Senco Gold Limited, India’s leading jewellery manufacturer & retailer with an 88+ year legacy and trust, today announced its consolidated results for the quarter and 9 months ended 31st December 2025.
Business Highlights:
• Store network expands to 196 showrooms with 4 new franchise openings in Q3 and net 21 in 9 months.
• Average gold prices rose by 63% YoY and 23% QoQ, peaking at a historic high of Rs 1,40,000/10gm, impacting volume growth.
• Average Transaction Value (ATV) rose to Rs 93,000 (up 7.8% QoQ), and Average Selling Price (ASP) rose to Rs 60,270 (up 6.3% QoQ). This was also aided by the rise in gold and silver prices.
• Launched over 6,000 new gold designs and 3,300 new Diamond designs during the quarter, averaging ~100 new designs every day, totalling 204k gold designs and 113k diamond designs.
• Robust Revenue Growth: Achieved the highest-ever Q3 retail sales of Rs 3071 Cr with a growth of 50% YoY and 2x QoQ and 30% YoY Revenue Growth in 9M. TTM revenue has already reached ~Rs 8300 Cr, reflecting consistent YoY growth, loyal customer base and brand positioning. Non-East revenue crossed the Rs 1,100 Cr mark, underscoring our expanding national footprint and success in new geographies.
• QoQ Growth- Revenue growth 2x (Rs 1536 Cr to Rs 3071 Cr), EBITDA 4x growth (Rs 106 Cr to Rs 404 Cr) and PAT 5x growth (Rs 48 Cr to Rs 264 Cr).
• Q3 YoY Growth- Revenue growth 1.5x (Rs 2046 Cr to Rs 3071 Cr), EBITDA 5x growth (Rs 80 Cr to Rs 404 Cr) and PAT 8x growth (Rs 33 Cr to Rs 264 Cr).
• 9-month YoY Growth- Revenue growth 30% (Rs 4950 Cr to Rs 6433 Cr), EBITDA 2.9x growth (Rs 240 Cr to Rs 694 Cr) and PAT 4.3x growth (Rs 97 Cr to Rs 417 Cr).
Financial Snapshot:
Management Commentary
Speaking on the performance, Mr. Suvankar Sen, Managing Director & CEO, Senco Gold Ltd, said, “We are pleased to report a quarter of historical success, crossing Rs 3,000 Cr revenue, Rs 400 Cr EBITDA and Rs 264 Cr PAT for the quarter. Despite gold prices touching record highs of Rs 1,40,000 per 10gm, a growth of 65% in gold rate for full year and 23% for the quarter, we witnessed huge demand during the festive season, recording the highest ever Dhanteras month (Oct) sales of Rs 1,716 Cr. Our strategic pivot towards lightweight and everyday-wear jewellery in 22KT,18KT,14 KT & 9KT continues to drive customer engagement as well as higher profitability.
Our ‘Hyper-local’ strategy continues to yield attractive dividend, evidenced by a robust 21% Same Store Sales Growth at YTD. We are happy to share that our non-East revenue crossed the Rs 1,100 Cr mark, underscoring our expanding national footprint and success in new geographies. Furthermore, our partnership model is scaling well, with franchise revenue at 33% level.
To counter price volatility, we continued our House of Design philosophy, launching almost 100 new designs daily, totalling over 6,000 in Gold and 3,300 in Diamond for the quarter. This design leadership, coupled with attractive Old Gold Exchange offers, customer-friendly monthly instalment schemes ensured that our customers could continue their purchase journeys with confidence and trust. Old Gold contributed 43% to our total revenue and accounted for 36% of our procurement, enabling customers to upgrade their jewellery while mitigating the impact of rising gold prices.
We are also seeing encouraging traction in our non-gold categories. The Studded and Diamond segment remains a key focus area for premiumization. Furthermore, we are expanding our footprint with new formats like ‘Sennes’ and framing our own everyday wear Everlite collection in everyday wear, lightweight jewellery to cater to the modern, aspirational buyer. As we move forward, we remain committed to enhancing customer experience across our 196 showrooms and strengthening our presence in Tier-2 and Tier-3 markets.
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, catering to daily wear and wedding jewellery. We are prepared for the upcoming Q4 wedding season, Valentine’s Day and International Women’s Day, preparation for Akshay Tritiya season, Poila Boishak and other local festivals pan India, targeting growth in the studded category through curated collections with 18%~20% growth in value for the upcoming season”.
CFO Commentary
Elaborating on the Consolidated Financial performance, Mr. Sanjay Banka (Group CFO & Head IR) commented,
We delivered an encouraging performance during the quarter, supported by strong revenue growth of 50% YoY to Rs 3,071 Cr and disciplined inventory management. Q3 Adjusted EBITDA margins expanded impressively by 792 bps YoY to 13.2%, driven by improved product mix, operating leverage and lightweight jewellery as well as rising gold price.
Supported by this strong topline and margin performance, Q3 Adjusted PAT scaled a 4.9x YoY growth and 5.4x QoQ growth to Rs 264 Cr. During the 9 months period Adjusted EBITDA improved from Rs 298 Cr to Rs 695 Cr by 2.3x YoY and Adjusted PAT improved from Rs 139 Cr to Rs 417 Cr, achieving 3x YoY growth. PAT margins improved by 588 bps YoY to 8.5% in Q3 and at 9-month basis by 367 bps to 6.5% which is partly due to Gold price rise as well.
With the rise in gold prices, our working capital requirements have increased. Consequently, our inventory value increased by 55% YoY from Rs 2963 Cr to Rs 4602 Cr, Inventory Days remained range bound at 166-168 days in line with industry standards and borrowings (+GML) rose by 44% YoY from Rs 1561 Cr to Rs 2248 Cr to support the growth. On the regulatory front, we have assessed the implications of the new labour code, and the impact of the same was of Rs 6.20 Cr.
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 to achieve the milestone of 200 showrooms and have a robust pipeline for H1 next year. We are also confident of achieving 25%+ YoY topline growth in Q4 FY26.
About Senco Gold & Diamonds
Senco Gold & Diamonds is a leading pan-India jewellery retailer with an 88+year legacy and the Market Leader in Eastern India. As of December 2025, its showroom network includes 196 showrooms (188 Senco Gold & Diamonds stores and 8 Sennes stores) across India and Dubai, operated through both company-owned and franchisee models. The company offers a vast, design-led portfolio of gold (over 2,04,000 designs) and diamond (over 1,13,000 designs) jewellery, developed in-house with local artisans. Senco is a multi-award-winning brand, recognised for customer trust, luxury status, and as a great place to work.
Accreditation
Senco Gold Limited is pleased to announce its accreditation by the Indian Association for Gold Excellence and Standards (IAGES). This accreditation recognizes our adherence to the IAGES Code of Conduct and reflects our continued commitment to strong governance, ethical business practices, and industry-leading standards. Notably, Senco Gold Limited is amongst the top few to receive this accreditation, reinforcing our focus on building long-term stakeholder trust and sustaining excellence across our operations.
About SVAR Media Network – India’s Best Source for Jewellery News, Magazines, Newsletters and Media
SVAR Media Network is India’s No. 1 Destination for Jewellery News, setting the gold standard in timely, trusted, & trend-driven coverage across the Gems & Jewellery industry. As the Most Followed Jewellery Magazine & Media House in India, SVAR delivers Daily Jewellery News India Updates, market insights, & global developments through its platforms like Jewellery Magazine, Newsletters, AI Powered News Bulletins, Website, Social Media, Podcasts, & much more.
Recognized as Asia’s one of the Best Media in Jewellery & one of the World’s Best Jewellery Media, SVAR Media Network sets Unparalleled Standards in the Gems & Jewellery industry. SVAR is the Most Trusted & Widely Read Voice in the Gems & Jewellery Community.
Renowned as India’s Best Jewellery Magazine & Leading Jewellery Media, SVAR blends legacy with cutting-edge innovation by delivering:
- Best in class Jewellery Magazine for the Gems & Jewellery Industry & Jewellery Enthusiasts
- Real-time AI-Powered Jewellery News via SVARA AI, the World’s First AI Anchor in Fashion, Gems & Jewellery Industry
- India’s One of the First Gems & Jewellery Podcasts
- Digital Jewellery Newsletters for professionals and enthusiasts
- ISO 9001:2015 Certification, the first in the jewellery-media sector, proving our commitment to excellence
- Asia’s First & World’s Second Meta Verified Jewellery Media Brand
Ranked #1 among the Top 5 Gems & Jewellery News Websites, Top 10 Jewellery Magazines in India, & Most Influential Jewellery Media Brands, SVAR Media Network is your Trusted Source for Accurate, Fast, & Future-Focused Jewellery News.
SVAR Media Network is India’s No 1 Digital Media in Jewellery Industry & continues to be the Leading Jewellery Magazine & a Global Leader in Jewellery Media. SVAR Media Network offers a diverse range of services, including: Monthly Magazines, Digital Newsletters, Al-Driven News Bulletins, Social Media Promotions, Website Blogs & Articles, WhatsApp Updates, Podcasts & more…
Whether you seek updates on New Launches, Trade Shows, Celebrity Campaigns, Trends or Market Movements, SVAR is the Authority in Jewellery News India & beyond.
Explore the World of Gems & Jewellery with SVAR Media Network — Your Best Source for Trusted, Trend-Setting Jewellery News & Mediapp Updates, Podcasts & more…
