Senco Gold (SENCO) Q3 25/26 earnings summary

Executive summary

• Achieved record Q3 revenue of INR 3,071 crore, up 50% YoY, with EBITDA of INR 404 crore and PAT of INR 264 crore, driven by festive demand, strategic focus on lightweight and everyday-wear jewellery, and high gold price volatility.

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

• Store network expanded to 196 showrooms, with 4 new openings in Q3 and plans to surpass 200 by year-end.

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

• Focused on product innovation, launching over 6,000 gold and 3,300 diamond designs, and introducing 9 karat jewelry.

Financial highlights

• Q3 revenue grew 50% YoY to INR 3,071 crore; EBITDA up 5x YoY to INR 404 crore; PAT up 8x YoY to INR 264 crore.

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

• 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 INR 4,602 crore, funded by borrowings and trade payables.

• Interim dividend of INR 0.75 per share declared for FY26.

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 jewellery.