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Earnings Call Transcript

Bluestone Jewellery and Lifestyle Earnings Call Transcript: Key Takeaways

BlueStone Q1 FY27 results show strong 49% revenue growth and massive EBITDA expansion, masking a slowdown in new customer acquisition through high repeat business dependency.

Guidance and delivery
Management target Revenue 30.0% FY30
Highlights
Revenue growth49% YoY growth to 730 Cr driven by repeat customer loyalty.
MarginsEBITDA margins expanded 273 bps to 7.5% via operating leverage.
Demand visibilityStrong recovery in June/July after May's gold import duty hike shock.
Management confidenceBalanced; optimistic on technology-led retail but defensive regarding customer acquisition metrics.

Growth

Revenue grew 49% YoY to 730 Cr; EBITDA rose 135% as operating leverage became visible.

Outlook

Targeting 12,000 Cr revenue in 4 years with 15% EBITDA margins and 20% distribution growth.

Risks

New customer additions dropped from 50k to 40k per quarter; inventory levels remain high at 2800 Cr.

Last quarter's promises, checked

Delivered

  • Guided 20% distribution growth → delivered 20% (= BEAT)
  • Guided SSSG recovery post-Q3 → delivered 34% (= BEAT)
  • Guided ESOP charge front-loading → delivered 93 Cr charge (= BEAT)

Partly delivered

  • Guided inventory efficiency return → delivered 1.13x turns vs 1.3x (= PARTIAL)

Missed

  • Guided 290 new stores over FY26-27 → delivered 65 in FY26 (= MISS)
Source

Earnings Call Transcript filed with NSE, NSE: BLUESTONE. Summary written with AI assistance from the document.

Read the document ↗

Bluestone Jewellery and Lifestyle Ltd: key numbers

Share price
₹775.65
Market cap
₹11,858 Cr
Revenue (annual)
₹2,436 Cr
Net profit (annual)
₹14.84 Cr
P/E (TTM)
113.1×Sector 48.2×
Promoter holding
16.21%-0.04% QoQ
FII holding
34.18%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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