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...
bullish
high
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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.
59%Questions answered3Evaded / deflected11Questions audited
Answered
Medium priority
How many franchisee stores and what is the plan for them?
Asked by Akil Gulcha, Hornbill Capital
Provided exact number of franchisee stores and explained future plan.
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Question
how many of the current stores are franchisee stores?
Gaurav (CEO)
out of the total portfolio of 340 stores about 67 are franchisee stores
Answered
Medium priority
What is the trajectory of ESOP cost going ahead?
Asked by Akil Gulcha, Hornbill Capital
Provided detailed explanation of ESOP structure and future trajectory.
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Question
our ESOP cost has seen almost an 80% rise from FI25. So any thoughts on the trajectory of that number going ahead?
Gaurav (CEO)
90% of our ESOs are with the management with top six people... we have around 1.7% of unallocated esop pool on a fully diluted basis and we don't foresee ourselves breaching that in next 3 to four years
Evasive
Medium priority
What is the split of inventory between store and corporate?
Asked by Aditi, MSA Capital Partners
Did not provide the requested split, only said it's similar to before.
no specific number givenvague reference to prior communication
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Question
out of the 2652 crores of inventory that we closed in FI26, what could be the split?
Gaurav (CEO)
the split is not significantly different from what we had communicated earlier. it's pretty much in the same territory
Partial answer
Medium priority
How many mature stores and how are they performing?
Asked by Aditi, MSA Capital Partners
Gave inventory turns for mature stores but not the number of such stores.
did not give count of mature stores
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Question
out of 340 stores how many would be mature stores and how they are performing
Gaurav (CEO)
mature stores which have seen more than 3 to four years of operations there we see these turns to be hovering somewhere between 1.7 to 1.9
Answered
High priority
What is the store addition plan for FY27 and FY28?
Asked by Aditi, MSA Capital Partners
Provided clear guidance of 20% annual store growth.
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Question
quickly commenting on how we are looking at the new toll edition in FI27 and FI28
Gaurav (CEO)
adding close to 20% to our distribution on a annual basis
Partial answer
High priority
Why was store expansion plan revised down from RHP target?
Asked by Vikram Devanatan, Prodigy Investment and Management
Attributed to gold price environment but did not address the specific target revision.
no specific explanation for deviation from RHP target
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Question
in the RHP it was mentioned that the company plans to add 290 new stores over FI26 and FI27 but in FI26 you added only 65 stores... why the store expansion plan has been revised down
Gaurav (CEO)
we should look at how the external operating environment has been specifically from a gold price perspective
Answered
High priority
How long can 20% store growth be maintained?
Asked by Vikram Devanatan, Prodigy Investment and Management
Confirmed continued 20% growth for several years.
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Question
this 20% store growth how many years do you think we can maintain this kind of store growth
Gaurav (CEO)
a 20% taker on distribution is a fairly good number which we will continue to deliver over several years
Evasive
Medium priority
What is the March exit rate for revenue?
Asked by Harish Adwani, Access Capital
Declined to provide the requested exit rate number.
refused to give specific number
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Question
you said that the monthly exit rate has been pretty strong going into Q1. So can you tell us what is that March exit number looking like?
Gaurav (CEO)
no specific commentary on March exit but... the momentum is only strengthened
Declined
Low priority
What is the entry-level portfolio contribution to revenues?
Asked by Harish Adwani, Access Capital
Explicitly declined to provide the breakdown.
refused to share
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Question
can you kind of quantify in terms of what this entry-level portfolio would be contributing to our revenues
Gaurav (CEO)
that breakup will not be able to provide for competitive reasons
Evasive
Medium priority
Where do you see studded share moving in next 6 months?
Asked by Harish Adwani, Access Capital
Did not provide a numerical outlook, spoke generally about strategy.
no specific guidance on studded share trajectory
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Question
our studded share has come down to about 55. So given that now the gold price scenario has more or less stabilized... where do we see this number moving in the next say 6 months?
Vipin (CFO)
Fundamentally from our point of view I feel that for us it's like looking at we built overall network... focus is clearly on looking at taking the brand forward
Partial answer
Medium priority
Why did margins dip sequentially despite inventory gains?
Asked by Kaushal Pavasar, ICICI Direct
Redirected to YoY comparison instead of explaining sequential decline.
did not directly address sequential dip reason
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Question
on sequential basis margins have seen a dip. is it mainly because of the mix change
Vipin (CFO)
the best comparisons are YoY because seasonality... there has been a substantial improvement in the margin at the pre-ind level
Answered
High priority
What drove strong SSSG of 34% and will it continue?
Asked by Kaushal Pavasar, ICICI Direct
Explained that 34% is normal and attributed previous low to gold price spike.
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Question
what led to the strong SG or if you can dissect it in terms of how was the growth or the transaction growth
Gaurav (CEO)
34% is not something which is very new for us. In fact anomaly for us was Q3 of last year... the SSC that we see in Q4 is kind of getting back to normal