Senco Gold earnings calls.

Senco Gold delivered a record Q4 FY26 with revenue crossing ₹1,997 croreCurrent reported value: ₹1,997 crore. No comparable prior figure is available in the source record. (+45Current 45 crore vs previous available quarter 30 crore.% YoY), EBITDA of ₹274 croreCurrent reported value: ₹274 crore. No comparable prior figure is available in the source record. (+116% YoY), and PAT of ₹157 croreCurrent reported value: ₹157 crore. No comparable prior figure is available in the source record. (+151Current reported value: 151. No comparable prior figure is available in the source record.% YoY), driven by gold price appreciation and strong wedding season demand. Full-year FY26 revenue reached ₹8,430 croreCurrent reported value: ₹8,430 crore. No comparable prior figure is available in the source record. (+33% YoY). The company highlighted that 50% of revenue now comes from old gold exchange programs, aligning with government import rationalization goals. Management flagged near-term headwinds from the PM's appeal for old gold exchange and Adhik Maas (inauspicious period), with May YTD growth flattening versus prior year. Guidance of 18-20% revenue growth and 7.5% EBITDA margin appears conservative given the margin expansion potential from diamond jewelry mix improvement. Key risks include competitive intensity from South/West players entering East markets and inventory days at 186 vs. 150-160 target, which pressures ROC. The company's focus on lightweight 9-14 karat jewelry (15-20% of sales) and diamond jewelry (32% value growth) should support margins, but operating leverage may be constrained by competitive discounting.