Senco Gold Ltd(SENCO)

NSE: SENCOBSE: 543936

₹ 308.9-2.51%refreshed 23 Oct, 03:57 pm ISTMarket cap: ₹ 5,063 crWebsite: www.sencogoldanddiamonds.comUpdated: 24 Oct 2026

About

Senco Gold is an Indian jewellery retailer selling gold, diamond, silver and platinum jewellery, along with Sennes lifestyle and lab-grown diamond products. As of Q2 FY27 it had 215 showrooms, run by the company and by franchisees. It reported revenue of Rs 8,430.03 Cr in FY26, and its trailing twelve-month sales reached Rs 10,000 Cr in Q2 FY27. By number of showrooms, it is the largest jewellery retailer in eastern India.^[1][2][3]

Store network and formats

Network reached 215 showrooms in Q2 FY27 after 6 openings in the quarter (3 company-operated, 3 franchisee), taking H1 FY27 additions to 14.^[1]
As of Q1 FY27 there were 209 showrooms: 102 company-operated, 85 franchise, 12 Sennes and 2 in Dubai, up from 201 at March 2026.^[4]
In FY25, about 64% of revenue came from company-operated showrooms and about 32% from franchisee showrooms.^[3]
Franchise channel contributed 33% of revenue in Q1 FY27.^[4]
As of FY25, showrooms covered 17 states and served Tier-I, II, III and smaller towns.^[3]
Showroom formats include Classic & Modern, D'Signia, Everlite and House of Senco.^[3]
Sennes is a lab-grown diamond format whose Phase 2 pan-India expansion started in October 2025.^[5]

Products and brands

As of FY25, the catalogue held over 1.88 lakh gold and 1.28 lakh diamond designs, with about 125 new designs added daily; 80,500 new designs were introduced in FY25.^[3]
As of FY25, products ranged in price from Rs 2500 to Rs 30,00,000, and nearly 75% of pieces were handcrafted.^[3]
The Ti22 titanium collection, made with gold and diamonds, launched under the Aham brand; management describes it as the first such launch by a pan-India jeweller.^[1]
Sennes sells leather bags, perfumes and lab-grown diamond jewellery, and had 90+ shop-in-shop counters for its leather and fragrance lines as of FY25.^[3]
Silver sales grew 41% in FY25, helped by the Gossip brand, which grew 21% overall.^[3]
The company launched BIS-hallmarked 9-carat gold (Cloud 9 Collection) and Everlite lightweight jewellery to make purchases more affordable as gold prices rose.^[6]

Key operating metrics

Same-store sales growth was 19% in Q2 FY27 and 30% in H1 FY27, compared with 39% in Q1 FY27 and about 24% in FY26.^[1][4]
Retail revenue grew 29% YoY in Q2 FY27.^[1]
Stud ratio (diamond jewellery's share of sales) was 12.2% in Q2 FY27, up from 11% in Q1 FY27; it was 10.9% in FY25, down from 11.4% a year earlier.^[1][3]
Diamond jewellery revenue grew 31% in value and 7% in volume in Q2 FY27, compared with 43% value and 18% volume growth in Q1 FY27.^[1][4]
Average selling price was INR 82,600 in Q1 FY27 (+40% YoY), and average ticket value was INR 1,24,200 (+38% YoY).^[4]
Inventory days were 152 in Q1 FY27, improved from 186 days in FY26.^[4]
Gold volume fell about 6% YoY in FY26 as domestic gold prices averaged 79% higher.^[7]
Coin and bullion sales stayed below 7% of sales in Q2 FY27.^[1]

Old-gold exchange and gold sourcing

Old gold exchange rose above 50% of sales in Q2 FY27, compared with about 44% in FY26 and up to 39% in FY25.^[1][7][3]
In FY25, gold metal loans made up 67% of borrowings, at an average rate of 3.6%.^[3]
Gold metal loans were hard to obtain in March-April 2026, so the company had to buy higher-cost local bullion; availability has since normalised.^[4]
Board policy keeps about 50% of the gold position hedged, with a target of 75-80% once gold-price volatility eases.^[4]

Geography and digital

In FY25, revenue from India was Rs 6,038.71 Cr and from outside India Rs 289.37 Cr, compared with Rs 5,041.87 Cr and Rs 187.79 Cr in FY24.^[3][8]
Exports were mainly captive sales to the Dubai subsidiary, which reported total sales of Rs 2,002.5 million in FY25, including Rs 51 million of retail sales.^[3]
Revenue from outside eastern India crossed Rs 1,600 Cr in FY26.^[5]
E-commerce and digital channel sales grew 53% YoY in Q2 FY27, compared with 164% in Q1 FY27.^[1][4]
As of June 2026, MyDigiGold had 1,53,902+ registered customers and MyDigiSilver 75,830+.^[4]
In FY25, no single customer contributed 10% or more of revenue.^[3]

Expansion plans

Another 10-12 showrooms (company-operated and franchisee) are planned for H2 FY27.^[1]
East and North India account for about 80% of planned future store additions.^[5]
Long-term targets are 300+ stores by FY30 and INR 20,000 Cr+ revenue over 4-5 years.^[4]
Long-term targets include a stud ratio of 15%+ and an EBITDA margin of 8%+.^[4]
Management aims to reduce inventory days and improve inventory turns through FY27, with a focus on lightweight and 9K collections.^[1]

Recent developments

H1 FY27 sales exceeded Rs 5,000 Cr, the highest for any half-year, and trailing twelve-month sales reached Rs 10,000 Cr (business update, 07 Oct 2026).^[9][1]
Q2 FY27 standalone total revenue grew 31% YoY.^[1]
Q1 FY27 consolidated revenue reached INR 3,056 Cr, up 67% YoY and the first quarter above INR 3,000 Cr.^[4]
CareEdge upgraded the company's rating by one notch to CARE A+; Stable / CARE A1 in FY26.^[7]
The company was rated 2nd Most Trusted Jewellery Brand for the 6th year in a row by Trust Research Associate, as reported in FY25.^[3]

Market Cap

₹5,063 Cr

High / Low

₹430 / 276

Stock P/E

9.7

Price / Book

2.2

Book Value

₹153

EPS

₹35.1

No. of Shares

16.38 Cr

ROCE

23.0%

ROE

25.6%

OPM

11.4%

Debt / Equity

0.62

Sales

₹8,430 Cr

Net Profit

₹574 Cr

Promoter holding

64.5%

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