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Senco Gold Ltd

SENCO

NSE

₹341.00+1.11%19 Oct 2026

Reports

Diamond Gems and Jewellery

Senco Gold Ltd

SENCO

NSE

₹341.00

+1.11%

19 Oct 2026

SOICxStockScans Reports

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Diamond Gems and Jewellery

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Senco Gold is a jewellery retailer that has spent nearly nine decades turning Bengal’s artisanal goldsmithing tradition into a pan-India store network - it designs, makes and sells gold, diamond and silver ornaments, and it does so by keeping most of its jewellery handmade while using old-gold exchange to fund nearly half its sales. The business began in 1938 in Dhaka, moved to Kolkata during Partition, and grew from three showrooms to over 100 by 2020 under the founder’s grandson before listing on the stock exchange in 2023. The recurring approach is to stay asset-light in manufacturing, push into smaller towns through franchisees who put up the capital, and wrap the whole thing in a multi-brand portfolio that reaches everyone from a railway-station shopper buying an ₹8,000 pendant to a wedding family commissioning a ₹50-lakh set.

Business segments

A single jewellery-retail engine, stretched across price points and customer segments through a family of sub-brands and showroom formats - all fed by the same karigar network, the same old-gold pipeline, and the same balance sheet.

1. Senco Gold & Diamonds: the core jewellery retail engine

A 201-showroom network that sells handmade gold and diamond jewellery, funded in large part by customers’ own old gold and run on an asset-light franchisee model outside its eastern stronghold.

Old gold is the working-capital engine - customers hand over their used jewellery and pay only the making charge plus any value difference for new pieces, which means the company acquires raw material without cash outlay; this exchange contributed roughly 44% of revenue in FY26 and the company targets 50-55% going forward.
Handmade jewellery protects margins - roughly 75% of the company’s jewellery is crafted by hand, drawing on a network of more than 210 master karigars spread across West Bengal, Mumbai, Kerala, Rajkot and Coimbatore, and the company says this focus on handmade work - combined with launching 100 new designs a day - gives it gross margins among the best in the industry.
Six showroom formats split the market by wallet size - Classic showrooms serve the mainstream buyer with an average ticket of about ₹94,300, while Everlite kiosks at railway stations in Kolkata and Mumbai target young commuters at ₹46,600, and the super-luxury House of Senco format reaches an average ticket of ₹1,03,700 across just three locations.
Gold is borrowed, not bought outright - most gold is sourced through gold metal loans from bullion banks at around 3.1% per annum, and the company layers hedging across old-gold collections, MCX futures, and unfixed loan positions to keep 40-50% of its inventory protected from price swings.

2. Sub-brands and digital platforms: stretching the same engine to new customers

A portfolio of lightweight, men’s, solitaire and lab-grown jewellery brands - plus digital gold and silver apps - that repurpose the same karigar base and store network to reach buyers the flagship brand might miss.

Everlite and Gossip catch the small-ticket, everyday buyer - Everlite sells lightweight fine jewellery starting at ₹8,000 from dedicated railway-station showrooms, while Gossip is a silver and fashion-jewellery line priced as low as ₹800, both aimed at younger customers who may not walk into a traditional gold showroom.
Sennes bets on lab-grown diamonds and lifestyle accessories - launched in 2024 and housed in a separate subsidiary, Sennes sells lab-grown diamond jewellery from ₹5,000 alongside leather bags and fragrances, with 12 exclusive outlets and over 190 shop-in-shop counters inside Senco showrooms and Shoppers Stop by March 2026.
Digital gold turns app users into future showroom customers - the My Digi Gold and My Digi Silver platforms let people buy and accumulate gold or silver digitally starting from ₹800, with the option to convert holdings into physical jewellery later; together they had over 2 lakh registrations and 9.3 lakh app downloads by March 2026.

Group structure and partners

A listed parent with three wholly owned subsidiaries - one for captive manufacturing, one for Dubai retail and B2B trade, and one for the Sennes lifestyle brand - plus a pending acquisition that would bring the Melorra fast-fashion jewellery chain under its control.

Senco Gold Artisanship Pvt. Ltd. is the captive manufacturing arm in India, operating a job-working model that supplied nearly 4% of overall sales in FY25 through a mix of trading revenue and job-work income.
Senco Global Jewellery Trading LLC runs the Dubai operation, where B2B sales of ₹1,951 million dwarfed retail sales of ₹51 million in FY25 - making it primarily a wholesale conduit rather than a consumer-facing storefront.
Sennes Fashion Ltd. was incorporated in September 2024 to house the lab-grown diamond, leather and fragrance business, generating a modest ₹1.03 million in its first year from two retail stores and the shop-in-shop network.
The Melorra acquisition would add a fast-fashion chain - in January 2026 the board approved a ₹68 crore investment to acquire 68% of August Jewellery Private Limited, which operates the 21-store omnichannel brand Melorra; Senco had already been running Melorra’s stores as master franchisee since April 2025, and completion is expected by September 2026.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹5,572Cr

Close Price

₹339.95

Industry

Diamond Gems and Jewellery

Price To Earnings

9.75

Price To Sales

0.58

Revenue

₹9,660Cr

Rev Gr TTM

Revenue Growth TTM

43.10%

PAT Gr TTM

PAT Growth TTM

168.38%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,147	1,652	1,137	1,404	1,500	2,046	1,378	1,826	1,536	3,071	1,997	3,056
Growth YoY Revenue Growth YoY%	25.8	23.3	39.7	7.5	30.9	23.8	21.1	30.1	2.4	50.1	44.9	67.3
Expenses ExpensesCr	1,107	1,471	1,050	1,295	1,449	1,966	1,251	1,643	1,430	2,666	1,722	2,843
Operating Profit Operating ProfitCr	39	181	88	109	52	80	127	184	107	405	274	213
OPM OPM%	3.4	11.0	7.7	7.8	3.5	3.9	9.2	10.1	6.9	13.2	13.7	7.0
Other Income Other IncomeCr	11	9	13	12	15	13	15	19	18	30	13	15
Interest Expense Interest ExpenseCr	23	28	30	32	33	34	38	43	46	59	56	68
Depreciation DepreciationCr	13	16	18	18	18	13	19	19	19	21	23	22
PBT PBTCr	14	146	52	71	16	46	85	141	59	355	208	139
Tax TaxCr	2	37	20	20	4	12	23	36	10	91	52	38
PAT PATCr	12	109	32	51	12	33	62	105	49	264	157	101
Growth YoY PAT Growth YoY%	36.0	5.8	23.6	85.3	1.4	-69.4	94.1	104.1	302.5	688.5	151.3	-3.4
NPM NPM%	1.0	6.6	2.8	3.6	0.8	1.6	4.5	5.7	3.2	8.6	7.9	3.3
EPS EPS₹	1.0	7.3	2.1	3.3	0.8	1.1	3.8	6.4	3.0	16.1	9.6	6.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,147	1,652	1,137	1,404	1,500	2,046	1,378	1,826	1,536	3,071	1,997	3,056
Growth YoY Revenue Growth YoY%	25.8	23.3	39.7	7.5	30.9	23.8	21.1	30.1	2.4	50.1	44.9	67.3
Expenses ExpensesCr	1,107	1,471	1,050	1,295	1,449	1,966	1,251	1,643	1,430	2,666	1,722	2,843
Operating Profit Operating ProfitCr	39	181	88	109	52	80	127	184	107	405	274	213
OPM OPM%	3.4	11.0	7.7	7.8	3.5	3.9	9.2	10.1	6.9	13.2	13.7	7.0
Other Income Other IncomeCr	11	9	13	12	15	13	15	19	18	30	13	15
Interest Expense Interest ExpenseCr	23	28	30	32	33	34	38	43	46	59	56	68
Depreciation DepreciationCr	13	16	18	18	18	13	19	19	19	21	23	22
PBT PBTCr	14	146	52	71	16	46	85	141	59	355	208	139
Tax TaxCr	2	37	20	20	4	12	23	36	10	91	52	38
PAT PATCr	12	109	32	51	12	33	62	105	49	264	157	101
Growth YoY PAT Growth YoY%	36.0	5.8	23.6	85.3	1.4	-69.4	94.1	104.1	302.5	688.5	151.3	-3.4
NPM NPM%	1.0	6.6	2.8	3.6	0.8	1.6	4.5	5.7	3.2	8.6	7.9	3.3
EPS EPS₹	1.0	7.3	2.1	3.3	0.8	1.1	3.8	6.4	3.0	16.1	9.6	6.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2014	Mar 2015	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,318	1,434	2,660	3,535	4,077	5,241	6,328	8,430	9,660
Growth Revenue Growth%		8.8		32.9	15.4	28.6	20.7	33.2	43.1
Expenses ExpensesCr	1,253	1,359	2,485	3,257	3,761	4,866	5,960	7,461	8,661
Operating Profit Operating ProfitCr	65	75	175	277	317	376	368	969	999
OPM OPM%	5.0	5.2	6.6	7.8	7.8	7.2	5.8	11.5	10.3
Other Income Other IncomeCr	3	6	15	13	31	42	55	80	77
Interest Expense Interest ExpenseCr	14	21	67	71	86	108	136	204	229
Depreciation DepreciationCr	3	7	40	42	46	60	68	82	85
PBT PBTCr	51	53	84	177	216	250	218	763	761
Tax TaxCr	15	17	22	48	58	69	59	188	190
PAT PATCr	36	36	61	129	158	181	159	574	571
Growth PAT Growth%		-1.7		110.0	22.8	14.2	-12.0	260.5	168.4
NPM NPM%	2.8	2.5	2.3	3.6	3.9	3.5	2.5	6.8	5.9
EPS EPS₹			9.3	19.4	22.9	12.0	10.1	35.1	34.9

Financial Year	Mar 2014	Mar 2015	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	1,318	1,434	2,660	3,535	4,077	5,241	6,328	8,430	9,660
Growth Revenue Growth%		8.8		32.9	15.4	28.6	20.7	33.2	43.1
Expenses ExpensesCr	1,253	1,359	2,485	3,257	3,761	4,866	5,960	7,461	8,661
Operating Profit Operating ProfitCr	65	75	175	277	317	376	368	969	999
OPM OPM%	5.0	5.2	6.6	7.8	7.8	7.2	5.8	11.5	10.3
Other Income Other IncomeCr	3	6	15	13	31	42	55	80	77
Interest Expense Interest ExpenseCr	14	21	67	71	86	108	136	204	229
Depreciation DepreciationCr	3	7	40	42	46	60	68	82	85
PBT PBTCr	51	53	84	177	216	250	218	763	761
Tax TaxCr	15	17	22	48	58	69	59	188	190
PAT PATCr	36	36	61	129	158	181	159	574	571
Growth PAT Growth%		-1.7		110.0	22.8	14.2	-12.0	260.5	168.4
NPM NPM%	2.8	2.5	2.3	3.6	3.9	3.5	2.5	6.8	5.9
EPS EPS₹			9.3	19.4	22.9	12.0	10.1	35.1	34.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	53	53	56	78	82	82
Reserves ReservesCr	536	659	876	1,288	1,888	2,432
Current Liabilities Current LiabilitiesCr	820	1,228	1,744	2,112	2,511	4,203
Non Current Liabilities Non Current LiabilitiesCr	137	146	216	246	265	345
Total Liabilities Total LiabilitiesCr	1,559	2,100	2,905	3,723	4,746	7,062
Current Assets Current AssetsCr	1,268	1,801	2,501	3,283	4,249	6,478
Non Current Assets Non Current AssetsCr	291	299	404	439	497	584
Total Assets Total AssetsCr	1,559	2,100	2,905	3,723	4,746	7,062

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	53	53	56	78	82	82
Reserves ReservesCr	536	659	876	1,288	1,888	2,432
Current Liabilities Current LiabilitiesCr	820	1,228	1,744	2,112	2,511	4,203
Non Current Liabilities Non Current LiabilitiesCr	137	146	216	246	265	345
Total Liabilities Total LiabilitiesCr	1,559	2,100	2,905	3,723	4,746	7,062
Current Assets Current AssetsCr	1,268	1,801	2,501	3,283	4,249	6,478
Non Current Assets Non Current AssetsCr	291	299	404	439	497	584
Total Assets Total AssetsCr	1,559	2,100	2,905	3,723	4,746	7,062

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	182	-70	-78	-23	-221	-789
Investing Cash Flow Investing Cash FlowCr	-55	-157	-198	-118	-32	77
Financing Cash Flow Financing Cash FlowCr	-122	228	276	151	268	716
Net Cash Flow Net Cash FlowCr	5	1	0	9	15	4
Free Cash Flow Free Cash FlowCr	168	-95	-109	-61	-258	-843
CFO To PAT CFO To PAT%	295.8	-54.1	-49.3	-12.8	-138.8	-137.4
CFO To EBITDA CFO To EBITDA%	103.7	-25.2	-24.7	-6.2	-60.2	-81.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	182	-70	-78	-23	-221	-789
Investing Cash Flow Investing Cash FlowCr	-55	-157	-198	-118	-32	77
Financing Cash Flow Financing Cash FlowCr	-122	228	276	151	268	716
Net Cash Flow Net Cash FlowCr	5	1	0	9	15	4
Free Cash Flow Free Cash FlowCr	168	-95	-109	-61	-258	-843
CFO To PAT CFO To PAT%	295.8	-54.1	-49.3	-12.8	-138.8	-137.4
CFO To EBITDA CFO To EBITDA%	103.7	-25.2	-24.7	-6.2	-60.2	-81.5

Consolidated

Standalone

Financial Year	Mar 2014	Mar 2015	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						5,994	4,451	4,566	5,572
Price To Earnings Price To Earnings						33.1	27.9	8.0	9.8
Price To Sales Price To Sales						1.1	0.7	0.5	0.6
Price To Book Price To Book						4.4	2.3	1.8	2.2
EV To EBITDA EV To EBITDA						19.2	16.1	7.0	7.7
Profitability Ratios Profitability Ratios
GPM GPM%			13.7	13.0	13.7	13.0	11.2	17.5	17.5
OPM OPM%	5.0	5.2	6.6	7.8	7.8	7.2	5.8	11.5	10.3
NPM NPM%	2.8	2.5	2.3	3.6	3.9	3.5	2.5	6.8	5.9
ROCE ROCE%			13.4	14.3	13.0	11.4	8.8	18.6	18.6
ROE ROE%			10.4	18.1	17.0	13.3	8.1	22.9	22.9
ROA ROA%			3.9	6.2	5.5	4.9	3.4	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2014	Mar 2015	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						5,994	4,451	4,566	5,572
Price To Earnings Price To Earnings						33.1	27.9	8.0	9.8
Price To Sales Price To Sales						1.1	0.7	0.5	0.6
Price To Book Price To Book						4.4	2.3	1.8	2.2
EV To EBITDA EV To EBITDA						19.2	16.1	7.0	7.7
Profitability Ratios Profitability Ratios
GPM GPM%			13.7	13.0	13.7	13.0	11.2	17.5	17.5
OPM OPM%	5.0	5.2	6.6	7.8	7.8	7.2	5.8	11.5	10.3
NPM NPM%	2.8	2.5	2.3	3.6	3.9	3.5	2.5	6.8	5.9
ROCE ROCE%			13.4	14.3	13.0	11.4	8.8	18.6	18.6
ROE ROE%			10.4	18.1	17.0	13.3	8.1	22.9	22.9
ROA ROA%			3.9	6.2	5.5	4.9	3.4	8.1	8.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	THANGAMAYL	BLUESTONE	PNGJL	SENCO	DPABHUSHAN	TBZ	VAIBHAVGBL
Market CapitalizationMkt CapCr	15,544	11,719	8,670	5,572	5,239	5,092	3,433
Close PriceClose₹	5,001.00	767.00	589.00	339.95	2,295.00	763.00	204.62
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	39.75	230.33	17.94	9.75	21.81	23.82	11.98
Price To SalesPS	1.62	4.37	0.76	0.58	1.20	1.49	0.90
RevenueRevenueCr	9,622	2,681	11,438	9,660	4,377	3,420	3,795
Revenue Growth TTMRev Gr TTM%	83.2%	40.0%	47.8%	43.1%	30.8%	29.1%	10.4%
PAT Growth TTMPAT Gr TTM%	262.6%	127.3%	76.7%	168.4%	93.4%	189.4%	74.4%

	THANGAMAYL	BLUESTONE	PNGJL	SENCO	DPABHUSHAN	TBZ	VAIBHAVGBL
Market CapitalizationMkt CapCr	15,544	11,719	8,670	5,572	5,239	5,092	3,433
Close PriceClose₹	5,001.00	767.00	589.00	339.95	2,295.00	763.00	204.62
IndustryIndustry	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery	Diamond Gems and Jewellery
Price To EarningsPE	39.75	230.33	17.94	9.75	21.81	23.82	11.98
Price To SalesPS	1.62	4.37	0.76	0.58	1.20	1.49	0.90
RevenueRevenueCr	9,622	2,681	11,438	9,660	4,377	3,420	3,795
Revenue Growth TTMRev Gr TTM%	83.2%	40.0%	47.8%	43.1%	30.8%	29.1%	10.4%
PAT Growth TTMPAT Gr TTM%	262.6%	127.3%	76.7%	168.4%	93.4%	189.4%	74.4%