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Senco Gold Results: Latest Quarterly Results & Analysis

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Senco Gold Ltd. 13 Nov 2025 13:57 PM
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Q2FY26 Quarterly Result Announced for Senco Gold Ltd.

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

Result PDF

Gems & Jewellery company Senco Gold announced Q1FY26 results

  • Total income of Rs 1,826.2 crore in Q1FY26 (consolidated), reflecting a 30.0% YoY growth compared to Q1FY25 and a 32.6% sequential (QoQ) growth.
  • EBITDA grew to Rs 183.5 crore, with remarkable growth of 68.8% YoY and 44.5% QoQ.
  • EBITDA margin improved substantially to 10% as against 9.2% in Q4 FY25 and 7.7% in Q1FY25 YoY.
  • PAT, which grew to Rs 104.7 crore, recording 2x growth YoY and 67.6% growth QoQ.
  • PAT Margin: 5.7% for Q1FY26.

Suvankar Sen, Managing Director & CEO, Senco Gold, said: I am pleased to announce that we have started the FY26 on an exceptionally strong footing. The quarter was also marked by continued geopolitical tensions, tariff war, as well as a huge rise in gold price by 32% YoY and 5% QoQ. Consumer demand remained elevated, enabling us to deliver robust topline growth and achieve our highest-ever Q1 retail performance. In Q1, 10 new showrooms were added to the network, comprising 5 COCO (including 1 Sennes store), 1 FOCO, and 4 FOFO formats. The strong momentum was significantly fuelled by a favourable festival like Akshay Tritiya and Poila Baishakh, driving our success. In the retail segment, COCO showrooms, contributing 63% to the overall retail revenue, registered a 25% growth in Q1. The FOFO business, which accounts for the remaining 37%, grew by a strong 34% during the same period.

Our old gold exchange program ensures that the price rise impact was mitigated, ensuring continued demand. We welcome the Bureau of Indian Standards’ move to bring 9-karat gold jewellery under hallmarking, a smart push for clarity and consumer trust in more affordable jewellery options. This regulatory update not only boosts transparency but also incentivises design innovation and growth in the 9, 14 & 18 carat segments. This quarter, we launched over 11,400 new jewellery designs and opened 10 new showrooms, including a pioneering store at the Andheri Metro station in Mumbai. This expands our footprint to 185 showrooms across the country. We expanded our franchise model to Nagpur, marking a successful journey in central Maharashtra.

We remain confident that, given our long-term strategy and strategic calibrations, we are well-positioned to deliver 18%-20% revenue growth, 6.8%-7.2% EBITDA Margin and 3.7%-4.0% PAT Margin.

Sanjay Banka (Group CFO & Head IR), said: Senco Gold Ltd reported a total income of Rs 1,826.2 crore in Q1FY26 (consolidated), reflecting a 30.0% YoY growth compared to Q1FY25 and a 32.6% sequential (QoQ) growth and SSSG stood at an impressive 19.6%. EBITDA grew to Rs 183.5 crores (EBITDA Margin 10%), with remarkable growth of 68.8% YoY and 44.5% QoQ. The EBITDA margin improved substantially to 10% as against 9.2% in Q4 FY25 and 7.7% in Q1FY25 YoY, which was primarily driven by higher diamond jewellery sales, improved product mix as we are consistently improving our hyperlocal jewellery outside East and improved realisation due to gold price rise. OPEX has been maintained under tight vigil, leading to operating leverage, which has resulted in the improved EBITDA margin. We also achieved substantial improvement in PAT, which grew to Rs 104.7 crore, recording 2x growth YoY and 67.6% growth QoQ. The three subsidiaries also reported modest growth in topline and improvement in bottom line, and at a consolidated level, the subsidiary PAT impact was incremental of Rs 1.30 crore.

Result PDF

Gems & Jewellery company Senco Gold announced Q3FY25 results

  • Revenue from Operations for Q3FY25 stood at Rs 21,025.5 crore, marking a 27.3% YoY growth from Rs 16,522.0 crore in Q3FY24.
  • EBITDA declined by 55.9% YoY to Rs 799.6 crore in Q3FY25, compared to Rs 1,811.0 crore in Q3FY24, with EBITDA margin contracting to 3.8% from 11.0%.
  • Adjusted EBITDA stood at Rs 1,075.5 crore in Q3FY25, down 40.6% YoY from Rs 1,811.0 crore in Q3FY24, with Adjusted EBITDA margin reducing to 5.1% from 11.0%.
  • Profit After Tax (PAT) declined by 69.4% YoY to Rs 334.8 crore in Q3FY25, compared to Rs 1,093.2 crore in Q3FY24, with PAT margin decreasing to 1.6% from 6.6%.
  • Adjusted PAT stood at Rs 537.4 crore in Q3FY25, down 50.8% YoY from Rs 1,093.2 crore in Q3FY24, with Adjusted PAT margin reducing to 2.6% from 6.6%.

Suvankar Sen, Managing Director & CEO, Senco Gold, said, “During the quarter, we received an overwhelming response to our Qualified Institutional Placement (QIP) and successfully raised Rs 459 crore, in testament of faith and trust of investor community. These funds have been utilized to repay short-term debt, support our expansion plans and arrange inventory for existing and new showrooms. Additionally, we also announced a 1:2 stock split on January 31, 2025, further enhancing shareholder value.

High volatility was observed in gold prices during Q3, recording a 22% YoY increase and 20% increase since April 2024. However, consumer demand for gold remained robust throughout Q3. The reduction in customs duties during Q2 rather acted as tailwind for Q3 sales, especially during Dhanteras and Diwali. This quarter marked a milestone for us, as we achieved the highest-ever Q3 revenue of Rs 2,000 crore and a single-month revenue of Rs 1,000 crore during the Dhanteras month, reflecting a robust 22% YoY growth. In terms of jewellery wise performance on Value terms - we achieved 21% growth in Gold jewellery, 9% in diamond jewellery, 35% in silver jewellery, while our Gossip jewellery 18% growth.

In terms of expansion, our showroom portfolio has grown to 171, including 70 franchisee showrooms. Over the past nine months, we have launched 12 new showrooms, 7 of which are company-owned. Looking ahead, we remain on track to open 8-10 new showrooms in Q4FY25, including 5-7 franchise outlets, in line with our earlier outlook. The short-term impact of lab-grown diamonds has temporarily affected the stud ratio; however, we remain confident that the diamond jewellery segment in which we primarily operate will rebound to lead us to 15% stud ratio.

We are pleased to announce the incorporation of our wholly owned subsidiary, Sennes Fashion Limited, which will cater the consumer lifestyle segment. This strategic initiative will cover premium leather accessories, lab-grown diamond jewellery, and perfumes, allowing us to expand our customer reach and remain at the forefront of evolving market trends.

To strengthen our brand presence, we launched new campaigns such as "Glow Karo, Grow Karo" for Everlite and "Khushiyon ki Reet" for our wedding collection, which have been well-received by customers.

Our ongoing efforts to deepen market presence, introduce innovative products, and invest in customer-centric initiatives position us strongly for future growth.”

Sanjay Banka (CFO), Senco Gold Ltd. commented, "We remain confident that given the long-term prospect of the Indian gems and jewellery which is presently USD 85- 90 billion, we will achieve 7%-8% EBITDA margin on an annualized basis excluding any one-off event. The lower EBITDA and PAT margin in the current quarter emanated due to custom duty impact while the adjusted 9 months EBITDA margin was 6.0%. We are likely to achieve 7%-8% EBITDA margin in Q4 and going forward based on our brand positioning and operating leverage and will try to further improve the sale by innovative offerings and premium pricing by being 2nd most trusted brand in jewellery domain.

On the profitability front, EBITDA for the quarter stood at Rs 79.9 crore, while YTD EBITDA was Rs 240.6 crore. However, considering the adverse impact of customs duty in Q2 and Q3, amounting to Rs 29.8 crore and Rs 27.6 crore respectively, the adjusted EBITDA for the 9-month period stands at Rs 298.0 crore with an adjusted EBITDA margin of 6.0%. Similarly, PAT for the quarter was lower at Rs 33.5 crore, while the adjusted PAT for the quarter stood at Rs 53.8 crore, YTD PAT for the 9-month period was Rs 96.9 crore, with an adjusted PAT of Rs 138.8 crore.

He emphasised that “We look at Gross Margin and EBITDA on YTD basis and have always maintained that due to gold price volatility on Quarter-to-Quarter basis coupled with hedging practices/ levels and IND AS 109 Accounting, it leads to uneven EBITDA % during quarterly reporting vis-a vis previous quarter or last year same quarter. The actual margins qualitatively remain range bound in 50- 100 basis points i.e. 7%-8% The margin may also vary as aforesaid due to factors like- Product Mix, Geographical Sales Mix, Studd Ratio, Channel Sales Mix etc.

Please refer to below table for quarterly EBITDA trend over last 3 years whereby it is evident that incidentally the EBITDA margins in Q1 and Q2 of previous years were lower, while they were higher at 11% level in Q3. While this has been the past trend of last 2 years, however during the current year due to consistent gold price rise, Q1 and Q2 adjusted EBITDA margin was higher vis-à-vis earlier years, were higher while Q3 adjusted EBITDA margin was lower. But overall, the YTD GM level was 5%. On adjusting the custom duty impact the Q2 and Q3 Adjusted EBITDA margins has slightly improved by 120 basis points. Thus, effectively the adjusted EBITDA is lower against last 2 years YTD EBITDA of 7% range by only 90 basis points which translates to about ~Rs.44 cr, a part of which can be ascribed to lower stud ratio, higher export sales and opex increase.

We have maintained above 80% hedge ratio during Q1 and Q2 as reported earlier and hence in the price rise scenario, hedging will result in adverse P&L impact. We stringently follow hedge accounting as per IND AS 109 which is lying with the global IFRS Standards and duly audited by our statutory auditors; thus, the financial results as above reflect the true and fair view of the Gross Margin considering impact of derivative instruments like unfixed GML and MCX future instruments with MTM impact as well. As regards cash flow impact, custom duty reduction has surely impacted our OCF by Rs 57 crore but we are fully supportive of the noble intent of Hon’ble Finance Minister behind this decision. Further, if we look at the below table for the previous 11 quarters it is evident that on excluding the impact of hedge accounting the business model remains resilient and we have consistently 13%making charge revenue while the balance is contributed by diamond and gold price volatility net off our robust hedging practices. (YTD Avg/AHR- 81%)

We believe that with full impact of custom duty reduction has already taken in 9-month results; and considering the present vibrant demand, we will be able to deliver 14-15% Gross Margin and 7%-8% EBITDA margin.”

Result PDF

Gems & Jewellery company Senco Gold announced Q1FY25 results:

  • YoY revenue growth by 7.5% at Rs 1,403.9 crore
  • EBITDA growth by 61.8% YoY to Rs 108.7 crore
  • PAT grows by 85.4% YoY to Rs 51.3 crore

Speaking on the performance, Suvankar Sen, Managing Director & CEO, Senco Gold, commented: “We are pleased to announce our Q1FY25 results. In line with our growth strategy, we expanded our showroom portfolio to 165, adding 6 new showrooms (4 owned out of which 1 in Dubai and 2 franchisees) in Q1. We achieved YoY sales growth of 7.54% including digital, e-commerce, corporate and exports. Retail sales growth YoY was higher at 9.6% and same store sales growth (SSSG) was at 4%. Akshay Tritiya (first 41 days in Q1) sales performance was on expected lines with impressive YoY growth of 21% despite challenges like extreme heat, Lok Sabha elections and fewer wedding days. We also had good performance during bangle Utsav during Poila Boisakh and Akshay Tritiya giving us good margins. ATV grew by 12% to Rs 73,900 and ASP grew by 13% to Rs 49,000 respectively due to above.”

"To enhance domestic value addition in gold and precious metal jewellery, government of India has reduced customs duties on gold and silver to 6% and on platinum to 6.4% from 15% earlier. This reduction is expected to galvanize demand in future, especially the pent-up demand of Q1. With lower gold prices, jewellery companies anticipate more footfalls and increased market share for organized players.”

“In line with our commitment for ESG, our sale % from recycled gold (old gold from customer) also increased from 32% to 35% and about 43,000 customers enjoyed the benefit of this offer during Q1. We are preparing for the upcoming festive season in Q2 & H2, including Rakshabandhan, Independence Day, Teej, Durga Puja, Navratri, Dhanteras/Diwali, and most importantly the wedding season. We have also launched Lab Grown diamond under Sennes Brand which reflect our commitment to green earth while this is clearly a margin accretive segment. We continue to delight our customers with innovative and new designs and have launched over 8000 new designs during Q1FY25. We have good pipeline of new showroom to be launched under COCO & FOFO model during rest of the year in line with our growth strategy.”

Elaborating on the Financial performance, Sanjay Banka (CFO), Senco Gold commented, “Our financial performance reflect financial resilience and our strategy of sustainable profitable growth. Senco has maintained a healthy CAGR growth of 21% over the last 4 years and plans to grow in the range of 18%- 20% this year. The financial performance of the business is in line with our expectations at all parameters in terms of new showroom additions, retail space growth, Inventory growth leading to borrowing increase as well.

Consolidated EBITDA improved YoY from Rs 67.20 crore to Rs 108.73 crore recording 61.82% growth, while EBIT grew by 60.6% from Rs 64.09 crore to Rs 102.96 crore with EBIT margin of 7.3%. All these initiative and innovation lead to substantial growth in PAT from Rs 27.67 crore to Rs 51.27 crore.”

“Global geopolitical scenario and continued central bank buying coupled with elevated FED rates continued to accelerate gold price even peaked during Q1 by almost 9.5% as against ~17% price rise in FY 24. On YoY basis, average gold prices have risen by ~20% in Q1 and 13% on QoQ basis versus Q4 which impacted gold volumes and also diamond sales. In preparation for Q2, we continued to buy (including pricing of GML) gold and our buy sell ratio in Q1 was 1.3x indicating higher buying . This price rise led to realization gain as adjusted by hedging loss as our average Inventory hedging was ~95% . Due to hedge accounting and weighted average pricing for gold, margins reflect a stable/ consistent pattern over a period of 2 to 3 quarters over inventory movement cycle. We would once again like to reassure that we are committed to risk management policy as regards gold price volatility and irrespective of gold price movement direction, we are always on sell/ short side including unfixed GML. ”

We would further like to add that recently announced custom duty reduction from 15% to 6% level will impact inventory valuation and will impact the gross margin and EBITDA in next 2 to 3 quarters. We are working out action plans to mitigate this impact to achieve the targeted EBITDA and PAT with commensurate growth over last year.”

Result PDF

Gems & Jewellery company Senco Gold announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Q4FY24 EBITDA improves by 31.5% YoY to Rs 87.72 crore
  • Q4FY24 PAT grows by 23.6% YoY to Rs 32.17 crore

FY24 Financial Highlights:

  • FY24 EBITDA improves by 18.6% YoY to Rs 375.5 crore
  • FY24 PAT grows by 14.2% YoY to Rs 181.01 crore

Speaking on the performance, Suvankar Sen, Managing Director & CEO, Senco Gold commented, "We are pleased to announce our results for FY24, as it was a major milestone for us, and we were listed on BSE and NSE on 14th July, 23. Our IPO was oversubscribed by 77.25X overall and 190.56x in QIB portion. We raised Rs 405 crore by IPO including OFS of Rs 135 crore; and during the year, we have deployed the net IPO funds for working capital as per object of the issue. In line with our growth strategy, we continued business expansion with a sharp focus on driving profitability and customer acquisition. We expanded our showroom portfolio to 159, with net addition of 23 showrooms including 6 FOFO showrooms. We have invested in new store capex and capacity building for future amounting to over Rs 38.23 crore for our pan India strategy. Gold prices increased substantially on their upward journey throughout the year based on global uncertainty, war in Israel and Middle East and higher buying by Central Banks across the globe. In this rising price scenario, we achieved total revenue growth of 28.5% and retail revenue growth of 25% which included same-store sales Growth (SSSG) of 19% - amongst the highest in the industry. This growth was fueled by the maturity of existing showroom, higher wedding sales and higher old gold exchange at 32% as well as rising gold prices. Our stud jewellery sales increased by 37% YoY with resultant increase in stud ratio from 10.4% to 11.4%. We are clearly witnessing a shift from unorganised to organised in terms of higher old gold exchange at 32% and stable ASP at Rs 41,600. We have a consistent track record of dividend payment for last many years to reward our valuable shareholders, and further to interim dividend of 10% declared earlier, we are pleased to announce final dividend of 10% subject to approval of shareholders at the ensuing AGM”.

Result PDF

Gems & Jewellery company Senco Gold announced Q1FY24 results:

  • Revenues from operations grew to Rs 1,305.40 crore in Q1FY24, with YoY growth of 29.6% compared to Rs 1,007.24 crore in Q1FY23
  • EBITDA margin stands at 5.1% for Q1FY24 from 5.5% in Q1FY23
  • Profit before exceptional items grew to Rs 27.67 crore in Q1FY24, recording growth of 22.7% compared to Q1FY23.
  • PAT margin marginally reduced from 2.2% to 2.1%.

Speaking on the performance, Suvankar Sen, Managing Director & CEO, Senco Gold commented,

"The recently concluded quarter has been yet another positive one for us at Senco Gold & Diamonds achieving highest ever Q1 revenue of Rs 1,305 crore. We have witnessed continued robust momentum in both footfalls at showrooms and revenue across all markets. We are seeing higher traction in the Northern part of India, along with our Eastern India strength. The team has worked hard to achieve sales growth of over 29% YoY. The diamond jewellery sales growth in terms of value has been 50% and in terms of volume has been 34% during the period under review (Q1-Q1). The stud ratio has improved on YoY basis from 9.3% to 11% and in the certain market it has reached the range of 15-20%.

In Q1FY24, we have rolled out 6 more showrooms (5 owned & 1 franchise) to reach the nationwide showroom of 142 amongst which 80 are Company owned showrooms and 62 are Franchisee owned. Six new showrooms have come up in Delhi (1), Madhya Pradesh (2), Sikkim (1), Telangana (1), and Bihar (1).

 

Result PDF

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