Shubham Dixit

यतो धर्मस्ततो जयः | Nation First | History, Politics, Stock Market, Science | AI Enthusiast | Views personal

[Shubham Dixit @shubham43MP]

@DeepikaBhardwaj Aukaat yaad agyi bandi ko kuch hi time me

[Shubham Dixit @shubham43MP]

@OnePlusClub Whats the reason

[amit kilhor @amitkilhor]

Ok, release the report.
@IITkanpur

[Shubham Dixit @shubham43MP]

@EquityInsightss 😂😂😂 Tejas bhai frustrate hogye kyaa🤣

[Shubham Dixit @shubham43MP]

@InvestorOfJAMMU Mother has a UBI account. Pathetic UI, pathetic service. Shifting to HDFC.

[Shubham Dixit @shubham43MP]

@ajeetbharti @nitin_gadkari @narendramodi Vote BJP out

[Shubham Dixit @shubham43MP]

@DeepikaBhardwaj But mam I think, only the call records in themselves doesn’t prove anything. I mean, its just a start of the evidence. There need to be other evidence as well. They need to be collected for a long time substantial enough to prove them.

[Shubham Dixit @shubham43MP]

@EquityInsightss Okay. Will give it a try definitely 💯. You seem convinced on Concall listening! I will report back.

[Shubham Dixit @shubham43MP]

@EquityInsightss Total Rocket and driving portfolio like a king!

[Shubham Dixit @shubham43MP]

I visited DMart yesterday, and it was a usual Sunday at DMart, long queues, crowd everything. Even people purchase Pizza and Popcorns they offer. I bought 6300 worth of groceries and cosmetics. An elderly couple ahead of me bought 12500 worth of items.
I still go to Dmart once per quarter to load up discounted groceries. But at the same time I exited DMart in 2023 as a shareholder.

[Shubham Dixit @shubham43MP]

@Asan_research 1.5% CAGR if consider 12.5% LTCG. But no one know how much was cash component.

[Shubham Dixit @shubham43MP]

Indices are down, PF is up! Rare counter moves in life

[Shiv Aroor @ShivAroor]

2022:
Aaftab Poonawala strangles girlfriend Shraddha Walkar, chops her up, freezes & scatters.

2026:
Delhi Court postpones murder trial hearing so Aaftab can take his final MA Sociology exam from jail. https://t.co/73yNc7bzgT

[Shubham Dixit @shubham43MP]

@ChanderBhatia01 That is an interesting piece of mindset setup.

[Shubham Dixit @shubham43MP]

Senco Gold Q4FY26 #SENCO:

Senco delivered a strong FY26 with revenue of ₹8,430 cr, +33% YoY, while Q4 revenue stood around ₹1,997 cr. Q4 EBITDA was ₹274 cr and PAT ₹157 cr. FY26 EBITDA margin was 11.5%, but management guided sustainable EBITDA margin at 7.5–7.8%, implying part of FY26 margin strength was price-led.

Key numbers:
Coins/bullion were only ~6% of revenue, so growth was largely jewellery-led. Old gold exchange rose sharply to 44% of FY26 revenue and ~50% in Q4. Stud ratio stood at ~11%. Diamond value grew 32% YoY, volume 9% YoY. ATV increased ~30% YoY. Inventory rose 61% YoY to ₹5,296 cr, with inventory days at 186–188.
Guidance:
FY27 revenue growth 18–20%, implied revenue ₹10,000–10,500 cr. EBITDA margin 7.5–7.8%, PAT margin 4–4.5%. Store additions 18–20, franchise-led. Inventory days target 160–180. Old gold exchange expected at 50–55% of business.

Positives:
Strong jewellery-led growth, old gold exchange becoming a key moat, good diamond growth, strong Akshaya Tritiya/Poila Boishakh performance with ~66–67% growth, and expansion focus on East, North and Central India.
Watchouts:
High inventory days, weak free cash flow, margin normalization from FY26 highs, low stud ratio vs leaders, competition-led discounting, and customs duty reversal risk if duty is cut later.

Final view:
Thesis Neutral to Mildly Strengthening. Senco has brand strength and growth visibility, but investor conviction depends on reducing inventory days, sustaining margins without price gains, and improving studded jewellery mix.

[Shubham Dixit @shubham43MP]

Jewellery Company numbers Q4FY26
Thread 👇

[Shubham Dixit @shubham43MP]

D. P. Abhushan Q4FY26 #DPABHUSHAN:

DP Abhushan delivered a strong Q4 with revenue ₹1,338.9 cr, +87% YoY, EBITDA ₹73 cr, +72% YoY, and PAT ₹50.6 cr, +101% YoY. FY26 revenue stood at ₹4,070.3 cr, +23% YoY, while PAT rose 88% to ₹211.8 cr.

Key numbers:
FY26 EBITDA margin improved to 7.61%, PAT margin to 5.20%. SSSG was around 20% YoY. Revenue/store was ~₹339 cr, revenue/sq. ft. ~₹7.6 lakh, average ticket size ~₹1.27 lakh, inventory turnover 4.7x, conversion rate 82–83%.
Product mix:
Wedding jewellery contributes ~60%, festival/lightweight ~25%, gifting ~15%. Old gold exchange is 35–40% of sales. FY26 gold revenue grew 21%, silver grew 168%, but diamonds declined 5%. Q4 silver grew 333%, diamonds grew 38%.

Guidance:
FY27 revenue target ~₹4,800 cr, FY28 ~₹5,500 cr. FY27 EBITDA margin guidance 6–6.5%, gross margin 10–11%. FY30 target: 51 stores, 25–30% annual topline growth, and EBITDA margin 8–8.5%. FY27 store additions likely 3–4 COCO stores + 1 franchise pilot, depending on market conditions.
Positives:
Strong PAT growth, healthy SSSG, strong wedding demand, high store productivity, strong silver growth, old gold exchange traction, and digital/omnichannel push.

Watchouts:
FY26 growth was largely value-led, not volume-led; management said volumes declined around 20% due to high gold prices. Inventory intensity remains high, with each new store needing ₹40–60 cr inventory. Cash flow may stay weak while expansion continues. QIP delayed; expansion pace moderated.
Final view:
Thesis Neutral to Mildly Strengthening. Brand and profitability are strong, but future conviction depends on volume recovery, margin stability, inventory control, and disciplined multi-state expansion.