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Revenue
₹681 Cr
verified against source
Revenue YoY
49.1%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management plans to add approximately 20% more stores per year (about 68 stores in FY27) to expand distribution.
- Marketing spend will be maintained at around 6% of revenue in absolute terms, with incremental budget allocated to brand building.
- ESOP cost is expected to drop from ₹93 crore in FY26 to ₹58 crore in FY27 and further to ₹28 crore in FY28.
Risks flagged
- Sharp gold price increases have led to lower inventory turns (1.13x) and a shift in mix toward plain gold, pressuring gross margins.
- Management plans to phase out franchisee stores (67 stores) by FY27-28, which could disrupt operations if not managed smoothly.
- Comparisons with peers show lower inventory turns; management attributes this to business model differences but it remains a concern.
Key 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.
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