The modulational instability (MI) of the dust‐acoustic waves (DAWs) in an electron‐positron‐ion‐dust plasma (containing super‐thermal electrons, positrons, and ions along with negatively charged adiabatic dust grains) is investigated by the analysis of the non‐linear Schrödinger equation (NLSE). To derive the NLSE, the reductive perturbation method was employed. Two different parametric regions for stable and unstable DAWs are observed. The presence of super‐thermal electrons, positrons, and ions significantly modifies both the stable and unstable regions. The critical wave number kc (at which MI sets in) depends on the super‐thermal electron, positron, and ion, and adiabatic dust concentrations.