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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 2/100PAT -4% YoY · margin compression · Rev +67% YoY · +53% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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%.
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.
Trend score and candlestick chart
48NeutralSMA20 -8.6% / mo · MACD +
Technical chart
SENCOdaily · 1Y · AUTO+19.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~9.4% over last month) — short-term momentum negative.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 30% 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.
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 71 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 19/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: 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.
Healthy Trust Lite: Promoter holding is 64.5%. Key concern: Operating cash flow is negative at ₹-789 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Consumer: 60th pctile, median 66 · Micro: 34th pctile, median 73
54 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 10.30
- P/B
- 2.35
- EV/EBITDA
- 7.91
- Market Cap
- 5878.00Cr
Profitability
- ROE
- 25.60%
- ROCE
- 21.20%
- ROA
- 8.09%
- Dividend Y
- 0.49%
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
- 3.22
- Book Value
- 153.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -789.00 Cr
- EPS TTM
- 34.86
Shareholding
- Promoter Hold
- 64.48%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.