Senco Gold (SENCO) Q1 25/26 earnings summary

Executive summary

• Achieved record Q1 FY26 performance with consolidated revenue of ₹18,262.8 Mn, up 30% YoY, and PAT more than doubling to ₹1,046.5 Mn, driven by strong consumer demand despite a 32% YoY gold price surge and geopolitical tensions.

• Diamond jewelry sales saw 54% value and 36% volume growth; lightweight and affordable jewelry brands gained traction, especially among younger consumers.

• Opened 10 new stores in Q1, expanding to 185 showrooms nationwide, with a focus on franchise expansion and a target of 20+ new stores in FY26.

• Launched over 11,400 new designs and new collections, with campaigns targeting younger and bridal segments.

• Regulatory changes, such as mandatory hallmarking for 9K gold, are expected to boost transparency and innovation.

Financial highlights

• Consolidated revenue for Q1 FY26 was ₹18,262.8 Mn, up 30% YoY; same-store sales growth reached 19.6%.

• PAT doubled YoY to ₹1,046.5 Mn (margin 5.7%); EBITDA grew 68.8% YoY to ₹1,835.9 Mn (margin 10.1%).

• Inventory increased to ₹35,584.5 Mn as of June 30, 2025, in preparation for festive and wedding seasons.

• Standalone and consolidated results reviewed by statutory auditors with no material misstatements.

• April top line reached nearly ₹10,000 Mn, a record for the company.

Outlook and guidance

• FY26 guidance maintained: 18%-20% revenue growth, 6.8%-7.3% EBITDA margin, and 3.7%-4.0% PAT margin.

• At least 10 more stores planned by Q3 FY26 to meet the 20-store expansion target.

• Q2 growth expected at 16%-18% due to lack of duty cuts and fewer auspicious dates; Q3 expected to be strong with festive and wedding seasons.

• Focus remains on core jewellery business with no diversification into other segments.