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Bluestone tightens marketing spend in Q1 FY26, margins jump to 16.8%
Bluestone said that Q1 FY26 growth was driven by its retail footprint, with same-store sales rising 18.4% YoY, despite elevated gold prices.
Bluestone was listed on he stock exchanges on 19 August at a 3% discount to issue price.
Bluestone Jewellery, which listed on the bourses in August, on Thursday announced its first-quarter results for FY26 (April–June). The vertically integrated jewellery brand narrowed its net loss by 41% to Rs 35 crore in Q1 FY26, compared to Rs 59 crore in the same period last year.
Revenue from operations jumped 42% year-on-year to Rs 493 crore, up from Rs 348 crore in Q1 FY25. The company said growth was driven by its retail footprint, with same-store sales rising 18.4% YoY, despite elevated gold prices. Bluestone’s customer base expanded 34.4% year-on-year.
Adjusted EBITDA surged to Rs 83 crore, up 630% YoY, with margins improving sharply to 16.8% from 3.3% in the year-ago quarter. The management attributed the improvement to operating leverage, as scale benefits flowed through, particularly in advertising, promotional spending, and corporate costs.
For FY25, advertising and promotional (A&P) expenses accounted for 9% of revenues. Management noted that efficiency gains were visible in quarterly exit rates and reflected in Q1 FY26 performance. Bluestone is leaning on digital-first marketing, innovative design, and customer satisfaction to drive online sales, over celebrity endorsements and heavy spending on traditional TV and print media.
“We engage with consumers on Instagram, Google, and Meta platforms, targeting the 25–45 age group,” the brand said, adding that data-driven digital promotions have significantly expanded its reach.
Closing inventory stood at Rs 1,742 crore, an increase of Rs 90 crore, primarily due to new store additions during the quarter. As of June 30, 2025, Bluestone operated 292 stores across 122 cities, adding 17 stores sequentially.
On the US tariff issue, management clarified that Bluestone has no export exposure and is therefore not directly impacted by US tariffs on Indian goods.
Bluestone was listed on he stock exchanges on 19 August at a 3% discount to issue price. The stock started trading at Rs 508.80 on the BSE and Rs 510 on the NSE, against issue price of Rs 517. On Friday, the stock closed at Rs 564.90 apiece on the BSE.
SPOTLIGHT
The leaders highlighted how AI is emerging as a critical enabler in this shift from marketing’s traditional focus on new customers to a more sustainable model of driving growth from existing accounts.
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