Arvin Kuripaka · IME Portfolio Managers
partialCan you distinguish between online-influenced and direct walk-in customers?
70 to 90% of people who end up buying they had browsed the website prior to buying from the store.
BLUESTONE / Q1-FY26 / claim-ledger
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BlueStone Jewellery and Lifestyle · Analyst questions, management answers, and the quality of the response where the ledger is available.
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50%
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2
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contradicted
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Arvin Kuripaka · IME Portfolio Managers
partialWhy has inventory per store increased from 2.5cr to 6cr?
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.
TJ Sa · Individual Investor
evasiveWhat is revenue per square foot and store maturity timeline?
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.
Adita Jan · Kartella Ventures
evasiveHow will stud mix moderation and AOV increase sustain growth?
6469 is marginal difference; behavioral change. AOV is a mix of price and volume, but we don't track volume because margins are high.
Adita Jan · Kartella Ventures
evasiveHow is same-store sales growth trending across geographies?
From a geographical perspective it's reasonably well distributed. Gold price volatility has paused customer purchases, but growth is still strong.
Gopal · SBI Life Insurance
directWhy is franchisee commission higher sequentially and YoY? Any one-offs?
There were some franchisee settlements as we are exiting contracts, some one-time settlements and provisions.
Gopal · SBI Life Insurance
directWhy did manufacturing expenses decline in absolute terms?
Manufacturing expense is a function of production. Inventory change between Q4 and Q1 was not large, so production was optimized for efficiency, not buildup.
Ark Sha · Stallion Asset
directWhat is the difference between contribution and gross margins?
The delta is roughly the direct costs which includes production, hallmarking, certification, payment gateway, insurance, and logistics.
Ark Sha · Stallion Asset
directDo mature store operating margins of 23-24% include corporate overheads?
That's store level margins.
Kalia Bank · IFL Capital
directHow much of the 1750cr inventory is store inventory?
It's about 70% close to 70%.
Kalia Bank · IFL Capital
partialDoes inventory per store vary widely?
It does vary but to bring down the averages... it's a function of vintage performance. But these averages are reasonably representative.