BLUESTONE JEWEL LFSTL LTD

Sells gold and studded jewellery to Indian consumers through an omnichannel model that combines an online store with a physical retail network of 352 stores across 139 cities, with more than 80% of sales originating online and the physical outlets used to complete the transaction and 'seal the trust'. The mix is roughly 57% studded jewellery and the balance plain gold, aimed primarily at the non-wedding, everyday-wear segment rather than only bridal purchases. Manufacturing is largely in-house (about 95%), which the company says is paired with a fully in-house technology stack running the digital funnel. Q1 FY27 revenue was INR 733 cr (+49% YoY) on 39% same-store sales growth and a customer base that grew 21%, with repeat buyers contributing about 60% of revenue. Pre-Ind AS operating EBITDA margin was 7.5% in the quarter (+273 bps YoY) as revenue scaled faster than costs; management has guided to a margin of about 15% over a four-year horizon at roughly INR 12,000 cr of revenue. The largest cost line is raw materials (gold, diamonds, gemstones) at 90.5% of FY26 revenue, followed by employee cost at 11.6% and other operating expenses at 15.2%; advertising and promotion spend ran at 6.9% of revenue.