Bluestone Jewellery & Lifestyle Ltd(BLUESTONE)

NSE: BLUESTONEBSE: 544484

₹ 731.05-3.87%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 11,169 crWebsite: www.bluestone.comUpdated: 23 Oct 2026

About

Bluestone Jewellery & Lifestyle Ltd is India's second-largest digital-first omnichannel jewellery retailer, selling gold, diamond, gemstone and platinum jewellery across over 15,000 active designs in 20 product categories. It manufactures over 95% of its jewellery in-house across facilities in Mumbai, Jaipur and Surat, and holds a 28 - 32% market share among omnichannel jewellery players in 2024.^[1][2][3]

Business and market position

BlueStone is India's second-largest digital-first omnichannel jewellery retailer, with a 28 - 32% market share among omnichannel jewellery players in 2024.^[1]
The company operates in a single segment - jewellery (India) - with no separate segment disclosure.^[1]
Subsidiary Ethereal House Private Limited operates in lab-grown diamonds; BlueStone holds 74% equity. It is in an early discovery phase with total assets of INR 62.29 crore in FY26.^[4][1]

Products and design portfolio

The portfolio covers gold, diamond, gemstone and platinum jewellery across 20 product categories, 150 gemstones, 13 materials and 9 key manufacturing techniques, with over 15,000 active designs.^[1]
Jewellery is certified by GSI, IGI and BIS Hallmark.^[1]
The company adopted high-precision laser cutting technology enabling fabrication of metal plates as thin as 0.1mm for ultra-lightweight designs.^[1]
Low-cost design experimentation keeps the cost of an unsuccessful product below ₹2,000 per piece.^[1]

Manufacturing and operations

Manufacturing facilities are located in Mumbai (Maharashtra), Jaipur (Rajasthan) and Surat (Gujarat); over 95% of jewellery is manufactured in-house.^[1]
In-house manufacturing provides a 300 - 400 bps margin delta over outsourced peers and protects design differentiation from commoditisation.^[2]
Total workforce in FY26 was 2,576 employees: 84% in retail, 8% in operations, 4% corporate and 4% manufacturing.^[1]
Gold-on-loan balance reduced to INR 2,848.14 million at 31 March 2026 from INR 3,865.53 million at 31 March 2025, reflecting reduced reliance on this financing mode.^[1]

Store network and distribution

Store count reached 352 across 139 cities as of June 2026 (Q1 FY27), up 60 stores YoY and 12 stores QoQ.^[2]
The network covers 12,660+ PIN codes across 28 states and union territories.^[1]
75% of store cohorts break even within three months of opening, supported by data-driven site selection using online traffic analytics and PIN-code-level demand signals.^[1]
More than half of the store network comprises stores less than three years old as of FY26.^[1]

Key operating metrics

SSSG was 39% in Q1 FY27, broad-based across all store cohorts, up from 34% in Q4 FY26 and 12% in Q3 FY26.^[2][5][4]
Average order value rose 40.7% YoY to INR 78,081 in Q1 FY27; repeat customers transact at 20 - 30% higher AOV than new customers.^[2]
Studded jewellery mix was 57% in Q1 FY27, down from ~68% in FY25; management is implementing fixes to merchandise dislocation at entry price points.^[2][5]
Inventory turnover was 1.34x in H1 FY26; FY26 target at 1.13x (implied by FY30 target of 1.7x from FY26 base).^[6][5]
Advertising and marketing spend was 6.9% of revenue in Q1 FY27 (flat YoY) and 6.6% for full-year FY26.^[2][5]

Customers and repeat behaviour

Lifetime customer base reached 984,766 as of Q1 FY27, up 20.7% YoY; repeat revenue ratio rose to 59.7%, up 900 bps YoY.^[2]
Repeat revenue ratio for full-year FY26 was 54.5%, up from 44.6% in FY25.^[5]
New customer additions slowed to ~40,000 per quarter in Q1 FY27, down from ~50,000, attributed to merchandise dislocation at entry price points.^[2]

Expansion targets

FY30 consolidated revenue target of INR 12,000 crores, implying ~50% CAGR from the FY26 base, driven by ~20% SSSG and ~30% new store CAGR.^[2][5]
Store network targeted to grow at ~20% CAGR over the next four years; FY27 full-year additions expected broadly in line with that rate.^[2]
Pre-Ind AS EBITDA margin target of ~15% by FY30 (from 7.5% in Q1 FY27) and inventory turns of 1.7x (from 1.13x in FY26).^[2][5]
A&P spend targeted to decline from 6.6% of revenue in FY26 to ~4.5 - 4.6% by FY31 as revenue scales.^[2]

Recent developments

BlueStone completed its IPO and listed on BSE and NSE on 19 August 2025.^[1]
The company issued 800 unlisted secured redeemable NCDs of INR 5 lakh each, aggregating INR 40 crore, on private placement during FY26.^[1]
ESOP pool was increased from 74,84,330 to 1,17,27,642 options via special resolution at an Extraordinary General Meeting during FY26.^[1]
Undrawn borrowing facilities stood at INR 2,344.50 million at 31 March 2026, up from INR 632.01 million at 31 March 2025.^[1]

Market Cap

₹11,169 Cr

High / Low

₹971 / 400

Stock P/E

204.7

Price / Book

6.4

Book Value

₹118

EPS

₹1.0

No. of Shares

15.22 Cr

ROCE

6.6%

ROE

0.8%

OPM

9.2%

Debt / Equity

0.41

Sales

₹2,436 Cr

Net Profit

₹13 Cr

Promoter holding

16.2%

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