The jewellery retailer is expanding beyond Madhya Pradesh and Rajasthan into Gujarat, Chhattisgarh and Maharashtra, with a mix of company-owned and franchise outlets.
New Delhi | September 6, 2026
DP Abhushan plans to increase its retail network to 51 stores by 2029-30 as it expands across tier-II and tier-III cities in central, northern and western India, a company executive said. The Ratlam-headquartered jewellery retailer is targeting revenue of Rs 15,000 crore by the end of the financial year 2029-30.
The company currently operates 12 stores in Madhya Pradesh and Rajasthan, all of which are company-owned. It is now preparing to enter Gujarat, Chhattisgarh and Maharashtra, while continuing to strengthen its presence in its existing markets, promoter Vikas Kataria told the Press Trust of India.
DP Abhushan will enter Chhattisgarh with a store in Raipur. In Maharashtra, it is exploring locations in Nagpur and Nashik, while Dahod and Vadodara are under consideration in Gujarat, according to Kataria. The company is also evaluating Sagar and Mandsaur in Madhya Pradesh, and Jodhpur and Bikaner in Rajasthan.
The planned expansion will use a combination of franchise outlets and company-owned stores. Kataria said the company had finalised one franchise outlet in Jabalpur, Madhya Pradesh. The franchise strategy is being introduced from the current financial year to accelerate the retailer’s presence across smaller urban markets.
“All 12 jewellery stores are company-owned. However, from this financial year, we are looking at the franchise or FOCO model to further our footprint. This will give us an opportunity to grow faster. We have already finalised one store under the franchise model in Jabalpur,” Kataria said.
FOCO, or franchisee-owned and company-operated, allows a retailer to increase its physical footprint while sharing ownership and operating responsibilities with franchise partners. DP Abhushan said it was targeting a presence in seven to eight states as part of the expansion phase.
The company has allocated around Rs 50 crore in capital expenditure for the expansion. Kataria said the spending would be funded through internal accruals. DP Abhushan’s current total debt stands at Rs 180 crore, which the company plans to reduce going forward.
The retailer reported revenue of Rs 4,065.13 crore in FY26. Its target of Rs 15,000 crore by FY30 would require the business to substantially increase revenue alongside the planned store growth. The company has not disclosed a store-by-store rollout schedule or the proposed opening dates for the locations under consideration.
The expansion places smaller cities at the centre of DP Abhushan’s next retail phase, with Raipur, Nagpur, Nashik, Dahod, Vadodara, Jabalpur, Sagar, Mandsaur, Jodhpur and Bikaner identified as current or potential markets. The company’s next stated steps are to operationalise the Jabalpur franchise outlet and progress its planned entry into the new states.
