Senco Gold
SENCO NSE
Senco Gold
Consumer DiscretionaryNSE: SENCO BSE: 543936 Consumer Durables
Key Fundamentals
MicrocapJewellery & WatchesConsumer GoodsMarket Cap
₹5,610 Cr
Volatility
Moderate
P/E Ratio
9.94
EBITDA
₹1,049 Cr
Return on Equity
22.85%
Debt to Equity
1.07
Book Value
₹153.37
EPS
₹26.35
52W High
₹430
52W Low
₹276
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is expected to give good quarter
- Company has delivered good profit growth of 56.4% CAGR over last 5 years
Growth Rate
Revenue Growth
33.33% higher than
3Y
Net Income Growth
261% higher than
3Y
Cash Flow Change
-257%
ROE
182% higher than
3Y
ROCE
114% higher than
3Y
EBITDA Margin (Avg.)
86.54% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoAI opinion · based on fundamentals
Risk medium
Senco Gold Ltd is a mid-cap jewellery retailer with a market cap of ₹6,658 Cr that delivered its highest-ever revenue of ₹8,430 Cr in FY26 (up 33% YoY) and PAT of ₹574 Cr (up 3.6x YoY). The stock trades at a PE of 11.6x with a 5-year profit CAGR of 56%, though it carries a debt-to-equity ratio of approximately 1.07x and operates in a highly competitive organized jewellery market.
Bull Case 8
- Revenue grew 33% YoY in FY26 to ₹8,430 Cr, marking the highest-ever annual topline, with a 3-year sales CAGR of 27%
- PAT surged 3.6x YoY to ₹574 Cr in FY26 from ₹159 Cr in FY25, with 5-year profit CAGR of 56%
- Operating profit margin expanded sharply to 11.4% in FY26 from 5.8% in FY25, indicating significant operating leverage
- Store network expanded to 208 outlets with plans for 12-15 more in FY27, including international presence in Dubai
- Q1 FY27 business update showed 60% YoY revenue growth and same-store sales growth of 38%, indicating sustained momentum
- ROE improved to 26% in the last year from an 18% three-year average, suggesting improving capital efficiency
- Organized jewellery market share rose from 22% in FY19 to ~40% in FY25, providing a secular tailwind as unorganized players lose ground
- Stock trades at PE of 11.6x despite delivering 56% profit CAGR over 5 years, which appears undemanding relative to growth history
Bear Case 8
- Debt-to-equity ratio stands at approximately 1.07x, elevated for a retail business and implying significant inventory financing costs with interest expense of ₹204 Cr in FY26
- FY25 saw a sharp PAT decline to ₹159 Cr from ₹181 Cr in FY24, highlighting earnings volatility linked to gold price movements
- Stock trades at 2.64x book value, which may limit margin of safety in a capital-intensive, inventory-heavy business
- Dividend yield of just 0.19% suggests minimal cash returns to shareholders despite strong profit growth
- Intense competition from larger players like Titan (Tanishq), Kalyan Jewellers, and Malabar Gold who have deeper pockets and wider national footprints
- Gold price volatility directly impacts inventory valuation and consumer buying behavior — FY25 OPM compressed to 5.8% before recovering in FY26
- Franchise-heavy expansion model (focus on franchise outlets going forward) may dilute brand control and per-store economics over time
- Market cap of ₹6,658 Cr is small relative to Titan (~₹2.5 lakh Cr) and Kalyan (~₹75,000 Cr), limiting institutional interest and liquidity
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 43d ago Positives 1
- Q1 FY27 revenue surges 60% Jul 3
Senco Gold reported 60% YoY revenue growth in Q1 FY27, driven by festive demand and new store openings. TTM sales reached Rs 9,660 Cr.
TL;DR: Senco Gold is delivering strong top-line growth with a 60% YoY revenue jump in Q1 FY27, supported by store expansion and seasonal demand tailwinds. No visible headwinds from the current news flow. The growth trend appears robust heading into FY27, though sustaining this pace will depend on continued store rollouts and gold price dynamics.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,305 | 1,147 | 1,652 | 1,137 | 1,404 | 1,500 | 2,046 | 1,378 | 1,826 | 1,536 | 3,071 | 1,997 | 3,056 |
| Expenses | 1,238 | 1,107 | 1,471 | 1,050 | 1,295 | 1,449 | 1,966 | 1,251 | 1,643 | 1,430 | 2,666 | 1,722 | 2,843 |
| Operating Profit | 67 | 39 | 181 | 88 | 109 | 52 | 80 | 127 | 184 | 107 | 405 | 274 | 213 |
| OPM % | 5% | 3.4% | 11% | 8% | 8% | 3.5% | 3.9% | 9% | 10% | 7% | 13% | 14% | 7% |
| Other Income | 9 | 11 | 9 | 13 | 12 | 15 | 13 | 15 | 19 | 18 | 30 | 13 | 15 |
| Interest | 27 | 23 | 28 | 30 | 32 | 33 | 34 | 38 | 43 | 46 | 59 | 56 | 68 |
| Depreciation | 13 | 13 | 16 | 18 | 18 | 18 | 13 | 19 | 19 | 19 | 21 | 23 | 22 |
| PBT | 37 | 14 | 146 | 52 | 71 | 16 | 46 | 85 | 141 | 59 | 355 | 208 | 139 |
| Tax % | 26% | 14% | 25% | 39% | 28% | 26% | 27% | 27% | 26% | 17% | 26% | 25% | 27% |
| Net Profit | 28 | 12 | 109 | 32 | 51 | 12 | 33 | 62 | 105 | 49 | 264 | 157 | 101 |
| EPS in Rs | 2 | 0.77 | 7.03 | 2.07 | 3.3 | 0.78 | 2.05 | 3.81 | 6.39 | 2.98 | 16.13 | 9.58 | 6.17 |
Profit & Loss
| Particulars | Mar 2014 | Mar 2015 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,318 | 1,434 | 2,660 | 3,535 | 4,077 | 5,241 | 6,328 | 8,430 | 9,660 |
| Expenses | 1,248 | 1,354 | 2,479 | 3,248 | 3,749 | 4,853 | 5,947 | 7,446 | 8,661 |
| Operating Profit | 70 | 80 | 182 | 287 | 329 | 389 | 381 | 984 | 999 |
| OPM % | 5% | 6% | 7% | 8% | 8% | 7% | 6% | 12% | 10% |
| Other Income | 3 | 6 | 15 | 13 | 31 | 42 | 55 | 80 | 76 |
| Interest | 19 | 26 | 73 | 80 | 98 | 121 | 149 | 219 | 229 |
| Depreciation | 3 | 7 | 40 | 42 | 46 | 60 | 68 | 82 | 85 |
| PBT | 51 | 53 | 84 | 177 | 216 | 250 | 218 | 763 | 761 |
| Tax % | 29% | 33% | 27% | 27% | 27% | 27% | 27% | 25% | — |
| Net Profit | 36 | 36 | 61 | 129 | 158 | 181 | 159 | 574 | 571 |
| EPS in Rs | 10.25 | 10.07 | 5.78 | 12.13 | 14.19 | 11.65 | 9.73 | 35.06 | 34.86 |
| Div. Payout % | 12% | 0% | 0% | 4% | 5% | 9% | 10% | 5% | — |
Balance Sheet
| Particulars | Mar 2014 | Mar 2015 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 66 | 53 | 56 | 78 | 82 | 82 |
| Reserves | 147 | 258 | 536 | 673 | 876 | 1,288 | 1,888 | 2,432 |
| Borrowings | 212 | 217 | 532 | 1,026 | 1,402 | 1,761 | 2,059 | 2,699 |
| Other Liabilities | 86 | 64 | 424 | 348 | 571 | 596 | 717 | 1,849 |
| Total Liabilities | 462 | 557 | 1,559 | 2,100 | 2,905 | 3,723 | 4,746 | 7,062 |
| Fixed Assets | 62 | 67 | 212 | 223 | 280 | 362 | 405 | 475 |
| CWIP | 2 | 13 | 2 | 7 | 13 | 1 | 2 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 398 | 476 | 1,345 | 1,870 | 2,612 | 3,359 | 4,340 | 6,584 |
| Total Assets | 462 | 557 | 1,559 | 2,100 | 2,905 | 3,723 | 4,746 | 7,062 |
Cash Flow
| Particulars | Mar 2014 | Mar 2015 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | -7 | -61 | 182 | -70 | -78 | -23 | -221 | -789 |
| Investing | -12 | -37 | -55 | -157 | -198 | -118 | -32 | 77 |
| Financing | 43 | 61 | -122 | 228 | 276 | 151 | 268 | 716 |
| Net Cash Flow | 24 | -37 | 5 | 1 | 0 | 9 | 15 | 4 |
| Free Cash Flow | -15 | -85 | 168 | -95 | -109 | -61 | -258 | -843 |
| CFO/OP | 33 | -53 | 123 | -11 | -6 | 12 | -39 | -71 |
Ratios
| Particulars | Mar 2014 | Mar 2015 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 14 | 11 | 4 | 4 | 4 | 4 | 5 | 10 |
| Inventory Days | 81 | 103 | 166 | 170 | 201 | 202 | 220 | 286 |
| Days Payable | 2 | 4 | 10 | 14 | 17 | 17 | 10 | 37 |
| Cash Conversion Cycle | 94 | 111 | 160 | 160 | 188 | 189 | 214 | 259 |
| Working Capital Days | 66 | 88 | 44 | 30 | 29 | 43 | 66 | 76 |
| ROCE % | — | 18% | — | 18% | 15% | 14% | 10% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Senco Gold insights
61 extracted metrics + investor summaries across FY14–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Updates on Acquisition
30 Apr - Senco Gold’s AJPL/Melorra acquisition completion now expected by 30 June 2026. 30 Apr - Senco Gold’s AJPL/Melorra acquisition completion now expected by 30 June 2026.
2
Announcement under Regulation 30 (LODR)-Updates on Acquisition
30 Apr - Senco Gold’s AJPL/Melorra acquisition completion now expected by 30 June 2026. 30 Apr - Senco Gold’s AJPL/Melorra acquisition completion now expected by 30 June 2026.
3
Announcement under Regulation 30 (LODR)-Newspaper Publication
22 Apr - Newspaper publication for creating awareness amongst the shareholders for claiming their unclaimed/ unpaid dividend pursuant to the Second 100 days campaign "Saksham Niveshak" by Investor … 22 Apr - Newspaper publication for creating awareness amongst the shareholders for claiming their unclaimed/ unpaid dividend pursuant to the Second 100 days campaign "Saksham Niveshak" by Investor …
4
Announcement under Regulation 30 (LODR)-Newspaper Publication
12h - Newspaper publication for creating awareness amongst the shareholders for claiming their unclaimed/ unpaid dividend pursuant to the Second 100 days campaign "Saksham Niveshak" by Investor … 12h - Newspaper publication for creating awareness amongst the shareholders for claiming their unclaimed/ unpaid dividend pursuant to the Second 100 days campaign "Saksham Niveshak" by Investor …
5
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
20 Apr - Senco Gold confirms it is not a Large Corporate under SEBI circulars. 20 Apr - Senco Gold confirms it is not a Large Corporate under SEBI circulars.
Frequently Asked Questions about Senco Gold
What does Senco Gold Ltd do?
Incorporated in 1994, Senco Gold Limited is a Pan-India jewelry retailer and is the largest organized jewelry retail player in the Eastern region of India based on the number of stores[1]
Where is Senco Gold Ltd (SENCO) listed?
Senco Gold Ltd trades as SENCO on the NSE and under code 543936 on the BSE.
Which sector does Senco Gold Ltd belong to?
Senco Gold Ltd is classified under the Consumer Discretionary sector, in the Consumer Durables industry.
What is the market capitalisation of Senco Gold Ltd?
Senco Gold Ltd has a market capitalisation of ₹5,610 Cr, which places it in the Mid Cap band.
What is the PE ratio of Senco Gold Ltd?
Senco Gold Ltd trades at a PE ratio of 9.94, on earnings per share of ₹26.35, against a book value of ₹153.37 per share.
What is the 52-week high and low of Senco Gold Ltd?
Over the last 52 weeks Senco Gold Ltd has traded between ₹276 and ₹430.
Does Senco Gold Ltd pay dividends?
Senco Gold Ltd has a dividend yield of 0.50%.
What is the Return on Equity (ROE) of Senco Gold Ltd?
Senco Gold Ltd reported a return on equity of 22.85%. Its debt-to-equity ratio is 1.07.
Company Information
Incorporated in 1994, Senco Gold Limited is a Pan-India jewelry retailer and is the largest organized jewelry retail player in the Eastern region of India based on the number of stores[1]
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