Senco Gold share price target: What MOFSL says on Q2 sales, store addition; Q3 demand
MOFSL said Senco Gold is on track to achieve the FY26 target of 20 new showrooms, with 7-8 launches planned in H2FY26 (Q3 and Q4).
- Oct 9, 2025,
- Updated Oct 9, 2025 8:51 AM IST
MOFSL has suggested 'Neutral' rating on Senco Gold with a target price of Rs 385 following the jeweller's pre quarterly update for Q2. Senco Gold reported a muted revenue growth on high gold prices, but its store expansion was on track, the domestic brokearge said.
MOFSL said Q2 revenue for Senco Gold rose 6.5 per cent YoY, which was a miss. This is amid a high base in Q2FY25 due to the custom duty cut, a slowdown during the Shraddh period (September 7-21), demand diversion toward capital goods following a sharp GST reduction, and adverse weather conditions (heavy rains and floods) in Kolkata and West Bengal.
It noted that store expansion and network growth continued retail expansion, with five new showrooms opened in Q2FY26, bringing the total count to 184 stores (excluding Sennes). This included one company-owned store in Kolkata and three franchise stores (one in Bihar, two in West Bengal). Besides, Senco opened one international showroom in Dubai in Q2.
It expanded Shop-in-Shop (SIS) presence from 19 to 24 locations, while Sennes brand expanded with one new showroom in Hyderabad, reaching eight exclusive stores and 100+ SIS counters within SENCO’s COCO and FOFO showrooms.
MOFSL said Q3 is expected to be the strongest quarter of FY26, driven by Dhanteras, Diwali, and the peak wedding season. Inventory has been strategically built with a mix of festive and bridal collections, lightweight jewellery, and the introduction of 9K gold jewellery to cater to evolving consumer preferences.
The overall outlook, MOFSL said, remains optimistic, supported by favorable macroeconomic environment, higher disposable incomes post-GST cut, and robust festive and wedding-related demand. It said the trailing twelve months (TTM) sales reached approximately Rs 6,800 crore, reflecting consistent YoY growth and strengthening brand positioning.
MOFSL said Senco Gold is on track to achieve the FY26 target of 20 new showrooms, with 7-8 launches planned in H2FY26 (Q3 and Q4). The Senco management is confident of achieving 18-20 per cent topline growth for FY26.
For the quarter diamond Jewellery continued its strong momentum since Q4FY25, delivering 12 per cent value growth in Q2FY26, as well as 31 per cent value and 14 per cent volume growth in H1FY26. Silver Jewellery reported a sharp 54 per cent value growth in Q2FY26.
MOFSL has suggested 'Neutral' rating on Senco Gold with a target price of Rs 385 following the jeweller's pre quarterly update for Q2. Senco Gold reported a muted revenue growth on high gold prices, but its store expansion was on track, the domestic brokearge said.
MOFSL said Q2 revenue for Senco Gold rose 6.5 per cent YoY, which was a miss. This is amid a high base in Q2FY25 due to the custom duty cut, a slowdown during the Shraddh period (September 7-21), demand diversion toward capital goods following a sharp GST reduction, and adverse weather conditions (heavy rains and floods) in Kolkata and West Bengal.
It noted that store expansion and network growth continued retail expansion, with five new showrooms opened in Q2FY26, bringing the total count to 184 stores (excluding Sennes). This included one company-owned store in Kolkata and three franchise stores (one in Bihar, two in West Bengal). Besides, Senco opened one international showroom in Dubai in Q2.
It expanded Shop-in-Shop (SIS) presence from 19 to 24 locations, while Sennes brand expanded with one new showroom in Hyderabad, reaching eight exclusive stores and 100+ SIS counters within SENCO’s COCO and FOFO showrooms.
MOFSL said Q3 is expected to be the strongest quarter of FY26, driven by Dhanteras, Diwali, and the peak wedding season. Inventory has been strategically built with a mix of festive and bridal collections, lightweight jewellery, and the introduction of 9K gold jewellery to cater to evolving consumer preferences.
The overall outlook, MOFSL said, remains optimistic, supported by favorable macroeconomic environment, higher disposable incomes post-GST cut, and robust festive and wedding-related demand. It said the trailing twelve months (TTM) sales reached approximately Rs 6,800 crore, reflecting consistent YoY growth and strengthening brand positioning.
MOFSL said Senco Gold is on track to achieve the FY26 target of 20 new showrooms, with 7-8 launches planned in H2FY26 (Q3 and Q4). The Senco management is confident of achieving 18-20 per cent topline growth for FY26.
For the quarter diamond Jewellery continued its strong momentum since Q4FY25, delivering 12 per cent value growth in Q2FY26, as well as 31 per cent value and 14 per cent volume growth in H1FY26. Silver Jewellery reported a sharp 54 per cent value growth in Q2FY26.