Senco Gold Ltd Q3 FY26 Results

We are pleased to report a quarter of historical Success, crossing Rs 3,000 Cr revenue, Rs 400 Cr EBITDA and Rs 264 Cr PAT for the quarter... We are happy to share that our non-East revenue crossed the Rs 1,100 Cr mark, underscoring our expanding national footprint and success in new geographies... To counter price volatility, we continued our House of Design philosophy, launching ~100 new designs daily, totalling over 6,000 in Gold and 3,300 in Diamond for the quarter... Old Gold contributed 43% to our total revenue and accounted for 36% of our procurement, enabling customers to upgrade their jewellery while mitigating the impact of rising gold prices... We are also seeing encouraging traction in our non-gold categories... As we move forward, we remain committed to enhancing customer experience across our 196 showrooms and strengthening our presence in Tier-2 and Tier-3 markets... We have successfully navigated the peak festive demand of Q3 and continue to optimise our inventory more towards a Lightweight and budget-friendly product range due to rising gold prices, catering to daily wear and wedding jewellery... We are prepared for the upcoming Q4 wedding season, Valentine's Day and International Women's Day, preparation for Akshay Tritiya season, Poila Boishak and other local festivals pan India, targeting growth in the studded category through curated collections with 18%~20% growth.

We delivered an encouraging performance during the quarter, supported by strong revenue growth of 50% YoY to Rs 3,071 Cr and disciplined inventory management... Q3 Adjusted EBITDA margins expanded impressively by 792 bps YoY to 13.2%, driven by improved product mix, operating leverage and lightweight jewellery as well as rising Gold price... Supported by this strong topline and margin performance, Q3 Adjusted PAT scaled a 4.9x YoY growth and 5.4x QoQ growth to Rs 264 Cr... During the 9 months period Adjusted EBITDA improved from Rs 298 Cr to Rs 695 Cr by 2.3x YoY and Adjusted PAT improved from Rs 139 Cr to Rs 417 Cr, achieving 3x YoY growth... PAT margins improved by 588 bps YoY to 8.5% in Q3 and at 9 month basis by 367 bps to 6.5% which is partly due to Gold price rise as well... With the rise in gold prices, our working capital requirements have increased... We are firmly on course to achieve our annual target of 20 new showroom openings for FY26... We expect to launch another 3 to 4 showrooms to achieve the milestone of 200 showrooms and have a robust pipeline for H1 next year... We are also confident of achieving 25%+ YoY topline growth in Q4 FY26.