BlueStone Jewellery and Lifestyle Limited — Q1 FY26
Bluestone delivered a strong Q1 FY26 with revenue of ₹492.6 crore (+41% YoY) and adjusted EBITDA margin of 16.8% (+1,350 bps YoY), driven by operating leverage, marketing effici...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered3Evaded / deflected9Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Can you distinguish between online-influenced and direct walk-in customers?
Asked by Arvin Kuripaka, IME Portfolio Managers
Gave a ballpark range but declined to disclose the metric on a regular basis.
no plan to disclose metric quarterly
Read the exchange
Question
Is it possible for you to distinguish between a customer who walks in directly into offline and someone who is influenced online and then goes to stores?
Gorov (CEO)
70 to 90% of people who end up buying they had browsed the website prior to buying from the store.
Partial answer
High priority
Why has inventory per store increased from 2.5cr to 6cr?
Asked by Arvin Kuripaka, IME Portfolio Managers
Explained factors but did not directly address the decline in inventory turns or provide a normalized turn.
reframed to GMROIno specific inventory turn number given
Read the exchange
Question
Inventory per store went from 2 and a half crores of inventory per store to roughly 6 croresish per store. I don't understand what exactly drove this rapid expansion in inventory on the balance sheet.
Rome (CFO)
Inventory growth is due to B2C revenue recognition, vertical integration, gold price increase, and new store openings. Also, the metric to optimize is GMROI, not just inventory turns.
Evasive
Medium priority
What is revenue per square foot and store maturity timeline?
Asked by TJ Sa, Individual Investor
Refused to provide revenue per square foot, instead pivoted to revenue per store.
declined to give revenue per sq ftredirected to revenue per store
Read the exchange
Question
What was the revenue per square feet for this quarter and typically how many quarters does a new store take to reach maturity?
Rome (CFO)
Revenue per square feet is not a metric we track. Older cohorts did about 12 crores per annum per store with rent of 40-45 lakhs.
Evasive
Medium priority
How will stud mix moderation and AOV increase sustain growth?
Asked by Adita Jan, Kartella Ventures
Did not quantify the impact or provide forward-looking view on mix or AOV drivers.
no specific guidance on future mixdismissed stud mix change as marginal
Read the exchange
Question
We see moderation in your stud mix. It has gone down to 64% from 59%. The gap was filled with increase in average order value. How do you see these factors playing out?
Gorov (CEO)
6469 is marginal difference; behavioral change. AOV is a mix of price and volume, but we don't track volume because margins are high.
Evasive
Medium priority
How is same-store sales growth trending across geographies?
Asked by Adita Jan, Kartella Ventures
Did not provide any regional specifics or explain how inventory is managed in slower regions.
no regional breakdown givenattributed to macro gold price
Read the exchange
Question
Your same store sales growth for this quarter was around 18.4%. How do you see the same store sales growth panning out across different regions?
Rome (CFO)
From a geographical perspective it's reasonably well distributed. Gold price volatility has paused customer purchases, but growth is still strong.
Answered
Medium priority
Why is franchisee commission higher sequentially and YoY? Any one-offs?
Asked by Gopal, SBI Life Insurance
Clearly explained the one-off nature of franchisee exit settlements.
Read the exchange
Question
Franchisee commission what is higher sequentially and year on year so is there any one-offs in this?
Rome (CFO)
There were some franchisee settlements as we are exiting contracts, some one-time settlements and provisions.
Answered
Medium priority
Why did manufacturing expenses decline in absolute terms?
Asked by Gopal, SBI Life Insurance
Provided a clear explanation linking lower production to lower expenses.
Read the exchange
Question
The absolute other expenses were down and if I try to split it between spends I was wondering why manufacturing expenses should be down absolute level one.
Rome (CFO)
Manufacturing expense is a function of production. Inventory change between Q4 and Q1 was not large, so production was optimized for efficiency, not buildup.
Answered
Low priority
What is the difference between contribution and gross margins?
Asked by Ark Sha, Stallion Asset
Clearly enumerated the cost components between gross margin and contribution margin.
Read the exchange
Question
What is typical difference between our contribution and gross margins?
Rome (CFO)
The delta is roughly the direct costs which includes production, hallmarking, certification, payment gateway, insurance, and logistics.
Answered
Low priority
Do mature store operating margins of 23-24% include corporate overheads?
Asked by Ark Sha, Stallion Asset
Clearly confirmed it is store-level, not including corporate overheads.
Read the exchange
Question
You did mention that our mature stores are doing about 23 to 24% operating margins. Does this number include the corporate overheads or is this a standalone store number?
Rome (CFO)
That's store level margins.
Answered
High priority
How much of the 1750cr inventory is store inventory?
Asked by Kalia Bank, IFL Capital
Provided a specific percentage for store inventory.
Read the exchange
Question
On the inventory of 1750 cr would you be able to give me an idea how much of it is actually store inventory?
Rome (CFO)
It's about 70% close to 70%.
Partial answer
Medium priority
Does inventory per store vary widely?
Asked by Kalia Bank, IFL Capital
Acknowledged variation but did not quantify the range or dispersion.
no specific range given
Read the exchange
Question
If the average is 4.2 does it vary widely or it would be in a very narrow band between different stores?
Rome (CFO)
It does vary but to bring down the averages... it's a function of vintage performance. But these averages are reasonably representative.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Same-store sales growth 18.4% this quarter | 18.4% | 41% | Understated vs filing |
| FY25 same-store sales growth 32.1% | 32.1% | 41% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.