Shares of BlueStone Jewellery and Lifestyle rose up to 7.6% to ₹546.85 during the intraday trading on the BSE today
The rally came in as investor sentiment turned positive following strong brokerage outlook and the company’s growth plans outlined during its investors’ day yesterday
BlueStone set a target of achieving a 50% compound annual growth rate through FY30 on the back of its omnichannel model and contributions from mature store cohorts
Shares of Bluestone
Jewellery and Lifestyle rose up to 7.6% to ₹546.85 during the intraday trading on the BSE today, as investor sentiment turned positive following strong brokerage outlook and the company’s growth plans outlined during its investors’ day yesterday.
The stock later gave up some of the gains due to profit booking and was trading 6% higher at ₹538.3 at 11:26 AM IST. The company’s market capitalisation stood at ₹8,181.7 Cr ($854.9 Mn) at the time.
In its investors’ day presentation, BlueStone set a target of achieving a 50% compound annual growth rate through FY30 on the back of its omnichannel model and contributions from mature store cohorts.
The jewellery retailer is aiming for annual revenue of ₹12,000 Cr by FY30, almost five times its FY26 revenue of ₹2,486 Cr, which implies around 50% CAGR over four years.
Pre-Ind AS EBITDA margins are expected to nearly double to 14.7% by FY30 from 7.4% in FY26.
The company’s management further pointed to a strong execution record, with revenue climbing from ₹211 Cr in FY22 to ₹2,486 Cr in FY26, about 12-fold increase and an 83% CAGR over that span.
Store expansion remains a key pillar of BlueStone’s growth strategy, with the company planning to more than double its network from 340 stores in FY26 to 706 by FY30.
The company has a major presence in Tier II and III cities, where conversion rates are relatively stronger. The management expects same-store sales growth to become an increasingly important driver, even as new store additions continue.
Meanwhile, several older store cohorts have already reached breakeven and are steadily scaling up, the company said.
BlueStone turned profitable in FY26, posting a net profit of ₹26 Cr compared to a loss of ₹219.2 Cr in FY25. Revenue rose 38% YoY to ₹2,441.2 Cr. While higher gold prices have slowed store expansion in the recent past, the management sees it as a temporary headwind.
Customer engagement remains solid, with repeat revenue accounting for 54.5% of sales in FY26. The company’s customer base stands at 940,000, with average order value climbing to ₹66,000.
Meanwhile, JM Financial maintained a ‘Buy’ rating on the stock with a target price of ₹650, implying an upside of about 20% from current levels.
The brokerage cited a shift in consumer demand from wedding jewellery to lifestyle jewellery as a key growth driver, a trend it said is benefiting organised players like BlueStone. It also pointed to the company’s technology-driven omnichannel model, which deploys artificial intelligence and analytics across core business functions. Customers typically browse online several times before completing purchases in store, the brokerage noted, a pattern it said supports strong long-term growth visibility.
Echoing a similarly positive outlook, Nuvama highlighted BlueStone’s expanding store network and improving unit economics as key drivers of future growth.
Nuvama expects BlueStone to report strong growth as more stores mature. It expects performance improvement to be driven by higher repeat purchases, rising average order values, and steady growth across both online and offline channels.
The brokerage also noted that around 95% of BlueStone’s manufacturing is done in-house, which helps keep operations efficient and is sufficient to support future expansion without incurring significant additional capital expenditure.
Source: Inc42 - Startups
