BlueStone Jewellery and Lifestyle Ltd is adapting its product lineup and retail strategy in response to rising gold prices, which are reshaping customer demand. The company reported a 43.9% year-on-year revenue increase to ₹745 crore in the September quarter (Q2FY27), though same-store sales growth slowed to 28% from 39% in the previous quarter. Despite matching revenue estimates, BlueStone posted a net loss of ₹4.37 crore, wider than expected but significantly improved from the same period last year. Operational efficiency improved, with the Ebitda margin expanding to 13.2% from 8.4%.
The retailer is focusing on entry-level jewellery offerings, redesigning its lower-price range and exploring 14-carat and potentially nine-carat gold products to address affordability concerns. BlueStone also expanded its store network by 27 locations, reaching 379 stores across 146 cities, and is testing a franchise-owned, franchise-operated model to enhance local engagement. The company crossed one million customers during the quarter, with repeat customers contributing 56.3% of revenue.
BlueStone’s CEO, Gaurav Singh Kushwaha, downplayed the moderation in same-store sales growth, attributing it partly to the shift in festive calendar dates. He emphasized the company’s long-term focus on customer behavior and noted that average order value moderated to ₹77,290. The company aims to reach 400-410 stores by the end of FY27 and targets revenue of around ₹12,000 crore by FY30, up from ₹2,441 crore in FY26.
To support growth, BlueStone’s board approved a private placement of non-convertible debentures to raise up to ₹300 crore, with proceeds earmarked for refinancing high-cost debt and other business needs. Kushwaha cautioned against drawing direct parallels with other consumer categories, noting that jewellery demand follows its own cycles. The company’s shares fell about 11% on the BSE on Friday.