Synopsis: The share of this jewellery company surged 8 percent after Nuvama projected 392 percent revenue growth by FY30, driven by aggressive store expansion, rising profitability, and strong customer demand.
The share of this company, which offers over 8,000 unique designs in gold, platinum, diamond, and gemstone jewelry, gained investors’ attention after Nuvama highlighted the company’s strong growth outlook
With a market capitalization of Rs 8,319 crore, Bluestone Jewellery & Lifestyle Ltd’s share on Thursday made a day high of Rs 549.95, up by 8.2 percent from its previous day’s close price of Rs 507.95 per share. The share of this company gave a return of 0.38 percent over the last year and has a well-known investor holding about a 1.09 percent stake through Kamath Associates, an investment and wealth management firm founded by the billionaire brothers Nithin and Nikhil Kamath
Business strong growth outlook
- Ambitious Revenue Growth: Target Nuvama expects Bluestone Jewellery to achieve revenue of Rs 12,000 crore by FY30, implying a growth rate of around 50 percent CAGR and 392 percent from its FY26 revenue of Rs 2,436. The brokerage believes the company is well-positioned to capitalize on the growing organized jewellery market and expand its presence across India.
- Store Expansion to Drive Growth: The company’s growth strategy is supported by strong same-store sales growth of around 30 percent and an aggressive store rollout plan. Bluestone currently operates around 340 stores and aims to more than double its network over the coming years, significantly expanding its market reach.
- Lifestyle Jewellery Remains a Key Focus: Nuvama highlighted that lifestyle jewellery continues to be the primary growth engine for the company, growing faster than the wedding jewellery segment. This focus allows Bluestone to benefit from higher purchase frequency and increasing demand for everyday and fashion-oriented jewellery products.
- Improving Store Economics and Customer Metrics: The brokerage noted that more than 50 percent of Bluestone’s stores are less than three years old, while older stores generate stronger profitability and return ratios. As stores mature, earnings are expected to improve further. Additionally, customer repeat rates have increased through structured savings programs, while average order values have witnessed healthy growth.
- Strong Omnichannel Model and Manufacturing Strength: Bluestone continues to scale its e-commerce, physical retail, and omnichannel capabilities simultaneously, creating a seamless customer experience. Nuvama also highlighted that 95 percent of manufacturing is done in-house, providing better operational control and efficiency. The existing manufacturing infrastructure is sufficient to support the company’s FY30 revenue target without significant capacity expansion.
Conclusion
Nuvama remains constructive on Bluestone Jewellery, driven by its Rs 12,000 crore FY30 revenue target, strong store expansion plans, improving store profitability, rising customer engagement, and scalable manufacturing capacity to support future growth.
About the Company
BlueStone is India’s leading digital-first, omnichannel fine jewelry brand. Founded in Bengaluru in 2011, it offers over 8,000 unique designs in gold, platinum, diamond, and gemstone jewelry. The company operates over 340 experiential retail stores nationwide alongside its robust e-commerce and home trial platforms.
Financial Highlight: The revenue from operations grew by 48 percent to Rs 681 crore in Q4 FY26 from Rs 461 crore in Q4 FY25, and EBIDT grew by 396 percent to Rs 124 crore in Q4 FY26 from Rs 25.1 crore in Q4 FY25. This was accompanied by a net profit growth of 163 percent to Rs 31.2 crore in Q4 FY26 from a net loss of Rs 51.3 crore in Q4 FY25, resulting in an EPS growth of 114 percent to Rs 2.10 per share in Q4 FY26 from a negative Rs 14.51 per share in Q4 FY25.
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