What drove Bluestone's 49% revenue growth this quarter?

Same-store sales grew 39%, and the company added 12 stores, taking the total to 352. Both factors contributed to the 48.8% YoY revenue increase to ₹733 crore.

How did margins perform?

Pre-IndAS EBITDA margin expanded 273 basis points year-on-year, with EBITDA more than doubling to ₹55 crore. This suggests improved operating leverage.

How many stores does Bluestone operate now?

As of Q1 FY27, Bluestone has 352 stores across 139 cities, after adding 12 stores during the quarter.

Was this result a surprise to the market?

No. The strong growth was widely anticipated given the trend in FY26 and prior management commentary. The results confirm expectations rather than delivering a surprise.

Earnings · Diamond & Jewellery · Mid cap

Bluestone Q1 revenue jumps 49%, same-store sales up 39%

Pre-IndAS EBITDA more than doubled to ₹55 crore; margins gain 273 bps. Results confirm trajectory but were largely anticipated.

— 4 earlier stories on Bluestone Jewellery And Lifestyle Ltd. →

BLUESTONE By Tipsheet Editorial 20 Jul 2026 · 7:41 PM IST Verify on BSE · NSE

Mkt cap₹8,125 cr

ROE0.00%

Debt / eq.1.23

₹733 cr Q1 FY27 standalone revenue, up 48.8% YoY

What's new

Revenue rose 48.8% YoY to ₹733 crore.
Pre-IndAS EBITDA more than doubled to ₹55 crore; margin gained 273 bps.
Added 12 stores; total count reaches 352 across 139 cities.

Why this matters

The strong operating metrics (39% same-store sales growth and a 273 bps margin gain) confirm the underlying momentum. But the disclosure is routine; the market had already priced in the trajectory. The open question is whether Bluestone can sustain this pace without margin dilution.

What we're watching

Same-store sales growth trajectory for the next two quarters.
Margin sustainability after the 273 bps gain.
Store addition pace and its impact on working capital.

The full read

Bluestone's Q1 FY27 numbers are strong: revenue up 48.8% to ₹733 crore, same-store sales up 39%, and pre-IndAS EBITDA more than doubled to ₹55 crore with margins 273 bps wider. The company added 12 stores, reaching 352 across 139 cities. Yet this is a routine confirmation, not a catalyst. The stock already trades at a trailing P/E of 547x, pricing in high expectations. The results validate the bullish narrative. The next test: whether margins hold as competition and expansion costs rise.

Questions answered

What drove Bluestone's 49% revenue growth this quarter?: Same-store sales grew 39%, and the company added 12 stores, taking the total to 352. Both factors contributed to the 48.8% YoY revenue increase to ₹733 crore.
How did margins perform?: Pre-IndAS EBITDA margin expanded 273 basis points year-on-year, with EBITDA more than doubling to ₹55 crore. This suggests improved operating leverage.
How many stores does Bluestone operate now?: As of Q1 FY27, Bluestone has 352 stores across 139 cities, after adding 12 stores during the quarter.
Was this result a surprise to the market?: No. The strong growth was widely anticipated given the trend in FY26 and prior management commentary. The results confirm expectations rather than delivering a surprise.

Mentioned: Q1 FY27 · ₹733 cr revenue · 352 stores

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

Company snapshot

Bluestone Jewellery And Lifestyle Ltd.

Jewellery

₹11,083 cr

P/E 196.79×

Latest quarter · Jun 2026

Sales₹737 cr

Net profit₹7 cr

Op. margin+14.6%

EPS₹0.46

Strength & growth

Debt / equity1.23×

Current ratio1.25×

Story so far

All notes on BLUESTONE →

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