Senco Gold Limited, India’s national leading jewellery manufacturer & retailer with an 85-year legacy and trust, today announced its consolidated results for the quarter and half-year ended 30th September 2025. The company has a robust network of over 192 showrooms across 17 states and UTs.
Key Performance Highlights
- Launch of 6 new showrooms in Q2 and 16 in H1.
- Highest Ever Dhanteras month sale of Rs ~1700 Cr+ with ~56% YoY growth and ~25% YTD Oct 25 growth.
- YoY Revenue growth of 2% in Q2 and 16% in H1 YoY. YoY SSSG Revenue growth of 13% in H1. However,
- Standalone SGL revenue growth was 6% YoY and 17.6% in H1FY26.
- Q2 YoY Adjusted EBITDA growth of 30%; and H1 growth of 52%.
- Q2 YoY EBIT growth by 115% and H1 FY26 growth 90%.
- Q2 YoY Adjusted PAT growth at 43% and H1 growth at 80%.
- PAT for Q2 surged to Rs. 48.8 Cr, a 43% YoY increase, and H1 growth by 80% to Rs. 153.4 Cr.
(Rs in Cr)
Management Commentary on Performance
Speaking of the performance, Mr Suvankar Sen, Managing Director& CEO, SencoGold Ltd, said, We are pleased to report that we have delivered an enduring performance in Q2, despite the highest-ever gold prices reaching to Rs. 11650/gm in September 2025, and a quarter marked by significant headwinds including Shraddh period, heavy rainfalls and floods in the eastern region and global uncertainties.
Revenue and Value Growth
Our consolidated revenue grew by a robust 16% YoY to Rs. 3,362.3 Cr while Average Selling Price (ASP) and Average Ticket Value (ATV) also rose to Rs. 56,700 and Rs. 86,200 (YoY growth of 15% & 16%) respectively, consistent with the gold rate increase.
SSSG and Diamond Demand
This H1 growth includes a Same-Store Sales Growth (SSSG) of 7.5%. The Stud Ratio also rose to 12% riding on growth in demand for diamond jewellery by 31%.
Showroom Expansion and Festive Sales Record
We continued our expansion mission ending Q2 FY26 with 192 showrooms. We are also thrilled to report a record-breaking Dhanteras and Diwali period in October 25 achieving our highest-ever monthly retail sales of over Rs. ~1,700+ Cr despite lifetime-high gold prices.
Outlook and Strategy
We are now fully prepared to meet the strong demand for the upcoming wedding season and will continue to launch exciting new designs totalling 200k+ Gold and 100k+ diamond jewellery designs. Given this strong performance, we reiterate our RoY guidance of 18-20% topline growth and are on track to launch another 6-8 showrooms in the remainder of FY26. We will continue to work towards stock optimisation & improvement of Inventory turns amidst such high inventory levels; while fulfilling customer budgets and demand in the current market scenario with innovative, lightweight, and budget-friendly designs, to improve ROE and ROCE from present levels.”
Consolidated Financial Performance Details
Elaborating on the Consolidated Financial performance, Mr Sanjay Banka (Group CFO & Head IR) commented, “Adding to the strategic update, I am pleased to share that our H1 results showcase not just strong growth, but improved profitability. Our consolidated adjusted EBITDA growth is 52% YoY to Rs. 290.1 Cr, while PAT surged by 80% YoY to Rs. 153.4 Cr. Our H1 EBITDA margin expanded YoY by 310 basis points to 8.6% driven by a combination of strong brand image, pricing edge supported by improved product mix and higher stud ratio of 12%.
Inventory and Balance Sheet Health
Our inventory levels increased to Rs. 4309.2 Cr mainly due to the gold price rise of GML and stocking for Dhanteras Sale & New showrooms opened. Despite the capital requirements for this inventory, our balance sheet remains robust with Net Debt at Rs. 1578.4 Cr and a comfortable Debt-to-Equity ratio of 0.75 (including GML).
H2 Outlook and Financial Discipline
Looking ahead, the strong festive sales in October 25 driving a YTD retail growth of 25% give us confidence for solid H2 performance. As we move into H2, our priority is to maintain this financial discipline, build up stock for upcoming wedding seasons and Q4 and ensure cash flow availability for business growth. The GML availability has improved, and we will enhance GML level back to 65% level to improve the blended ROI and maintain strict vigil on various levers of growth and operating efficiency to enhance ROE and ROCE by year-end.”
About Senco Gold & Diamonds
Senco Gold & Diamonds is a leading pan-India jewellery retailer with an 85-year heritage and the largest organised retail presence in Eastern India. As of September 2025, its showroom network includes 192 showrooms (184 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 2,00,000+ designs) and diamond (over 1,11,000 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 workplace.
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