The company reported a 48.8% year-on-year rise in standalone revenue to Rs 733 crore. Same-store sales growth stood at 39% YoY, while standalone EBITDA more than doubled, rising 134.6% YoY to Rs 55 crore. BlueStone also added 12 stores during Q1 FY27, taking its total store count to 352 across 139 cities.
Buy, sell or hold BlueStone Jewellery shares?
Systematix has maintained a Buy rating on BlueStone Jewellery with a target price of Rs 832 (14.4% upside), expecting the company to add around 75 stores annually and expand its total store network to 571 outlets by FY29E.
Also read: Q1 surprise sends jewellery stocks shining 40% in a month. Will the surge last in next quarters?
The brokerage said the expansion plan appears achievable, subject to sustained consumer traction and continued brand strengthening. Its revenue estimates factor in an age-cohort framework, under which store productivity improves as outlets mature.
Stores that were more than three years old accounted for 27% and 46% of the network in FY25 and FY26, respectively, and this proportion is expected to rise to 56% in FY28E and 60% in FY29E. Systematix expects the average store age to increase from 2.3 years in FY25 and 2.7 years in FY26 to 3.6 years in FY28E and 4 years in FY29E.
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BlueStone Jewellery management commentary
The company said the performance reflected resilient consumer demand and the relevance of its portfolio across different price points. Operating leverage continued during the quarter, with the EBITDA margin improving by 273 basis points from a year earlier. After reporting its first full year of positive reported PAT in FY26, BlueStone continued its profitability trajectory into FY27.
The company added that the “performance is particularly satisfying as it came despite the rise in custom duty on gold from 6% to 15%, reflecting the structural drivers we have consistently spoken about – a portfolio that stays relevant across price points th rough design and technique innovation.”
Read more: Gold’s sharp correction: What lies ahead for prices?
“We scaled our distribution to 352 stores across 139 cities – with all 5 new cities entered being Tier 2 and Tier 3 regions, consistent with our conviction in these markets. We remain deeply focused on execution to expand consumer wallet share and bring new consumers into our fold,” the company said in a press release.
BlueStone is a contemporary lifestyle jewellery brand offering diamond, gold, platinum and studded jewellery with a strong design -led approach.
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