BLUESTONE - Bluestone Jewel
📢 Recent Corporate Announcements
BlueStone Jewellery and Lifestyle Limited has initiated a postal ballot to seek shareholder approval for significant changes to the compensation of its Managing Director, Gaurav Singh Kushwaha. The company proposes a one-time special bonus of ₹6 crore for FY 2025-26, citing his leadership during the company's successful IPO. Furthermore, the board has recommended a 35% increase in his annual remuneration, raising it from ₹3.60 crore to up to ₹4.86 crore effective April 1, 2026. These adjustments are intended to align executive pay with industry benchmarks following the company's recent growth and public listing.
- Proposed one-time special bonus of ₹6,00,00,000 (₹6 Crores) for MD Gaurav Singh Kushwaha for FY 2025-26.
- Proposed 35% increase in annual remuneration from ₹3.60 crore to ₹4.86 crore starting April 2026.
- Compensation changes recognize leadership during the company's successful IPO and transformative growth phase.
- Remote e-voting period for shareholders is scheduled from May 1, 2026, to May 30, 2026.
- Voting results for the special resolutions are expected to be declared on or before June 2, 2026.
BlueStone Jewellery reported a strong 49.1% year-on-year revenue growth for Q4 FY26, bringing full-year revenue to INR 2,441 crores. The company achieved a robust same-store sales growth (SSG) of 34% during the quarter, driven by its omnichannel model and design-led product strategy. BlueStone expanded its footprint to 340 stores across 134 cities, adding 65 stores throughout the fiscal year. Management highlighted a shift away from the legacy franchisee model, with plans to reduce the current 67 franchisee stores as contracts expire in FY27 and FY28.
- Standalone revenue grew by 49.1% YoY in Q4 FY26, with total annual revenue reaching INR 2,441 crores.
- Delivered a strong Same-Store Sales Growth (SSG) of 34% in Q4, indicating resilient consumer demand across metros and non-metros.
- Expanded retail presence to 340 stores across 134 cities, adding 65 new locations during the fiscal year.
- Management plans to phase out the legacy franchisee model (currently 67 stores) by FY28 to improve capital efficiency.
- ESOP costs increased by 80% over FY25, with 90% of options concentrated among the top 6 management members to ensure long-term alignment.
BlueStone Jewellery and Lifestyle Limited has made the audio recording of its Q4 FY 2025-26 earnings conference call available to the public. The call, held on April 24, 2026, covers the company's financial performance and management outlook for the quarter ending March 2026. This disclosure is a mandatory regulatory requirement under SEBI (LODR) Regulations to ensure equal access to information for all investors. Shareholders can access the recording via the company's investor relations portal or the direct link provided in the exchange filing.
- Audio recording for Q4 FY 2025-26 earnings discussion is now accessible to all investors.
- Compliance filing made under Regulation 30(6) of SEBI (Listing Obligations and Disclosure Requirements).
- Recording link is hosted on the official BlueStone website under the Investor Relations section.
- The discussion pertains to the financial results and operational performance for the fiscal year ending March 2026.
BlueStone Jewellery has demonstrated robust growth with a 38.9% revenue CAGR between FY24 and FY26, reaching a store count of 340 across 134 cities. The company reported a significant 172.7% EBITDA CAGR over the same period, driven by its digital-first omnichannel strategy and a high repeat customer ratio of 54.5%. Same-store sales growth (SSSG) for Q4 FY26 stood at a strong 34.0%, reflecting healthy unit economics and successful city-level penetration. The firm is also diversifying into underserved segments like Men's and Kids' jewellery while maintaining over 95% in-house manufacturing.
- Achieved a 38.9% Revenue CAGR and a 172.7% Reported EBITDA CAGR from FY24 to FY26
- Reported strong operational performance with 34.0% Same Store Sales Growth (SSSG) in Q4 FY26
- Expanded physical footprint to 340 stores across 134 cities, with 48% of stores in Tier II and III towns
- High customer loyalty evidenced by a 54.5% repeat purchase ratio in FY26
- Maintains a dominant 28-32% market share in the Indian omni-channel jewellery segment
BlueStone reported a strong Q4 FY26 with revenue growing 49.1% YoY to INR 6,877mn, driven by a robust 34% Same Store Sales Growth (SSSG). The company demonstrated significant operating leverage, with Pre-IndAS EBITDA for the quarter surging 443% YoY to INR 509mn and margins expanding to 7.4%. For the full year FY26, revenue reached INR 24,412mn (+37.9% YoY) while turning profitable at the PBT level with INR 260mn compared to a loss of INR 2,192mn in FY25. The retail footprint expanded to 340 stores across 134 cities, reflecting successful omni-channel execution.
- Q4 FY26 revenue grew 49.1% YoY to INR 6,877mn with a strong 34% SSSG recovery.
- Full-year FY26 Pre-IndAS EBITDA surged 949% to INR 1,806mn, with margins improving from 1% to 7.4%.
- Reported Q4 PBT of INR 364mn, a significant turnaround from a loss of INR 486mn in the same quarter last year.
- Store network reached 340 locations across 134 cities, adding 65 stores in FY26.
- Advertising and Promotion (A&P) expenses optimized to 6.1% of sales in Q4 from 8.0% YoY.
BlueStone Jewellery and Lifestyle Limited achieved a significant milestone in FY26 by reporting its first full year of positive net profit at INR 26 crore, a sharp turnaround from a loss of INR 219 crore in FY25. For Q4 FY26, the company reported a 49.1% YoY revenue growth to INR 687.7 crore, driven by a strong Same Store Sales Growth (SSSG) of 34%. Operating leverage was highly visible as Adjusted EBITDA margins expanded by 1,213 bps to 21.4% for the quarter. The company also expanded its footprint to 340 stores across 134 cities by adding 65 stores during the fiscal year.
- Achieved first full year of reported PAT at INR 26.0 crore in FY26 vs a loss of INR 219.2 crore in FY25
- Q4 FY26 revenue grew 49.1% YoY to INR 687.7 crore with a robust SSSG of 34%
- Adjusted EBITDA for Q4 surged 243.1% YoY to INR 147.4 crore with margins reaching 21.4%
- Expanded physical presence by adding 65 stores in FY26, bringing the total count to 340 stores
- Generated a significant standalone cash profit of INR 82 crore during the Q4 FY26 period
BlueStone Jewellery and Lifestyle Limited has officially confirmed that there were no deviations or variations in the utilization of funds raised through its Initial Public Offering (IPO). The company raised Rs 820 crore in August 2025 and this report covers the quarter ended March 31, 2026. The statement has been reviewed by the Audit Committee and monitored by CARE Ratings Limited, confirming that the capital is being deployed according to the objects stated in the prospectus. This transparency is a positive indicator of corporate governance and adherence to the company's financial roadmap.
- Confirmed zero deviation in the utilization of Rs 820 crore raised via the August 2025 IPO.
- The monitoring agency, CARE Ratings Limited, reported no concerns regarding fund usage.
- The Audit Committee reviewed the statement for the quarter ended March 31, 2026, with nil comments.
- The company has maintained compliance with Regulation 32(1) of SEBI Listing Regulations since its listing on August 19, 2025.
BlueStone Jewellery and Lifestyle Limited has approved its audited financial results for the fiscal year ending March 31, 2026. The Board also appointed M/s Sudit K. Parekh & Co. LLP as internal auditors for FY 2026-27 to strengthen corporate governance. Furthermore, the company allotted 1,29,573 equity shares under its 2014 ESOP plan, which marginally increases the total paid-up capital. The statutory auditors have provided an unmodified opinion on the consolidated financial results, indicating no major accounting discrepancies.
- Approval of audited standalone and consolidated financial results for the full year ended March 31, 2026
- Appointment of M/s Sudit K. Parekh & Co. LLP as Internal Auditors for the 2026-27 financial year
- Allotment of 1,29,573 equity shares at an exercise price of ₹1 per share under ESOP 2014
- Total issued share capital increased from 15,22,31,365 to 15,23,60,938 equity shares post-allotment
- Statutory auditors MSKA & Associates LLP issued an unmodified opinion on the FY26 financial statements
BlueStone Jewellery and Lifestyle Limited has approved its audited standalone and consolidated financial results for the fiscal year ending March 31, 2026, with an unmodified auditor's opinion. The Board also approved the allotment of 1,29,573 equity shares under the Employee Stock Option Plan 2014 at an exercise price of ₹1 per share. This allotment has increased the company's total paid-up equity share capital to ₹15.23 crore. Furthermore, the company has appointed M/s Sudit K. Parekh & Co. LLP as Internal Auditors for the 2026-27 financial year.
- Approved audited standalone and consolidated financial results for the year ended March 31, 2026
- Allotted 1,29,573 equity shares of face value ₹1 each under the ESOP 2014 scheme
- Total paid-up equity share capital increased from ₹15,22,31,365 to ₹15,23,60,938
- Appointed M/s Sudit K. Parekh & Co. LLP as Internal Auditors for FY 2026-2027
- The statutory auditors, MSKA & Associates LLP, issued an unmodified opinion on the financial results
BlueStone Jewellery and Lifestyle Limited has approved its audited financial results for the fiscal year ended March 31, 2026, with the statutory auditors issuing an unmodified opinion. The company also announced the allotment of 1,29,573 equity shares under its 2014 Employee Stock Option Plan (ESOP). Consequently, the paid-up equity capital has increased to approximately ‑15.24 crore. Furthermore, M/s Sudit K. Parekh & Co. LLP has been appointed as the internal auditor for the 2026-27 financial year.
- Approved audited consolidated and standalone financial results for the year ended March 31, 2026.
- Allotted 1,29,573 equity shares of face value ‑1 each to eligible employees under ESOP 2014.
- Total paid-up equity share capital increased from ‑15,22,31,365 to ‑15,23,60,938.
- Appointed M/s Sudit K. Parekh & Co. LLP as Internal Auditors for the financial year 2026-2027.
- Statutory auditors MSKA & Associates LLP provided an unmodified (clean) audit opinion for the fiscal year.
BlueStone Jewellery and Lifestyle Limited has scheduled its earnings conference call to discuss Q4 and full-year FY26 results on April 24, 2026, at 11:00 AM IST. The call will be led by the senior management team, including Founder & CEO Gaurav Singh Kushwaha and CFO Rumit Dugar. This routine disclosure provides a platform for institutional investors and analysts to gain insights into the company's financial performance and future outlook. The company has provided international toll-free access for investors in the USA, UK, Hong Kong, and Singapore.
- Earnings conference call for Q4 and FY26 scheduled for Friday, April 24, 2026, at 11:00 AM IST.
- Management representation includes the CEO, Chief Merchandising Officer, and Chief Financial Officer.
- Primary dial-in numbers for the call are +91 22 6280 1107 and +91 22 7115 8008.
- International toll-free numbers available for major global financial hubs including USA (1 866 746 2133) and UK (0 808 101 1573).
BlueStone Jewellery and Lifestyle Limited has approved the grant of 2,09,319 stock options to its employees under the ESOP Plan 2014. Each option is convertible into one equity share of face value Rs 1 at a nominal exercise price of Rs 1 per share. The vesting period is structured over four years, with a 25% cliff after the first year followed by monthly vesting. This move is aimed at employee retention and aligning staff interests with long-term company performance.
- Grant of 2,09,319 ESOP options approved by the Nomination and Remuneration Committee
- Exercise price set at a nominal rate of Rs 1 per equity share
- Vesting schedule spans 4 years with 25% vesting after year one and monthly thereafter
- Exercise period extends up to 10 years from the date of vesting
- Total number of shares covered by these options is 2,09,319 equity shares
BlueStone Jewellery and Lifestyle Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the board meeting to consider and approve the standalone and consolidated audited financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives. It is scheduled to reopen 48 hours after the financial results are officially declared to the exchanges.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Restriction applies to all Designated Persons and their immediate relatives under the Company's Code of Conduct.
- Window will reopen 48 hours after the board meeting considers the financial results.
BlueStone Jewellery and Lifestyle Limited has approved the allotment of 4,26,573 equity shares to eligible employees under its Employee Stock Option Plan (ESOP) 2014. The allotment was finalized on March 18, 2026, following the exercise of vested options at an exercise price of ₹1 per share. This corporate action has increased the company's total paid-up equity share capital from ₹15,18,04,792 to ₹15,22,31,365. The newly allotted shares will rank pari-passu with the existing equity shares of the company.
- Allotment of 4,26,573 equity shares of face value ₹1 each to employees
- Total paid-up equity capital increased to 15,22,31,365 shares from 15,18,04,792 shares
- Shares issued at an exercise price of ₹1 per share with nil premium
- The allotment represents a marginal equity dilution of approximately 0.28%
BlueStone Jewellery and Lifestyle Limited has announced the resignation of Mr. Gaurav Sachdeva from his role as Chief Retail Officer, effective March 9, 2026. Mr. Sachdeva, who was part of the Senior Management Personnel, cited personal reasons and the pursuit of external career opportunities for his departure. The company has confirmed that there are no other material reasons for this resignation. As a retail-heavy business, the transition in this leadership role will be important for investors to track regarding operational continuity.
- Mr. Gaurav Sachdeva resigned from the position of Chief Retail Officer effective March 9, 2026
- The resignation is categorized as a change in Senior Management Personnel under SEBI Regulation 30
- Departure is attributed to personal reasons and pursuing other career opportunities outside the organization
- The company confirmed no other material reasons exist for the resignation beyond those stated
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 39.83% YoY in FY 2024-25 to INR 17,700.02 million. For H1 FY26, the company delivered a growth of 39.4% YoY, with Q2 FY26 revenue reaching INR 5,131 million (37% YoY growth). Segment-specific splits between plain gold and studded jewellery were not disclosed.
Geographic Revenue Split
Not disclosed in available documents. The company operates through an omni-channel model with 311 stores as of September 30, 2025.
Profitability Margins
Gross Profit Margin stood at 39.5% in Q2 FY26. Contribution margin (excluding inventory gains) improved to 31.8%, an expansion of over 300 basis points YoY, driven by manufacturing efficiencies. Net loss for FY25 was INR 2,192.14 million compared to a loss of INR 1,422.36 million in FY24.
EBITDA Margin
Adjusted EBITDA margin expanded significantly to 13.9% in Q2 FY26 from 1.4% in Q2 FY25. Pre-IndAS EBITDA margin (excluding inventory gains) was 3.1% in Q2 FY26 vs -5.6% in the previous year. FY25 EBITDA margin was 4.29% on an absolute EBITDA of INR 758.85 million.
Capital Expenditure
During FY25, the company invested INR 167.98 million in a subsidiary and INR 105.00 million in an associate. Significant capital is deployed toward store expansion, with 78 new stores added YoY reaching a total of 311 stores by Q2 FY26.
Credit Rating & Borrowing
The Gross Debt-Equity Ratio improved from 2.46 to 1.67 in FY25, driven by the infusion of H Series share capital. Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Primary raw materials include gold, diamonds, and gemstones. While specific cost percentages per material are not disclosed, the company notes that fluctuations in these precious metals directly influence working capital and consumer affordability.
Import Sources
A portion of raw materials is imported, exposing the company to foreign exchange fluctuations and import duty changes. Specific countries of origin were not disclosed.
Key Suppliers
Not disclosed by name; however, the company identifies a dependency on a 'limited number of vendors' for sourcing and manufacturing processes as a key risk.
Capacity Expansion
The company added 78 stores YoY (19 stores in Q2 FY26 alone) to reach 311 stores. It operates a vertically integrated manufacturing model to drive contribution margins.
Raw Material Costs
Raw material costs are managed through prudent sourcing and pricing. Inventory levels increased in FY25 to support significant new store openings, resulting in a Net Capital Turnover Ratio of 10.99 compared to (16.30) in the previous year.
Manufacturing Efficiency
Vertically integrated manufacturing allowed for a 300 bps expansion in core contribution margins to 31.8% in Q2 FY26 by capturing scale and efficiency gains.
Strategic Growth
Expected Growth Rate
39.4%
Growth Strategy
Growth is driven by an omni-channel strategy, aggressive store expansion (+78 stores YoY), and a focus on 'everyday luxury' for millennials. The company leverages a vertically integrated model to improve margins and uses a 'Repeat Revenue Ratio' (51.4% in Q2 FY26) to drive sustainable topline growth.
Products & Services
Gold jewellery, diamond jewellery, gemstones, daily-wear collections, and gifting collections.
Brand Portfolio
BlueStone
New Products/Services
Expansion into daily-wear and gifting collections to tap into emerging consumer segments; specific revenue contribution % for these new lines was not disclosed.
Market Expansion
Aggressive offline expansion with 311 stores currently; targeting deeper omni-channel integration to enable virtual design consultations and seamless inventory visibility.
External Factors
Industry Trends
The industry is shifting toward omni-channel retail and contemporary designs for daily wear. BlueStone is positioning itself as a tech-led, design-heavy alternative to traditional regional jewellers.
Competitive Landscape
Intense competition from established national chains, regional brands, and emerging D2C players who use aggressive pricing and marketing spend.
Competitive Moat
Moat is built on a vertically integrated manufacturing model, a strong digital-first omni-channel presence, and a high Repeat Revenue Ratio (51.4%), which provides a lower customer acquisition cost over time.
Macro Economic Sensitivity
Highly sensitive to gold and diamond price fluctuations driven by global market dynamics, which affect both input costs and consumer demand.
Consumer Behavior
Millennials and young professionals are increasingly valuing authenticity, contemporary design, and transparent pricing over traditional investment-heavy jewellery.
Geopolitical Risks
Global market dynamics affecting precious metal prices and potential changes in foreign trade policies are cited as risks.
Regulatory & Governance
Industry Regulations
Subject to hallmarking rules, import duties on gold/diamonds, and foreign trade policies. Changes in these can directly affect cost structures and pricing.
Legal Contingencies
The Independent Auditor's Report for FY25 noted that they were unable to comment on whether the accounting software had an 'audit trail' (edit log) facility that operated throughout the year or if it had been preserved as per statutory requirements.
Risk Analysis
Key Uncertainties
Volatility in precious metal prices and regulatory shifts in import duties are primary uncertainties that can impact margins by 100-300 bps depending on hedging and inventory levels.
Third Party Dependencies
High dependency on a limited number of vendors for raw material sourcing and certain manufacturing processes.
Technology Obsolescence Risk
Cybersecurity and data privacy are critical risks given the large volumes of customer data and financial transactions handled via digital channels.
Credit & Counterparty Risk
Trade Receivables Turnover Ratio declined to 443.48 in FY25 from 735.86 due to higher trade receivables, indicating a slight increase in credit exposure.