Bluestone Jewellery & Lifestyle has issued a regulatory intimation under Regulation 30 and Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, concerning its forthcoming Annual General Meeting.

The company announced that the notice for its 15th Annual General Meeting will be sent only through electronic mode. This communication applies specifically to members whose email addresses are registered with the company or with the depositories.

The disclosure was made in compliance with relevant circulars issued by the Ministry of Corporate Affairs from time to time. The intimation was signed by Gaurav Singh Kushwaha, Managing Director, on August 15, 2026.

Regulatory Compliance

The filing confirms adherence to statutory requirements for electronic communication of corporate actions. The company referenced newspaper advertisements published in Financial Express (English) and Vishwavani (Kannada) as part of the compliance process.

No financial results or operational metrics were disclosed in this specific regulatory filing.

BlueStone Jewellery and Lifestyle Limited delivered a robust start to fiscal year 2027, reporting a 48.8% year-on-year increase in standalone revenue to ₹733 crore for the quarter ended June 30, 2026 (Q1FY27). The company’s Pre-IndAS EBITDA more than doubled, rising 134.6% to ₹55 crore, while operating margins expanded significantly by 273 basis points to 7.5%. This performance was underpinned by a strong Same Store Sales Growth (SSSG) of 39%, achieved despite a challenging macro environment where customs duty on gold increased from 6% to 15%. The Board of Directors approved the unaudited standalone and consolidated financial results on July 20, 2026.

Financial Performance

The quarter highlighted significant operating leverage, with EBITDA growing at nearly three times the rate of revenue. Adjusted profit after tax (PAT) turned positive at ₹14 crore, marking a turnaround from a loss of ₹21 crore in the corresponding period last year. On a consolidated basis, revenue from operations reached ₹7.37 billion, up 49.6% from ₹4.92 billion in Q1FY26. Consolidated net profit stood at ₹69.60 million, compared to a loss of ₹345 million in the prior year period.

Operational Highlights

BlueStone expanded its retail footprint by adding 12 new stores during the quarter, bringing its total presence to 352 stores across 139 cities. All new entries were in Tier 2 and Tier 3 markets, reflecting a strategic push into deeper geographies. The customer base grew by 21% year-on-year, with repeat consumers now contributing 59.7% to total revenues. The Average Order Value (AOV) for the quarter was ₹78,081. Management noted that repeat AOVs are typically 20% to 30% higher than those of new customers, indicating deepening wallet share among its existing base.

Management Outlook and Strategy

Gaurav Singh Kushwaha, Founder & CEO, emphasized that the company is building a consumer internet business within the jewellery category. He stated that over 80% of sales originate online, with stores serving to seal trust and complete the purchase journey. Kushwaha highlighted that stable gold prices are conducive to demand, noting that BlueStone’s customers are price-point driven rather than investment-driven. The company aims to deliver approximately 30% SSSG over the next four years, alongside distribution growth targeting a revenue run-rate of ₹12,000 crore.

Rumit Dugar, CFO, clarified that inventory levels stood at approximately ₹2,800 crore as of June 30, 2026. He explained that inventory turnover improves as store cohorts mature, with older cohorts demonstrating turns between 1.8 and 2. The company maintains a hedging policy covering 50% of its gold inventory to manage price volatility. Dugar also noted that contribution margins have remained stable, with future margin expansion expected to come primarily from scale-driven operating leverage rather than gross margin improvements.

What the Numbers Show

The divergence between revenue growth (48.8%) and EBITDA growth (134.6%) signals strong operating leverage. As fixed costs are spread over a larger revenue base, profitability accelerates faster than top-line growth. The high repeat revenue share (59.7%) suggests a maturing customer base, which reduces acquisition costs and enhances lifetime value. However, the rise in inventory to ₹2,800 crore warrants monitoring, although management attributes this to gold price inflation and new store setups rather than sluggish sales.