BlueStone Jewellery and Lifestyle Limited — Q3 FY26
BlueStone delivered a landmark quarter with its first reported net profit of ₹71.5 crore, driven by 27.4% YoY revenue growth to ₹748 crore and a 12.1% pre-indebtedness EBITDA ma...
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.
55%Questions answered3Evaded / deflected11Questions auditedMixedNumbers vs filing
Partial answer
High priority
What explains the 900 bps sequential margin expansion excluding inventory gain?
Asked by Percy, Lifl
Management explained operating leverage but did not quantify the remaining half of the 900 bps expansion.
no specific breakdown of the 900 bpsattributed to operating leverage without quantifying
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Question
So on a sequential basis the margins excluding inventory gain pre-index have gone up from about 3% to 12%. So that's a 900 basis points kind of expansion sequentially. ... what is the remaining half ... where has the margin expansion come from?
Gorav (management)
So if you look at between Q3 and Q2 Q2 revenue was 513 crores and Q3 revenue is 748 crores. So for that incremental revenue ... our aggregate cost base ... don't shift significantly ... So this is the foundational operating leverage ...
Evasive
Medium priority
What is the typical Q3 monthly sale percentage above annual average?
Asked by Percy, Lifl
Management did not answer the question about typical seasonality, instead provided a forward estimate.
refused to give typical seasonality percentageinstead gave a Q4 revenue estimate
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Question
Q3 typically the monthly sale is how much percentage higher than annual average. If you can tell me that it'll help in calculating the operating leverage impact ...
Gorav (management)
depending on how the operating revenue moves between quarters, I think that percentages change drastically. ... if that continues full year would land somewhere between 620 to sorry uh this Q4 will land somewhere between 620 to 630 crores ...
Answered
Medium priority
Is the margin expansion partly due to lower entry price point sales?
Asked by Percy, Lifl
Management directly denied that entry price points have lower margins, so no margin drag.
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Question
there were some entry price points which were unaffordable ... is that also a factor because those entry price points may be at a lower margin ... will that versus this quarter again see a margin drag?
Gorav (management)
in our data we don't see that it's not that let's say sub 20,000 or sub 30,000 product are have lower gross margins or lower contribution margins ... so there's no implication of that.
Partial answer
High priority
What is the annual store addition guidance for this year and next?
Asked by Percy, Lifl
Management gave this year's range but deferred next year's guidance.
deferred next year guidance to Q4
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Question
if you can give some idea on how do you look at store additions on an annual basis this year as well as next year.
Gorav (management)
this year I think we will be in that 65-70 kind of range ... I think next year we'll come back to you once we finish this year. ... when we discuss Q4 is when we can give you better color.
Answered
High priority
Why is our growth lower than peers despite strong industry?
Asked by Danchuans, MK Global
Management provided specific reasons: product mix, primary vs retail sales, and merchandising issue.
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Question
it is a tad lower versus that reported by PF ... materially below what the others have reported ... can you give us more granular explanation as in what exactly led to us lower growth for us?
Gorav (management)
very different operating environment ... gold volatile ... increases demand for commodity products like gold coins ... we are extremely underindexed on those ... almost all the jewelers report primary sales whereas we only report retail sales ... merchandising issue ...
Evasive
Medium priority
What are the plans for lab-grown diamond brand Ethereal?
Asked by Danchuans, MK Global
Management gave no specific plans for Ethereal, calling it early stage.
no concrete plansdeferred to future observation
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Question
we are seeing incremental investments across players and we have also increased our investment in Ethereal. Any incremental views on this space in terms of how we are planning to ramp up our presence?
Gorav (management)
very early days for lab grown ... they have very few stores ... it's kind of a discovery phase ... we'll have to observe how it evolves and then take a firm opinion.
Partial answer
Medium priority
Why did other expenses (ex-A&P) decline by 11 cr in absolute terms?
Asked by Sorab Jen, HTSC Life Insurance
Management cited operating leverage but did not convincingly explain how absolute costs fell.
did not explain absolute decline clearlyattributed to operating leverage but absolute cost reduction not fully justified
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Question
other expenses X of A&P that have gone down by 11 cr. So what explains that?
Gorav (management)
that is primarily driven by our improvement in contribution margins. ... on the manufacturing scale and efficiencies ... as they build process efficiency ... there is that operating leverage that flows through on the direct cost.
Answered
High priority
What is the expected A&P expense run rate going forward?
Asked by Sorab Jen, HTSC Life Insurance
Management gave a clear percentage target for A&P as a percentage of revenue.
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Question
on the A&P expenses side ... what is the range we should expect for the full year going forward? ... is the absolute number at about 40-45 cr the run rate we should build?
Gorav (management)
we would like to keep it kind of pegged at around 6% go forward.
Deflected
Low priority
What was revenue per square foot this quarter and last year same quarter?
Asked by DJ Sha, Aender Spark Institutional Equities
Management did not answer the question, instead redirected to a different metric.
refused to provide per square foot metricredirected to cohort productivity
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Question
what was the revenue per square feet that we clocked this quarter and what was that number last same quarter.
Gorav (management)
the metric that we look at ... is revenue productivity per store per month by cohort. ... from a per square feet basis ... it really doesn't ... is something that we don't track and look at.
Evasive
Medium priority
If gold prices rise 33%, does most of that flow through to EBITDA?
Asked by Sanitya, Unicorn Assets
Management avoided the specific gold price question and reiterated operating leverage.
did not answer the gold price scenario directlyreframed to operating leverage
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Question
Suppose gold prices today 1.5 goes to say two lakh so like 33% rise ... do you think that out of that extra 15-20% like 33% contribution margin most of it would flow down?
Gorav (management)
the simple point ... is that there are 323 stores and the cost base ... is already embedded. So incremental revenue ... has a very high operating leverage ... it's not about just gold price ... it is about how fundamentally our business operating model is structured.
Answered
High priority
What margins can we achieve when most stores age to 14 cr annual revenue?
Asked by Karan Gupta, ACMIL
Management provided specific margin estimates for mature stores and overall business.
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Question
how much the margins we can do when our most of the stores are aging towards 14 cr band annually.
Gorav (management)
at 10 to 12 crore kind of productivity the store level pre-index margins are at about 22 to 24%. ... as broader cohort productivity gets to that 10-11 cr number the baseline margin for the business is going to be in low teens at the minimum.
Partial answer
High priority
Are you reducing store opening guidance from 75-80 to 65-70?
Asked by Subhanu, Threehead Capital
Management gave a range but did not clarify the reduction from earlier guidance.
vague rangedid not confirm exact number
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Question
last quarter Rumit said around hit target around 75 to 80. Are you reducing your guidance?
Gorav (management)
No we were in the 70 kind of handle and I think we should be broadly in that territory. I don't think there's a significant deviation ... maybe the upper end ... we'll be in the 70 kind of handle ... plus minus 5.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q3 revenue 748 crores, Q2 revenue 513 crores | ₹748 cr | ₹749 cr | Matches filing |
| Store level pre-index margins at 22-24% for 10-12 cr productivity | 24% | 22% | Overstated vs filing |
| YTD operating margin 7.4% pre-index | 7.4% | 22% | Understated vs filing |
| Q3 operating margin 12% pre-index | 12% | 22% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.