Bluestone Q1 revenue jumps 49%, same-store sales up 39%
Margin widens 273 bps to 7.5% despite gold duty hike. Twelve new stores added in the quarter.
— 4 earlier stories on Bluestone Jewellery And Lifestyle Ltd. →What's new
- Revenue up 48.8% YoY to ₹733 cr; same-store sales grew 39%.
- Pre IndAS EBITDA rose 134.6% to ₹55 cr; margin improved to 7.5% from 4.7%.
- Added 12 stores; total network 352 across 139 cities.
Why this matters
Bluestone is showing that scale can lift margins even under cost pressure. The 273 bps EBITDA improvement is real operating progress. But at a trailing P/E of 547x, investors are betting this growth keeps coming — one quarter doesn't prove the trend.
What we're watching
- Can EBITDA margin hold above 7.5% as gold prices fluctuate?
- Store addition pace: 12 in one quarter annualized to 48; demand must keep up.
- Whether net profit continues its positive trajectory from FY26.
The full read
Bluestone's Q1 FY27 revenue climbed 49% to ₹733 cr, with same-store sales up 39% even after a gold import duty hike. Pre IndAS EBITDA hit ₹55 cr — that's a 134.6% jump from a year ago. The margin widened 273 bps to 7.5%, the kind of improvement that suggests operating progress, not just revenue growth.
The company added 12 stores, taking the network to 352 across 139 cities. That pace is aggressive.
Here's the catch: a trailing P/E of 547x leaves no room for stumbles. One quarter of margin expansion is promising but not proof. The next few quarters will test whether the 7.5% level sticks.
Questions answered
- How does Q1 revenue compare to the previous quarter?
- Q1 revenue of ₹733 cr is 7.6% higher than the March 2026 quarter's ₹681 cr, showing sequential growth.
- What drove the 39% same-store sales growth?
- Robust consumer demand despite a rise in gold import duties. The company cited strong demand across categories.
- What is the current store count?
- Bluestone operates 352 stores in 139 cities as of Q1 FY27, adding 12 stores in the quarter.
- Is Bluestone profitable on a net profit basis?
- The company reported positive PAT in FY26, with the March 2026 quarter net profit at ₹33 cr. The current filing does not provide net profit for Q1.
- How does the 7.5% EBITDA margin compare to a year ago?
- It's a 273 bps improvement from 4.7% in the year-ago quarter, reflecting better cost leverage as revenue scales.
- What was the EBITDA growth rate?
- Pre IndAS EBITDA surged 134.6% YoY to ₹55 cr.
Bluestone Jewellery And Lifestyle Ltd.
Latest quarter · Jun 2026
Strength & growth
Story so far
All notes on BLUESTONE →- 20 Jul 2026 · 8:24 PM IST Bluestone Q1 revenue jumps 49%, same-store sales up 39%
- 2d ago Bluestone swings to profit as Q1 revenue jumps 49%
- 2d ago Bluestone Q1 revenue jumps 49%, turns profitable
- 2d ago Bluestone Q1 revenue jumps 49%, same-store sales up 39%
- 40d ago Nippon India MF lifts Bluestone stake past 5% mark