BlueStone Jewellery Q2 FY27 Earnings Call Transcript Released
BlueStone Jewellery reported Q2 FY27 revenue of ₹738 crore, a 44% year-on-year increase, with EBITDA more than doubling. The company crossed one million customers, highlighting a focus on design and expanding into Tier-2 and Tier-3 cities. Management discussed strategies to maintain growth amid stable gold prices, expecting AOV growth driven by buyer growth and repeat purchases.
The announcement provides a detailed earnings call transcript, offering insights into the company's financial performance, strategic initiatives, and future outlook, which are material for investors.
The company reported strong revenue growth, increased profitability, and a significant milestone of one million customers. Management's commentary on future growth strategies and customer acquisition indicates a positive outlook.
BlueStone Jewellery and Lifestyle Limited announced the release of the transcript for its Q2 FY27 Earnings Call, which was held on October 23, 2026. The transcript is now available on the company's website under the Investor Relations section. The call featured management, including Founder and CEO Mr. Gaurav Singh Kushwaha and CFO Mr. Rumit Dugar, along with Ms. Rhea Dharia from EY Investor Relations moderating the session. During the call, the management highlighted that revenue grew by 44% year-on-year to ₹738 crore, with EBITDA more than doubling. This marks the company's fourth consecutive profitable quarter on a standalone basis.
Key discussions included the company crossing one million customers, with a focus on customer preferences for elegant, aspirational, and contemporary yet classic designs. The company's in-house design and manufacturing capabilities, leading to over 10,500 designs, were emphasized. The strategy of expanding into Tier-2 and Tier-3 cities, leveraging their online presence to build brand awareness before store openings, was also detailed. Management discussed the focus on an entry-level range to improve affordability and attract more customers.
The call also addressed growth strategies, including average order value (AOV) growth, which was noted to be around 29% driven partly by gold price inflation. The management indicated that even with stable gold prices, a 10-15% AOV growth is expected due to customer maturity and repeat purchases. Inventory turns are anticipated to improve due to better capital productivity from older customer cohorts and normalization of manufacturing inventory.
Discussions on same-store sales growth (SSSG) acknowledged a festive shift impacting Q3. The reset of entry-level price points was seen as positively impacting traffic and conversion rates. Regarding future growth, the company reiterated its target of ₹12,000 crore in revenue by 2030, with underlying assumptions on inventory turns and efficient funding through internal accruals and balance sheet flexibility, rather than immediate additional equity capital.
Further, the management clarified that there is no conscious push towards a specific product mix, and the observed trends in plain gold versus studded jewellery are reflective of consumer behavior. The focus remains on offering a wide variety of products across different price points and use cases to drive repeat purchases and capital productivity. The contribution margin, despite a shift in studded mix, was supported by manufacturing productivity improvements and cost optimization in areas like logistics and payment gateways. Regarding marketing spend, it is expected to reduce to around 4.5% of revenue in the medium term, with a continued focus on online channels over traditional mass media.
The company also addressed queries on lab-grown diamonds (LGDs), stating that while they have a subsidiary (Ethera) in this space, most customers still prefer natural diamonds. LGDs are gaining traction primarily in the solitaire segment, which is a smaller part of the Indian market compared to design-led jewellery. The concept of lab-grown gold was dismissed as highly hypothetical and experimental.
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BlueStone Jewellery and Lifestyle Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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