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In line sales; beat on profitability

• Senco Gold’s consolidated revenue grew 30% YoY to INR18.2b, in line with the estimate of INR17.9b.
• Titan (Jewelry standalone, ex-bullion), Kalyan, and P N Gadgil (retail) delivered revenue growth of 17%, 31%, and 19%. The SSSG of Titan and Kalyan was 11% and 18%, respectively. For Senco Gold, as per its 1QFY26 business update, retail revenue growth stood at 24%, with 19% SSSG.
• Consolidated GM expanded 180bp YoY to 19.1%. (est. 16.8%, 16.8% in 4QFY25). Gross margin inconsistency remained high on a quarterly basis.
• Employee and other expenses rose 23% YoY each.
• EBITDA margin expanded 230bp YoY to 10.1% (est. 7.6%, 9.2% in 4QFY25), given the sharp rise in gross margins.
• EBITDA grew 69% YoY to INR1.8b (est. 1.4b). ? APAT grew 104% to INR1.05m (est. INR693m).

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