BlueStone Projects ₹12,000 Cr Revenue For FY30

Omnichannel jewellery brand BlueStone is betting on its aggressive store expansion over the past few years to help it achieve an annual revenue of ₹12,000 Cr in FY30, almost 5X of its FY26 total revenue of ₹2,486 Cr.

This translates into a CAGR of 50% over the four fiscal years. In its investor day presentation for 2026, the company claimed that its CAGR growth between FY22 and FY26 stood at 83%, with its revenues surging about 12X from ₹211 Cr in FY22.

The jewellery brand projects 30% CAGR increase in its same store sales growth (SSSG). Meanwhile, sales from its new store additions is expected to rake in 20% CAGR growth.

For SSSG, the target is projected by mapping the performance of stores launched in older cohorts. The company claims many of the stores it launched since FY19 have achieved breakeven.

The blended SSSG between FY22-26 for stores opened in FY19-21 stood at 27.7% while that for stores opened in FY21 stood at 31.9%. The run rate for these cohorts at the end of Q4 FY26 stood at 32.5% and 34.1%, respectively.

The company is betting on the same trajectory to sustain over the next four fiscals to achieve its targets.

The same is also reflected in the cohort wise revenue reported by the company. Stores opened in FY19-20 reported an average revenue of ₹14.1 Cr in FY26 compared to ₹8.3 Cr reported by those opened in FY23.

Important to highlight that 54% of BlueStone’s stores have been operational for less than three years.

The company has been able to steadily grow its top line over the past fiscal years, while turning PAT profitable for the first time in the previous fiscal year.

During the fiscal year FY26, the Accel-backed company reported a PAT of ₹26 Cr against a loss of ₹219.2 Cr in the previous fiscal year, while its operating revenue surged 38% YoY to ₹2,441.2 Cr.

Store Expansion To Continue

The company plans to continue its store expansion strategy to drive future growth. It has made clear in recent quarters that its D2C website acts as a discovery channel while most sales happen offline.

At the end of FY26, BlueStone’s store count stood at 340 across 134 towns and cities. The company projects to grow this number to 706 by FY30. Around 52% of these stores are located in Tier II & III cities, where it says conversion is highest in-store.

For instance, BlueStone earned a revenue of ₹7.5 Cr from Lucknow in FY22 when the city featured only two stores. However, this number grew to ₹68.3 Cr in FY26 as store count grew to six.

However, it must be highlighted that BlueStone’s expansion plans have hit a roadblock in recent quarters owing to the rapid uptick in gold prices.

The company managed to open only 65 stores in FY26, despite projecting a store count will increase by 290 across FY26 and FY27 in its RHP filed in August last year.

In April during its post-earnings call that it is now taking a cautious, demand-driven approach for store additions in light of the rise in gold prices. Management said that it views the near 100% increase in gold price over the past 15-18 months as a short-term anomaly.

BlueStone expects long-term gold price trends to normalise, resulting in improvement in return on invested capital (ROIC). Its ROIC for the FY19-20 store cohort was at 42.7%, while that of stores opened in FY23 was 22.9%.

Lastly, the company is also relying on not just expansion of consumer base but growth in wallet share and repeat purchase to drive revenue. Its revenue from repeat customers improved to 54.5% in FY26 from 32% in FY25, while average order value has grown to ₹66,000. Its customer base at the end of FY26 stood at 9.4 Lakh.

Shares of BlueStone ended today’s trading session 2.62% higher at ₹507.95.

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