Senco Gold (SENCO) Q3 25/26 earnings summary

Executive summary

• Achieved record Q3 revenue of Rs 3,071 Cr (up 50% YoY), EBITDA of Rs 404 Cr, and PAT of Rs 264 Cr, driven by festive demand, lightweight jewelry focus, and strong Dhanteras and wedding season sales.

• Store network expanded to 196 showrooms, with 4 new openings in Q3 and a target of 200+ by year-end, supported by robust growth in Tier 2/3 markets and franchise expansion.

• Non-East revenue surpassed Rs 1,100 Cr, reflecting successful national expansion; franchise revenue reached 33% of total.

• Old gold exchange contributed 43%-45% to revenue, mitigating gold price volatility and supporting customer upgrades.

• Interim dividend of ₹0.75 per share declared for FY26; board approved profit-linked commission for non-executive and independent directors.

Financial highlights

• Q3 revenue grew 50% YoY to Rs 3,071 Cr; EBITDA rose 5x YoY to Rs 404 Cr; PAT increased 8x YoY to Rs 264 Cr.

• 9M FY26 revenue up 30% YoY to Rs 6,433 Cr; EBITDA up 2.9x to Rs 695 Cr; PAT up 4.3x to Rs 417 Cr.

• Adjusted EBITDA margin for Q3 at 13.2%, up 792 bps YoY; PAT margin at 8.5%-8.6% for Q3.

• Inventory value increased 55% YoY to Rs 4,602 Cr; borrowings rose 44% YoY to Rs 2,248 Cr.

• Highest ever Dhanteras month sales at ₹1,716 Cr in October.

Outlook and guidance

• Targeting 20 new showroom openings in FY26, with 3-4 more in Q4 to reach 200 showrooms.

• Confident of achieving 25%+ YoY topline growth in Q4 FY26; maintaining EBITDA margin guidance of 7.5%-7.8% for FY27.

• Focus on lightweight, budget-friendly, and premium studded/diamond jewelry to drive growth.