BlueStone Q1 revenue rises 49% as same-store sales and smaller-city expansion accelerate

BlueStone’s standalone revenue reached ₹733 crore in Q1 FY27, lifted by 39% same-store sales growth. EBITDA margin expanded to 7.5% as the jeweller added 12 stores, taking its network to 352 outlets across 139 cities.

— Source publishedTue, 21 Jul, 2026, 09:53 IST·First seen Tue, 21 Jul, 2026, 10:47 IST·Source ET Retail

What happened

BlueStone delivered 48.8% Q1 revenue growth to Rs 733 crore, supported by 39% same-store sales growth and margin expansion. It added 12 stores, reached 352

Key facts

  • Standalone revenue rose 48.8% YoY to Rs 733 crore in Q1 ended June 30, 2026
  • Same-store sales growth was 39%
  • Pre-Ind AS EBITDA rose to Rs 55 crore from Rs 23 crore
  • EBITDA margin expanded 273 basis points to 7.5%
  • Adjusted PAT was Rs 14 crore versus Rs 21 crore loss a year earlier
  • Added 12 stores, reaching 352 stores across 139 cities
  • Entered 5 new Tier-II and Tier-III cities
  • Standalone cash profit was Rs 57 crore
  • Gold customs duty increased from 6% to 15%

Why this matters

With 352 stores across 139 cities and momentum in smaller markets, BlueStone is strengthening its strategic value as a scaled omnichannel jewellery platform.

What to watch

  • Same-store sales growth in the next two quarters, especially whether it remains above 20% after the strong Q1 comparison base.
  • EBITDA margin progression versus 7.5%, separating sustainable operating leverage from temporary mix or accounting effects.
  • Store additions, maturity curve of recently opened outlets and sales productivity per store.
  • Gold-price movement, consumer downtrading, and the mix between plain-gold and studded jewellery.
  • Inventory days, operating cash flow and net working-capital intensity as the chain expands.
  • Competitive discounting and store-opening activity from national organised jewellery chains in tier-2 and tier-3 markets.
  • Accelerate openings in underpenetrated smaller cities while using early store-performance data to refine catchment selection.
  • Increase localised digital acquisition, omnichannel fulfilment and appointment-led selling to improve new-store ramp-up.
  • Build inventory-planning and gold-hedging discipline as the larger store base increases exposure to metal-price swings and working-capital requirements.
  • Push higher-margin studded, diamond and differentiated design categories to protect gross margin if gold prices remain elevated.
  • Use stronger profitability to negotiate better leases, supplier terms and financing, reinforcing scale advantages over regional jewellers.