Jeweller Senco Gold grew its revenue 31% in the July-September quarter, helped by festival buying even with gold prices high and volatile. Its first-half sales topped Rs 5,000 crore for the first time, and its shares opened nearly 8% higher on Thursday.
At a glance
- Senco Gold's standalone revenue rose 31% and its retail revenue 29% in the September quarter.
- Stores open for over a year grew sales 19%, showing demand from existing customers, not only new showrooms.
- First-half revenue crossed Rs 5,000 crore, and the jeweller plans 10 to 12 more showrooms in the second half.
Background
Senco Gold is a listed Indian jewellery retailer that sells gold and diamond jewellery through company-owned and franchise showrooms. It publishes a business update after each quarter, before its full results. Same-store sales growth (SSSG) compares sales at showrooms open in both periods, so it strips out the boost from new stores and shows underlying demand.
What happened
Senco Gold's standalone total revenue rose 31% from a year earlier in the second quarter of FY27. Retail revenue grew 29%, and same-store sales rose 19%. Online sales jumped 53%.
For the first half of the year, revenue grew 48% and crossed Rs 5,000 crore, the highest in the company's history. Sales over the past 12 months reached about Rs 10,000 crore. The figures are provisional until the company reports full results.
Why sales held up
The company said consumer demand stayed resilient despite elevated and volatile gold prices. A busy festival calendar helped, including Rakhi, Janmashtami, Onam and Ganesh Chaturthi. Diamond jewellery revenue grew 31% in value and 7% in volume.
Studded jewellery is taking a bigger share of sales. Senco's stud ratio, the share of revenue from studded pieces, rose to 12.2% in the second quarter from 11% in the first.
What it means
The update shows that Indian buyers are still spending on jewellery with gold near Rs 1.5 lakh per 10 grams. Senco opened six showrooms in the quarter, three company-owned and three franchised, taking its network to 215. It expects to open another 10 to 12 in the second half. In July, Senco said it was aiming for more than 20% revenue growth in FY27, or Rs 10,000 crore to Rs 10,500 crore of sales.
Investors welcomed the numbers. Senco's shares opened nearly 8% higher at Rs 346.05 on the NSE on Thursday, after closing at Rs 320.60 the day before. Senco expects the wedding season, Dhanteras and Diwali to drive demand in the second half.
Our read
Outlook: neutral. Strong jewellery sales show steady Indian demand, but one retailer's update does not move global gold prices. It matters more for Indian jewellery stocks than for the metal.
What to watch
- Senco's full second-quarter results, including whether profit kept pace with revenue.
- Jewellery demand around Dhanteras and Diwali with gold prices near record levels.
- Whether Senco opens the 10 to 12 showrooms it plans for the second half.
For information only, not investment advice.
Gold price in India
metalscost.com India reference price as of 2026-10-24.
Detailed analysis
Timeline
- 2026-10-07: Senco Gold publishes its Q2 and H1 FY27 business update.
- 2026-10-08: Senco shares open nearly 8% higher at Rs 346.05 on the NSE.
Demand Drivers
Festival buying lifted Senco's same-store sales 19% even with gold prices high and volatile.
Global Consumption
Indian jewellery demand held up in the quarter, with Senco's first-half revenue up 48%.
What could lift prices
- Indian jewellery buyers kept spending despite high prices, supporting physical gold demand.
- The wedding season, Dhanteras and Diwali fall in the second half.
What could weigh on prices
- Diamond jewellery volume grew only 7%, far slower than its 31% value growth.
- Second-quarter growth of 31% was slower than the 48% pace for the first half as a whole.
Country impact
| Country | Impact | Reason |
|---|---|---|
| India | Medium | Strong festival sales show Indian jewellery demand holding up at high gold prices. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Jewellery | Positive | A listed jeweller reports record first-half sales and 19% same-store growth. |
Who gains, who loses
- Senco Gold shareholders: The shares opened nearly 8% higher after the update.
- Jewellery buyers: They are paying for jewellery with gold near Rs 1.5 lakh per 10 grams.
Other ways this could play out
- If festival demand stays strong through Diwali, Senco could beat its full-year growth target.
- If gold prices jump further, buyers may delay purchases or trade in old gold instead.
Price risks
- One retailer's update says little about demand across India's wider jewellery market.
- A sharp gold price rise could slow jewellery buying in the festival season.
Historical comparison
- Q1 FY27: Senco's consolidated revenue grew 67% to Rs 3,056 crore in the April-June quarter.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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