BlueStone Jewellery and Lifestyle (BLUESTONE) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 standalone revenue rose 41.4% YoY to INR 4,925.77mn; adjusted EBITDA was INR 829.6mn at a 16.8% margin.

• Same-store sales grew 18.4%, repeat revenue ratio reached 50.7%, and the quarter ended with 292 stores.

• Cash PAT turned positive at INR 174.1mn; this was the first earnings call after the IPO and public listing.

Financial highlights

• Standalone revenue rose 41.4% YoY and 6.8% QoQ; gross profit increased 48.0% YoY to INR 2,022.1mn.

• Adjusted EBITDA increased 629.7% YoY to INR 829.6mn; margin was 16.8%, up 1,358 bps. Excluding INR 227.8mn inventory gain, adjusted EBITDA was INR 602mn at a 12.2% margin.

• Cash PAT was INR 174.1mn versus a loss of INR 360.0mn in Q1 FY25.

• Standalone net loss narrowed to INR 327.88mn from INR 592.21mn YoY; consolidated net loss was INR 347.45mn.

• Advertising and marketing declined to 6.9% of revenue from 12.2% YoY, reflecting scale, repeat revenue, platform efficiency and lower gold-exchange promotions.

Outlook and guidance

• Management expects omnichannel expansion to convert more existing online demand as stores are added across regions.

• Merchandise and subcategory expansion could support older store cohorts; 15%-20% SSG at those stores would add revenue at contribution-margin economics.

• Management expects internet and technology to play a larger role in discovery over time, supporting its digital-first approach.