Shares of Senco Gold rallied 6% to Rs 339.80 in Thursday’s trading session after the jewellery retailer reported a strong business update for the quarter and half-year ended September 30, 2026.
The company said that consumer demand remained buoyant in Q2FY27, supported by festive demand, the structural strength of jewellery consumption and a growing preference for lightweight jewellery. Despite elevated and volatile gold prices, the company said the business continued to demonstrate resilience.
At the retail level, revenue growth accelerated 29% year-on-year (YoY) in Q2FY27, while same-store sales growth (SSSG) stood at 19%. The company said the SSSG performance reflected the strength and loyalty of its existing customer base.
For H1FY27, total revenue growth stood at 48% YoY, while retail revenue grew 40%. SSSG increased 30% during the first half. The company also achieved its highest-ever topline of more than Rs 5,000 crore in H1FY27, while trailing 12-month (TTM) sales crossed the Rs 10,000 crore mark.
Key Q2FY27 performance
On a standalone basis, total revenue, including corporate, e-commerce and export sales, grew 31% YoY in Q2FY27. Diamond jewellery revenue increased 31% in value terms, while volume growth stood at 7%. The stud ratio increased to 12.2% from 11.6% in H1FY27.
The company opened six new showrooms during the quarter—three company-owned-company-operated (COCO) stores and three franchisee stores. This took its H1 additions to 14 and the total showroom network to 215 stores.
Senco Gold expects to add another 10-12 showrooms in H2FY27, supported by a strong pipeline of both COCO and franchisee stores.
E-commerce sales jump 53%
The company said Q2 sales were supported by a favourable festive calendar, including Ratha Yatra, Rakhi, Janmashtami, Onam, Ganesh Chaturthi and Independence Day, along with a mixed monsoon season.
The shift in the impact of Pitru Paksha to Q3 also supported Q2 sales, as only four days of the period fell in Q2 this year compared with 15 days last year.
E-commerce and digital channel sales grew 53% YoY, highlighting the continued potential of the channel and the improvement in digitally influenced sales. Meanwhile, coin and bullion sales remained in single digits and below 7%.
Gold prices remain elevated
Gold prices remained elevated and volatile during Q2FY27, with the period-average price rising around 28% YoY. On a sequential basis, however, the movement was limited.
Domestic 24K gold prices increased around 1.4% from Rs 1.44 lakh per 10 grams at the beginning of Q2 to Rs 1.46 lakh per 10 grams at the end of the quarter. International gold prices rose around 3% from $4,031 per ounce to about $4,153 per ounce.
Q3 and H2 outlook
Looking ahead, Senco Gold expects Q3FY27 to benefit from strong seasonal demand, wedding-led jewellery consumption and a favourable festive calendar, including Dhanteras, Diwali, Durga Puja, Karwa Chauth, Chhath Puja and Christmas.
The company expects improving rural sentiment, the end of the monsoon season and the upcoming wedding calendar to provide a more supportive demand environment in H2FY27.
Senco Gold said elevated gold prices continue to pose affordability and working-capital challenges, but also create an opportunity for organised jewellery players with strong brands, sourcing capabilities and exchange programmes to gain market share.
The company will continue to focus on lightweight and 9K jewellery collections, improving inventory turns, reducing inventory days, disciplined replenishment and faster liquidation of non-moving inventory.
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