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Earnings Call Transcript

Senco Gold Earnings Call Transcript: Key Takeaways

Senco reported robust 67% YoY revenue growth, crossing ₹3,000Cr, but faced margin compression. Analysts questioned conservative guidance and sudden spikes in 'other expenses' despite high top-line performance.

Guidance and delivery
Revenue guidance 20.0% → 25.0% Raised by 5.0 percentage points
Management target Revenue 20.0% FY27
Highlights
Revenue growth67% YoY revenue growth; retail sales up 50%.
MarginsEBITDA margin normalized to 7% due to lack of inventory gains.
Demand visibilityPositive outlook for Q3 festive season despite Q2 seasonal softness.
Management confidenceBalanced, though slightly defensive regarding recent expense spikes.

Growth

Revenue grew 67% YoY; retail growth at 50% driven by April sales and wedding demand.

Outlook

Conservative 20-25% revenue growth guidance; ₹10,000Cr+ revenue target for FY27.

Risks

Spike in other expenses to ₹229Cr; volatility in EBITDA margins (7% vs 13.1% YoY).

Last quarter's promises, checked

Delivered

  • Guided 18-20% revenue growth → delivered 67% (= BEAT)
  • Guided 18-20 new store openings → delivered 26 in FY26 (= BEAT)
  • Guided 7.5-7.8% sustainable EBITDA margin → delivered 11.5% for FY26 (= BEAT)

Partly delivered

  • Guided 4-4.5% PAT margin → delivered 4.5% for FY26 (= PARTIAL)

Missed

  • Guided 160-180 inventory days → delivered 188 days (= MISS)
  • Guided 1.8-2.2% marketing spend → delivered 1.9% (= BEAT)
Source

Earnings Call Transcript filed with BSE, NSE: SENCO. Summary written with AI assistance from the document.

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Senco Gold Ltd: key numbers

Share price
₹331.10
Market cap
₹5,427 Cr
Revenue (annual)
₹8,430 Cr
Net profit (annual)
₹574.3 Cr
P/E (TTM)
9.5×Sector 55.7×
Promoter holding
64.47%-0.01% QoQ
FII holding
6.88%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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