Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Oct - Intimation of Newspaper Publication regarding Notice of Postal Ballot
Source: Bse
Senco Gold Limited (SENCO)
Micro CapConsumer stocks · Micro cap · NSE
Senco Gold Limited is an Indian jewellery retailer with an 87-year legacy, offering gold, diamond, silver, and platinum products. It operates 201 showrooms across 18 states/UTs in India and 2 in Dubai, supported by in-house manufacturing and ~210+ skilled karigars. The company focuses on diverse brands and an omnichannel presence.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals17 Oct 2026 · screener
Latest result11 Aug, 07:53 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 -6.6% / mo · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 54
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SENCOD candles · FIT view+7.2%Latest close ₹341.00 on 2026-10-19
Bar
+1.1%
RSI
53
MACD hist
2.40
52W pos
42%
2026-10-19O ₹337.25H ₹353.70L ₹334.75C ₹341.00Vol 34.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SENCONifty Consumer DurablesNifty 500
- SENCO
- -6.8%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -1.3 pp
Chart stats
19 Oct 2026- From 52W high
- -20.7%
- 52W range position
- 42%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹131 Cr
- 20D price channel
- ₹310.2 - ₹358.8
₹430
₹276 - ₹430
₹14.4
Latest completed session
20-session average
38.2% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED74
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +67.4% · PAT -3.8% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+70.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -4% YoY · margin compression · Rev +67% YoY · +53% QoQ
Filed 11 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,056 Cr | +67.4% | +53.0% |
| EBITDA | ₹213 Cr | +15.8% | -22.3% |
| Operating margin | 7.0% | -300 bps | -700 bps |
| PAT | ₹101 Cr | -3.8% | -35.7% |
| PAT margin | 3.3% | -245 bps | -456 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.66
- P/B
- 2.20
- EV/EBITDA
- 7.58
- Market Cap
- 5516.00Cr
Profitability
- ROE
- 25.60%
- ROCE
- 21.20%
- ROA
- 8.09%
- Dividend Y
- 0.52%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 56.00%
- Revenue 3Y
- 27.00%
- EPS 3Y
- 54.00%
Balance Sheet
- Debt/Equity
- 1.07
- Interest Coverage
- 4.36×
- Altman Z
- 3.17
- Book Value
- 153.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -789.00 Cr
- EPS TTM
- 34.86
Shareholding
- Promoter Hold
- 64.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,056+53.0% vs prev
Net Profit
₹ CrLatest: 101-35.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 53 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
-2.0%
3M return
-6.8%
6M return
+3.4%
1Y return
+4.7%
RS 1D
+3
RS 20D
+6
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is within 0.1% of the 30-week proxy.
- The 30-week proxy changed +1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 103.1+2.16%
RS vs Nifty 500103
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 74 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation22/30
Growth23/25
Quality19/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
74
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
74/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 70.6%.
- Quality contributes 19/20 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Valuation is weaker at 22/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
9.7
PB
2.2
EV/EBITDA
7.6
ROE
25.6%
ROCE
21.2%
FCF Yield
—
Debt/Equity
1.1
MoS
+70.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
74
Previous: 74
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+70.6%
Previous: +70.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
74
74
74
74
74
74
76
74
74
74
74
74
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹346.42
+1.6% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹1,160.84
+70.6% MoS
PEG
0.18
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
VAIBHAVGBL
Micro
Vaibhav Global Limited
Retail
match 94
71
12.0
17.9%
+48%
UNDERVALUED
PNGJL
Micro
P N Gadgil Jewellers Limited
Retail
match 91
59
19.6
23.5%
+46%
FAIR VALUE
TBZ
Small
Tribhovandas Bhimji Zaveri Limited
Retail
match 89
66
18.7
27.1%
+28%
UNDERVALUED
SHRINGARMS
Small
Shringar House of Mangalsutra Limited
Retail
match 85
59
17.5
26.3%
+24%
FAIR VALUE
DPABHUSHAN
Small
D. P. Abhushan Limited
Retail
match 84
42
120.0
34.5%
-280%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T13:44:16.137Z
Management commentary snapshot
Senco Gold reports strong FY26 with 33% YoY revenue growth to Rs 8,430 Cr and 261% YoY PAT growth to Rs 574 Cr, driven by robust Q4 performance, SSSG, and Old Gold Exchange. Margins expanded significantly due to gold price gains.
Senco Gold delivered impressive FY26 results, exceeding revenue guidance and showing strong profitability, albeit with a significant boost from gold price gains. The focus on network expansion, lightweight jewellery, and the Old Gold Exchange program appears to be driving growth. However, the substantial increase in inventory days and reliance on gold price appreciation for margin expansion warrant close monitoring.
Growth engines
Showroom Network Expansion
Expanded to 201 showrooms (102 COCO, 85 FRN, 12 Sennes, 2 Dubai) by March 2026, with 26 new showrooms launched in FY26.
Old Gold Exchange Program
Contributed ~50% to Q4 revenue and ~44% to FY26 revenue, expected to gain high momentum in FY27.
Lightweight & Affordable Jewellery
Growing demand for lightweight and affordable jewellery, with an expanding 9K/14K portfolio attracting younger consumers.
Diamond Jewellery Sales
Achieved 9% diamond volume growth and 32% value growth in FY26, indicating demand for natural diamonds.
Capacity and execution
Showroom Additions (FY26)
Launched 26 showrooms in FY26 (6 COCO, 14 Franchisee, 6 Sennes).
Showroom Additions (Q4 FY26)
Launched 7 new showrooms in Q4 FY26 (2 Franchisee, 1 Company owned, 4 Sennes).
Planned Showroom Additions (FY27)
Plans to launch ~18-20 new showrooms in FY27, with elevated roll-out of franchise showrooms.
Tailwinds
Expanding Showroom Network
Management remains optimistic about FY27, driven by tailwinds of showroom network.
Brand Popularity & Customer Base
Optimistic about FY27, driven by brand popularity and growing customer base.
Old Gold Exchange Momentum
Old Gold Exchange trend likely to gain high momentum in FY27 due to custom duty increase and PM's appeal.
Well-Distributed Wedding Season
Q4 FY26 growth was driven by a well-distributed wedding season spanning the full quarter.
Headwinds
Gold Price Volatility
Q4 FY26 saw extraordinary gold price volatility, with international prices surging before retracting.
Elevated Gold Prices
FY26 performance was achieved despite elevated gold prices; management remains cognizant of elevated gold prices for FY27.
Global Uncertainties
Management remains cognizant of global uncertainties for FY27 outlook.
Regulatory Developments
Management remains cognizant of regulatory developments for FY27 outlook.
Risk radar
Gold Price Fluctuation
Maintained around 40-50% hedging to manage price volatility risk and liquidity risk in uncertain markets.
Inventory Management
Total inventory increased 61% YoY to Rs 5,296 Cr, primarily due to a rise in gold prices and new showroom inventory, leading to 186 Inventory Days.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and the impact of seasonal events like the wedding season. QoQ is also relevant to understand the immediate effects of gold price volatility and sequential momentum in sales and margins.
Sector KPIs management disclosed
Revenue Growth (Value)
FY26 revenue grew 33% YoY to Rs 8,430 Cr; Q4 FY26 revenue grew 45% YoY to Rs 1,997 Cr.
Gold Volume Growth
FY26 gold volumes saw a normalised ~6% YoY reduction due to a 79% YoY surge in average gold prices.
Diamond Volume Growth
FY26 diamond volumes grew ~9% YoY, with value growth of 32%.
Gross Margin
FY26 Gross Margin was 19.8% (vs 13.5% in FY25); Q4 FY26 Gross Margin was 22.4% (vs 16.8% in Q4 FY25), driven by gold/silver/platinum price rise gains and improved product mix.
Management forward view
FY27 Revenue Growth Target
Confidently marching toward FY27 targets of 20%+ value growth.
FY27 EBITDA Margin Target
Targeting EBITDA margins in the range of 7.5%-7.8% for FY27.
Showroom Expansion Strategy
Plan to launch ~18-20 new showrooms and elevate the roll-out of franchise showrooms.
Profitability & Capital Allocation Focus
Expect to improve blended borrowing cost, maintain strong vigilance on capital allocation, improve inventory days, and deliver a minimum sustainable PAT of 4-4.5%.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Growth | FY26: 33% YoY | Achieving management's target of 20%+ value growth for FY27. |
| FY27 EBITDA Margin | FY26: 11.5% (including price gains) | Maintaining EBITDA margins in the targeted 7.5%-7.8% range, excluding gold price gains. |
| Inventory Days | 186 days (FY26) | Evidence of improvement in inventory days through stock optimization and capital allocation vigilance. |
| New Showroom Launches | 201 showrooms (March 2026) | Execution of the plan to launch ~18-20 new showrooms in FY27, particularly the elevated franchise roll-out. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 60th percentile within Consumer. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
54 docs text-extracted · 23 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Consumer: 60th pctile, median 66 · Micro: 34th pctile, median 73
Evidence depth
Financial-only
54 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
61
acceptable · leverage and solvency
Discipline
98
strong · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 64.5%.
- ▸Promoter pledge is zero.
- ▸ROCE is 21.2%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-789 Cr.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.07.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Senco Gold Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - ICRA reaffirmed ratings and raised fixed deposit programme to Rs 880 crore on 25 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Senco Gold to hold analyst meetings in Mumbai on 16 and 17 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 17 Sep - Bhaskar Sen re-appointed as Non-Executive Independent Director from September 18, 2026 to September 17, 2027.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 30 Jun - AJPL (Melorra) acquisition delayed to 30 September 2026 from 30 June 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 30 Jun - Senco Gold extended its strategic and marketing tie-up with AJPL’s Melorra until 30 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Intimation of Newspaper Publication dated 13th August 2026.
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 24 Jun - ICRA reaffirmed ratings for Senco Gold’s borrowings and assigned [ICRA]A1 for ₹500 crore commercial paper.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.