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SENCO GOLD & DIAMONDS ESTO 1938 Be the New You INVESTOR PRESENTATION Q1 FY27 Results 12th August , 2026 All figures are in INR Mn unless otherwise stated BSE - 543936 NSE - SENCO Bloomberg - SENCO : IN Great Place To Work . Certified JAN 2025 - JAN 2026
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This presentation has been prepared for general information purposes in respect of Senco Gold Limited (“Company”) together wi th its subsidiaries, as applicable (together, with the Company, the “Group”) only, without regard to any specific objectives, suitability, financial situations and needs of any particular person and does not constitute any recommendation or form part of any offer or invitation, directly o r indirectly, in any manner, or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, a ny securities of the Company in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Group to be construed as legal, accounting or tax advice. This presentation has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority in India or by any Stock Exchange in India. This presentation contains certain forward -looking statements relating to the business, financial performance, strategy and results of the Group and/ or the industry in which it operates. Forward-looking statements are statements concerning future circumst ances and results, and any other statements that are not historical facts, sometimes identified by the words including, without limitation “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this presentation are based on numerous assumptions and are unce rtain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technolo gy, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Group nor its affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation and are not guarantees of future performance. As a result, the Group expressly disclaims any ob ligation or undertaking to release any update or revisions to any forward -looking statements in this presentation as a result of an y change in expectations or any change in events, conditions, assumptions or circumstances on which these forward looking statements are based. Given these uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. Certain numbers in these presentations and materials have been subject to routine rounding off and accordingly figures shown as total in tables and diagrams may not be an arithmetic aggregation of the figures that precede them. The information contained in these presentations and materials are only current as of the dates specified herein and have not been independently verified. 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Past performance is not a g uide for future performance. The information contained in this presentation is current, and if not stated otherwise, made as of the date of this presentation. The Group undertakes no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person/ party intending to provide finance/ invest in the shares/ businesses of the Group shall do so after seeking their own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed decision. This presentation includes certain industry data and projections that have been obtained from industry publications and surveys. Industry publications and surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance that the information is accurate or complete. Neither the Company nor any of its advisors or representatives have independently verified any of the data from third-party sources or ascertained the underlying economic assumptions relied upon therein. All industry data and projections contained in this presentation are based on data obtained from the sources cited and involve significant elements of subjective judgment and analysis, which may or may not be correct. For the reasons mentioned above, you should no t rely in any way on any of the projections contained in this presentation for any purpose. 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This presentation is not an offer to sell or a solicitation of any offer to buy the securities of the Company in the United S tates or in any other jurisdiction where such offer or sale would be unlawful. Securities may not be offered, sold, resold, p ledged, delivered, distributed or transferred, directly or indirectly, in to or within the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act and no public offering of securities will be made in the United States. The distribution of these materials in certain jurisdictions may be restricted by law and persons into whose possession these materials comes should inform themselves about and observe any such restrictions. By accessing this presentation, you accept this disclaimer and any claims arising out of or in connection with this presentation shall be governed by the laws of India and only the courts in the concerned state in India and no other courts shall have jurisdiction over the same. 2 Disclaimer
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1 Business Highlights (4) 2 Q1FY27 Performance (6-14) 3 Company (15-20) 4 Business (21-27) 5 Marketing and Distribution (28-32) 6 Strategy (33-39) 7 Industry (40-43) 8 ESG, CSR & Capital Markets (44-47) INDEX
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18 States & UTs 87+ Years of legacy 165+ Master Karigars A+ (Stable) ICRA Ratings 3,324+ Team Strength 300k+ Designs 3.24 Mn+ Loyal Customers Rs 1,24,200 Average Ticket Value 43% Sales Contribution from Old Gold Exchange (Procurement- 40%) 4 Business Highlights CAGR (5yrs) 26% (FY21-26) 11% Stud ratio 39% (YoY) Same Store Sales Growth- SSSG Rs 82,600 Average Sales Price 66% Footfall Conversion 209 Showrooms (including 89 Franchisee, 13 Sennes and 2 UAE) 133 Towns & Cities 2 in Dubai
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Q1 FY27 Performance
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Mr. Suvankar Sen MD & CEO Mr. Sanjay Banka Group CFO & Head IR “We are pleased to begin FY27 with a strong Q1 performance, building on the momentum achieved in FY26. Consolidated revenue from operations increased 67% YoY reflecting the continued trust of our customers in Brand Senco and broad-based demand during Festive season and summer wedding season, even as average gold prices increased by ~61% YoY and remained volatile. Retail sales increased by 50% YoY to Rs 2,651.5 Cr in Q1 FY27, while SSSG grew aggressively by 39% demonstrating the market reach of existing showrooms and growing footfall as well as conversions along with premiumization. Customer preference continued towards lightweight, fancy, daily wear, gifting and design-led jewellery. Diamond jewellery value increased by 43% YoY and volumes by 18%, supported by lower-ticket offerings below Rs 50,000, our Everlite range, a wider 9K and 14K assortment, and fresh design launches. Old-gold exchange supported 43% of total sales quantity, enabling customers to upgrade their jewellery while moderating the impact of elevated gold prices YoY. Average gold price increased by 61% YoY and 1% QoQ to Rs 15,280 per gram, while the quarter-end gold price increased by 48% YoY but decreased by 3% QoQ to Rs 14,253 per gram. This intra-quarter price movement remained an important factor in pricing and hedging decisions. Net showroom addition during the quarter was 8- COCO-3, FRN-4 and 1 Sennes showroom. The Company remains on track to open another 12–15 showrooms during the remainder of FY27 with an increasing focus on franchise-led expansion, Tier-2 and Tier-3 cities, and strengthening our presence in both East and non-East markets in a balanced manner. Looking ahead, Q2 is seasonally softer; however, our teams are focused on customer engagement and planning inventory and new design launches per day for the upcoming festive and wedding seasons. Continuing to build on our strong design sensibility and innovation capabilities, we introduced new designs for women, alongside the launch of Aham Ti22, our new titanium jewellery range crafted specifically for Indian men. We will continue to prioritise lightweight collections, affordability, design innovation, store productivity, inventory optimisation and margin protection. We remain focused on achieving 20%+ value growth in FY27 while strengthening Brand Senco across the country and pursuing disciplined, profitable pan-India expansion with a focus on East and North India.” “We are pleased to report 67% YoY growth in consolidated revenue, which is the highest Q1 performance in last few years. EBITDA increased by 16% YoY to Rs 213 Cr; and stabilised to 7.0% in our guided range of 7.5%-7.8% on a QoQ basis. The margin movement reflects discounting, gold price fall partly offset by custom duty increase, and better product mix. We continued to work on optimizing the inventory efficiency which led to reduction in the quarter inventory by Rs 300 Cr and resultant improvement in the inventory days. We have also considered full impact of Labour code in Q1 after detailed evaluation. EBIT increased by 13% YoY to Rs 207 Cr, with EBIT margin moving to 6.8%. Incidentally due to gold price volatility and GML unavailability, our blended borrowing cost increased marginally. Overall, PAT for Q1 was Rs 101 Cr at a margin of 3.3%. Business losses at SFL and SGJTL also affected consolidated profitability, while SGAPL continued to report profit. We also optimized our inventory and achieved significant improvement in inventory days to 152 days level. Looking ahead, we remain committed to FY27 value growth of 20%+ and EBITDA margin of 7.5%–7.8%, while working towards a sustainable PAT margin of 4.0%–4.5% with a sharp focus on Return on Capital Employed (RoCE). Our focus will continue to be on margin stabilization, improving inventory days, balancing finance cost through right mix of GML and optimizing subsidiary performance.” 6 Management Remarks
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7 ❖ Gold Price: Gold prices remained elevated YoY while falling QoQ due to geopolitical situations. Indian gold prices are post -custom duty increase impact of 9%. The benefit of the custom duty rise is likely to accrue over Q3, net of the impact of price fall due to the hedging level. However, considering the heavy discounting of gold prices during the quarter, the full benefit of the custom duty rise will put pressure on the Q1 margin, complemented by the impact of the custom duty rise. ❖ Showroom expansion: During the quarter we opened net 8 showroom - COCO- 4, FRN- 4 and 1 Sennes showroom. As we continue to evaluate store economics regularly, after closure of 1 COCO showroom, the network expanded from 201 showrooms at 31st March 2026 to 209 showrooms at 3 0th June 2026. The Company remains on track to open another 12–15 showrooms during the remainder of FY27. ❖ Old-gold exchange: The ‘0% deduction’ old -gold exchange campaign supported 43% of total sales quantity, enabling customers to upgrade their jewellery while moderating the impact of elevated gold prices. This partly impacts the gross margin. ❖ Diamond jewellery sales growth: Diamond jewellery sales grew by 43% YoY and 18% in carat terms, supported by wider demand in sub 50k range in Everlite collection. ❖ Demand remained resilient: Despite Adhik Maas and average gold prices increasing by ~61% YoY and ~1% QoQ, demand was supporte d by Akshaya Tritiya, Poila Boishakh, Baisakhi, Bihu and the summer wedding season as well as larger range in 9K and 14K category and fresh design launches. Gold jewellery volumes remained broadly stable despite price rise and custom duty impact. ❖ Standalone and retail momentum: Standalone revenue grew by 65% YoY to Rs 3,006.7 Cr, supported by healthy SSSG of 39%, Poila Boishakh, Akshay Tritya and wedding demand in the early part of Q1. Subsequently based upon appeal to reduce gold buying as well as custom duty rise from 6% to 15% there was a demand contraction, however based upon the various marketing initiatives and consumer outreach we managed to reignite the momentum. Retail sales grew by 50% YoY to Rs 2,651.5 Cr and it was broad based across both channels COCO as well FOCO and FOFO. ❖ Consolidated Profitability: Consolidated revenue grew by 67% YoY and 53% QoQ. EBITDA grew by 16% YoY to Rs 213 Cr, with EBITD A margin of 7.0%. PAT moved by 3% YoY to Rs 101 Cr, with a PAT margin of 3.3%. SFL is still in the growth phase and incurred losses while Dubai entity (SGJT L) incurred losses due to extraordinary market situation in gulf based on gulf war and Hormuz imbroglio, while SGAPL reported profit. TTM sales reached Rs 9,660 Cr level. Q1 FY27 Consolidated Operational Highlights
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* Adjusted EBIDTA & PAT - This represents one time adverse impact of custom duty reduction in FY25 which had been adjusted to Inventory and Gross Margin (Cost of Goods Sold). 8 Sl. Particulars (INR Mn) Q1 FY27 Q1 FY26 YoY (%) Q4 FY26 QoQ FY26 FY25* FY24 FY23 1 Revenue from Operations 30,066.6 18,245.7 65% 19,629.4 53% 83,741.3 62,586.8 52,296.6 40,755.6 2 Cost of Goods Sold 25,149.4 14,772.8 70% 15,211.2 65% 67,186.2 54,036.7 44,259.8 34,217.6 3 Gross Margin 4,917.2 3,472.9 42% 4,418.2 11% 16,555.0 8,550.1 8,036.8 6,538.0 4 Gross Margin % 16.4% 19.0% 22.5% 19.8% 13.7% 15.4% 16.0% 5 Employee Cost 472.9 395.4 20% 459.8 3% 1,751.6 1,341.7 1,083.9 915.2 6 Marketing Cost 318.7 423.5 -25% 261.3 22% 1,548.2 1,051.1 1,033.1 810.4 7 Other Expenses 1,900.5 831.9 128% 990.5 92% 3,602.2 2,453.4 2,106.2 1,633.7 8 Total Expenses 2,692.1 1,650.8 63% 1,711.6 57% 6,901.9 4,846.2 4,223.2 3,359.3 9 EBITDA 2,225.1 1,822.1 22% 2,706.6 -18% 9,653.1 3,703.9 3,813.6 3,178.7 10 EBITDA Margin (%) 7.4% 10.0% 13.8% 11.5% 5.9% 7.3% 7.8% 11 Custom Duty Impact - - - - 574.2 - - 12 Adjusted EBIDTA 2,225.1 1,822.1 22% 2,706.6 -18% 9,653.1 4,278.1 3,813.6 3,178.7 13 Adjusted EBITDA Margin (%) 7.4% 10.0% 13.8% -46% 11.5% 6.8% 7.3% 7.8% 14 15 16 17 Other Income Depreciation and Amortization EBIT EBIT Margin (%) 152.9 182.7 2,195.3 7.3% 176.3 174.1 1,824.2 10.0% -13% 5% 20% 128.7 200.1 2,635.2 13.4% 19% -9% -17% 769.4 724.9 9,697.7 11.6% 547.0 658.0 3,592.9 5.7% 427.6 590.1 3,651.1 7.0% 317.0 449.5 3,046.2 7.5% 18 Finance cost 665.2 423.5 57% 545.5 22% 1,998.5 1,353.4 1,078.0 860.5 19 Profit Before Tax (PBT) 1,530.1 1,400.7 9% 2,089.7 -27% 7,699.2 2,239.5 2,573.1 2,185.7 20 Tax Expenses 387.6 365.5 6% 511.4 -24% 1,889.4 585.7 685.6 576.7 21 Profit/(Loss) for the Period/Year 1,142.5 1,035.2 10% 1,578.3 -28% 5,809.8 1,653.8 1,887.5 1,609.0 22 23 24 PAT Margin (%) Adjusted PAT Adjusted PAT Margin (%) 3.8% 1,142.5 3.8% 5.7% 1,035.2 5.7% 10% 8.0% 1,578.3 8.0% -28% 6.9% 5,809.8 6.9% 2.6% 2,078.7 3.3% 3.6% 1,887.5 3.6% 3.9% 1,609.0 3.9% Profit & Loss Statement (Standalone)
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9 Sl. Particulars (INR Mn) Q1 FY27 Q1 FY26 YoY (%) Q4 FY26 QoQ FY26 FY25* FY24 FY23 1 Revenue from Operations 30,560.3 18,262.8 67% 19,966.6 53% 84,300.3 63,280.7 52,414.4 40,774.0 2 Cost of Goods Sold 25,627.1 14,773.8 73% 15,499.0 65% 67,620.6 54,765.5 44,400.5 34,219.3 3 Gross Margin 4,933.2 3,489.0 41% 4,467.6 10% 16,679.7 8,515.2 8,013.9 6,554.7 4 Gross Margin % 16% 19% 22.4% 19.8% 13.5% 15.3% 16.1% 5 Employee Cost 508.8 418.0 22% 488.2 4% 1,859.1 1,390.8 1,112.3 933.8 6 Marketing Cost 347.3 426.3 -19% 278.3 25% 1,580.9 1,065.6 1,033.7 810.4 7 Other Expenses 1,945.7 808.8 141% 957.6 103% 3,549.6 2,382.5 2,112.8 1,644.3 8 Total Expense 2,801.8 1,653.1 69% 1,724.1 63% 6,989.6 4,838.9 4,258.8 3,388.5 9 EBITDA 2,131.4 1,835.9 16% 2,743.5 -22% 9,690.1 3,676.3 3,755.1 3,166.2 10 EBITDA Margin (%) 7.0% 10% 13.7% 11.5% 5.8% 7.2% 7.8% 11 Custom Duty Impact - - - - 574.2 - - 12 Adjusted EBIDTA 2,131.4 1,835.9 16% 2,743.5 -22% 9,690.1 4,250.5 3,755.1 3,166.2 13 Adjusted EBITDA Margin (%) 7.0% 10% 13.7% 11.5% 6.7% 7.2% 7.8% 14 15 16 17 Other Income Depreciation and Amortization EBIT EBIT Margin (%) 152.6 215.2 2,068.8 6.8% 186.5 186.8 1,835.6 10.1% -18% 15% 13% 133.6 231.7 2,645.4 13.2% 14% -7% -22% 798.8 819.6 9,669.3 11.5% 545.7 681.3 3,540.7 5.6% 422.4 601.1 3,576.4 6.8% 311.4 455.5 3,022.1 7.4% 18 Finance cost 679.4 429.8 58% 560.8 21% 2,042.0 1,362.1 1,081.0 860.5 19 Profit Before Tax (PBT) 1,389.4 1,405.8 -1% 2,084.7 -33% 7,627.4 2,178.6 2,495.4 2,161.6 20 Tax Expenses 378.0 359.3 5% 515.9 -27% 1,884.2 585.5 685.3 576.7 21 Profit/(Loss) for the Period/Year 1,011.4 1,046.5 -3% 1,568.8 -36% 5,743.2 1,593.1 1,810.1 1,584.9 22 23 24 PAT Margin (%) Adjusted PAT Adjusted PAT Margin (%) 3.3% 1,011.4 3.3% 5.7% 1,046.5 5.7% -3% 7.9% 1,568.8 7.9% -36% 6.8% 5,743.2 6.8% 2.5% 2,018.0 3.2% 3.5% 1,810.1 3.5% 3.9% 1,584.9 3.9% * Adjusted EBIDTA & PAT - This represents one time adverse impact of custom duty reduction in FY25 which had been adjusted to Inventory and Gross Margin (Cost of Goods Sold). Profit & Loss Statement (Consolidated)
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10 Sl. Particulars (INR Mn) As at As at As at Particulars (INR Mn) As at As at As at EQUITY AND LIABILITIES Mar-26 Mar-25 Mar-24 ASSETS Mar-26 Mar-25 Mar-24 Audited Audited Audited Audited Audited Audited 1 Equity & Non Current Liabilities Non Current Assets 2 Total Equity 25,136.8 19,702.9 13,655.4 Property, Plant and Equipments(PPE) 1,526.3 1,376.1 1,158.2 3 Non Current Liabilities Capital Work in Progress 21.3 19.9 14.9 4 Borrowings 6.9 11.2 10.5 Other Intangible Assets 24.9 26.8 27.5 5 Lease Liabilities 3,047.9 2,548.5 2,354.6 Right of Use (ROU) Assets 3,202.5 2,643.6 2,434.1 6 Provisions 73.5 29.7 28.1 Other Financial Assets 256.9 430.2 305.4 7 Other Non Current Liabilities 319.8 61.5 62.5 Other Non Current Assets 805.4 475.4 452.7 8 Total Non Current Liabilities 3,448.1 2,650.9 2,455.7 Total Non Current Assets 5,837.3 4,972.0 4,392.8 9 Current Liabilities Current Assets 10 Working Capital Borrowings 15,690.5 5,861.2 5,890.7 11 Gold Metal Loan (GML) 7,762.1 11,817.7 9,082.2 Inventories 52,960.9 32,992.5 24,570.2 12 SY & Customer Advance 8,484.1 4,133.4 2,585.2 Trade Receivables 2,247.2 810.4 528.7 13 Trade Payables (Incl MSME) 6,785.5 1,516.5 2,068.8 FDs & Bank Balances 4,790.5 5,576.0 5,328.5 14 Other Financial Liabilities 598.9 864.5 687.2 Cash and Cash Equivalents 375.9 332.5 185.2 15 Current Tax Liabilities (Net) 1,349.7 17.4 154.7 Other Financial Assets 2,341.6 1,688.4 1,545.8 16 Other Current Liabilities 1,359.2 899.0 646.7 Other Current Assets 2,061.7 1,091.7 675.4 17 Total Current Liabilities 42,030.1 25,109.7 21,115.5 Total Current Assets 64,777.7 42,491.5 32,833.8 18 Total Equity and Liabilities 70,615.1 47,463.5 37,226.6 Total Assets 70,615.1 47,463.5 37,226.6 Consolidated Balance Sheet
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11 EBITDA PAT 2,640 2,744 1,836 2,131 1,811 1,569 1,093 672 877 1,087 1,075 1,270 1,047 1,065 1,011 277 395 119 322 513 519 342 539 624 488 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 YoY 16% Total Income and Avg Gold Price Trend 31,011 30,713 YoY 66% 13,148 11,576 16,611 11,501 14,162 15,154 20,587 13,924 18,449 15,539 13,545 11,650 20,100 15,280 YoY ~61% 6,016 5,924 6,113 6,362 7,208 7,232 7,807 9,020 9,608 Q1 Q2 Q3 Q4 FY 23-24 Q1 Q2 Q3 Q4 FY 24-25 Q1 Q2 Q3 Q4 FY 25-26 Q1 FY 26-27 Total Income Average Gold Rate/Gms EBITDA and PAT 4,046 FY 23-24 FY 24-25* *Q2 and Q3- Adjusted EBITDA & PAT due to one time custom duty impact FY 25-26 FY 26-27 Quarterly Performance Trend- Consolidated 14,692
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Company Franchisee Sennes Q1FY27 FY26 FY25 FY24 FY23 105 102 102 93 75 61 89 85 207 13 199 12 174 4 72 159 66 136 Showroom Presence In India COCO Showrooms (105), FOFO (78), FOCO (11) and Sennes(13) Q1FY27 FY26 FY25 FY24 FY23 10% 11.0% 11.0% 10.9% 11.4% Stud Ratio Q1FY27 FY26 FY25 FY24 FY23 41,600 36,600 48,100 62,200 82,600 Average Selling Price (ASP) Q1FY27 FY26 FY25 FY24 FY23 63,700 57,900 73,000 95,100 1,24,200 Average Ticket Value (ATV) Inventory Days 183 166 147 151 152 FY23 FY24 FY25 FY26 Q1FY27 2.5x 2.4x 2.4x 2.2x 2.0x 12 Revenue Growth – Total & SSSG 5yrs CAGR ~26% 67% 39% 29% 33% 15% 19% 21% 24% 10% 15% FY23 FY24 FY25 *Growth FY26 SSSG Q1FY27 *Consolidated Revenue Key Operational Metrics (Standalone) Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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FY27 TTM FY26 FY25 FY24 FY23 40,774 52,414 63,281 84,300 96,600 YoY CAGR 26% Revenue from Operations Q1 FY27- 3056 29% 21% 33% 3,166 EBITDA Margin *Adjusted EBITDA Q1-FY27 FY26 FY25* FY24 EBITDA FY23 2,131 3,755 EBITDA & EBITDA Margin (%) 4,251 7.00% 6.7% 7.2% 7.8% 11.5% 9,690 PAT & PAT Margin (%) 5,743 6.8% 3.9% 3.5% 3.30% 1,585 1,810 3.2% 2,018 1011 FY23 FY24 PAT FY25* FY26 Q1-FY27 PAT Margin *Adjusted PAT 20% 54% 61% 67% 24% 33% 17% FY23 FY24 GML FY25 WCDL FY26 Others Q1-FY27 CC 59% 11% 19% 47% 24% 9% 28% 27% 22,800 23,453 17,679 14,973 11,778 Working Capital Borrowings Blended CC & WCDL GML Q1-FY27 FY26 FY25 FY24 FY23 3.4% 4.2% 3.6% 3.1% 3.3% 5.9% 5.7% 6.0% 6.9% 9.1% 7.7% 9.5% 9.6% 9.4% 9.2% Blended Borrowing Cost p.a. 49% Old Jewellery Exchange Bullion dealers Trading (Readymade) Q1 - FY 27 FY 26 FY 25 FY 24 FY 23 GML/Bank 27% 39% 46% 50% GOLD SOURCING (%) 40% 37% 32% 29% 27% 9% 24% 0% 24% 3% 20% 2% 19% 1% 22% 13 Business Performance - Consolidated
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ROE FY26 FY25 FY24 ROCE FY23 FY22 10.7% 9.6% 15.7% 14.3% 16.3% 19.0% 22.5% 19.4% 18.2% 25.6% ROCE & ROE Capital Employed Net worth FY26 FY25 FY24 FY23 FY22 7,260 9,455 13,655 15,889 19,703 21,248 25,137 Capital Employed & Net worth 48,596 37,393 28,639 FY26 FY25 FY24 FY23 FY22 13,912 18,855 24,570 32,993 52,961 Inventory 580 FY22 FY23 FY24 FY25 FY26 Q1 FY27 Actual Finance Cost Interest on Lease Liabilities 1,030 796 680 99 1,668 332 1,081 285 861 219 709 190 1,362 2,042 374 Finance Cost 518 642 0.9 FY26 FY25 Net Debt/Equity FY22 FY23 FY24 TOL/TNW Debt/Equity 0.7 0.5 0.6 0.7 0.7 0.9 Capital Gearing 0.9 1.2 1.1 1.4 1.3 1.3 1.6 1.7 14 Key Financial Metrics - Consolidated Cash Conversion Cycle-CCC 170 158 136 139 118 FY22 FY23 FY24 FY25 FY26 Cash Conversation Cycle Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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Company
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16 Senco Gold Limited is one of India's leading jewellery retailers, backed by over eight decades of trusted family legacy. Comprehensive product portfolio across gold, diamond, silver, platinum, and gemstone jewellery for every customer segment. “Senco Gold & Diamonds” anchors a multi-brand portfolio designed to serve diverse consumer preferences. Extensive retail footprint with 209 showrooms, supported by a balanced mix of owned and franchise stores. Omnichannel presence integrating online and offline channels for a seamless customer experience. Integrated manufacturing capabilities backed by ~165+ master karigars, ensuring quality, consistency, and craftsmanship. Company Overview Consolidated Revenue (INR Mn) & EBITDA Margins (%) 84,300 63,281 52,414 40,774 11.51% , 30,560 7.80% 7.20% 5.80% FY23 FY24 FY25 FY26 Q1-FY27 Revenue EBITDA margin 7.0% Our Brands
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17 The Humble Beginning Shri M C Sen started the jewellery business in Dhaka and shifted to Kolkata during partition. His son, Shri P C Sen, inherited the family business in 1968. 1938 to 1994 Franchisee Model And Largest Showroom 2000 - Opened first franchisee showroom in Durgapur, West Bengal. 2004 - Largest showroom with an area of 8,000 sq. ft. launched in Kolkata. 2007 - Mr Suvankar Sen joined the family business as a 4th- generation entrepreneur after completing his studies. 2008 - Introduces Gossip and Silver Fashion. 2000 to 2008 Investment From Marquee PE Investor 2014 Revenue crossed INR 10 bn. 2015 Raised INR 800 Mn equity from SAIF Partners India IV Limited (now Elevation Capital). Entered Bihar, Maharashtra & Uttar Pradesh. 2014 to 2015 Introduced Everlite 2016 Entered the southern region by opening a showroom in Bangalore. Introduced the Everlite brand. 2017 The total number of showrooms crossed 80. 2018 Revenue crossed INR 20 bn. 2016 to 2018 QIP and Share Split 2025 Incorporated Sennes into a wholly owned subsidiary and launched the Lab-Grown Diamond business. Raised QIP of Rs. 459 crore and share split of 1:2 ratio. 2026 Expanded retail footprint with new showrooms in Meerut and Nagpur, alongside franchise entry into Bikaner. Crossed 200+ showroom mark 2027 Inaugurated large showroom in Bhubaneshwar Orrisa of 6500 sq. ft. Added 8 new showrooms in Q1-FY27. 2025 to 2026 Mr Shaankar Sen joined the family business in 1979 and grew the business from three showrooms to over 100 showrooms by 2020. Senco Gold Limited The company was incorporated by merging existing proprietary and 2010 to 2013 Expansion New Geography 2nd Most Trusted Brand Recognition 2019 2019 to 2024 2024 partnership. 2010 Expanded footprint beyond WB by opening the first showroom in Assam. 2012 Launched the first showroom in Jharkhand under the franchisee model. 2013 Entered the northern region by opening a showroom in Delhi. Received the Best Promising Gems and Jewellery Brand award. Introduced Aham Men’s Brand. 2020 Crossed the 100-showroom mark. 2022 Raised INR 750 Mn equity from OIJIF II. 2023 Listed on NSE & BSE Awarded the 2nd most trusted jewellery brand by TRA • 1st International showroom in Dubai. • MCX Best Hedger Award. • Crossed 150+ showroom mark. • Entry into the Deloitte list of top 100 global Luxury brands. • Both PE funds, i.e. Saif Partners and OIJIF II, monetized their investment • Launch of Sennes Brand Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR Eight Decades of Heritage, Innovation & Growth
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18 Shri Maran Chand Sen Born to a school principal, Shri Maran Chand Sen began his jewellery business in Tanti bazar, Dhaka, in 1938. Following the partition in 1947, he moved to Kolkata and continued the business in the Chitpur area. He was the visionary behind the "Senco" brand and led a successful joint family enterprise with his five sons. Shri Prabhat Chandra Sen Shri Prabhat Chandra Sen, son of Shri Maran Chand Sen, embarked on his entrepreneurial journey in 1968 after inheriting a modest cloth store in Kolkata's Bow Bazaar through a family settlement. Demonstrating vision and determination, he transitioned into the jewellery business at the age of 42, laying the groundwork for future growth. Shri Shaankar Sen Founder Chairman Son of Shri Prabhat Chandra Sen, he joined the family business in 1979, leaving his postgraduate studies to pursue his entrepreneurial vision. As a dynamic business leader, he drove Senco's growth to over 100 showrooms, pioneered its franchise model, and facilitated private equity investment from SAIF Partners (now Elevation Capital). Shri Suvankar Sen Managing Director & CEO Son of Shri Shaankar Sen, he joined the family business in 2007 after completing his PGDBM from IMT Ghaziabad. Since then, he has led the brand through a remarkable growth phase, championing technology adoption and modern management practices. He successfully secured the second round of private equity investment from OIJIF II and successfully listed the company on NSE and BSE in July 2023, followed by a successful QIP in December 2024. Legacy-Driven Founding Family
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19 Over 30 years of experience in the jewellery industry Holds a bachelors degree in arts from the University of Calcutta Associated with Senco Gold since its incorporation Recognized with Ratna Garbha Award for Exemplary Motherhood by Bengal Chamber of Commerce & Industry RANJANA SEN Executive Chairperson SUVANKAR SEN Managing Director and CEO • 20+ years of experience in the jewellery industry and associated with Senco since 2005 • Bsc.(Hons) in economics from St. Xavier’s college and PGDBM from IMT, Ghaziabad • Awarded The Rising Star, 40 Under 40 Award at IIJS Premier 2023 organized by GJEPC, CEO of the year for Phygital Technology Impact at the Retail Jewellery MD & CEO Awards, 2022 and young business leader by Sanmarg in 2023 • Committee and Board member of GJEPC, ICC gems and jewellery panel and ASSOCHAM bullion and jewellery council JOITA SEN Whole Time Director & Head Marketing & Design • Experience of 16+ years in jewellery designing and marketing • BA English (Hons) from St. Xavier’s College, Kolkata, and Masters in English from Presidency College • Joined the company in 2009 and been instrumental in conceptualizing and launching brands like Gossip. She keeps a pulse on changing customer demographics and design preferences. • Under her leadership, the company has received several prestigious awards, including the Jagran Achiever’s Award 2023 for Excellence in Design Innovation in Gold & Diamonds and the YFLO Trendsetter Award 2024 for Fashion & Jewellery. BHASKAR SEN Independent Director • Finance and Banking professional with over 4 decades of experience • Previously associated with United Bank of India as the Chairman and Managing Director, Bandhan Bank Limited ( independent director), and Dena Bank (Executive Director) KUMAR SHANKAR DATTA Independent Director • Over 4 decades of experience in Finance, Strategy, Project Management, ERP implementation and Management Consulting • Experienced Finance professional (M.Com, FCA, AICWA) • Held finance leadership roles at ITC, Haldia Petrochemicals, Birla Tyres, Rice Group, Jardine Henderson Group, Edcons Group and ex CFO of consulting divisions of PWC India and KPMG India. SHANKAR PRASAD HALDER Independent Director • Telecom engineer from Indian Institute of Engineering Science and Technology with over 3 decades of experience in Telecom and Technology domain in group CXO role at Bharti Airtel, Modi Telstra and Escotel Communication • Founder and CEO of Pinnacle Digital Analytics - a data analytics and AI company SUMAN VARMA Independent Director • Marketing and Branding over 3 decades of experience in Media agencies and corporates. • Holds a Master’s degree in comparative literature from Jadavpur University • Earlier associated with J Walter Thompson (India), Rediffusion – Y & R (India) and Hamdard Laboratories (India) • Consultant with several top corporates on brand building and growth strategies Board of Directors
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20 Business Excellence Awards Best Hedger Award by MCX Awards 2024 The Rising Star, 40 Under 40 Award by IIJS Premiere 2023 and Gem & Jewellery Export Promotion Council Ratnagarbha Award for Exemplary Motherhood by Bengal Chamber of Commerce & Industry in 2024 Platinum Guild International Award- Season of Love-2025 IAGES Accreditation Franchisor of the Year Award 2025 Great Place to Work Certificate 2025 2nd most trusted brand award by TRA Research in 2025 The Young Business Leader by Sanmarg 2023 Visionary Woman Entrepreneur in Gold & Diamond Jewellery by Times Business Awards 2025 Women Achiever for the "Udyog Urja Award" Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR Celebrating Milestones of Trust and Credibility YFLO Trendsetter for Fashion/Jewellery Award in 2024 Sera Bengali Award by ABP Ananda 2022 New Powerful Women Entrepreneur Award by Jagran Achiever Awards 2023 Excellence in Design Innovation in Gold & Diamond by Jagran Achiever Awards 2023 India’s Most Respected Family Barclay And Hurun Award in 2024 Best Jewellery Retailer of the Year by IREC Awards 2024 Business Woman of the Year Award, Designs and Campaigns in 2024 ET Inspiring Women Leaders 2023
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Business
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Chandigarh - 2 Gurgaon - 2 Delhi NCR - 9 Bikaner - 1 Gwalior - 1 Dehradun - 1 Ghaziabad - 1 Noida- 1 Uttar Pradesh - 11 Gangtok - 1 Bihar - 7 Assam - 5 Bhopal - 1 Jharkhand - 9 Agartala - 1 Indore - 1 Bilaspur - 1 WB - 105 Mumbai - 5 Pune - 3 Bangalore - 3 Nagpur - 1 Hyderabad - 3 Raipur - 2 Odisha - 12 During Q1, we launched net 8 showrooms in West Bengal, Bihar, Odisha, and Uttar Pradesh Metro & Tier 1 Tier 2 Tier 3 Tier 4 & Below Total Company Showrooms 57 46 8 7 118 Franchisee Showrooms 1 24 18 46 89 Tier classification has been revised based upon potential, population and inter se positioning 22 Expanding Pan-India Retail Footprint Presence in Tier 3 and 4 Cities through Franchisee Route Geographically Diversified Presence 18 States & UT 133 Towns & Cities 2 Dubai 118 Company Showrooms 6.02 lacs sq. ft. Aggregate Retail Space Region Own Franchisee Total West Bengal incl Kolkata 47 62 109 North including Delhi NCR 22 3 25 East(Excluding WB) 15 17 32 North East 2 4 6 West 9 1 10 South 5 0 5 Central 5 2 7 International-Dubai 2 0 2 Sennes 13 0 13 Total – 30th June, 2026 120 89 209 Total – 31st March, 2026 116 85 201 Total – 30th June, 2025 110 76 186 Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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23 D’Signia • Target Audience: For lovers of exclusive designs • Average Ticket Value (ATV): ~INR 1,40,000 • Presence: 13 showrooms focused on premium & design-led jewellery Sennes • Target Audience: Style-savvy consumers • Average Ticket Value (ATV): ~INR 36,000 • Presence: 13 showrooms catering to affordable fashion jewellery * Everlite includes “Karigari Hut” and Sencoverse formats. #Excluding Dubai Showroom Customer Centric Showrooms • Target Audience: Buyers seeking timeless elegance • Average Ticket Value (ATV): ~INR 1,23,000 • Presence: 160 showrooms – the widest network across the portfolio Classic • Target Audience: Younger generation & millennials • Average Ticket Value (ATV): • ~INR 57,000 • Presence: 5 showrooms offering lightweight, trendy jewellery • Showrooms at Railway Stations at Kolkata and Andheri Metro Mumbai . Everlite • Target Audience: For the new age India • Average Ticket Value (ATV): ~INR 1,30,000 • Presence: 12 showrooms catering to contemporary tastes Modern House of Senco • Target Audience: Esteemed patrons seeking a comprehensive multi-brand format • Average Ticket Value (ATV): ~INR 99,000 • Presence: 4 flagship showrooms showcasing curated collections
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24 Senco Everlite Gossip Aham Perfect Love Sennes Price Range INR 20,500– INR 50,00,000 INR 4,000 – INR 11,41,000 INR 800 – INR 20,000 INR 15,000 – INR 45,00,000 INR 20,000 – INR 5,30,000 LGD – INR 5,000 onwards Fragrance – INR 800 to INR 2,900 Bags – INR 2,500 to INR 29,800 Accessories – INR 999 to INR 6,000 Collection Gold, diamond, platinum, and silver jewellery featuring Bengal artistry along with wedding and bridal collections. Lightweight, Everyday fine Jewellery Silver and Fashion Jewellery Men’s Jewellery Solitaire Diamonds Lab-grown Diamonds, Leather Bags & Fragrances Significance Symbolizes trust, heritage, and emotional connection; known for blending tradition with technology and representing enduring value for diverse Indian customers. Everlite offers fine jewellery collections, from bold statements to minimal pieces, embodying effortless everyday elegance. Gossip offers stylish jewellery from fashion pieces to American diamond, zircon, fine silver, antique, polki, and oxidized silver designs. Aham offers wide range of men’s jewellery that embodies subtle masculine luxury. Perfect Love offers an exclusive range of solitaire diamond jewellery, crafted with timeless elegance and sophistication. Sennes is a premium, contemporary jewellery brand targeting younger, urban customers with lifestyle designs. Diverse Brands From Aspirational to Premium
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25 Our Plans Particulars Plan Tenure Minimum Enrolment Amount Benefit after plan completion Swarna Labh 6 months Rs. 1,000 30% of first instalment Swarna Yojana 11 months Rs. 1,000 75% of first instalment Swarna Vriddhi 18 months Rs. 1,000 150% of first instalment Swarna Saubhagya 11 months Rs 12,000 Recurring gold qty booked and 15% discount on making charge % (i.e. if making charge is 18% it will be levied at 3%.) Attractive Jewellery Purchase Plans Encourages disciplined jewellery savings, ensuring predictable demand flow. We also offer Marigold Scheme under Fixed ( Min Rs 10k and Total Rs 50k) ; Flexi Model ( Min Rs 100k) Strengthens customer stickiness through long-term engagement and repeat purchases. Provides steady cash inflows, supporting working capital and business visibility.
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26 Digital-first investment platforms by Senco, designed to make precious metals accessible, affordable starting with Rs 800 for Gold and Rs 890 for Silver. My Digi Gold: Enables customers to buy, sell, and accumulate gold in small denominations, with the flexibility to convert digital holdings into physical jewellery. My Digi Silver: Offers customers the ability to invest in silver digitally, providing an affordable entry point into precious metal ownership with secure storage. Both platforms target millennials, Gen Z, and first- time investors, aligning with the shift towards digital savings and modern investment habits. Strengthens Senco’s omnichannel presence, connecting digital investment with jewellery retail and enhancing customer loyalty. Digital Platforms for GenZ and Convenience MY DIGI GOLD • The total number of registrations as June 2026 for MyDigiGold is 1,53,902+. App download stands at 77,596+. MY DIGI SILVER • The total number of registrations as of June 2026 for MyDigiSilver is 75,830+. App download stands at 28,733+
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Lab-grown Diamond jewelleries Leather Bags & Accessories Fashionable leather Accessories INR 999 to INR 10,199 Leather Bags INR 8,000 to INR 29,800 Fragrance INR 990 to INR 2,990 Products Range of products Presence 13 Exclusive Brand Outlets 3 Multi Brand Outlets in Delhi, Dehradun & Chandigarh (3 SIS inside HOS showrooms) 61 SIS (Leather) outlet in Senco Showrooms across India 95 SIS (Fragrance) outlet in Senco Showrooms across India Lab-Grown Diamond Geographical presence 13 EBOs & 3 MBOs in East, North & South. 6 SIS in Shopper Stop. *SIS – Shop inShop, MBO – Multi Brand Outlets, EBO – ExclusiveBrand Outlets, LGD – Lab GrownDiamonds Lab-Grown Diamonds 27 Sennes: Redefining Modern Luxury Fine Fragrances for Him & Her LGD Starting from INR 5,000 Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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Marketing & Distribution
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29 Building Momentum Through Purposeful Promotions
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30 Bangle Utsav Every woman has a unique story of dreams, choices, and achievements. Bangle Utsav celebrates these journeys with elegant bangles, recognising that every moment in her hands deserves to shine. Senco Old Gold Exchange Senco Old Gold Exchange allows customers to exchange old gold jewellery—even from any jeweller—with 0% deduction, making it easy to upgrade to new designs while giving old jewellery a fresh beginning. Retro Collection Launch The Retro Collection by Everlite by Senco blends vintage charm with modern styling. Crafted in certified gold and diamond, it features lightweight jewellery designed for everyday wear and office styling. Art Deco Collection Launch The Art Deco Collection combines vintage glamour with bold geometric patterns and clean architectural designs. It brings together classic aesthetics and modern craftsmanship to create elegant, sophisticated jewellery. Halke Fulke Moments Halke Fulke Moments showcases Senco's lightweight daily-wear jewellery, celebrating everyday occasions, personal milestones, and joyful moments with stylish, comfortable designs. Key Campaigns & Collection Highlights
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Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR 31 ~18,000 orders fulfilled through E-commerce channels (including Quick Commerce orders) (as on Q1-FY27) 164% YoY growth in digital sales (including Quick Commerce Sales) (as on Q1-FY27) 3.09 Mn+ website visits (Senco) Expanding our digital footprint with strong adoption across e-commerce and app platforms, driving growth in online sales and deepening customer engagement. Also available on Accelerating Growth Through Digital Channels
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Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR 32 National Ambassadors Regional Ambassadors Endorsed by Our Ambassadors Kiara Advani Vidya Balan Swastika Dutta Sauraseni Mitra Sourav Ganguly Kartik Aaryan Ishaa Saha Driving Pan India Brand Loyalty Marketing expense & % of Revenue 1,581 1.99% 1.97% 1.88% 1.68% 1,034 1,066 810 1.1% 347.3 FY23 FY24 FY25 FY26 Q1-FY27
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Strategy
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India's jewellery TAM: $90 Bn (FY25) → $130 Bn (FY30E), organised share rising 40% → 50% — built to outgrow the category. Strategy to achieve long term goals Franchise-led, asset-light expansion FOFO/FOCO already 42% of showrooms (85 of 201) at near-zero capex to Senco — the primary engine scaling Tier III/IV and Bharat reach to 1.4x stores. Operating leverage Strong SSSG and the hub-and-spoke model lift asset utilisation and inventory turns as the store base matures, widening EBITDA margin toward 8%+. Lightweight & premiumisation Sennes, Everlite and Gossip win millennial/Gen-Z share in lightweight jewellery, while stud ratio (11.0% → 15%+) shifts mix toward higher-margin studded and diamond lines. East stronghold, national footprint Deepen the 87-year East India leadership in brand trust and density, using it to fund and de-risk expansion into non-East and Tier III/IV geographies. 34 Vision 2030 OUR VISION FOR FY30 FY26 ACTUAL → FY30 ASPIRATION Stores 201 showrooms → 300+ Revenue Rs 8,430 Cr → Rs 20,000 Cr EBITDA Rs 969 Cr (11.5%) → ~8%+ margin PAT Rs 574 Cr (6.8%) → ~4.5-5%+ margin Stud Ratio 11.0% (11.6% Q4) → 15%+ ROE 25.6%* → 20%+ ROCE 22.5%* → 20%+ 1 2 3 4
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Strategies to Drive Future Growth Passionately driving sustainable and profitable growth 1 across India ▪ Sustain, strengthen and leverage the franchisee model to drive growth in Tier 3 and Tier 4 towns ▪ Enhance asset utilization and drive revenue CAGR through strong Same Store Sales Growth (SSSG) ▪ Upsell high-margin lifestyle products and accessories under the Sennes brand 2 Elevate the hyperlocal strategy across all customer-facing touchpoints 3 Customer Centricity and Delight as Fulcrum of Operating Strategy Elevating Capacity and Igniting 4 Excellence 5 Constantly Sharpen Profitability and Cash Flows spectrum ▪ Continuously innovate design to cater to local tastes and fashion trends ▪ Promote Light Weight jewellery targeting millennials and Gen Z through brands like Sennes, Everlite, Gossip via Omni channel strategy ▪ Leverage national and regional brand ambassadors and influencers to strengthen market connect ▪ Harness data science and CRM to forecast buying trend and drive ASP and ATV ▪ Attract millennial and future brides through digital marketing and social media ▪ Competitive Pricing, Lifetime relationship, and Hallmarked & certified products ▪ Continuously enhance Capacity to scale up the growth quotient ▪ Drive extensive adoption of technology across all functions to enable sustainable growth ▪ Ensure proactive risk management, sustainable development, and strong ESG commitment ▪ Enhance sale of higher margin jewelleries, Diamond, Polki, Temple, Antique ▪ Optimize Inventory Turnover to enhance Store and Space productivity by Hub- and-Spoke Model ▪ Increase the proportion of gold metal loans to reduce borrowing costs and strengthen hedging mechanisms ▪ Generate robust Free Cash Flow for future expansion & working Capital need 35 Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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Strategy Business AI-Driven Martech 08 3600 CRM platform 07 Data Driven Decision Making 06 AI-Driven Customer Service 01 ERP driven organization 02 ISO Certification 03 Modern Digital Platforms Centralized Network Management System Company Marketing & Distribution Industry ESG & CSR 36 Digital Focus and Integrated Systems Financials 05 04
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37 OMNI CHANNEL HYPERLOCAL Fulfillment Hub & Spoke Model Ai based Recommendation and Campaign Management Order Processing App Website Customers Video/ Tele-call Customer location E-commerce Metaverse Walk-in / Order dispatch Omni-Channel Retail Network: Phygital Strategy Our Omni-Channel Retail Strategy Empowers Customers to Connect with us Anytime Anywhere 209 Showrooms Over ~91% of Own showrooms are leased ‘MySenco’ app with almost 1,22,200 Lakhs + Upto June 2026 Websites & Apps sencogoldanddiamonds.com sencogold.com (corporate website) mydigigold.com www.everlite.in mydigisilver.com Sennes.in www.mygossip.in Sencoverse.com
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38 159 175 127 136 Q1-FY27 FY26 FY25 Franchisee FY24 Company FY23 FY22 75 70 103 93 120 116 61 57 66 72 89 85 209 201 Senco has launched (net) 98 showrooms from FY21 # of Showrooms FY26 Q1-FY27 FY25 Franchisee FY23 FY24 Company FY22 55% 60% 63% 64% 65% 62% 33% 33% 35% 31% 31% 35% Franchisee showrooms contribute ~33% of revenue Strategic Advantage of Dual Franchise Formats (FOFO & FOCO) ▪ Leverage the hub-and-spoke model to strategically expand into Tier-III and Tier-IV cities under the broader Bharat Strategy. ▪ Provide end-to-end support to start operations, including store design, staff hiring and training, market research, sales techniques, and product knowledge. ▪ In both the models, FOFO and FOCO – Store Capex ( say Rs 1.5 cr+) and working Capital for Inventory ( Rs 15 Cr +) is invested by the Franchisee. We charge one time signing fee and an annual support fee towards marketing and ERP support. ▪ In the FOFO model, Senco does not bear any opex of stores. ▪ In the FOCO model, Senco reimburses key operating expenses such as employee salaries, marketing, discounts, electricity, etc. ▪ Seasonal credit support and assistance in availing bank finance. Focusing on ‘Franchisee-Owned, Franchisee-Operated’ (FOFO) approach to expand reach efficiently in line market competition. Proportion to revenue from operations (excluding franchisee fees and discount allowed) Successful “Asset-Light” Franchise Model Franchisee store leads to higher ROE for Senco Over 90% of showrooms are in FOFO model (11 FOCO Model)
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Strategy Accounting Treatment of Hedge Impact • Senco’s hedge accounting is aligned with Ind AS 109( IFRS 9), for treatment of hedging gains and losses (realised and unrealised). • Ind AS 109 classifies hedging gains and losses as Fair Value Hedge (effective or ineffective) or cash flow hedge, based on detailed guidelines therein, based on the nature and purpose of hedging transactions. • The impact of an Effective hedge is adjusted to inventory valuation through WACC method, thus impacting Gross Margin while impact of ineffective hedge is reported as other income or other expenses. Since Senco does not apply Cash Flow Hedge accounting, any reference to OCI or deferred recognition of hedge ineffectiveness is not applicable, and any derivative impact, if present, is recognised directly in the Statement of Profit and Loss in accordance with Ind AS 109. Business • Buying old gold and rate fixing of trading jewellery and GML on a daily basis for the equivalent amount of gold sold (say if 25 kgs is sold today say @ Rs. 15,000/gm, then 22 -28 kgs will be bought the same day or next day @ Rs. ~15,000/gm), ensures that there is no cash loss or business losses. • Usually, the gold purchase quantity is always more, considering the launch of new stores as well as the festival period readiness. • Most jewellers strictly adhere to this policy to mitigate business risk. Key Highlights • Hedging policy enables risk management in case of price volatility. • Average Inventory hedging level up to ~50% FY26 • Calibrated Hedging level in case of a price rise to manage working capital. • 100% compliance of Hedge accounting standard i.e Ind AS 109 duly audited by Stat Auditor. Unfixed Gold Metal Loan(GML) (~10% to ~40% of Gold Inventory) ▪ Borrow gold from bullion banks through GML @3.4% p.a ▪ Price can be fixed anytime up to 180 days; thus due to an unfixed price, if the gold price falls, the GML loan liability also reduces and vice versa. ▪ Thus, unfixed GML acts as a hedging instrument. MCX Futures & Options (~10% to ~40% of Gold Inventory) ▪ Futures and Options derivatives (Sell position) ▪ In case of price rise, there will be a realisation gain; and a realisation loss in case of price fall. The MCX derivative position will lead to a loss in case of a price rise and a gain in case of a price fall. Thus offsetting the inherent risk of loss in case of a gold price fall, with resultant no gain in case of a price rise. ▪ Hedging cost( Brokerage fee) is very marginal, say 0.005%; however, precious working capital is blocked for margin, especially margin calls during price rise. Company Marketing & Distribution Industry ESG & CSR 39 Gold Price Risk Management & Hedging Old Gold ~40% Trading Jewellery ~24% GML Rate booking ~27% Hedging Mechanism Sales Hedging (Daily/Weekly) (90%-110%) Inventory Hedging (~50% of gold inventory value as per board policy) Financials
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Industry
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41 India’s Gem and Jewellery Sector (USD Bn) 162 106 115 FY25 FY26 FY30E Unorganised 2029E 2025 Organised 2020 50% 40% 32% 60% 68% 50% Rising Share of Organized Retail In Jewellery To Continue Upward trajectory of gold prices Rising interest in other categories, such as diamonds, other precious stones, and costume jewellery Better customer service and policies Expanding Expanding economy More robust regulatory structure Increased disposable income 10% Fashion 30% Daily wear 60% Bridal 10%-15% gifting Gold demand by jewellery type (%) Bridal jewellery constitutes large share of the demand Source: IMARC Report, CRISIL, Technopak Report, Secondary Research, ET Retail Note *TAM – Total Addressable Market India’s Gems and Jewellery Market likely to Scale to TAM of $ 162 Billion Financials Company Business Marketing & Distribution Strategy Industry ESG & CSR
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42 Breakup of Indian Jewellery Market into Gold, Studded and Other G hers Gold Jewellery Demand and Ownership is Higher in Rural India and Rises with Income Levels Urban India 40% Rural India 60% West Bengal, Maharashtra Have the Most BIS- Registered Hallmarked Gold Jewellery Retailers West Bengal, 17% Others, 31% Maharashtra, 17% Tamil Nadu, 8% Gujarat, 8% UP, 7% Rajasthan, 4% Kerala, 4% Karnataka, 4% The 2nd Largest Jewellery Consuming Nation Others, 26% China, 28% Middle East, 9% United States, 7% Europe, 4% India, 26% 4% 4% 12% 13% 84% 83% FY24 FY29E old Jewellery Studded Jewellery Ot Source: Company Annual Reports; WGC; Industry; CRISIL, MI&A Research, Technopak India’s Gems and Jewellery Market: Rural Bharat Leads Demand Breakup of Gold Consumption by Jewellery and Bars & Coins 61% 62% 39% 38% FY25 FY28E Jewellery Bars & Coins India is the 2nd largest gold market in the world 70% Share of gold jewellery out of the total gold demand Inventory Obsolescence Risk NIL 3rd Highest component of retail consumption
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43 Evolution of Consumer Preferences: Market Transparency, Product Purity, and quality benchmark Brand Awareness: Growing momentum driven by marketing strategies of organized retailers Service Excellence: Extended service focus: Vital for long-term jewellery investment Changing Consumer Trends Demonetization: Transparency Enhanced Through Cashless Transactions GST: Implemented Tax Compliance Measures Mandatory PAN: For transactions over ₹2,00,000: Buyer PAN card required Rural Policy: Given rural India's deep connection to gold culture Hallmarking of Gold Jewellery with HUID Marking: Mandatory, starting from the year 2021 Mandatory HUID from 2023 Mandatory Hallmarking for 9 Carat Gold from July 2025 Anti Money Laundering (AML) Applicability: CBIC designated as a regulator for the jewellery industry Regulatory Developments BIS Hallmarking More Quality Consciousness After-sales Service Employee Training for Enhanced Customer Transparent Pricing Enhancing Customer Trust Product Certification Purity assurance, lifetime maintenance and guarantee of life-time buy back and exchange specially for Diamond & Polki Certifications – SGL, IGI, GIA, Gemex Satisfaction and Loyalty Point, lifetime free maintenance, buyback and Exchange, Diamond Jewellery in EMI Transparency in Gold purity Valuation and Purity Verification in Customer's Presence by Gold testing machine Consistent Shift from Unorganized to Organized Jewellers
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ESG, CSR & Capital Markets
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45 Environment Social Governance Sustainable Sourcing & Inclusive Growth Commitment to sourcing ethically and environmentally responsible materials, including ~43% recycled gold and partnering with MSMEs and small producers Resource Efficiency • 80% reduction in single-use plastic bottles through glass and filtered water. • 3,838 paper registers eliminated annually, saving 767.6 kg paper (~13 trees). • 49,050 non-woven plastic carry bags eliminated via jute and paper alternatives. • Water wastage reduced through push taps and showroom-level water monitoring. Energy Efficiency & Clean Energy Transition • 8,470 kWh renewable energy generated in FY26. • Digitization of store-level records through PAZO App to eliminate paper usage and improve resource and energy efficiency across retail operations. Diversity, Equity & Inclusion (DEI) Promote a diverse, equitable and inclusive workplace for all employees and partners Fair Practices & Safe Work Environment Ensure fair compensation, safe working conditions, and labor law compliance through structured awareness programs, regular training, and rewards & recognition for artisans, including marginalized communities Community Engagement & Empowerment Support local communities via skill-building, livelihood programs, and social development initiatives Ethical Business Conduct Maintain strict business ethics, anti-corruption practices and transparent communication of ESG performance Board Oversight & Accountability Strong ESG oversight at the board level with integration into corporate strategy; stakeholder engagement through regular ESG disclosures aligned with industry standards Governance Framework Over 20 years of strong corporate governance with reputed independent directors, top auditors and ERP-driven controls Beyond the Shine: Senco’s ESG Value System
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46 CORPORATE SOCIAL RESPONSIBILITY | FY IMPACT SNAPSHOT Ten community programmes across West Bengal, Jharkhand and beyond, built to create durable livelihoods, not one-off charity. EDUCATION Digital resource centre, school libraries and Kishalay learning programmes SKILLING 60-hour retail orientation under NEP and a General Duty Assistant health course LIVELIHOODS Sewing machines and enterprise support for rural women in Jhargram ENVIRONMENT Project Swarna Sundari mangrove restoration in the Sundarbans Community investment that strengthens brand trust, local hiring pipelines and long-term customer relationships. Investing in people, prosperity and planet Mangrove restoration, Sundarbans Skilling centre, Baguiati Livelihood kits for women, Jhargram Kishalay learning programme
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47 Sl No. Category Holding % 1 Promoters 64.50% 2 Foreign Institutional Investors 6.87% 3 Mutual Funds 6.47% 4 Qualified Institutional Buyer 5.10% 5 Alternative Investment Funds 0.81% 6 Public Shareholders 16.25% Promoters, 64.50% Mutual Funds, 6.47% Foreign Institutional Investors, 6.87% Qualified Instiutional Investors, 5.10% Public, 16.25% Alternative Investment Funds, 0.81% Shareholding Pattern as on 30th June 2026 Sl No Top shareholders as on 30th June 2026 Holding % 1 Bandhan Small Cap Fund 3.7% 2 ICICI Prudential Life Insurance Company Limited 3.2% 3 Tata AiA Life Insurance Company Limited 2.1% 4 Ashoka Whiteoak/ Whiteoak Capital 1.9% 5 Sundaram Mutual Fund A/C Sundaram Services Fund 1.7% 6 Bank Of India Consumption Fund 0.8% 7 Government Pension Fund Global (Norges Bank, Norway) 0.8% 8 Mirabilis Investment Trust 0.6% 9 ICICI Lombard General Insurance Company Ltd 0.6% 10 Abu Dhabi Investment Authority - ADIA 0.6% 11 Matthews Emerging Markets Small Companies Fund 0.5% 12 Sameeksha India Equity Fund 0.5% 13 India Acorn Fund Ltd 0.3% 14 Canara HSBC Life Insurance Co Ltd 0.3% 15 Enigma Small Opportunities Fund 0.3%
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48 Sl No Short Form Long Form Details 1. ROE Return on Equity PAT/Avg Net worth 2. ROCE Return on Capital Employed EBIT (PBT- Finance Cost)/Avg Capital Employed (Avg Net wroth + Avg Borrowing incl. GML) 3. Net Debt Net Debt Total Borrowings (incl. GML) less Cash/Bank/FD/Margins Etc. 4. ASP Average Selling Price Sales/No of units sold 5. ATV Average Transaction Value Sales/No of invoices 6. SSSG Same Store Sale Growth Sales growth from same stores (excluding new stores). Same store means stores opened prior to 01st April 2025 for FY26-27. End Consumer Sales (Secondary sales for sales made to franchisee) are considered for SSSG. 7. GML Gold Metal Loan Borrowing gold from banks instead of cash to manufacture jewellery (hedges against gold price fluctuation) 8. Inventory Ratios Inventory Turnover Ratio Inventory Days Total Revenue / Avg. Inventory Avg. Inventory / 1 Day Sales (Total Sales / No. of Operating Days) 9. CCC Cash Conversion Cycle Inventory Days+ Receivable days –Payable Days 10. Stud Ratio Stud Ratio Diamond Jewellery Sales/ Total Retail Primary Sales (Excluding Exports). 11. COCO Company Owned Company Operated Company stores where inventories owned by the company, whether lease or owned property 12. FOFO Franchisee Owned Franchisee Operated Franchisee invests in Capex & Inventory. Senco does not bear any store Opex. 13. FOCO Franchisee Owned Company Operated Franchisee invests in Capex & Inventory. Senco reimburses key Opex (salaries, marketing, electricity, etc.). Definition and Abbreviation
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THANK YOU Valorem Advisors Tel: +91-22-35075100 Email: senco@valoremadvisors.com Investor Kit Link: https://www.valoremadvisors.com/senco CIN: L36911WB1994PLC064637 Telephone: +91 33 4021 5000 Email: IR@sencogold.co.in Website: https://www.sencogold.com/ For further information, please contact Sanjay Banka Group CFO & Head IR sanjay.banka@sencogold.co.in