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Jeweller Senco Gold Ltd on Wednesday (October 7) reported a 31% year-on-year growth in total revenue in the second quarter of FY27, while retail revenue rose 29% and same-store sales growth (SSSG) stood at 19%.
The company said its revenue growth during the quarter was supported by festive demand, jewellery consumption and increasing preference for lightweight jewellery.
For the first half of FY27, total revenue grew 48% year-on-year, retail revenue increased 40%, and SSSG stood at 30%. The company said it recorded its highest-ever topline of over ₹5,000 crore in H1 FY27 and crossed the ₹10,000 crore sales mark on a trailing 12-month (TTM) basis.
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Diamond jewellery revenue grows 31%
Diamond jewellery revenue grew 31% year-on-year in Q2 FY27, while volume growth stood at 7%. The stud ratio improved to 12.2% in Q2 from 11% in Q1. For H1 FY27, diamond jewellery revenue grew 37%, and volume increased 12%, with the stud ratio at 11.6%.
Gold prices remain elevated
Gold prices remained elevated and volatile during Q2 FY27 and were around 28% higher year-on-year, while there was an insignificant change on a quarter-on-quarter basis.
Domestic 24K gold prices rose around 1.4% from ₹1.44 lakh per 10 grams at the beginning of Q2 to ₹1.46 lakh per 10 grams at the quarter-end. gold prices increased around 3% from $4,031 per ounce to around $4,153 per ounce.
The company said Q2 performance remained resilient despite gold price movements between ₹1.40 lakh and ₹1.50 lakh per 10 grams.
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Senco Gold adds six showrooms in Q2
Senco Gold launched six showrooms during Q2, comprising three company-owned and company-operated (COCO) stores and three franchisee stores. This took H1 additions to 14 and the total network to 215 showrooms.
The company said it expects to launch another 10–12 showrooms in H2, supported by a pipeline of both COCO and franchisee stores.
E-commerce sales rise 53%
E-commerce and digital channel sales grew 53% year-on-year during Q2 FY27. Coin and bullion sales remained in the single digits and below 7%.
The company said Q2 sales were supported by a favourable festive calendar covering Ratha Yatra, Rakhi, Janmashtami, Onam, Ganesh Chaturthi and Independence Day, along with mixed monsoon conditions. The shift in the impact of Pitri Paksha to Q3 also supported Q2 sales, with only four days falling in Q2 compared with 15 days last year.
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Old gold exchange crosses 50%
Old gold exchange accelerated to above 50% in Q2 following special campaigns and schemes. The company said the higher exchange level significantly improved affordability and demand conversion, although it may put slight pressure on margins.
The company said it is managing growth through a combination of value, design and customer affordability rather than relying only on gold-price-led revenue growth.
Q3, H2 outlook
Senco Gold expects Q3 FY27 to see seasonal demand supported by wedding demand and a favourable festive calendar, including Dhanteras, Diwali, Durga Puja, Karwa Chauth, Chhath Puja and Christmas.
The company cited around 1.35 crore weddings in calendar year 2026 as a structural backdrop for wedding-led jewellery consumption and said wedding and festive demand are expected to support H2 demand.
With the monsoon season behind it, the company expects improving rural sentiment, the festive season and the upcoming wedding calendar to provide a more supportive demand environment in H2.
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"The underlying wedding and festive demand is providing resilience. The underlying jewellery consumption opportunity remains strong. While elevated gold prices create affordability and working-capital challenges, they also provide an opportunity for organised players with strong brands, sourcing capabilities, exchange programmes and disciplined inventory management to gain market share.
The focus remains on driving lightweight and 9K collections, improving inventory turns and reducing inventory days, replenishment discipline and faster conversion of non-moving inventory," it added.
Shares of Senco Gold Ltd ended at ₹321.70, up by ₹3.00, or 0.94%, on the BSE.
