel like this?

Right, right. Right, right, right. Definitely, हम लोग ट्राइ करेंगे उसे बीट करने का, और ठीक है, मोरी साथ में बोला है कि आपको नया नहीं करना है, बट अभी भी हमारे पास में एक्षेंज गोर्ण का एक इतना बड़ा सेग्मेंट है हमारी कंट्री में, और पीपल अलसो थिंकिन की ठीक है, हम लोग जो Thank you.

Sir, I mean, you said that it was 36 crores in the last year.

Yes, yes. Yes, we are trying.

Sir, my question is that you have 5 stores and 7 stores. Okay, sir. So, Rajasthan, the capital is in Jaipur and Jodhpur. Why are your stores here? You can tell us that we have an extension of the 27th village in Gujarat. So, sir, the capital is in Jaipur. So, the capital is in Jaipur. I'm sorry, everyone, and welcome to the call.

We are planning to open in Jodhpur, we are planning to open in Jodhpur, and Jaipur, we definitely Good morning, everyone, and welcome to the call.

Sir, my last question is, how do you get a competition for Titan? Okay, sir. Thank you. Best of luck, Professor.

Thank you. The next question is from the line of Shubhanu Bangal from SH Capital. Please go ahead.

Yeah, sir, I hope I'm not able. Sir, as we said that our performance was not good for 9 months, but in T4, our performance was very good. Around 80% plus growth has come. In that, it was our 20% SHG. And the rest of the growth is our volume growth and value growth.

Sorry, can you ask a question for your question?

Our use for FI26 growth rate is 80% plus. There is a volume growth rate.

Okay, so in FY26, we have major value growth. Volume-wise, if we talk about volume growth, it's not growing. Volume is about 20% decline overall. So, I think industry overall volume growth is not growing because due to the gold price high and continuously gold price, if we talk about FY26, the gold price is increasing. Good morning, everyone, and welcome to the call.

My next question on margin, is that the gold segment is around 21% and the diamond segment is around... Good morning, everyone, and welcome to the call. That's it, sir. Thank you, and best of luck.

Thank you.

Thank you. The next question is from the line of Abhi Bilal, an individual investor. Please go ahead.

Am I audible?

Yes, sir.

Oh, yeah. Good afternoon, sir. Congratulations on the good set of numbers. So, a couple of questions have already been answered. So, like, my last question would be, like, what would be the revenue guidance for the coming year, FY27 and FY28?

FI-27 and FI-28.

Yes.

So, FI-27 and FI-28, the revenue we are planning around like the 20-25% growth, so 4,800 and the next year will be 5,500.

And the store expansion would be like in the range of like around four to five stores per year. That's correct?

Yes, yes.

Okay, okay. Yes. That's all from us. Thank you.

Thank you. The next question is from the line of Kanish Gupta from SS Family Office. Please go ahead.

Sir, we have Q1 of FY26 peak margins hit 10% to now. How can we tackle back in FY27?

Sorry, can I please come here?

Yes, sir. Sir, Q1, FY26, our margins were 10% approximately, and in Q4, FY26, it has come down to 5.5%. So, how are we planning to get back on track to achieve the 10%?

See, the margin is going to remain steady. So far as gross margin is concerned, yes, the business is going to achieve this approximately 10 to 11% of the gross margin. And so far as EBITDA is concerned, yes, we are targeting between 6 to 6.5% is the normal. Train, which we have been following, except this abnormal gold pricing movement on account of geopolitical decisions, it is going to remain like EBITDA between 6, 6 and a half percent.

Sir, with the hedging strategy as we discussed before by the management, what would be the kind of the peak margins that you would achieve, let's say, till FI 30?

FI 30?

Yes, sir.

So, we are targeting, it is going to remain between 8, 8.5% is our FI 30 is the vision, which we have already in place. So, we are going to achieve that by taking a lot of products mixed in terms of leasing, in terms of GML, in terms of leasing, the various models which will take place, and invariably, whatever the showrooms which are going to mature after opening, they are also going to give us good return. So, putting together all in the one basket, we will definitely achieve between 8, 8.5% by 2030.

Okay, sir. And in terms of high-value products that you have launched, how is customer demand on foot right now? Are the customers really asking for the high-value product? How does the demand look like currently for the high-value products?

So definitely, see, our sales come in constituting more than 60% on account of wedding. And when we look at the term wedding, it always comes with a high-value product, whether it is necklace, heavy chains, or heavy bangles and all. So it is going to remain and continue until the wedding season will remain, and it will always dominate. In fact, when we look at tier 2 and tier 3, still people are hesitating to go on the lower caretage. So, it is going to remain, I think, with the upside so far as Tire 2 and Tire 3 is our concern.

Okay, sir.

And you said the QIP would be delayed a bit. So, how do you plan on funding the CAPEX that you are planning to do in multiple states?

So definitely this we have only postponed. It is not like outside our planning. And definitely our internal accruals are there. The funding we have arranged from our banks also as well as the various models available of the cheaper financing of living and this GML. So we will explore all. And the expansion plan, so far as FI27 and FI28 is concerned, it is going to accomplish by this internal accrual as well.

Sir, can we also expect the company getting a bit of long-term borrowings?

No, we have not yet planned for the long-term borrowings. See, our business, if you look at our numbers and balances, more than 90-95% is coming from inventory. So, our investment is going to remain in the inventory. So, there is no need of long-term funding. So, the funding, whatever we are anticipating without carrying any cost is, of course, the equity. So let the market settle, then we will again approach to investors. So without incurring any cost, we can take them also as our partner in the entire growth journey.

Okay, sir. And also, sir, I would like to ask that the 15% custom duty hike before that the inventory days has increased for the FY26 to 100 days and in FY25 was 87 days. Kindly let me know the reason for that, sir.

So, basically, if you would have noticed, we had opened one showroom of Dhar in Madhya Pradesh in the month of March only. So, on account of that, we have bought a good amount of inventory to keep at the store, and we found good response also. On the 29th of March, we opened at showroom in Dar. But the preparation and all and the heavy amount of inventory is required to be placed. So that is the reason that you would have observed that the inventory is looking at the higher side. Otherwise, it wasn't.

Sir, what could be the normalised number for inventory days that you want to achieve in the long run?

It is going to remain between 75 to 85 days, not more than that. So far as our business model is concerned, we have always observed that our inventory turn has been remained between 4.5 to 5.5 times, and this is going to remain the same for over the years also, because our model is something different than what is available in the chain store or the big corporates.

Sir, can you share some more information on what you just said?

See, when you look at the inventory turn, we always look from the higher side of inventory when we open any store. So, when you compare with other dwellers, they might be keeping between 20 to 25 CR is the higher side of the inventory. But when we open our store, it is of the larger size, between 3,000 to 5,000 square feet, and we keep the inventory between 40 to 60 CR minimum. The more the inventory we will show to our customer because nowadays the design has become a very centric and the generation is always coming to showroom while working through mobile. What are the latest design available? So we have to keep the optimum amount of inventory. So that is the reason our customer conversion rate is also very high. So, this is the reason we always keep the inventory on the higher side to get the maximum turn. And when we look at this, in past also, the inventory days were 75, 77 days, and around 80, 85 days. But yes, in the month of March, we opened one score room. So, on account of that, 100, 125 CR was lined with the Dhar score room. That was the increased side when we compared these numbers. So, we always compare with the last month. So, it might be showing like 90 days or 100 days. Otherwise, it will fall down, definitely.

Sir, what I mean to say is that you still have many more stores to open in the future. So, keeping that in mind, you have stated the number of 75 to 85?

No, our business model itself is like that only. And see, whenever it's ending inventory doesn't move. Then we always resupple between 75 to 90 days to other showrooms and check that whether any kind of likelihood is getting changed on account of reasonable frequencies and accordingly we take calls. So, in any case, inventory will never be old in our entire system. When we look at the entire number of our inventory, the aging of entire inventory is below 365 days. So, it is... It is going to remain between that only, and it is a tested number. So, so far as our, like, SOPs are concerned, it will remain between 75 to 90 days.

Sorry to interrupt. Mr. Gupta, please rejoin the queue for more questions. A reminder. To all the participants, that you may press star and want to ask a question. The next question is from the line of Isha Shah, an individual investor. Please go ahead.

Hi, so I had a couple of questions. Sir, what is the contribution of gold gold exchange and customized jewelry to your overall sales mix?

So, it is 35 to 14% is up now, the gold gold exchange.

Okay. And so, how much of FY26 revenue growth was driven by newly opened stores such as Ajmer, Neema, Shratlam? And so, how are the customer responses and demand scenarios in these regions, including Dhar?

So, it is like the new store is somewhere around like contribution is somewhere around 12% is the new store's contribution and overall 12 to 15%.

Okay, and sir, except Madhya Pradesh and Rajasthan, which did you would like to enter first on priority basis?

So, Gujarat, Maharashtra, and Chhattisgarh is on the priority basis. We are likely planning to enter into this new space.

Okay. Thank you. So, that's all from my side.

Thank you. The next question is from the line of Chetan from Systematic Group. Please go ahead.

Yeah, thank you for the follow-up opportunity. My question was on store expansion. So, you said that we have also signed for a franchisee partner, right? So, from a store expansion of around four to five stores on an annual basis, how much will be franchisee and how much will be Coco? Any number we have decided on it?

Yeah, so the major is the COCO. We are like, we are just giving the number of the COCO, and the franchisee is one like the pilot we have done,

this one franchisee, and later on, more franchisee. But for this financial year, maybe one

or like the three to four, the COCO.

Okay, okay, got it. Yeah, thank you.

Thank you. The next question is from the line of Kanish Gupta from SSFamily. Please go ahead.

Yes, sir. Once again, is it safe to say that 100 is the peak of inventory days? 100 would be the peak number of inventory. Is it safe to say that?

Yeah.

Okay, sir. And post QIP, because currently the promoter holding is really, really strong among best or among many multiple companies. So I would like to know, can you throw some like post QIP, how would the promoter holding look like?

So, it depends on how much we will anticipate so far as QIC is concerned, but yes, we have targeted that it is going to be diluted between 5 to 8 percent. So, post dilution, if suppose we have 75 percent, so it may around between 65 to 68 percent, that may remain.

So, sir, this money would really support the expansion strategy that you are planning across multiple markets. Is that correct?

Yeah.

Okay, sir. That would be it from my side. Thank you so much.

Thank you. The next question is from the line of Abhi Bila, an individual investor. Please go ahead.

Hello. Good afternoon, sir. So in one of the earlier calls, You had mentioned that we would be planning to open like around six stores in FY26 and another six to seven stores in FY27. And also the FY26 guidance was around 45, like 4,500 CR and 6,000 CR for FY27.

But I see that both the numbers are being revised on the downside. So what is the reason that we are revising the number?

Like, is it because of the QIP or any other reason because of the demand or anything like that?

No, so the number is like the same. We are like, we are just slow down because of this new scenario, the expansion plan. But yeah, we are trying to achieve the same numbers. Our like the long term goal is by 2030, we have planning to open like total 51 stores. By the end of 2020, one or two quarters can be postponed because of the new initiative by the PM. So maybe we are just waiting what is exactly like the impact on this thing. But yeah, and everything is under control. So we are open like maybe five-six stores this year and next year also we are starting to open the same.

Okay, so like we are sticking with the long-term guidance of around 50 stores by FY30, so maybe in the short-term, it is affecting because of the geopolitical reasons, but we are sticking to the long-term.

To be long-term, yeah.

Yes, okay, okay. Thank you, that's all for my message.

Thank you.

A reminder to all the participants that

you may press star and want to ask a question. The next question is from the line of Gaurav Gandhi, from Gaurav Gandhi and Individual Investor. Please go ahead.

Sir Ji, Namaskar. My question is that we have started this online venture on the DP Jewelers' online side. And as you said in the presentation, we are going to launch a mobile app. So how much revenue are we doing from this new venture or new revenue? I anticipate.

So, in the long term, we are assuming that our top line, our revenue, our 3 to 5 percent, we are targeting 3 to 5 percent. And because all the things are happening, all the decisions, all the initiatives are online, all the initiatives are online. So, everyone is there. So, we also want to have a good initiative. And many channels, we want to present our own channel. We are assuming that 3 to 5% in the next 5 years. Yeah, look, I'll give you a chance to do it.

Oh, sir, it's a profit, but it's not an impact on it. It's not a process that it's going to grow in this revenue.

If we talk about profit, if we talk about it, if we talk about it, if we talk about it, we talk about it, it's a big deal. Every year, if we talk about it,

The next question is from the line of Kanish Gupta from SS Family Office. Please go ahead.

Sir, I was asked that the price of silver has been so big, so the demand has impacted its impact? Does the customers have less than silver jewelry and the demand is intact?

Silver demand is in-depth, and gold demand is in-depth, and if the price of gold is in-depth, then silver is in-depth. And silver demand, I think that it will increase continuously, and silver has a lot of jewelry that can be replaced, so we are trying to get silver to grow at least, so silver is in-depth, and growth is in-depth.

Sir, if you have a broader base, what are your vision and targets for the company?

So, if I talk about it, next year 2030, we have a total of 51 store. Long term, if we talk about it, we will grow the top line. By every year, 25 to 30 percent.

Sir, to silver or gold diamond, which jewelry you are more aggressive in your opinion?

Thank you. We are like the bullish on each front.

Sir, so currency, you are targeting tier 2, tier 3 cities, so tier 1, what do you plan to do in the expansion of tier 1?

Tier 1, maybe our next five years will be present. We will be present in 2-3 years.

So, sir, FY30, we will say that your presence will be present in tiers.

Yes, mostly the major, we are here.

All the best for the future. Thank you.

Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Anil Kataria for closing comments.

Nice job. Thank you. Thank you very much. Thank you for joining us today. Thank you for joining us in May. We hope to see you again soon. If you have any questions, please contact us from the EYE Investor Relations Team. Thank you very much.

Thank you. On behalf of DPA Abushan Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.