National News
Senco Gold Q1 Revenue Jumps 28% on Festive Demand and Store Expansion
Robust consumer sentiment and nine new showroom launches drive growth; gold prices rise fails to dent buyer appetite
Senco Gold Ltd posted a 28% year-on-year increase in total revenue for the first quarter of FY26, propelled by strong festive demand and aggressive retail expansion. The jewellery retailer’s retail revenue grew 24% during the quarter, highlighting increased footfall and consumer interest across its growing showroom network.
Sales were buoyed by festive celebrations such as Akshay Tritiya, Baisakhi, Bihu, Poila Baishakh, and Ramnavmi, particularly in core markets like West Bengal, Punjab, and Assam, where Senco holds strong brand equity. Despite a 32% spike in gold prices—ranging between ₹86,900 and ₹1,01,000 per 10 grams—consumer appetite for gold jewellery remained resilient.
During the quarter, Senco launched nine new showrooms, bringing its total store count to 179 nationwide. The company continued to focus on brand-led strategies aimed at lifestyle-focused and festive shoppers through its diverse product lines.
Looking ahead to Q2 FY26, Senco plans to open 11 additional showrooms, aiming to meet its full-year target of 20 new outlets. It also intends to scale up its sub-brands — Sennes, Gossip, and Everlite — through franchise models to deepen its reach in urban and semi-urban markets.
Shares of Senco Gold Ltd rose 2.22% on Friday, closing at ₹350.05 on the BSE, up ₹7.60 from the previous session.
Silver prices experienced a dramatic single-day surge of RS10,000 on Monday, reaching Rs1.74 lakh per kg. This rally is part of a larger trend that has seen silver prices double in the last 12 months (outperforming gold’s 60% gain).
The price acceleration is primarily attributed to a persistent global supply deficit, increased investment demand, and macroeconomic factors like a weaker US Dollar and rising expectations of interest rate cuts by the US Federal Reserve. Experts predict the supply shortage will continue, providing significant headroom for further price appreciation into 2026.
The spike to Rs1.74 lakh per kg 1.64 lakh per kg was driven by four interconnected factors:
- Supply Squeeze: The most critical driver is the ongoing global silver supply shortage. The total silver production stands at approximately 26,000 tonnes, while the deficit this year is estimated between 6,000 and 7,500 tonnes, one of the largest in recent decades. Global demand has been consistently outstripping supply since 2020, as most silver is mined as a by-product of other metals (gold, lead, zinc), limiting its independent supply growth.
- US Rate Cut Expectations: Rising anticipation that the US Federal Reserve will cut interest rates, likely due to a projected economic slowdown continuing into 2026, is attracting investors back to non-yielding assets like silver and gold.
- Softer US Dollar: A globally weaker US Dollar makes dollar-denominated commodities, including silver, cheaper for holders of other currencies, thus boosting demand.
- Rupee Weakness: The recent weakness of the Indian Rupee against the US Dollar further contributes to the higher price of imported silver in the domestic market.
Investment demand for silver reached a projected 1,751 tonnes in calendar year 2025, reflecting a sharp 350-tonne increase from 2024 levels, as reported by Metals Focus. This surge stemmed from persistent market deficits—marking the seventh consecutive year—with cumulative shortfalls nearing 25,000 tonnes since 2021, fueled by structural supply constraints and accelerating industrial needs. Retail and institutional interest, particularly in Asia and North America, drove inflows into silver-backed ETPs, coins, and bars, amplifying the demand spike amid economic uncertainty.
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