BlueStone Jewellery and Lifestyle (BLUESTONE) Q4 25/26 earnings summary

Executive summary

• FY26 was the first full financial year as a listed entity, with stronger growth, distribution penetration, cohort productivity and operating leverage.

• FY26 consolidated revenue was INR 24,364.24mn and net profit was INR 131.79mn, versus a net loss of INR 2,218.37mn in FY25; standalone revenue was INR 24,412.30mn.

• Q4 standalone revenue grew 49.1% YoY to INR 6,876.6mn, with 34% same-store sales growth; the network reached 340 stores.

• Omni-channel retail, pan-India distribution and design-led products underpin plans to deepen wallet share and expand the customer base.

Financial highlights

• Q4 consolidated revenue was INR 6,814.72mn, versus INR 7,486.47mn in Q4 FY25; consolidated net profit was INR 311.81mn, versus INR 688.46mn a year earlier.

• Q4 gross profit rose 67.2% YoY to INR 2,976.6mn, with gross margin up 469 bps to 43.3%; FY26 gross margin rose 470 bps to 42.6%.

• Q4 reported EBITDA was INR 1,284.9mn, up 361.0% YoY, with an 18.7% margin; adjusted EBITDA was INR 1,473.8mn.

• FY26 reported EBITDA was INR 3,944.6mn; adjusted EBITDA reached INR 4,924.8mn, up 277.3% YoY, with a 20.2% margin versus 7.4% in FY25.

• FY26 standalone net profit was INR 260.00mn, versus a net loss of INR 2,192.14mn in FY25; cash PAT was INR 2,283.9mn versus a loss of INR 828.7mn.

Outlook and guidance

• Targeting distribution growth close to 20% annually, viewed by management as sustainable for several years based on the 340-store network.

• No specific FY27 or FY28 revenue growth target was given; entry-level portfolio recalibration benefits are expected to continue through FY27.

• AMP spend is planned to remain at 6% of revenue, with absolute spending rising and more investment directed to long-term brand building.

• Current ESOP-grant charges are scheduled to decline from INR 926.5mn in FY26 to INR 48mn in FY30, flowing through to reported EBITDA and PAT.