BlueStone Jewellery and Lifestyle Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript BlueStone Jewellery and Lifestyle Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
BlueStone reported Q1 FY27 revenue growth of 49% year-on-year to INR 733 crores, with pre-Ind AS EBITDA rising 135% to INR 55 crores and operating margin expanding to 7.5%. Management said same-store sales growth was 39% and repeat revenue contribution rose to about 60% of the business. The quarter included the impact of the customs duty on gold increasing from 6% to 15%, and management described demand softening in May before recovering through June and into July.
5 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Same-store sales growth: 39% (Q1 FY27)
p. 4
“One thing worth highlighting this quarter is our same -store sales growth of 39%, which was broad -based with older cohorts posting SS SGs in line with the overall portfolio.”
Gaurav Singh Kushwaha, page 4 of the filed PDF · View the filing
Online sales share: More than 80%
p. 4
“More than 80% of our sales originates online.”
Gaurav Singh Kushwaha, page 4 of the filed PDF · View the filing
Store count: 352 stores
p. 4
“And it is what lets a network of 352 stores punch well above its weight.”
Gaurav Singh Kushwaha, page 4 of the filed PDF · View the filing
Marketing spend: around INR 50 crores, 6.9% of revenues (Q1 FY27)
p. 14
“Yes , so marketing spends this year was around INR 50 crores , I think which is around 6.9% of the overall revenues.”
Gaurav Singh Kushwaha, page 14 of the filed PDF · View the filing
Inventory: about INR 2,800 odd crores (end of June)
p. 10
“It is about INR 2,800 odd crores .”
Rumit Dugar, page 10 of the filed PDF · View the filing
March inventory: INR 2,650 crores (March)
p. 18
“So, March inventory was INR 2,650 crores .”
Rumit Dugar, page 18 of the filed PDF · View the filing
Store level ROIC: in the range of 40%
p. 18
“And at those kinds of levels , the store level RO IC s that our business generates is in the range of 40%.”
Rumit Dugar, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Same-store sales growth (at maturity) — almost 30% · next four years
stated as an aspiration by Gaurav Singh Kushwaha
p. 5
“We believe that is the most conducive environment for us to be able to deliver the targets that we have set off for ourselves, which is essentially almost 30% or so SS SG over the next four years and along with distribution growth taking the overall revenue to around INR 12,000 crores number in the next four years.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Revenue — around INR 12,000 crores · next four years
stated as an aspiration by Gaurav Singh Kushwaha
p. 5
“We believe that is the most conducive environment for us to be able to deliver the targets that we have set off for ourselves, which is essentially almost 30% or so SS SG over the next four years and along with distribution growth taking the overall revenue to around INR 12,000 crores number in the next four years.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Operating EBITDA margin — 15% handle · next four years
stated as an aspiration by Rumit Dugar
p. 10
“So, there is massive headroom to expand the operating EBITDA margin from 7.5% to the 15% handle.”
Rumit Dugar, page 10 of the filed PDF · View the filing
Distribution growth (store count) — 20% CAGR · next four years
stated firmly by Rumit Dugar
p. 14
“So, I think we've guided to about 20% CAGR over the next four years in terms of distribution growth.”
Rumit Dugar, page 14 of the filed PDF · View the filing
Marketing spend as % of revenue — around 4.5%, 4.6% · next five years
stated as an aspiration by Gaurav Singh Kushwaha
p. 14
“So, we believe that over the next five years, this 6.6% will go down to around 4.5%, 4.6% odd percent.”
Gaurav Singh Kushwaha, page 14 of the filed PDF · View the filing
Marketing spend as % of revenue — lower than 6.6% · this full year
stated conditionally by Gaurav Singh Kushwaha
p. 14
“I think for this full year also, we should see a number which is better than last year's, so some something lower than 6.6%, but I think the overall guidanc e, the overall trajectory will be in that direction.”
Gaurav Singh Kushwaha, page 14 of the filed PDF · View the filing
Inventory turn — 1.7 mix kind of handle · next four years
stated conditionally by Rumit Dugar
p. 12
“So, we've already communicated that our”
Rumit Dugar, page 12 of the filed PDF · View the filing
Store addition run rate — 20% distribution growth · this year
stated firmly by Rumit Dugar
p. 15
“I think the broad trend line from a 20% distribution growth should largely be retained , and we expect that to be delivered through this year as well.”
Rumit Dugar, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the same trend from June is continuing into July with no major difference.
Answered by Gaurav Singh Kushwaha
Asked by Harish Advani: How are demand trends shaping up in July, especially in studded categories, after the softening seen in May and recovery in June?
p. 5
“And we continue to see that the same trend continuing into July also. So, no major difference compared to what we observed in June.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Management said the company performs better when gold prices are stable rather than volatile, since customers are price-point based rather than investment-driven.
Answered by Gaurav Singh Kushwaha
Asked by Harish Advani: How should growth be thought about in the second half as gold price inflation tapers off?
p. 5
“So basically, we have generally performed much better when the gold prices have remained stable.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Management attributed the decline to a merchandise dislocation being fixed and said month-on-month new customer trends are improving.
Answered by Gaurav Singh Kushwaha
Asked by Harish Advani: Given repeat revenue has risen while new customer additions have declined to about 40,000 per quarter, are further initiatives needed to bring new customer additions back to 50,000-60,000 levels?
p. 6
“I think on new, that merchandise dislocation was real. We had sliced and diced our data in every which way, an d as we continue to fix that, I think we should see and we have over the last three to four months as we are fixing it, we are seeing an upward tick .”
Gaurav Singh Kushwaha, page 6 of the filed PDF · View the filing
Management said they have not tried 9 karat, but have experimented with 14 karat and redesigns to reduce gold content while keeping strength.
Answered by Gaurav Singh Kushwaha
Asked by Jay Doshi: Are there any trends toward lower karatage jewellery such as 9 karat given stabilized gold prices?
p. 6
“Ye s, so Jay, we have not tried 9 karat so far. And at some point -in-time we might, but right now we have not.”
Gaurav Singh Kushwaha, page 6 of the filed PDF · View the filing
Management said lab-grown diamonds never materially affected their natural diamond demand since their solitaire exposure was minimal.
Answered by Gaurav Singh Kushwaha
Asked by Jay Doshi: Has consumer sentiment for natural diamonds improved, and is there any diamond karatage-led growth pickup?
p. 7
“Hence, we never saw any dislocation and these trends that okay, because of lab -grown something came down , and suddenly that shift is back towards natural diamond . We never saw the first shift or the second shift.”
Gaurav Singh Kushwaha, page 7 of the filed PDF · View the filing
Management said the hedge policy is unchanged and not designed around predicting gold prices.
Answered by Rumit Dugar
Asked by Jay Doshi: Is there any change in hedging strategy now that gold prices have stabilized?
p. 7
“So, we are consistent with our policy, there is no change.”
Rumit Dugar, page 7 of the filed PDF · View the filing
Management said the focus should be on contribution margin, which has been stable, and operating leverage rather than gross margin movements.
Answered by Rumit Dugar
Asked by Kaivalya Baing: What drove the 100 bps gross margin expansion this quarter excluding inventory gain?
p. 10
“The really the focus here is on the operating leverage . And if you look at our broader operating EBITDA performance, I think we are already at 7.5%, there has been a significant expansion that we've been seeing for the last several quarters.”
Rumit Dugar, page 10 of the filed PDF · View the filing
Management said their view is contrary to market expectations, noting the slowest quarter historically coincided with the sharpest gold rise.
Answered by Gaurav Singh Kushwaha
Asked by Kaivalya Baing: Does lapping sharp gold inflation in the base of second half FY26 pose a headwind to growth?
p. 10
“In fact, Q3 last year was the slowest quarter in our history for us. And that was when the gold rose sharpest.”
Gaurav Singh Kushwaha, page 10 of the filed PDF · View the filing
Management clarified the 30% SSSG referred to fundamental/long-term SSSG at maturity, not reported SSSG, which explains the higher combined growth rate.
Answered by Gaurav Singh Kushwaha
Asked by Ankush Agarwal: How does the 50% revenue CAGR guidance reconcile with 30% SSSG and 20% distribution growth given the math does not add up on reported SSSG?
p. 11
“So, I think the SS SG that we were referring to there and that we discussed also, we spoke about our oldest cohorts and their performance in year 3, year 4, year 5, year 6 and so on, not the performance between year 1 and year 2.”
Gaurav Singh Kushwaha, page 11 of the filed PDF · View the filing
Management attributed the decline mainly to new store dilution and gold price inflation inflating balance sheet inventory values, not a fundamental change in inventory productivity.
Answered by Rumit Dugar
Asked by Karan Gupta: Why has GMROI declined from 62% in FY23 to about 48% in FY26?
p. 12
“So largely the blending that you are talking about is a function of how many new stores and what is the share of new stores in our broader portfolio.”
Rumit Dugar, page 12 of the filed PDF · View the filing
Management said marketing spend was around INR 50 crores, 6.9% of revenue, consistent with the prior year's percentage.
Answered by Gaurav Singh Kushwaha
Asked by Pallavi: What was the marketing spend this quarter versus the same quarter last year?
p. 14
“And last year also it was around 6.9% of the revenues.”
Gaurav Singh Kushwaha, page 14 of the filed PDF · View the filing
Management said there was no significant change in the last two to three days, though exchanges had picked up earlier this year versus historical levels.
Answered by Gaurav Singh Kushwaha
Asked by Gopal Nawandhar: Given the recent decline in gold prices, is there any change in exchange trends versus fresh purchases?
p. 15
“Sure, Gopal. No significant change .In just last two, three days , in fact, I think that's kind of very, very short term to even kind of base any long -term strategy.”
Gaurav Singh Kushwaha, page 15 of the filed PDF · View the filing
Management corrected the premise of the increase and said inventory turns are improving toward 1.7-1.8x as store vintage matures.
Answered by Rumit Dugar
Asked by Ashish Kumar: Why has inventory increased and what is the medium-term outlook for the inventory turnover ratio?
p. 18
“Yes , so I think just a correction, inventory has not gone up by INR 600, INR 700 crores .”
Rumit Dugar, page 18 of the filed PDF · View the filing
Management said per-store unit economics remain stable and rent as a percentage of revenue declines as stores mature, so the area-to-rent comparison is not the right lens.
Answered by Rumit Dugar
Asked by Shrinarayan Mishra: Why has rent expense grown 35% while store area grew only 25.5% year-on-year?
p. 19
“So really unlike most other categories where merchandise is a function of square footage, the revenue productivity is a function of square footage, that's not really the case here given the size of the individual products and inventory.”
Rumit Dugar, page 19 of the filed PDF · View the filing
Risks flagged
Custom duty on gold increased from 6% to 15%, which affected demand.
p. 3
“And it came against the backdrop of the custom duty on gold moving from 6% to 15% , which makes the breadth and consistency of demand particularly encouraging.”
Gaurav Singh Kushwaha, page 3 of the filed PDF · View the filing
Sharp gold price increases caused merchandise dislocation for the company.
p. 5
“We struggled because our merchandise dislocation was happening in real -time in a month, in two months, and so on.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Demand softened in May following the customs duty hike on gold.
p. 5
“Ye s, so you are right. Essentially, last quarter had been kind of mixed. Akshaya Tritiya period was great, then there was import duty hike which softened the demand, and then I think as June progressed, a lot of that demand kind of kept on coming back.”
Gaurav Singh Kushwaha, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.