Senco Gold LimitedUnclassifiedSENCO
Q1 FY27 earnings callSenco Gold Limited
Senco Gold started FY27 with a record-breaking quarter, crossing INR 3,000 crores in sales driven by strong festival execution and a consumer shift towards design-led, lightweight jewellery.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue Growth (YoY) | 67% | — | |
| Retail Sales Growth (YoY) | 50% | — | |
| Same-Store Sales Growth (SSSG) | 39% | — | |
| EBITDA | INR 213 crores | — | |
| EBITDA Margin | 7.0% | — | |
| Consolidated PAT | INR 101 crores | — | |
| Consolidated PAT Margin | 3.3% | — | |
| Average Selling Price (ASP) Growth (YoY) | 40% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹2,102.55 Cr+27.3% YoY+40.1% QoQ | ₹33.48 Cr-69.4% YoY+176.2% QoQ | ₹2.13-85.4% YoY+36.5% QoQ |
| Q2 FY25 | ₹1,500.49 Cr+30.9% YoY+6.9% QoQ | ₹12.12 Cr+1.4% YoY-76.4% QoQ | ₹1.56-22.4% YoY-76.5% QoQ |
| Q1 FY25 | ₹1,403.89 Cr+7.5% YoY+23.4% QoQ | ₹51.27 Cr+85.3% YoY+59.4% QoQ | ₹6.63+65.8% YoY+54.9% QoQ |
| Q4 FY24 | ₹1,137.28 Cr— YoY-31.2% QoQ | ₹32.17 Cr— YoY-70.6% QoQ | ₹4.28— YoY-70.7% QoQ |
| Q3 FY24 | ₹1,652.20 Cr— YoY+44.1% QoQ | ₹109.32 Cr— YoY+814.8% QoQ | ₹14.59— YoY+625.9% QoQ |
TL;DR
- Consolidated revenue grew 67% YoY with retail sales up 50%, crossing INR 3,000 crores for the quarter.
- EBITDA margin was 7.0%, with full-year guidance reaffirmed at 7.5%-7.8%.
- Growth was led by April (INR 1,500-1,600 crores sales), while May and June moderated to INR 500-600 crores per month.
- Demand shifted to lightweight and diamond jewellery; diamond sales value rose 43%.
- Inventory days improved to around 152, and the company aims to add 12-15 more stores this year.
Said on the call
“We have delivered a strong Q1 performance, achieving record sales and crossing INR3,000 crores in a single quarter.”
From the Q&A
| Topic | What management said |
|---|---|
| Guidance Conservatism | Analysts questioned the 20%+ annual growth guidance after a 67% Q1. Management stated they are conservative initially and will consider revising guidance after Q3, with an internal aim to cross INR 10,000 crores. |
| Margin Composition & Sustainability | Management clarified the 7.5%-7.8% EBITDA guidance is for operational margins in a normalised price environment, and that Q1 FY26's 10.1% margin included 1.5%-2% of inventory gains. |
| Spike in Other Expenses | A large increase in other expenses (to ~INR 195 crores from ~INR 80 crores) was attributed to store renovations, customer schemes, and brand-building for the new men's collection, and is not expected to recur at the same level. |
| Gold Metal Loan (GML) Constraints | GML availability was limited in March-April, leading to higher procurement from the local market and increased finance costs. Availability has since normalized. |
| Customs Duty Benefit | Management estimated the customs-duty gain in Q1 was around INR 12-15 crores, with further benefit expected over the next 2-3 quarters. |
| Hedging Strategy | The hedge ratio is currently ~50% due to volatility, with a long-term intent to move toward 75%-80% as conditions stabilize. |
Guidance
- Full-year value growth guidance of 20%+ retained, implying revenue above INR 10,000 crores.
- Sustainable operational EBITDA margin guidance of 7.5%-7.8% retained for the full year.
- Target to open another 12-15 stores in the remainder of the financial year.
- Long-term vision to reach INR 20,000 crores+ revenue and 300+ stores over 4-5 years.
Source
Summary written from the transcript filed by Senco Gold Limited for the call held on 12 Aug 2026; published 18 Aug 2026, 21:12 IST.