Gems & Jewellery company Senco Gold announced Q1FY27 results Consolidated Financial Highlights: Revenue: Rs 3,056 crore against Rs 1,826.3 crore during Q1FY26, change 67%. EBITDA: Rs 213.1 crore against Rs 183.6 crore during Q1FY26, change 16% EBITDA Margin: 7% during Q1FY27. PAT: Rs 101.1 crore against Rs 104.7 crore during Q1FY26, change -3%. PAT Margin: 3.3% during Q1FY27. Business Highlights: Demand remained resilient: Despite Adhik Maas and average gold prices increasing by ~61% YoY and ~1% QoQ, demand was supported by Akshaya Tritiya, Poila Boishakh, Baisakhi, Bihu and the summer wedding season as well as larger range in lower cartage & lower weight category and fresh design launches. Gold jewelry volumes remained broadly stable despite price rise and custom duty impact. Diamond jewelry sales growth: Diamond jewelry sales grew by 43% YoY and 18% in volume terms, supported by wider demand in the sub-50k range in Everlite collection. Old-gold exchange: The ‘0% deduction’ old-gold exchange campaign supported 43% of total sales quantity, enabling customers to upgrade their jewelry while moderating the impact of elevated gold prices. This partly impacts the gross margin. Showroom expansion: During the quarter we opened net 8 showroom- COCO- 4, FRN- 4 and 1 Sennes showroom. As we continue to evaluate store economics regularly, after closure of 1 COCO showroom, the network expanded from 201 showrooms at 31st March 2026 to 209 showrooms at 30th June 2026 as a group. The Company remains on track to open another 12–15 showrooms during the remainder of FY27. Suvankar Sen, Managing Director & CEO, Senco Gold, said: “We are pleased to begin FY27 with a strong Q1 performance, building on the momentum achieved in FY26. Consolidated revenue from operations increased 67% YoY reflecting the continued trust of our customers in Brand Senco and broad-based demand during Festive season and summer wedding season, even as average gold prices increased by ~61% YoY and remained volatile. Retail sales increased by 50% YoY to Rs 2,651.5 crore in Q1FY27, while SSSG grew aggressively by 39%, demonstrating the market reach of existing showrooms and growing footfall as well as conversions along with premiumization. Customer preference continued towards lightweight, fancy, daily wear, gifting and design-led jewelry. Diamond jewellery value increased by 43% YoY and volumes by 18%, supported by lower-ticket offerings below Rs 50,000, our Everlite range, a wider 9K and 14K assortment, and fresh design launches. Old-gold exchange supported 43% of total sales quantity, in our endeavor to promote increase of gold recycling and support national objective & enabling customers to upgrade their jewelry while moderating the impact of elevated gold prices YoY. Average gold price increased by 61% YoY and 1% QoQ to Rs 15,280 per gram, while the quarter-end gold price increased by 48% YoY but decreased by 3% QoQ to Rs 14,253 per gram. Net showroom addition during the quarter was 8- COCO-3, FRN-4 and 1 Sennes showroom. The Company remains on track to open another 12–15 showrooms during the remainder of FY27 with an increasing focus on franchise-led expansion, Tier-2 and Tier-3 cities, and strengthening our presence in both East and non-East markets in a balanced manner. Looking ahead, Q2 is seasonally softer; however, our teams are focused on customer engagement and planning inventory and new design launches for the upcoming festive and wedding seasons. Continuing to build on our strong design sensibility and innovation capabilities, we introduced new designs for women in Everlite, alongside the launch of Aham Ti22, our new Titanium jewelry range crafted specifically for modern Indian men as one of its first in Indian jewelry industry. We will continue to prioritize lightweight collections, affordability, design innovation, store productivity, data analysis, inventory optimization and margin protection for best possible ROCE. We remain focused on achieving 20%+ value growth in FY27 while strengthening Brand Senco across the country and pursuing disciplined, profitable pan-India expansion with a focus on East and North India.” Sanjay Banka (Group CFO & Head IR) said: “We are pleased to report 67% YoY growth in consolidated revenue, which is the highest Q1 performance in last few years. EBITDA increased by 16% YoY to Rs 213 crore; and stabilized to 7.0% in our guided range of 7.5%-7.8% on a QoQ basis. The margin movement reflects discounting, gold price fall partly offset by custom duty increase, and better product mix. We continued to work on optimizing the inventory efficiency which led to reduction in the quarter inventory by Rs 300 crore and resultant improvement in the inventory days. We have also considered full impact of Labour code in Q1 after detailed evaluation. EBIT increased by 13% YoY to Rs 207 crore, with EBIT margin moving to 6.8%. Incidentally, due to gold price volatility and GML unavailability, our blended borrowing cost increased marginally. Overall, PAT for Q1 was Rs 101 crore at a margin of 3.3%. Business losses at SFL and SGJTL also affected consolidated profitability, while SGAPL continued to report profit. Looking ahead, we remain committed to FY27 value growth of 20%+ and EBITDA margin of 7.5%–7.8%, while working towards a sustainable PAT margin of 4.0%–4.5% with a sharp focus on Return on Capital Employed (RoCE). Our focus will continue to be on margin stabilization, improving inventory days, balancing finance cost through right mix of GML and optimizing subsidiary performance.” Result PDF
Conference Call with Senco Gold Management and Analysts on Q1FY27 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Senco Gold Management and Analysts on Q4FY26 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Gems & Jewellery company Senco Gold announced Q4FY26 & FY26 results Consolidated Financial Highlights: Revenue from Operations: In Q4FY26, the consolidated revenue from operations stood at Rs 19,966.59 million, registering a decline of 34.98% QoQ compared to Rs 30,709.80 million in Q3FY26, but an increase of 44.93% YoY against Rs 13,777.12 million in Q4FY25. For the full year FY26, revenue from operations was Rs 84,300.30 million, up by 33.22% YoY from Rs 63,280.72 million in FY25. Total Income: The total income for Q4FY26 was Rs 20,100.19 million, falling by 35.18% QoQ (from Rs 31,011.08 million in Q3FY26) and growing by 44.36% YoY (from Rs 13,923.92 million in Q4FY25). For FY26, total income stood at Rs 85,099.13 million, an increase of 33.33% YoY from Rs 63,826.39 million in FY25. Profit Before Tax (PBT): PBT in Q4FY26 stood at Rs 2,084.65 million, marking a drop of 41.21% QoQ (vs Rs 3,546.20 million in Q3FY26) and a significant rise of 145.06% YoY (vs Rs 850.68 million in Q4FY25). Annual PBT for FY26 was reported at Rs 7,627.37 million, increasing by 250.10% YoY compared to Rs 2,178.61 million in FY25. Profit After Tax (PAT): The PAT for Q4FY26 was Rs 1,568.79 million, showing a decline of 40.58% QoQ (from Rs 2,640.03 million in Q3FY26) and a robust growth of 151.29% YoY (from Rs 624.30 million in Q4FY25). For FY26, PAT was Rs 5,743.19 million, representing a 260.51% YoY increase against Rs 1,593.09 million in FY25. Standalone Financial Highlights: Revenue from Operations: Standalone revenue from operations in Q4FY26 was Rs 19,629.41 million, recording a QoQ decrease of 35.27% from Rs 30,322.93 million in Q3FY26 and a YoY increase of 44.13% from Rs 13,619.45 million in Q4FY25. For FY26, revenue reached Rs 83,741.25 million, a YoY growth of 33.80% compared to Rs 62,586.76 million in FY25. Total Income: Q4FY26 total income stood at Rs 19,758.13 million, down 35.46% QoQ (vs Rs 30,613.78 million in Q3FY26) and up 43.51% YoY (vs Rs 13,767.64 million in Q4FY25). Annual total income for FY26 was Rs 84,510.68 million, an increase of 33.86% YoY from Rs 63,133.71 million in FY25. Profit Before Tax (PBT): Standalone PBT for Q4FY26 was Rs 2,089.71 million, declining 41.53% QoQ (from Rs 3,574.20 million in Q3FY26) and climbing 146.73% YoY (from Rs 846.95 million in Q4FY25). Annual PBT for FY26 stood at Rs 7,699.21 million, growing 243.80% YoY from Rs 2,239.42 million in FY25. Profit After Tax (PAT): PAT for Q4FY26 was Rs 1,578.33 million, seeing a decrease of 40.79% QoQ (from Rs 2,665.54 million in Q3FY26) and an increase of 154.77% YoY (from Rs 619.52 million in Q4FY25). For FY26, PAT stood at Rs 5,809.79 million, up 251.32% YoY compared to Rs 1,653.71 million in FY25. Business Highlights & Segment-wise Performance: Segment-wise Performance: The company operates entirely in a single business segment identified as the 'jewellery business'. Therefore, no separate segment reporting disclosures were required. Dividend: The Board of Directors recommended a Final Dividend @ 20% (Rs 1.00 per equity share) on the face value of equity shares of Rs 5 each for the financial year 2025-26, subject to the approval of shareholders. Acquisitions: During the current quarter, the Board approved the acquisition of an approximately 68% equity stake in August Jewellery Private Limited. The company is currently obtaining the requisite regulatory and other approvals. QIP Proceeds Utilization: The Company successfully utilised the entire Qualified Institutional Placement (QIP) raised in the previous year (Rs 4,590.00 million). As of March 31, 2026, Rs 3,500.00 million was used towards repayment of existing debt, Rs 946.94 million towards general corporate purposes, and Rs 143.06 million towards issue-related expenses. ESOP Allotment: The Company allotted 88,340 and 1,25,640 equity shares of Rs 5.00 each during the quarter and year ended March 31, 2026, respectively, to its eligible employees pursuant to the "Senco Gold Limited Employees Stock Option Scheme - 2018". Suvankar Sen, Managing Director & CEO, said: "We are pleased to report a strong Q4, crossing Rs 1,997 crore revenue, Rs 274 crore EBITDA and Rs 157 crore PAT for Q4FY26, and closing FY26 with record sales of Rs 8,430 crore at ~33% YoY growth, a significant acceleration over last year. This performance reflects the faith and trust of our customers. From a macro standpoint, Q4FY26 saw extraordinary gold price volatility, international prices surged to a peak of USD 5,595/Oz before retracting to USD 4,500/Oz amid global uncertainty, with domestic average prices at Rs 1,51,783/10gm, up 79% YoY and 20% QoQ. We have maintained around 40-50% hedging to manage price volatility risk and liquidity risk in uncertain markets. Despite this, consumer demand remained resilient in value, driven by a well-distributed wedding season spanning the full quarter. There has been a gradual shift towards lightweight jewellery or lower caratage. During the year, we entered new geographies in Rajasthan, Central Maharashtra, Western UP, etc, indicating huge PanIndia potential, along with a focus on Bengal and East India, which is engine for the future growth. We also delivered a strong FY26 performance despite elevated gold prices, supported by growing demand for lightweight and affordable jewellery. Our expanding 9K/14K portfolio attracted younger and modern consumers, driving wider accessibility and fashion-led purchases. We remain focused on innovation, affordability and expanding organized jewellery consumption across India. We are pleased to propose a final dividend of 20% in addition to the earlier interim dividend of 15%. Old Gold Exchange contributed ~50% to total revenue in Q4 and ~44% in FY26- this trend is likely to gain high momentum in FY27 due to custom duty increase and the recent appeal by the Honourable Prime Minister. Incidentally, this also reflects the jewellery industry's commitment to ESG and Gold recycling. We also achieved 9% diamond volume growth and 32% value growth. We remain optimistic about FY27, driven by tailwinds of showroom network, brand popularity and growing customer base, while fully cognizant of global uncertainties, regulatory developments and elevated gold prices. We plan to launch ~18-20 new showrooms, elevate the roll-out of franchise showrooms, enhance the performance of lightweight jewellery, implement strict cost and stock optimization, focusing on team building, and we expect ~20% revenue growth and maintain our EBITDA guidance of 7.5- 7.8%, ensuring best efforts towards Return on Capital, profitability and franchise growth business.” Sanjay Banka (Group CFO & Head IR), said: “For Q4FY26, we achieved revenue growth of ~45% YoY to Rs 1,997 crore, EBITDA growth of 116% YoY to Rs 274 crore (13.7%) and PAT growth of 151% YoY to Rs 157 crore (7.9%). Gross Margin and EBITDA for the quarter were higher than our guidance of a 7.5-7.8% range due to gains on account of gold and silver price rise. For FY26- We achieved the highest ever topline of Rs 8,430 crore with 33% YoY growth and 24% CAGR over the last 5 years. The growth was secular across own and franchise channels, with 28% and 34%, respectively. Export, e-commerce, and corporate sales contributed about 6% of total sales, while coin/ bullion sales were very marginal at 6%. For FY26, we achieved EBITDA growth of 164% YoY to Rs 969 crore (11.5%) and PAT growth of 261% YoY to Rs 574 crore (6.8%). On the working capital front, total inventory increased 61% YoY to Rs 5,296 crore, which is primarily due to a rise in gold prices, inventory for 7 new showrooms launched, as well as an increase in inventory value at existing stores. Our Gross Margin continues to be among the best in the industry, driven by our focus on the launch of 100 designs per day, and over 75% handmade jewellery. We achieved an EBITDA margin of 11.5% for FY26, which includes a sustainable margin of 7.5-7.7% and a balance on account of gains due to gold, silver and platinum price rise, as well as improvement in product mix and making charge on the elevated prices. It is important to note that Inventory Days have increased to 186 days due to the above reason, as well as readiness for Akshay Tritya FY27, where we achieved 67% YoY growth. The stellar performance for FY26 has led to impressive improvement in ROE and RoCE to 25.7% and 22.5%, respectively. The debt profile has also improved in terms of the Interest Coverage Ratio at 4.3, improving our credit profile significantly. Operating profit before working capital changes increased 2.7x to Rs 1028 crore. We are confidently marching toward FY27 targets of 20%+ value growth while targeting EBITDA margins in the range of 7.5%–7.8%. Subject to global uncertainties and market dynamics, we expect to improve our blended borrowing cost, maintain a strong vigilance on our capital allocation, improve inventory days, performance of subsidiaries and performance of showrooms in new geographies to deliver a minimum sustainable PAT of 4-4.5%.” Result PDF
Gems & Jewellery company Senco Gold announced Q3FY26 results Store network expands to 196 showrooms with 4 new franchise openings in Q3 and net 21 in 9 months. Average gold prices rose by 63% YoY and 23% QoQ, peaking at a historic high of Rs 1,40,000/10gm, impacting volume growth. Average Transaction Value (ATV) rose to Rs 93,000 (up 7.8% QoQ), and Average Selling Price (ASP) rose to Rs 60,270 (up 6.3% QoQ). This was also aided by the rise in gold and silver prices. Launched over 6,000 new gold designs and 3,300 new Diamond designs during the quarter, averaging ~100 new designs every day, totalling 204k gold designs and 113k diamond designs. Robust Revenue Growth: Achieved the highest-ever Q3 retail sales of Rs 3071 crore with a growth of 50% YoY and 2x QoQ and 30% YoY Revenue Growth in 9M. TTM revenue has already reached ~Rs 8300 crore, reflecting consistent YoY growth, loyal customer base and brand positioning. Non-East revenue crossed the Rs 1,100 crore mark, underscoring our expanding national footprint and success in new geographies. QoQ Growth- Revenue growth 2x (Rs 1536 crore to Rs 3071 crore), EBITDA 4x growth (Rs 106 crore to Rs 404 crore) and PAT 5x growth (Rs 48 crore to Rs 264 crore). Q3 YoY Growth- Revenue growth 1.5x (Rs 2046 crore to Rs 3071 crore), EBITDA 5x growth (Rs 80 crore to Rs 404 crore) and PAT 8x growth (Rs 33 crore to Rs 264 crore). 9-month YoY Growth- Revenue growth 30% (Rs 4950 crore to Rs 6433 crore), EBITDA 2.9x growth (Rs 240 crore to Rs 694 crore) and PAT 4.3x growth (Rs 97 crore to Rs 417 crore). Suvankar Sen, Managing Director & CEO, Senco Gold, said: “We are pleased to report a quarter of historical success, crossing Rs 3,000 crore revenue, Rs 400 crore EBITDA and Rs 264 crore PAT for the quarter. Despite gold prices touching record highs of Rs 1,40,000 per 10gm, a growth of 65% in gold rate for full year and 23% for the quarter, we witnessed huge demand during the festive season, recording the highest ever Dhanteras month (Oct) sales of Rs 1,716 crore. Our strategic pivot towards lightweight and everyday-wear jewellery in 22KT,18KT,14 KT & 9KT continues to drive customer engagement as well as higher profitability. Our 'Hyper-local' strategy continues to yield attractive dividend, evidenced by a robust 21% Same Store Sales Growth at YTD. We are happy to share that our non-East revenue crossed the Rs 1,100 crore mark, underscoring our expanding national footprint and success in new geographies. Furthermore, our partnership model is scaling well, with franchise revenue at 33% level. To counter price volatility, we continued our House of Design philosophy, launching almost 100 new designs daily, totalling over 6,000 in Gold and 3,300 in Diamond for the quarter. This design leadership, coupled with attractive Old Gold Exchange offers, customer-friendly monthly instalment schemes ensured that our customers could continue their purchase journeys with confidence and trust. Old Gold contributed 43% to our total revenue and accounted for 36% of our procurement, enabling customers to upgrade their jewellery while mitigating the impact of rising gold prices. We are also seeing encouraging traction in our non-gold categories. The Studded and Diamond segment remains a key focus area for premiumization. Furthermore, we are expanding our footprint with new formats like 'Sennes' and framing our own everyday wear Everlite collection in everyday wear, lightweight jewellery to cater to the modern, aspirational buyer. As we move forward, we remain committed to enhancing customer experience across our 196 showrooms and strengthening our presence in Tier-2 and Tier-3 markets. We have successfully navigated the peak festive demand of Q3 and continue to optimise our inventory more towards a Lightweight and budget-friendly product range due to rising gold prices, catering to daily wear and wedding jewellery. We are prepared for the upcoming Q4 wedding season, Valentine's Day and International Women's Day, preparation for Akshay Tritiya season, Poila Boishak and other local festivals pan India, targeting growth in the studded category through curated collections with 18%~20% growth in value for the upcoming season”. Sanjay Banka, Group CFO & Head IR, said: "We delivered an encouraging performance during the quarter, supported by strong revenue growth of 50% YoY to Rs 3,071 crore and disciplined inventory management. Q3 Adjusted EBITDA margins expanded impressively by 792 bps YoY to 13.2%, driven by improved product mix, operating leverage and lightweight jewellery as well as rising gold price. Supported by this strong topline and margin performance, Q3 Adjusted PAT scaled a 4.9x YoY growth and 5.4x QoQ growth to Rs 264 crore. During the 9 months period Adjusted EBITDA improved from Rs 298 crore to Rs 695 crore by 2.3x YoY and Adjusted PAT improved from Rs 139 crore to Rs 417 crore, achieving 3x YoY growth. PAT margins improved by 588 bps YoY to 8.5% in Q3 and at 9-month basis by 367 bps to 6.5% which is partly due to Gold price rise as well. With the rise in gold prices, our working capital requirements have increased. Consequently, our inventory value increased by 55% YoY from Rs 2963 crore to Rs 4602 crore, Inventory Days remained range-bound at 166-168 days in line with industry standards and borrowings (+GML) rose by 44% YoY from Rs 1,561 crore to Rs 2,248 crore to support the growth. On the regulatory front, we have assessed the implications of the new labour code, and the impact of the same was of Rs 6.20 crore. We are firmly on course to achieve our annual target of 20 new showroom openings for FY26. We expect to launch another 3 to 4 showrooms to achieve the milestone of 200 showrooms and have a robust pipeline for H1 next year. We are also confident of achieving 25%+ YoY topline growth in Q4FY26." Result PDF
Gems & Jewellery company Senco Gold announced Q2FY26 results Revenue: Rs 1,536.1 crore against Rs 1,500.5 crore during Q2FY25, change 2%. EBITDA: Rs 106.5 crore against Rs 51.9 crore during Q2FY25, change 105%. EBITDA Margin: 6.9% for Q2FY26. PAT: Rs 48.8 crore against Rs 12.1 crore during Q2FY25, change 302%. PAT Margin: 3.1% for Q2FY26. Suvankar Sen, Managing Director & CEO, Senco Gold, said: “We are pleased to report that we have delivered an enduring performance in Q2, despite the highest-ever gold prices reaching to Rs 11650/gm in September 2025, and a quarter marked by significant headwinds including the Shraddh period, heavy rainfalls and floods in the eastern region and global uncertainties. Our consolidated revenue grew by a robust 16% YoY to Rs 3,362.3 crore, while Average Selling Price (ASP) and Average Ticket Value (ATV) also rose to Rs 56,700 and Rs 86,200 (YoY growth of 15% & 16%) respectively, consistent with the gold rate increase. This H1 growth includes a Same-Store Sales Growth (SSSG) of 7.5%. The Stud Ratio also rose to 12% riding on growth in demand for diamond jewellery by 31%. We continued our expansion mission, ending Q2FY26 with 192 showrooms. We are also thrilled to report a record-breaking Dhanteras and Diwali period on October 25, achieving our highest-ever monthly retail sales of over Rs ~1,700+ crore despite lifetime-high gold prices. We are now fully prepared to meet the strong demand for the upcoming wedding season and will continue to launch exciting new designs totalling 200k+ Gold and 100k+ diamond jewellery designs. Given this strong performance, we reiterate our RoY guidance of approx. 20% topline growth and are on track to launch another 6-8 showrooms in the remainder of FY26. We will continue to work towards stock optimisation & improvement of Inventory turns amidst such high inventory levels; while fulfilling customer budgets and demand in the current market scenario with innovative, lightweight, and budget-friendly designs, to improve ROE and ROCE from present levels.” Sanjay Banka (Group CFO & Head IR) said: “Adding to the strategic update, I am pleased to share that our H1 results showcase not just strong growth, but improved profitability. Our consolidated adjusted EBITDA growth is 52% YoY to Rs 290.1 crore, while PAT surged by 80% YoY to Rs 153.4 crore. Our H1 EBITDA margin expanded YoY by 310 basis points to 8.6% driven by a combination of strong brand image, pricing edge supported by improved product mix and higher stud ratio of 12%. Our inventory levels increased to Rs 4309.2 crore mainly due to the gold price rise of GML and stocking for Dhanteras Sale & New showrooms opened. Despite the capital requirements for this inventory, our balance sheet remains robust with Net Debt at Rs 1578.4 crore and a comfortable Debt-to-Equity ratio of 0.75 (including GML). Looking ahead, the strong festive sales in October 25 driving a YTD retail growth of 25% give us confidence for solid H2 performance. As we move into H2, our priority is to maintain this financial discipline, build up stock for upcoming wedding seasons and Q4 and ensure cash flow availability for business growth. The GML availability has improved, and we will enhance GML level back to 65% level to improve the blended ROI and maintain strict vigil on various levers of growth and operating efficiency to enhance ROE and ROCE by year-end.” Result PDF