This Multibagger Small-Cap Jewellery Company Jumps 48% In A Month & Trades Near 52-Week High; Here's What's Driving the Rally

On Tuesday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 246.85 points, or 1.03 per cent, to 24,232.20. Meanwhile, BlueStone Jewellery & Lifestyle share price jumped 5.16 per cent to Rs 796.35.

The stock has delivered strong returns to investors, gaining 48.17 per cent over the past one month, 78.68 per cent in the last six months and 46.12 per cent over the past one year. The stock is currently trading close to its 52-week high of Rs 872.60, compared to its 52-week low of Rs 400.40.

BlueStone Q1 FY27 Performance

BlueStone reported a strong operational performance for the first quarter of FY27. Revenue increased 49 per cent year-on-year to Rs 733 crore, supported by healthy demand and strong execution across its retail network.

Pre-Ind AS EBITDA jumped 135 per cent YoY to Rs 55 crore, significantly outpacing revenue growth. Operating EBITDA margin expanded by 273 basis points to 7.5 per cent during the quarter, reflecting improving operating leverage as the business continues to scale.

The company also reported broad-based same-store sales growth (SSSG) of 39 per cent, with older stores continuing to perform in line with the overall portfolio. Management highlighted that demand remained resilient despite the increase in customs duty on gold from 6 per cent to 15 per cent, with healthy trends seen in both June and July.

Debt Reduction Strengthens Balance Sheet

BlueStone also strengthened its balance sheet during the year by reducing its borrowings. Consolidated borrowings declined from Rs 1,915 crore in March 2025 to Rs 1,699 crore in March 2026, while reserves nearly doubled from Rs 877 crore to Rs 1,785 crore. The company also reported lower investments and continued growth in total assets, indicating a stronger financial position.
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Expansion Plans and FY27 Guidance

Management remains optimistic about the company's long-term growth prospects and has outlined an ambitious expansion strategy.

BlueStone aims to maintain an annual run rate of 70 to 80 new store additions and targets nearly 20 per cent CAGR in store expansion over the next four years.

The company has also set a long-term aspiration of achieving approximately 50 per cent revenue CAGR, supported by around 30 per cent same-store sales growth and 20 per cent distribution growth. Management expects overall revenue to reach nearly Rs 12,000 crore over the next four years.

Margin Expansion and Manufacturing Advantage

BlueStone expects operating EBITDA margins to improve from the current 7.5 per cent to nearly 15 per cent over the next four years through scale benefits and operating leverage.

Marketing expenditure is also expected to decline as a percentage of revenue from the current 6.6 per cent to around 4.5–4.6 per cent over the next five years, improving profitability further.

The company manufactures nearly 95 per cent of its products in-house, providing better design differentiation and an estimated margin advantage of around 300–400 basis points compared to outsourced manufacturing.

About BlueStone Jewellery & Lifestyle

BlueStone Jewellery & Lifestyle Ltd is one of India's leading omnichannel jewellery retailers, offering a wide range of gold, diamond, platinum and gemstone jewellery through its expanding network of retail stores and digital platform. The company continues to focus on premium product offerings, store expansion, manufacturing integration and technology-led customer experience to drive long-term growth.

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Disclaimer: The article is for informational purposes only and not investment advice.