BlueStone Jewellery & Lifestyle has issued a postal ballot notice to shareholders seeking approval for significant remuneration changes for Managing Director and Chairman Gaurav Singh Kushwaha. The company has scheduled remote e-voting from May 01, 2026 to May 30, 2026, with results to be declared by June 02, 2026.

Proposed Remuneration Changes

The postal ballot includes two special resolutions for shareholder consideration:

Justification for Enhanced Compensation

The company has outlined several factors supporting the proposed remuneration increase:

Exceptional Revenue Growth: Under Kushwaha's leadership, revenue from operations increased significantly from INR 17,700.02 million in FY2025 to INR 24,412.30 million in FY2026. The company expanded its retail footprint to 340 stores across 134 cities as of March 31, 2026.

Strategic Leadership: Kushwaha has been instrumental in establishing the company as a pioneer in omni-channel jewellery retail, integrating AI-enabled conversational analysis and algorithmic merchandising to create personalized retail experiences.

Successful IPO Execution: The Managing Director played a pivotal role in leading the company through its successful initial public offering, resulting in listing on stock exchanges on August 19, 2025. This enhanced the company's access to capital and elevated its corporate profile.

E-Voting Process Details

Company Performance Metrics

The explanatory statement highlights the company's financial transformation:

Regulatory Compliance

The proposals require special resolution approval under Sections 196, 197, and 198 of the Companies Act, 2013, and SEBI Listing Regulations. The company noted that Kushwaha is legally ineligible for ESOPs under current regulations as a promoter holding more than 10% equity shares, making cash compensation the appropriate alternative.

Shareholder Communication

The postal ballot notice is being sent electronically to shareholders whose email addresses are registered with the company or depositories. Physical copies are not being distributed in compliance with Ministry of Corporate Affairs circulars. The notice is available on the company's website and NSDL's e-voting platform.

The board has recommended both resolutions, citing the need to align Kushwaha's compensation with industry benchmarks and retain critical leadership during the company's post-IPO growth phase.

BlueStone Jewellery and Lifestyle Limited has announced that the transcript of its earnings call held on April 24, 2026 for Q4 FY 2025-26 is now available on the company's official website. The disclosure was made pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript can be accessed under the Investors Relations section at www.bluestone.com under Investor updates -> 2025-2026 -> Q4.

During the earnings call, management highlighted that FY26 marked a milestone as the company's first full financial year as a listed entity. For Q4 FY26, standalone revenue grew 49.1% year-on-year, while the company delivered revenues of INR 2,441 crores for the full year. Same-store sales growth of 34% in Q4 demonstrated resilient consumer demand, with growth being broad-based across all three months of the quarter.

Key Operational Metrics

The company's omnichannel model continued to drive performance, with 340 stores operating across 134 cities as of March 2026. During FY26, BlueStone added 65 stores, including 17 stores in Q4 alone. Management noted that growth in non-metro cities like Ranchi and Lucknow demonstrated the ability to drive coverage and density with strong productivity beyond metros. Out of the total store portfolio, 67 are franchisee stores, with management indicating that the franchisee model will see a significant decline in FY27 and FY28 as existing five-year contracts are honoured.

Strategic Outlook

Looking ahead, management indicated plans to maintain approximately 20% annual distribution growth over the coming years. The company's vertically integrated model enabled rapid realignment of entry-level offerings to restore price accessibility without compromising design or experience. This recalibration, visible in Q4 performance, is expected to continue through FY27.

Regarding inventory management, management explained that the sharp increase in gold prices during FY26 led to a disproportionate increase in closing inventory value, impacting inventory turns. Mature stores with more than three to four years of operations show inventory turns hovering between 1.7 to 1.9. As gold prices stabilize, inventory efficiency is expected to improve.

Company Details

Contact Information

The registered office of the company is located at Site No. 89/2 Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bangalore - 560037. The corporate office is situated at 302, Dhantak Plaza, Makwana Road, Marol, Andheri East, Mumbai - 400 059, Maharashtra. For queries, stakeholders can contact the company at 080 4514 6904 or via email at statutorycompliance@bluestone.com . The earnings call transcript was signed by Gaurav Singh Kushwaha, Managing Director, on April 29, 2026.

Source: Company/INE304W01038/78060ad78fe64107.pdf