General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Senco sells gold jewellery. Consolidated revenue for the three months to June 2026 was ₹3,056 crore, against ₹1,826 crore a year earlier. That is a 67% rise, and the first quarter in which the company has crossed ₹3,000 crore. Operating profit was ₹213 crore. Profit after tax was ₹101 crore, against ₹105 crore in the same quarter a year earlier — nearly twice the sales, and a rupee less taken home.
Management’s account of the quarter’s shape is the detail worth holding. Roughly 55% of sales landed in April, at ₹1,500 to ₹1,600 crore for that month alone. May and June each settled at ₹500 to ₹600 crore. Poila Boishakh and Akshaya Tritiya both fall in April. Adhik Maas and a heat wave fall in the other two months, and neither has ever bought a bangle.
Average selling price rose 40% over the year, and average ticket value 38%. The average gold price was up about 61% over the year, at ₹15,280 per gram. Same-store sales growth, which measures only shops open in both periods, was 39%.
The showroom count moved from 201 at the end of March 2026 to 209 at the end of June 2026. That is eight net additions, with one company-owned store closed after what the company describes as regular evaluation of store economics.
For the full year to March 2026, revenue was ₹8,430 crore, operating profit ₹984 crore and profit after tax ₹574 crore.
2. Introduction
Senco’s origin story starts further back than most listed Indian retailers can claim. Shri Maran Chand Sen began the jewellery business in Tanti Bazar, Dhaka, in 1938. He moved to Kolkata after Partition in 1947 and continued trading in the Chitpur area.
His son, Shri Prabhat Chandra Sen, inherited a modest cloth store in Bow Bazaar through a family settlement in 1968. He switched into jewellery at the age of 42 — a career pivot most people attempt with a spreadsheet and abandon by Tuesday.
Shri Shaankar Sen joined in 1979, leaving postgraduate studies behind. He grew the business from three showrooms to over 100 by 2020. Mr Suvankar Sen, the fourth generation, joined in 2007 after a PGDBM from IMT Ghaziabad, and is now Managing Director and Chief Executive. The company itself was incorporated in 1994, by merging the existing proprietary and partnership businesses.
The expansion map reads like a slow crawl outward from Bengal. The first franchisee showroom opened in Durgapur in 2000, and an 8,000 sq ft Kolkata showroom in 2004. The first store outside West Bengal came in Assam in 2010, then Jharkhand in 2012, Delhi in 2013 and Bangalore in 2016.
Outside money arrived in stages. SAIF Partners India IV, now Elevation Capital, put in ₹80 crore of equity in 2015. OIJIF II put in ₹75 crore in 2022. The company listed on the NSE and BSE in July 2023. In 2025 it raised ₹459 crore through a qualified institutional placement, a share sale to large institutions, and split each share into two. Both private equity funds have since sold out.
The recent additions are less romantic and more logistical: a first Dubai showroom, the Sennes brand, the 150th and 200th showrooms, and a 6,500 sq ft store in Bhubaneswar. In January 2026 the board approved buying 68% of August Jewellery Private Limited, the entity behind Melorra, for around ₹68 crore. Regulatory approvals were still in process as of the March 2026 quarter. ICRA, a credit-rating agency, said in its June 2026 note that the acquisition was scheduled to be completed shortly.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
They sell gold. Then they buy it back. Then they sell it again.
That is only partly a joke. Old gold exchanged by customers supported 43% of total sales quantity in the three months to June 2026, and over 55% in company-owned stores, under a campaign branded “0% deduction”. Gold sourcing for the quarter ran 40% old jewellery and 32% gold metal loans from banks, a borrowing arrangement in metal rather than cash. Trading jewellery was 22% and bullion dealers 1%. The raw material walks in through the front door wearing someone’s grandmother’s necklace.
The retail spread at the end of June 2026 was 209 showrooms, across 18 states and union territories and 133 towns and cities. That is 6.02 lakh sq ft of retail space, split 120 company-owned and 89 franchisee. West Bengal including Kolkata accounts for 109 of them. The North including Delhi NCR has 25, the East excluding West Bengal 32 and the North East 6. The West has 10, the South 5, the Centre 7, Dubai 2, and Sennes 13.
The franchise model is where the capital spending goes to live somewhere else. In both franchise formats the franchisee funds store capital spending of around ₹1.5 crore, plus inventory working capital of over ₹15 crore. Senco charges a one-time signing fee and an annual support fee. Franchisee showrooms contributed about 35% of revenue in the June 2026 quarter.
The brand portfolio is where the segmentation
