Bluestone Jewellery Management Guidance Tracker

Management plans to continue rapid store rollout, leveraging omni-channel model to convert online demand.

Management expects to add around 70 stores in FY26, consistent with historical run rate.

Management plans to add approximately 20% more stores per year (about 68 stores in FY27) to expand distribution.

As new stores mature, contribution margins and EBITDA margins are expected to improve further.

Management guided that A&P as a percentage of sales will be pegged at approximately 6% going forward.

Marketing spend as % of revenue declined to 6.9% from 12.2% YoY; management expects continued efficiency from digital platforms.

Marketing spend will be maintained at around 6% of revenue in absolute terms, with incremental budget allocated to brand building.

Based on current trends, Q4 revenue is estimated to be in the range of ₹620-630 crore, implying ~35% YoY growth.

ESOP cost is expected to drop from ₹93 crore in FY26 to ₹58 crore in FY27 and further to ₹28 crore in FY28.