Same Store Sales Growth (SSG)
21%
+21pp YoY
SSG contributed ~70% of total growth in Q3; old stores (156) drove 21% growth.
SENCOGOLD
Other
13 Feb 2026
Senco Gold Ltd — Q3 FY26
Senco Gold delivered a historic Q3 FY26 with revenue of ₹3,000 Cr (+50% YoY), EBITDA of ₹400 Cr (13.2% margin, +210bps YoY), and PAT of ₹264 Cr (+689% YoY).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Senco Gold delivered a historic Q3 FY26 with revenue of ₹3,000 Cr (+50% YoY), EBITDA of ₹400 Cr (13.2% margin, +210bps YoY), and PAT of ₹264 Cr (+689% YoY). The stellar performance was driven by strong festive and wedding demand, a shift to lightweight and diamond studded jewelry (studded value +38% YoY), and operating leverage from higher own-store sales (65% of revenue). Management guided for Q4 revenue growth of 25-30% YoY and a sustainable EBITDA margin of 7.5-7.8% for FY27, with near-term margins benefiting from elevated gold prices. Key risks include gold price volatility impacting volume growth (gold volume -10% in 9M) and working capital strain from high inventory levels (₹4,602 Cr).
Key Numbers
Diamond Studded Value Growth
38%
+38% YoY
Diamond studded jewelry value grew 38% YoY, with volume up 10%, aiding margin expansion.
Gold Volume Growth (9M)
-10%
-10pp YoY
Gold volume declined 10% in 9M FY26 due to high prices; diamond volume grew 12.5%.
Store Count
196
+20 stores YoY
Total stores reached 196; target of 200+ by Q4 FY26 and 18-20 new stores in FY27.
Management Guidance
Q4 FY26 revenue growth of 25-30% YoY
Management guided for 25-30% revenue growth in Q4, conservatively, despite gold price volatility and seasonal factors like Holi.
Management guidance revenueFY27 sustainable EBITDA margin of 7.5-7.8%
For FY27, management expects EBITDA margin of 7.5-7.8% at current gold prices, with 7.3-7.5% if prices moderate.
Management guidance marginsFY27 store addition of 18-20 stores
Plans to open 18-20 stores in FY27, with a mix of 8-10 own stores and 8-10 franchise stores, focusing on franchise expansion.
Management guidance expansionHedging ratio to remain 55-60% near-term
Hedging ratio will stay at 55-60% due to gold price volatility and working capital constraints; may increase to 80-90% if stability returns.
Management guidance otherKey Risks
Gold price volatility impacting volume
Gold volume declined 10% in 9M FY26; further price spikes could compress consumer budgets and reduce footfalls, pressuring revenue growth.
high · management_commentaryWorking capital strain from high inventory
Inventory value rose to ₹4,602 Cr (from ₹2,963 Cr), funded by borrowings; elevated gold prices increase working capital needs and interest costs.
medium · data_observationHedging policy opacity and margin call risk
Management declined to disclose detailed hedging strategies; recent gold price swings caused margin calls, and low hedging (55-60%) exposes balance sheet to price drops.
medium · analyst_questionRealization gain dependency on gold price rise
2-2.5% of EBITDA margin in 9M came from realization gains; if gold prices stabilize or fall, margins could revert to 7.5-7.8% guidance.
medium · management_commentaryNotable Quotes
We've crossed 3,000 K of revenue, an EIA of Rs 400 K and a PAT of rupees 264 K in this particular quarter. So this is something which becomes much more special because we have seen that this particular financial year has been one which has been extremely volatile.
Our philosophy and our vision is that Senko Gold and Diamond should be known as a house of design.
We don't want to discuss those details. These are strategic points and they are calibrated from time to time.
Frequently Asked Questions
What was Senco Gold's revenue in Q3 FY26?
Senco Gold reported revenue of ₹3,071 Cr in Q3 FY26, representing a +50% change compared to the same quarter last year.
What guidance did Senco Gold management give for FY27?
Q4 FY26 revenue growth of 25-30% YoY: Management guided for 25-30% revenue growth in Q4, conservatively, despite gold price volatility and seasonal factors like Holi. FY27 sustainable EBITDA margin of 7.5-7.8%: For FY27, management expects EBITDA margin of 7.5-7.8% at current gold prices, with 7.3-7.5% if prices moderate. FY27 store addition of 18-20 stores: Plans to open 18-20 stores in FY27, with a mix of 8-10 own stores and 8-10 franchise stores, focusing on franchise expansion. Hedging ratio to remain 55-60% near-term: Hedging ratio will stay at 55-60% due to gold price volatility and working capital constraints; may increase to 80-90% if stability returns.
What are the key risks for Senco Gold in FY27?
Key risks include Gold price volatility impacting volume — Gold volume declined 10% in 9M FY26; further price spikes could compress consumer budgets and reduce footfalls, pressuring revenue growth.; Working capital strain from high inventory — Inventory value rose to ₹4,602 Cr (from ₹2,963 Cr), funded by borrowings; elevated gold prices increase working capital needs and interest costs.; Hedging policy opacity and margin call risk — Management declined to disclose detailed hedging strategies; recent gold price swings caused margin calls, and low hedging (55-60%) exposes balance sheet to price drops.; Realization gain dependency on gold price rise — 2-2.5% of EBITDA margin in 9M came from realization gains; if gold prices stabilize or fall, margins could revert to 7.5-7.8% guidance..
Did Senco Gold meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Senco Gold Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.