Senco Gold Limited has informed the Exchange about Credit Rating
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ICRA has reaffirmed Senco Gold's credit rating of [ICRA]A (Stable) for its Rs. 475 crore Fixed Deposit Programme and [ICRA]A (Stable)/[ICRA]A2+ for its working capital and unallocated limits. The total rated amount has been enhanced from Rs. 2,275 crore to Rs. 2,875 crore, including newly structured Rs. 1,778 crore working capital facilities across 17 banks. The Stable outlook reflects ICRA's view that Senco's established jewellery retail position in eastern India and improving capital structure will support its financial profile. Senco reported ~21% revenue growth to Rs. 6,328 crore in FY2025, though operating margins dipped to 5.9% from 7.2% due to a Rs. 57 crore one-time loss from gold duty cut and shift toward lower-margin franchisee stores. The company raised Rs. 448 crore via QIP in March 2025, which strengthened its net worth and improved gearing from 1.3x to 1.0x.
The reaffirmed rating with a Stable outlook signals continued lender confidence in Senco Gold's creditworthiness, and the enhanced Rs. 600 crore in additional rated facilities gives the company more headroom to fund its working capital and store expansion. For shareholders, this is a neutral-to-positive signal as it indicates easier access to bank funding, though high working capital intensity (45% of operating income) and gold price volatility remain key risk factors to watch.