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Bluestone Jewellery Margin Trend — Quarter by Quarter

Bluestone Jewellery's EBITDA margin moved from 16.8% in Q1 FY26 to 18.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2618.0%—
Q3 FY2612.1%—
Q1 FY2616.8%+1350 bps

What management said about ebitda margin

G

Q4 FY26 · ESOP charge to decline to ~₹28 crore in FY27

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

G

Q3 FY26 · A&P spend to remain around 6% of sales

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

G

Q1 FY26 · Margin improvement from operating leverage

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