Senco Gold Q3FY26: Retail sales hit ₹3,071 crore

Key update from Senco Gold’s latest disclosure

Senco Gold, a gems and jewellery company, reported a strong operating update alongside its Q3FY26 results, led by record retail sales and continued showroom expansion. The company said it delivered its highest-ever Q3 retail sales at ₹3,071 crore, even as gold prices rose sharply during the quarter. Management linked the price spike to an impact on volume growth, a common dynamic for jewellery retailers when ticket sizes rise quickly. Despite the volatility, the company highlighted growth across geographies, including contributions outside its core eastern markets. It also reiterated that its strategy is focused on “hyper-local” execution and footprint expansion.

Showroom network expands to 196 stores

Senco Gold said its showroom network expanded to 196 showrooms by the end of Q3FY26. During the quarter, it opened 4 new franchise showrooms, and it reported a net addition of 21 showrooms over the first nine months of the fiscal year. Across other FY26 updates, the company has also reported the network at 186 showrooms after adding 10 stores in Q1 FY26, and at 192 showrooms after launching 16 new showrooms in H1 FY26. The disclosure also noted presence across 17 states and union territories in one of its H1 operational updates. The store mix mentioned for Q1 FY26 additions included COCO, Sennes, FOCO and FOFO formats.

Gold price surge and its effect on demand

The company flagged that average gold prices rose 63% year-on-year and 23% quarter-on-quarter in Q3FY26, and it cited a historic peak of ₹1,40,000 per 10 grams. Senco Gold said this rise affected volume growth, indicating that customers may have moderated grams purchased even if value sales stayed supported. In a separate Q1 FY26 business update, the company cited a gold price trend range of ₹86,900 to ₹1,01,000 per 10 grams and said average gold price was up around 32% year-on-year, with volumes slightly impacted while value demand remained resilient. These disclosures show how quickly the gold cycle changed across FY26 and why investors track both volume and value performance for jewellery retailers.

Q3FY26 retail sales set a new record

Senco Gold reported Q3FY26 retail sales of ₹3,071 crore, describing it as the highest-ever Q3 retail sales for the company. It said this represented 50% year-on-year growth and “2x” growth quarter-on-quarter. The company also stated that revenue growth for the first nine months was 30% year-on-year. Alongside new store additions, the company highlighted same-store performance as a key operating lever. It cited “hyper-local” execution and reported a robust 21% same store sales growth on a year-to-date basis in one update.

Trailing revenue reaches around ₹8,300 crore

Senco Gold said its trailing twelve-month (TTM) revenue had already reached around ₹8,300 crore, reflecting consistent year-on-year growth and customer traction. It also disclosed that non-East revenue crossed ₹1,100 crore, positioning this as evidence of an expanding national footprint and better performance in newer geographies. For a retailer historically strong in the East, the non-East revenue milestone is a useful marker of diversification. The company also referenced demand strength in diamonds, reporting that the stud ratio increased to 12% in H1, supported by a 31% growth in demand for diamond jewellery.

Q1 FY26: Income ₹1,826.2 crore, EBITDA ₹183.5 crore

In its Q1 FY26 (consolidated) disclosure, Senco Gold reported total income of ₹1,826.2 crore, up 30.0% year-on-year and 32.6% sequentially. It said EBITDA grew to ₹183.5 crore, up 68.8% year-on-year and 44.5% quarter-on-quarter. In another consolidated metric disclosure for the same period, revenue from operations was presented as ₹1,826.28 crore, with 30.1% year-on-year growth. The company also disclosed margin movement, stating adjusted EBITDA margin expanded to 10.1% from 7.7% in Q1 FY25, and PAT margin rose to 5.7% from 3.7% in Q1 FY25. It also reported a blended same-store sales growth (SSSG) of 19.6% and highlighted COCO and FOFO growth contributions.

H1 FY26 and Q2: Strong festival-led momentum

For H1 FY26, Senco Gold reported consolidated revenue growth of 16% year-on-year to ₹3,362.3 crore. It also reported adjusted EBITDA growth of 52% year-on-year to ₹290.1 crore. Profit after tax (PAT) surged 142% year-on-year to ₹153.4 crore, while adjusted PAT grew 80% year-on-year to ₹153.4 crore, as stated in the disclosure. On the operating side, the company reported highest-ever Dhanteras month sales of over ₹1,700 crore in October 2025, representing approximately 56% year-on-year growth and 25% YTD Oct 25 growth.

On Q2 performance, the company said consolidated revenue grew around 31% year-on-year to ₹1,500 crore, with 27% retail sales growth and 20% SSSG in the same estimate-based note. Another line item stated Q2 consolidated revenue grew 30.9% year-on-year and 6.9% quarter-on-quarter to ₹1,500 crore. Across H1, the company cited SSSG at 7.5% in one update, and separately mentioned same-store sales growth of 13% in H1 FY26, indicating multiple reported lenses for store productivity depending on the mix or period referenced.

Prior-year base: Q1 FY25 and Q1 FY24 context

Senco Gold’s Q1 FY25 results disclosure reported revenue of ₹1,403.9 crore, up 7.5% year-on-year. It reported EBITDA of ₹108.7 crore, up 61.8% year-on-year, and PAT of ₹51.3 crore, up 85.4% year-on-year. In the same communication, it said overall sales growth was 7.54% including digital, e-commerce, corporate and exports, with retail sales growth of 9.6% and same store sales growth (SSSG) of 4%.

For Q1 FY24, the company reported revenues from operations of ₹1,305.40 crore, up 29.6% year-on-year compared with ₹1,007.24 crore in Q1 FY23. A separate table line in the provided data set also referenced total revenue of ₹1,826.28 crore versus ₹1,321.15 crore, showing 38.23% growth, alongside a ₹1,403.89 crore figure with 30.09% growth, indicating multiple period comparisons included in the source material.

Market reaction, rating note, and what the company is planning

Senco Gold’s stock reaction was also referenced in the provided data: it hit a 5% upper circuit at ₹367.55 after the company reported a strong Q1 FY26 performance update, including total revenue up 28% year-on-year, retail revenue up 24% and same-store sales growth at 19%. The note also cited diamond jewellery volume growth of 35% year-on-year and old gold exchange at around 40% of total sales. The company said it launched nine new showrooms during the quarter in that update, taking the total to 179, and added a Sennes outlet in Patna, taking the sub-brand to seven stores.

Separately, the dataset included a “Buy” rating view with a target price of ₹1,401, and referenced a market cap of ₹84 billion (₹8,400 crore). On store expansion guidance, the notes included that eight stores were added in H1 and 18 to 20 more were planned, and elsewhere that the company was aiming for a total of 20 new stores by the end of the financial year.

Snapshot table: key numbers disclosed across updates

Why these results matter for investors

The disclosures show a business balancing three moving parts: sharp gold price swings, continued store rollout, and a push to build revenues beyond its eastern stronghold. Record Q3 retail sales of ₹3,071 crore and TTM revenue of around ₹8,300 crore point to scale-up, while the non-East revenue milestone above ₹1,100 crore provides evidence of geographic diversification. At the same time, the company’s repeated references to SSSG across updates, including 19% in a Q1 FY26 business update and 21% on a year-to-date basis in another disclosure, highlight that existing-store productivity is being tracked closely, not just new store contribution.

Profitability is another focal point, with Q1 FY26 EBITDA of ₹183.5 crore and the company disclosing margin expansion metrics versus Q1 FY25. For jewellery retailers, the mix of gold, diamonds, and exchange-led purchases can influence both margins and working capital cycles, and the company’s stated increase in stud ratio to 12% and diamond demand growth indicators add context to that mix discussion.

Conclusion

Senco Gold’s Q3FY26 update combines a record retail sales quarter, continued showroom expansion to 196 stores, and a clear acknowledgement that gold-price inflation can pressure volume growth even when value sales remain strong. The company has also pointed to momentum in H1 FY26, including revenue of ₹3,362.3 crore and PAT of ₹153.4 crore, and to festival-season strength with over ₹1,700 crore sales during October 2025. The next milestones to track, based on the provided disclosures, include the pace of store openings against plans for additional launches and how same-store sales growth holds up amid gold price volatility.