Investor Presentation

BlueStone is rapidly expanding, focusing on India's aspirational, digital-first consumers with an omnichannel strategy. **Business Performance:** The company achieved a strong ~47% 3-year revenue CAGR and ~34% Same Store Sales Growth in Q4 FY26. Revenue from repeat customers grew significantly from 32% in FY22 to 54.5% in FY26, showcasing deep customer loyalty. **Growth Drivers or Strategy:** BlueStone’s core strategy involves a tech-rooted omnichannel model for seamless online discovery and in-store trust.

They focus on lifestyle jewellery, prioritizing design value, and expanding through a disciplined store model that typically breaks even in 3-4 months.

Vertical integration enhances quality and cost control. **Recent Developments:** The company has expanded to 340 stores and seen Instagram followers cross 1 million (3x growth in a year). Factory costs were optimized from 4.5% to 3.1% of revenue, with Return on Ad Spend (ROAS) improving to 15.2x in FY26. **Key Financial Metrics:** FY26 revenue stood at ₹2,342 Cr. **Management Commentary / Outlook:** BlueStone targets ₹12,000 Cr revenue by FY30, aiming for a 50% CAGR driven by 30% from Same Store Sales Growth and 20% from new store additions.

They project a 14.7% Pre-IndAS EBITDA and 25% Return on Equity by FY30, underpinned by store margin expansion and operating leverage.