So BlueStone finally went public, and their first concall felt like Netflix’s “Origins” episode — the founder narrated his IIT-to-Flipkart-to-diamonds journey like a TED Talk. Somewhere between “never entered a jewellery store” and “now running 292 of them,” investors realized this is the ultimate D2C glow-up story. Of course, the quarter had more sparkle than a Karan Johar wedding invite — but wait till we talk about those rising gold prices and inventory piles. This isn’t just about rings and pendants anymore — it’s a play on design, tech, and scale. Stay with us, because things glitter differently later.
2. At a Glance
Revenue – ₹492.6 cr: Up 41% YoY, no fairy dust, just omni-channel steroids.
EBITDA – ₹83 cr: 630% growth; feels like a crypto token chart.
Margins – 16.8%: Expanded 1,358 bps; someone found the efficiency cheat code.
Net Cash PAT – ₹17.5 cr: From -₹36 cr last year. Cinderella story, but with balance sheets.
Stores – 292: From 275 in FY25; still in “land-grab” mode.
Same Store Sales Growth – 18.4%: Older stores pulling their weight, newbies yet to mature.
3. Management’s Key Commentary
“We are excited to host our first earnings call as a listed company.” (Translation: The IPO is done, now comes the scrutiny.)
“Jewellery is cultural, fundamental to India, unlike any other consumer category.” (Translation: Don’t compare us to Zomato; your nani actually understands this business.)
“70–90% of buyers had browsed online before stepping into stores.” (Translation: Instagram is our new salesman, and it doesn’t even need chai breaks.)
“Inventory per store looks high, but GMROI is the real metric.” (Translation: Stop crying about ₹6 crore per store; margins are our yoga mat.)
“Ad spends fell from 12.2% to 6.9% of revenue.” (Translation: Meta and Google finally started giving us cheaper likes.)
“Older cohorts do ₹12 cr per store annually with 22% EBITDA.” (Translation: Our flagship outlets are basically mini-Tanishqs.)
“Customer discovery is shifting fully online; omni-channel is the natural bridge.” (Translation: Reels + retail = ka-ching 💍.)
4. Numbers Decoded
Source table
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Sparkle
₹492.6 cr
+41%
Growth sharper than gold prices; omni paying off.
Adj. EBITDA – The Muscle
₹83 cr
+630%
Margins finally flexing after years of slog.
EBITDA Margin – The Glow
16.8%
+1,358 bps
Jewellery + efficiency = glam makeover.
Net Cash PAT – The Surprise
₹17.5 cr
From -₹36 cr
Black ink! CFO can finally breathe.
SSSG – The Workhorse
18.4%
Lower vs 32%
Still solid, but gold volatility pinches mood.
Stores – The Land Grab
292
+17 vs Q4
Aggressive expansion; inventory follows.
Inventory per Store
~₹4.2–6 cr
Rising
Critics scream, mgmt chants “GMROI mantra.”
Margins now look like they belong in a luxury FMCG company, not a startup jeweller.
5. Analyst Questions
Online vs Offline attribution? Mgmt: 70–90% of buyers browsed online first. (Translation: Store staff are basically order fulfilment execs for
