BlueStone Jewellery and Lifestyle (BLUESTONE) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 standalone revenue rose 48.8% YoY to ₹7,331.9 million; pre-Ind AS EBITDA excluding inventory gains increased 134.6% to ₹547.7 million, with a 7.5% margin.

• Same-store sales growth was 39.0%, repeat revenue ratio reached 59.7%, and the store network stood at 352.

• Consolidated and standalone results returned to profit from year-ago losses; consolidated PAT was ₹59.61 million and standalone PAT was ₹111.37 million.

Financial highlights

• Standalone revenue was ₹7,331.9 million, up 48.8% YoY; consolidated revenue was ₹7,368.46 million versus ₹4,926.78 million a year earlier.

• Reported EBITDA was ₹1,102.0 million, up 94.8% YoY, with a 15.0% margin; pre-Ind AS EBITDA excluding inventory gains was ₹547.7 million, up 134.6%.

• Adjusted standalone PAT was ₹137.6 million versus a ₹212.6 million loss YoY; reported standalone PAT was ₹111.37 million.

• Consolidated PAT was ₹59.61 million versus a loss of ₹347.45 million; consolidated finance costs were ₹553.65 million and depreciation and amortization was ₹604.46 million.

• Gross profit was ₹2,981.1 million, up 47.4% YoY; gross margin was 40.7%, down 39 bps YoY.

Outlook and guidance

• Four-year ambitions include ~30% SSG, revenue of ~₹12,000 crore and store distribution growth of ~20% CAGR.

• Operating EBITDA margin is targeted to expand from 7.5% toward 15% over four years, mainly through scale-driven corporate-level leverage.

• FY marketing spend as a share of revenue is expected below FY26’s 6.6%; the longer-term target is ~4.5%–4.6% over five years.

• Management expects 20% distribution growth during the year, though store additions will not occur linearly.

• ESOP charges are projected to decline from ₹927 million in FY26 to ₹48 million in FY30E, with EBITDA and PAT flow-through.