BlueStone Jewellery and Lifestyle Ltd

📈 Bluestone Q1 FY26: Revenue Soars 41%, EBITDA Up 630% YoY

- Bluestone reported standalone revenues of INR 4,926mn for Q1 FY26, up 41.4% year-on-year.

- Customer base grew by 34.4% year-on-year to 816K.

- Same-store sales growth (SSSG) stood at 18.4% year-on-year.

- Adjusted EBITDA was INR 830mn, up 630% year-on-year, with margins at 16.8%.

- Pre-IndAS EBITDA (excluding inventory gain) was INR 233mn, compared to a loss of INR (121)mn in Q1 FY25.

- Contribution margins (excluding inventory gains) improved to 31.8%, up 131 bps YoY.

- The company operates 292 stores across 122 cities, adding 17 stores quarter-on-quarter.

- Inventory levels at the end of the quarter were INR 17,427mn, with an inventory gain of INR 228mn reported.

- Gross debt stood at INR 7,345mn, with net debt at INR 6,419mn.

- Q2 FY26 is trending ahead of Q1 exit rates, supported by an earlier festive season.

- Cash PAT for Q1 FY26 was INR 174mn, compared to a cash loss of INR (360)mn in Q1 FY25.

- Advertising and marketing costs as a percentage of revenue decreased to 6.9% from 12.2% in Q1 FY25.

- Average order value (AOV) increased to INR 55,499 from INR 45,084 in Q1 FY25.

- Studded revenue mix was 64%, down from 68% in Q1 FY25, reflecting a shift towards plain gold due to elevated gold prices.