Senco has 43% franchise network and targets 300-plus stores

Senco Gold Limited reported that 92 of its 215 showrooms, or 43%, were franchise-operated at 30 September 2026, and management identifies the near-zero-capital-expenditure franchise format as the primary mechanism for reaching more than 300 outlets by FY30. The network increased by 14 net locations during H1 FY27.

How does Senco plan to reach more than 300 showrooms by FY30?

Senco plans to increase its network from 215 showrooms in H1 FY27 to more than 300 by FY30 through franchise-led, asset-light expansion. Management describes the franchise route as requiring near-zero capital expenditure from Senco and as the main engine for expanding into Tier 3 and Tier 4 markets. Reaching 300 outlets would require at least 85 additional showrooms from the 30 September 2026 base.

The store ambition is part of management's Vision 2030 plan, which also sets a revenue aspiration of Rs 20,000 crore for FY30. That compares with consolidated revenue of Rs 8,430 crore in FY26 and Rs 5,115 crore in H1 FY27. Management also aims for an earnings before interest, tax, depreciation and amortisation margin of about 8% or more, versus 7.6% reported in H1 FY27.

Senco also intends to change its product mix alongside network expansion. The stud ratio, defined in the presentation as the share of revenue from studded jewellery, was 11.6% in H1 FY27, compared with 11.0% in FY26; management's FY30 aspiration is about 15% or more. The presentation identifies lightweight brands Sennes, Everlite and Gossip as part of this premiumisation plan.

How franchise-led is Senco's showroom network?

Senco's network was 43% franchise-led at 30 September 2026, comprising 92 franchise showrooms and 123 owned showrooms out of 215 locations. The store base rose from 201 at 31 March 2026 to 209 at 30 June 2026 and 215 at 30 September 2026. This represents 14 net additions in H1 FY27, including six net additions during Q2 FY27.

Senco uses franchisees more extensively in smaller city categories than company-operated stores. Franchisees ran 46 of the 53 Tier 4-and-below showrooms in the tier classification, while company showrooms accounted for 58 of 59 metro and Tier 1 locations. The classification was revised by Senco based on potential, population and relative positioning.

The tier table covers 213 showrooms, while the network-total table lists 123 owned outlets and 215 total outlets at the same date. Senco separately reports two Dubai showrooms and 121 company showrooms in its geographic-presence information, but does not explicitly reconcile the tier-table total with the 215-store network figure. The franchise count is consistently reported as 92.

Where is Senco extending its franchise footprint?

Senco's largest franchise concentration was in West Bengal including Kolkata, where franchisees operated 63 of 111 showrooms at 30 September 2026. East India excluding West Bengal had 18 franchise locations out of 33, compared with four franchise locations among 26 stores in North India including Delhi National Capital Region. The regional mix shows that the franchise model remains substantial in Senco's established eastern footprint.

Senco operated in 19 states and Union Territories and 136 towns and cities, as well as two Dubai showrooms, at the end of H1 FY27. The presentation says franchise interest is rising in West and North India, and identifies Mohali, Bikaner, Nagpur and Gwalior as new franchise additions. Its stated geographic priorities are East and North India.

Management says it has a good franchise pipeline for H2 FY27 and FY28, without quantifying prospective openings. The planned model is cluster-based expansion using a hub-and-spoke approach, rather than a disclosed store-by-store rollout list. Senco also says it will size outlets according to break-even and profitability, and may close or shift stores that are not viable.

How quickly is Senco adding new showrooms?

Senco recorded 15 showroom launches in H1 FY27, made up of nine in Q1 FY27 and six in Q2 FY27, while reporting 14 net additions for the half year. The gross launches included eight company-operated outlets and seven franchise outlets. The presentation does not specify why the 15 launches resulted in a 14-store net increase.

Management plans 10 to 12 showroom additions in H2 FY27. This is a forward-looking plan rather than a reported result, and it follows a faster gross-opening pace in Q1 FY27 than Q2 FY27. In Q1 FY27, Senco opened five company outlets and four franchise outlets; in Q2 FY27, it opened three company outlets and three franchise outlets.

The quarterly record shows that the opening mix has varied. Senco launched 10 showrooms in Q1 FY26, including five franchise stores, then four in Q3 FY26, all of which were franchise outlets. By contrast, Q4 FY26 had seven launches, including five company-operated outlets and two franchise outlets, illustrating that franchise expansion has not replaced owned-store additions in every period.

The store strategy sits alongside H1 FY27 retail growth of 40%, according to management commentary. Management said Q2 FY27 retail growth was 29%, while same-store sales growth was 30%; it attributed the quarter's sales performance partly to festive seasonality and the shift of the Shradh period to Q3 FY27. These reported sales trends provide the operating context for the planned H2 additions.

Conclusion

Senco's disclosed network data show that franchises are central to its physical-expansion plan: 92 franchise stores accounted for 43% of 215 showrooms at 30 September 2026. The tier mix explains the role of the model, with franchisees operating 46 of 53 Tier 4-and-below stores, while owned outlets were concentrated in metro, Tier 1 and Tier 2 categories.

The next disclosed milestone is management's plan to add 10 to 12 showrooms in H2 FY27, supported by a stated franchise pipeline for H2 FY27 and FY28. Readers can watch whether the new franchise additions in Mohali, Bikaner, Nagpur and Gwalior broaden the network beyond the East, and whether Senco provides a reconciliation between the 213-store tier table and its 215-store network total.