BlueStone Jewellery and Lifestyle Limited has informed the Exchange about Transcript
BLUESTONE · price
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BlueStone reported Q4 FY26 with 49.1% YoY revenue growth and full-year revenues of INR 2,441 crores (retail sales basis including franchisee stores). Same-store sales growth was strong at 34%, driven by resilient consumer demand and the omnichannel model. The company operated 340 stores across 134 cities as of March 2026, adding 65 stores during FY26 and targeting 20% annual store growth going forward. Management noted that the sharp gold price surge in FY25-FY26 temporarily impacted inventory efficiency and shifted product mix (studded mix down to ~55% from ~68%), but these effects are normalizing. Mature stores (3-4+ years) show inventory turns of 1.7-1.9x with run-rate revenues of INR 14-14.4 crores. The company plans to phase out franchisee stores over FY27-FY28 as contracts expire. ESOP costs are declining (INR 93cr → 58cr → 28cr → bottoming out), with 90% of ESOPs held by top 6 management. A&P spending is maintained at 6% of revenue with plans to increase absolute spends on brand building.
Strong Q4 performance with 34% SSSG demonstrates resilient demand and successful omnichannel execution. The planned 20% annual store expansion and improving operating leverage position the company for continued growth, though investors should monitor gross margin dynamics as gold prices normalize and product mix evolves.