Senco Gold Limited has informed the Exchange about Transcript
SENCO · price
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Senco Gold reported strong Q4 FY25 performance with total sales growing ~21% year-on-year. Gold jewellery value grew 20% but volumes declined 6% due to a sharp ~30-40% rise in gold prices, pushing customers toward lighter-weight and lower-purity (14/18 carat) jewellery. Diamond jewellery was a bright spot with 38% value growth and 21% volume growth, lifting the stud ratio from 10.5% to 10.9%. Standalone revenue stood at INR 6,258 crore with adjusted PAT of INR 207 crore (unadjusted PAT was INR 165 crore, hit by a one-time INR 57.4 crore customs duty expense in July 2024). Same-store sales growth held at 15-16%, footfalls rose 17%, and the non-East business grew 23% to ~INR 1,230 crore. For FY26, management has guided for 18-20% topline growth, EBITDA margin of 6.8-7.2% (CFO suggested 7-7.5% as a comfortable modelling assumption), and PAT margin of 3.5-3.7%, with 18-20 new store additions planned. Q1 FY26 is reportedly tracking at 18-19% growth, supported by a strong Akshaya Tritiya.
Clear forward guidance on both revenue (18-20%) and margins (EBITDA 6.8-7.2%, PAT 3.5-3.7%) provides good earnings visibility after the customs duty shock in FY25. Strong diamond jewellery momentum and improving stud ratio are positives, but gold price volatility, elevated Gold Metal Loan rates (now ~7% blended vs 5.9% earlier), and a stretched balance sheet (inventory days up to ~190) remain key risks for shareholders to watch.