Same-store sales growth (SSSG)
34%
+34pp YoY
Q4 FY26 SSSG was 34%, broad-based across months and store vintages, indicating strong demand recovery.
BLUESTONEJEWELLERYANDLIF
Consumer
15 May 2026
Bluestone Jewellery and Lifestyle Ltd — Q4 FY26
Bluestone delivered a strong Q4 FY26 with standalone revenue growth of 49.1% YoY to ₹2,441 crore for the full year, driven by resilient consumer demand, same-store sales growth of 34%, and successful recalibration of entry-level offerings amid rising gold p...
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Bluestone delivered a strong Q4 FY26 with standalone revenue growth of 49.1% YoY to ₹2,441 crore for the full year, driven by resilient consumer demand, same-store sales growth of 34%, and successful recalibration of entry-level offerings amid rising gold prices. The omni-channel model continues to gain traction, with 340 stores across 134 cities and repeat customer contributions rising. Management guided for ~20% annual store additions and plans to keep marketing spend at ~6% of revenue while shifting toward brand-building investments. Key risks include potential gold price volatility impacting consumer sentiment and inventory turns, which fell to 1.13x due to gold price inflation. The company remains confident in its design-led, vertically integrated model to capture market share in the underpenetrated jewelry market.
Key Numbers
Store count
340
+65 stores YoY
Added 17 stores in Q4, total 340 stores across 134 cities; 67 are franchisee stores.
Studded share of revenue
55%
-13pp YoY
Studded mix declined from ~68% in FY25 to 55% in Q4 FY26 due to gold price-driven shift to plain gold.
Mature store inventory turns
1.7-1.9x
N/A
Stores older than 3-4 years achieve inventory turns of 1.7-1.9x, above company average of 1.13x.
Management Guidance
~20% annual store growth
Management plans to add approximately 20% more stores per year (about 68 stores in FY27) to expand distribution.
Management guidance expansionMarketing spend to remain at ~6% of revenue
Marketing spend will be maintained at around 6% of revenue in absolute terms, with incremental budget allocated to brand building.
Management guidance growthESOP 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.
Management guidance otherKey Risks
Gold price volatility impacting demand and inventory turns
Sharp gold price increases have led to lower inventory turns (1.13x) and a shift in mix toward plain gold, pressuring gross margins.
high · analyst_questionFranchisee store transition risk
Management plans to phase out franchisee stores (67 stores) by FY27-28, which could disrupt operations if not managed smoothly.
medium · analyst_questionCompetitive pressure on inventory efficiency
Comparisons with peers show lower inventory turns; management attributes this to business model differences but it remains a concern.
medium · data_observationNotable Quotes
The fact that we perform well when the gold is stable and it fundamentally comes from the use case that we are catering to... they are not investment customers.
Our focus has been very clearly on building a jewelry brand that is led by design and our intent has always been in terms of trying to reimagine jewelry that plays a role in the life of consumers.
We are in a unique position to fill the large consumer experience and product market gap with our omni channel experience, pan India distribution and design product approach across categories.
Frequently Asked Questions
What was Bluestone Jewellery and's revenue in Q4 FY26?
Bluestone Jewellery and reported revenue of ₹2,441 Cr in Q4 FY26, representing a +49.1% change compared to the same quarter last year.
What guidance did Bluestone Jewellery and management give for FY27?
~20% annual store growth: Management plans to add approximately 20% more stores per year (about 68 stores in FY27) to expand distribution. Marketing spend to remain at ~6% of revenue: Marketing spend will be maintained at around 6% of revenue in absolute terms, with incremental budget allocated to brand building. 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.
What are the key risks for Bluestone Jewellery and in FY27?
Key risks include Gold price volatility impacting demand and inventory turns — Sharp gold price increases have led to lower inventory turns (1.13x) and a shift in mix toward plain gold, pressuring gross margins.; Franchisee store transition risk — Management plans to phase out franchisee stores (67 stores) by FY27-28, which could disrupt operations if not managed smoothly.; Competitive pressure on inventory efficiency — Comparisons with peers show lower inventory turns; management attributes this to business model differences but it remains a concern..
Did Bluestone Jewellery and meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Bluestone Jewellery and Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.