Neutral Senco Gold Ltd For Target Rs. 400 by Motilal Oswal Financial Services Ltd

* Senco highlighted in its pre-quarter update that total revenue growth was 28%, with retail revenue growth at 24% and SSSG at 19%, led by Akshay Tritiya and key regional festivals.
* We expect EBITDA margin to sustain YoY at 7.6%.
* The company increased its store count to 186 in 1Q from 175 in 4QFY25.
* Gross margins are expected to contract 50bp YoY to 16.8%.
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