Stock Report

Senco Gold Limited: Business Update: Q3 & 9M FY26

Posted On : 2026-01-06 22:58:40( TIMEZONE : IST )

Key Highlights (Standalone Basis):

Sales and Revenue Growth: Senco achieved an encouraging growth of 51% YoY in the backdrop of 6.5% growth in Q2 and 28% in Q1, thus achieving ~31% growth during the first 9 months. Our TTM revenue has already reached ~₹8000 crore, reflecting consistent YoY growth, loyal customer base and brand positioning. The Q3 YoY growth includes retail business growth of ~49% and SSSG of ~39% growth. The 9-month topline growth of 31% includes SSSG of ~21% growth. This uplift was led by targeted festive campaigns, new design launches and intensive customer engagement during Dhanteras & Diwali, wedding buying and shift of demand of Q2 to the festive season. Diamond jewellery sales continued to maintain strong growth momentum in Q3 to ~36% YoY growth and 9-month growth of ~34%.

Showroom Expansion: We launched 4 new franchise showrooms, taking the total showroom network to 196 (inclusive of 8 Sennes and 2 international showrooms). During the 9-month period, we have launched 11 franchises and 5 company-owned stores. The newly opened franchise showrooms of Q3 are located across Hazaribagh (JH), Etawah (UP), Burdwan (WB) and Bikaner (RJ). Launch of Bikaner in Q3 and Nagpur in Q1 demonstrates the popularity of our franchise model to newer markets beyond the East.

Gold Price Volatility: Gold prices continued to rise even in Q3 FY26 with ~23% QoQ growth and ~65% YoY (on average), leading to major demand from global central banks, investment-led demand for ETFs, but muted volume rise. The gold price range in Q3 FY26 peaked at the highest ever level of ₹1,40,000/10gm, as against ₹ 1,17,000 in Q2 FY26 and ₹79,800 in Q3 FY25.

Q4 and FY26 Outlook

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. We are prepared for the upcoming Q4 wedding season, Valentine's Day and International Women's Day, and other local festivals and targeting growth in the studded category through curated collections with 18%~20% growth.

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 under the COCO and FOCO models to achieve the milestone of 200 showrooms and have a robust pipeline for H1 next year. We are thus confident of achieving 25%+ YoY growth for FY26, riding on 31% YoY in 9 months so far.