Senco Gold Limited — Credit Ratings, 30-06-2025: Credit Rating

ICRA has reaffirmed the rating of Senco Gold Limited’s fixed deposit programme at [ICRA]A (Stable) and assigned [ICRA]A (Stable)/[ICRA]A2+ ratings to its long-term/short-term fund-based/non-fund-based working capital limits of Rs. 1,778 crore and unallocated limits of Rs. 622 crore, enhancing the total rated amount to Rs. 2,875 crore. The reaffirmation reflects Senco’s established brand in eastern India, steady revenue growth of 21% in FY2025, and improved capital structure following a Rs. 448 crore equity raise via QIP. Although operating margins declined due to lower studded jewellery share and a one-time loss from import duty changes, a margin rebound is expected in FY2026. High working capital intensity and geographic concentration remain challenges, but adequate liquidity and strong banking relationships support the credit profile, likely maintaining stable debt servicing costs and investor confidence.