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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹3,056 Cr, against ₹1,826 Cr a year earlier — a 67% YoY move, and the first time the company has crossed ₹3,000 Cr in a single quarter. Operating profit was ₹213 Cr. PAT was ₹101 Cr, against ₹105 Cr in the year-ago quarter, which is the rare arithmetic of a business selling nearly twice as much and taking home a rupee less.
Management’s own framing of the quarter’s shape is the detail worth holding onto: roughly 55% of the quarter’s sales landed in April, at ₹1,500–1,600 Cr for the month, with May and June settling into ₹500–600 Cr each. Poila Boishakh and Akshaya Tritiya 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% YoY and average ticket value 38%, on an average gold price up about 61% YoY to ₹15,280 per gram. Same-store sales growth was 39%. The showroom count moved from 201 at 31 March 2026 to 209 at 30 June 2026, with eight net additions and one COCO store closed after what the company describes as regular evaluation of store economics.
The full-year FY26 numbers behind this quarter: revenue ₹8,430 Cr, operating profit ₹984 Cr, PAT ₹574 Cr.
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, moved to Kolkata after Partition in 1947, and continued in the Chitpur area. His son, Shri Prabhat Chandra Sen, inherited a modest cloth store in Bow Bazaar through a family settlement in 1968 and switched into jewellery at the age of 42 — a career pivot that most people attempt with a spreadsheet and abandon by Tuesday.
Shri Shaankar Sen joined in 1979, leaving postgraduate studies, and grew the business from three showrooms to over 100 by 2020. Mr Suvankar Sen, fourth generation, joined in 2007 after a PGDBM from IMT Ghaziabad and is now MD & CEO. The company itself was incorporated in 1994 by merging existing proprietary and partnership businesses.
The expansion map reads like a slow crawl outward from Bengal. First franchisee showroom in Durgapur in 2000. An 8,000 sq ft Kolkata showroom in 2004. First store outside West Bengal in Assam in 2010, Jharkhand in 2012, Delhi in 2013, Bangalore in 2016. Equity of ₹800 Mn from SAIF Partners India IV (now Elevation Capital) in 2015, ₹750 Mn from OIJIF II in 2022, an NSE and BSE listing in July 2023, and a QIP of ₹459 Cr plus a 1:2 share split in 2025. Both PE funds have since monetised their investments.
The recent additions are less romantic and more logistical: a first Dubai showroom, the Sennes brand, the 150-showroom mark, the 200-showroom mark, a 6,500 sq ft store in Bhubaneswar. In January 2026 the board approved acquiring 68% of August Jewellery Private Limited — Melorra’s entity — for around ₹68 Cr, with regulatory approvals still in process as of Q4 FY26. ICRA’s June 2026 note describes the acquisition as scheduled to be completed shortly.
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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 exchange supported 43% of total sales quantity in Q1 FY27 and exceeded 55% in owned stores, under a campaign branded “0% deduction.” Gold sourcing for the quarter ran 40% old jewellery, 32% GML/bank, 22% trading jewellery, 1% bullion dealers. The raw material walks in through the front door wearing someone’s grandmother’s necklace.
The retail spread as of 30 June 2026: 209 showrooms across 18 states and UTs, 133 towns and cities, 6.02 lakh sq ft of retail space, split 120 company-owned and 89 franchisee. West Bengal including Kolkata accounts for 109 of them. North including Delhi NCR has 25, East excluding WB 32, North East 6, West 10, South 5, Central 7, Dubai 2, and Sennes 13. The franchise model is where the capex goes to live somewhere else: in both FOFO and FOCO, the franchisee funds store capex of around ₹1.5 Cr and inventory working capital of ₹15 Cr+, while Senco charges a one-time signing fee and an annual support fee. Franchisee showrooms contributed about 35% of revenue in Q1 FY27.
The brand portfolio is where the segmentation gets enthusiastic. Classic runs 160 showrooms at an ATV of about ₹1,23,000. D’Signia has 13 at ₹1,40,000. Modern has 12 at ₹1,30,000. House of Senco has 4 flagship showrooms at ₹99,000. Everlite has 5 at ₹57,000, including outlets at Kolkata railway stations and Andheri Metro, because someone correctly identified the commute as a moment of financial vulnerability. Sennes has 13 at ₹36,000, selling lab-grown diamonds from ₹5,000, leather bags from ₹8,000 to
