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Muted revenue growth; healthy margin expansion

* Senco’s consolidated revenue grew only by 2% YoY to INR15.4bn (est. INR18.0b). Revenue dipped sharply after clocking 30% growth in 1Q.

* As per Senco’s 2QFY26 business update, the retail revenue growth was at 6%, impacted by gold price inflation, high base and extended monsoons.

* Titan (jewelry standalone, ex-bullion), Kalyan, and P N Gadgil (retail) delivered revenue growth of 19%, 31%, and 29% in 2Q, respectively.

* Consolidated GM expanded 390bp YoY to 17%. (est. 15.7%, 19.1% in 1QFY26).

* Employee expenses rose 26% YoY, and other expenses were up 37% YoY.

* EBITDA margin expanded 150bp YoY to 6.9% (est. 6.5%, 10.1% in 1QFY26) given a sharp rise in gross margins.

* EBITDA grew 30% YoY to INR1.1b (est. 1.2b).

* APAT grew 41% to INR488m (est. INR509m).

* In 1HFY26, net sales, EBITDA, and APAT grew 16%, 52%, and 79%, respectively.

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