NSE: SENCO · BSE: 543936
SENCO GOLD LIMITED
Retails gold and diamond jewellery through a chain of physical showrooms across India, with most revenue coming from walk-in customers buying bridal and occasion-wear pieces. As of FY26 year-end the company operated 201 showrooms in India and Dubai, including 12 Sennes-branded stores and 2 international stores, having launched 26 new showrooms during the year; by Q1 FY27 the network had grown to 208 stores. A central plank of the model is the Old Gold Exchange programme, under which customers trade in existing gold jewellery and account for around 44-50% of revenue, with the balance largely from new gold and diamond purchases. Average ticket value stood at Rs 95,100 in FY26 and same-store sales grew 24% for the year (35% in Q4 FY26). Revenue of Rs 8,430 crore in FY26 was driven largely by a 79% YoY surge in gold prices (average Rs 1,51,783 per 10gm), which lifted the topline despite a roughly 6% drop in gold volumes; diamond jewellery value rose 40% on 15% volume growth in Q1 FY27. Materials — gold, silver, platinum and diamonds — made up 76.6% of revenue, making commodity prices the dominant cost driver. The company has an extended strategic and marketing tie-up with August Jewellery (Melorra brand) and a planned ~68% acquisition of that business, targeted to close by 30 September 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Gold jewellery retail, Diamond jewellery retail, Old Gold Exchange, Sennes brand stores, International stores, Melorra / August Jewellery tie-up. Cyclical, commodity-price-driven retail jewellery with a heavy gold inventory and showroom footprint.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 5,241 | 6,328 | 8,430 |
| EBITDA (ex other income) | 376 | 368 | 969 |
| margin % | 7.2 | 5.8 | 11.5 |
| Owners' profit | 181 | 159 | 574 |
| EPS, as reported (₹) | 24.06 | 10.09 | 35.08 |
| ROE % · ROCE % | 13.3 · 22.2 | 8.1 · 15.8 | 22.8 · 33.8 |
| Debt / equity (x) | 1.10 | 0.90 | 0.62 |
| Cash from operations | (294) | (221) | (789) |
| Capex | (38) | (38) | (61) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,500 | 2,103 | 1,378 | 1,826 | 1,536 | 3,071 | 1,997 | 3,056 |
| Profit before tax | 16 | 46 | 85 | 141 | 59 | 355 | 208 | 139 |
| Net profit | 12 | 33 | 62 | 105 | 49 | 264 | 157 | 101 |
| EPS (₹) | 1.56 | 2.13 | 3.82 | 6.39 | 2.98 | 16.13 | 9.58 | 6.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 22.3 | 2 of 29 | 96% |
| P/B | 2.0 | 2.7 | 12 of 28 | 59% |
| ROCE | 26.7 | 16.7 | 6 of 28 | 82% |
| ROE | 22.9 | 14.6 | 6 of 28 | 82% |
| Debt / Equity | 0.6 | 0.3 | 22 of 28 | 22% |
| EBITDA margin | 7.5 | 10.7 | 21 of 30 | 31% |
| Revenue growth | 67.3 | 45.7 | 6 of 25 | 79% |
| Profit growth | (3.4) | 49.8 | 23 of 25 | 8% |
| Market cap | 5087 | 2897 | 10 of 30 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 25 Oct 2026 · Senco Gold agrees to acquire 68% stake in AJPL, operator of Melorra jewellery | strategic transactions | medium | — | — |
| 12 Oct 2026 · Senco Gold names Shashi Bhushan Singh as CGM Sales and Business Development | management changes | medium | — | — |
| 9 Oct 2026 · Compliance certificate for dematerialization filed for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Senco Gold Q2 FY27 revenue grows 31% YoY; H1 tops Rs 5,000 Cr | business updates | medium | — | — |
| 1 Oct 2026 · Postal ballot notice for re-appointment of Independent Director | compliance | minimal | — | — |
| 30 Sept 2026 · Senco Gold acquisition of Melorra delayed to October 2026 | strategic transactions | high | — | — |
| 30 Sept 2026 · Senco Gold extends Melorra tie-up with AJPL till March 2027 | strategic transactions | medium | — | — |
| 30 Sept 2026 · Postal ballot to re-appoint Bhasker Sen as Independent Director | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2/H1 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · ICRA reaffirms Senco Gold ratings, enhances FD limit to Rs 880 cr | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.