1. At a Glance
What happens when a Kolkata legacy brand mixes karigar craftsmanship, Bollywood glamour, and a dash of digital glitter? You getSenco Gold Ltd, thelargest organized jewellery retailer in Eastern India—and quite possibly, the most dramatic gem story this side of the Hooghly. The stock sits at₹321, down nearly-16.6% in the last three months—the sort of dip that makes traders polish their risk appetite more than their bangles.
With amarket cap of ₹5,250 crore,P/E of 20.9, andROE of 9.83%, Senco may not shine like Titan yet, but it sure sparkles louder at family weddings. Thelatest quarterly salescame in at₹1,554 crore, and thePATsparkled up215% YoYto ₹53 crore. Not bad for a jeweller navigating everything from gold prices to GST tantrums.
In theBhagavad Gita, Krishna said: “Do your duty without worrying about the fruits.” Clearly, Senco took it literally—because despite market corrections, they’re busy opening stores like there’s no tomorrow.
2. Introduction
Senco Gold is what happens when an 85-year-old family business decides to tango with Instagram influencers. Founded in 1994 (but tracing its roots back to the 1930s), the company has mastered the art of turning sentimentality into sales. Their ads make you emotional, their prices make you cautious, and their product variety makes you confused—but you still buy something shiny in the end.
This is no small-town jeweller. With186 showrooms across India(and one in Dubai for NRIs who miss Kolkata’s humidity), Senco’s empire is built on both gold and good timing. Unlike most legacy players, Senco went digital aggressively—myDigiGold,myDigiSilver, and even aMetaverse showroom (Sencoverse). Because if your pandal selfie can go viral, why can’t your bridal necklace go NFT?
TheirIPO in 2023raised₹405 crore, and while the initial bling has dulled, the company continues expanding—especially inTier III & IV cities, where jewellery isn’t luxury, it’s a love language.
If Titan is the Louis Vuitton of Indian jewellery, Senco is the FabIndia—authentic, local, emotional, and occasionally overpriced, but always with heart.
3. Business Model – WTF Do They Even Do?
At its core, Senco sells one thing:aspiration in 22 carats. But peel away the glitter, and you find a surprisingly structured model. The company runs on anomni-channel hybrid setup—a blend ofCompany Owned (COCO)andFranchise (FOFO/FOCO)showrooms.
Out of 186 showrooms,110 are company-owned, while76 are franchise-run, mostly in smaller towns where Senco is often the only branded jeweller within 10 km. This mix keeps capex light and returns glittery.
Theirproduct portfoliocould put any treasure chest to shame—gold, diamond, platinum, polki, temple jewellery, antiques, and evenlab-grown diamonds. Add to thatleather goods,perfumes, anddigital gold platforms, and you get a jewellery brand pretending to be a fintech startup on weekends.
Their brands are like the Indian zodiac—something for everyone:
- Classic (145 stores)– Old-school charm, ATV ₹80,700
- D’Signia (13 stores)– For the elite flaunters, ATV ₹96,900
- Everlite (6 stores)– Lightweight gold for millennials allergic to heavy sets
- Aham– Men’s jewellery line for the bold husband who lost control of the anniversary
- budget
- Sennes (7 stores)– Fashion-forward line, ATV ₹29,300
Theirhub-and-spoke modelis brilliant: plant a flagship store in a big city (hub), then use franchisees in nearby smaller towns (spokes). Think of it as the jewellery version of Swiggy—but with karigars instead of delivery boys.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹1,554 Cr | ₹1,459 Cr | ₹1,825 Cr | +6.5% | -14.8% |
| EBITDA | ₹108 Cr | ₹56 Cr | ₹182 Cr | +92.8% | -40.7% |
| PAT | ₹53 Cr | ₹17 Cr | ₹104 Cr | +215% | -49% |
| EPS (₹) | 3.24 | 1.08 | 6.32 | +200% | -48.7% |
Commentary:This quarter was like a wedding where the sangeet went great but the bidaai was a mess. TheYoY growthlooks jaw-dropping, but sequentially, profits dipped almost half—probably due to seasonality (and everyone saving up for gold before Diwali). Still, PAT margins at3.4%and steady EBITDA of~₹108 croreshow Senco’s getting its sparkle back.
5. Valuation Discussion – Fair Value Range
Let’s play valuation detective (purely for education, not investment advice).
a) P/E Method:EPS (TTM): ₹15.4Industry P/E: 29.2Senco’s current P/E: 20.9If re-rated to sector median (25–30x):Fair Value Range = ₹385 – ₹460
b) EV/EBITDA Method:EV = ₹7,099 Cr, EBITDA (TTM) = ₹495 Cr → EV/EBITDA = 14.3xIf re-rated to 16–18x:Fair Value Range = ₹360 – ₹410
c) Simplified DCF (Educational Estimate):Assume 12% growth, 10% discount rate, and stable margins — gives intrinsic worth around ₹400–₹420.
📜Disclaimer:This fair value range is for educational purposes only and isnot investment advice.
6. What’s Cooking – News, Triggers, Drama
November 2025 was lit for Senco—literally.
- New store in Hazaribagh, Jharkhand, taking total to186 stores. Because why stop when Tier-3 towns love their gold more than GDP?
- H1 FY26revenue hit₹3,362 crorewithPAT ₹153 crore, and the company reiterated~20% topline growth guidance.
- Management sounded upbeat ondiamond and antique jewellery, which carryhigher marginsthan gold (and guilt).
