BlueStone Projects ₹12,000 Cr Revenue For FY30
BlueStone says it can grow revenue to ₹12,000 Cr by FY30, helped by store expansion and repeat purchases. It also aims to lift Pre-IndAS EBITDA margin to 14.7%.
Intelligence analysis by GPT-5.4 Mini
BlueStone is leaning on aggressive offline expansion, rising same-store sales, and more repeat buying to chase a FY30 revenue target of ₹12,000 Cr. The company says its newer store cohorts are already mature enough to support that plan, though higher gold prices have slowed its rollout.
BlueStone is trying to grow like a shop chain that keeps opening more stores and getting more people to come back and buy again. It says that if enough stores work well, the whole business could become much bigger by FY30.
Analysis
What BlueStone is aiming for
BlueStone, the omnichannel jewellery brand backed by Accel, says it is targeting annual revenue of ₹12,000 Cr by FY30, which would be almost 5x its FY26 revenue of ₹2,486 Cr. Alongside that, it is projecting a Pre-IndAS EBITDA margin of 14.7% by FY30, up from 7.4% in FY26.
How it plans to get there
The company is building its forecast around two main growth drivers: same-store sales growth and new store additions. It expects same-store sales growth to rise at a 30% CAGR, while revenue from newly added stores is projected to grow at a 20% CAGR. BlueStone says many stores opened since FY19 have already reached breakeven, which it uses as evidence that the model can scale further.
The company cites strong cohort performance to support that argument. It says stores opened in FY19-21 posted a blended SSSG of 27.7% between FY22 and FY26, while stores opened in FY21 posted 31.9%. At the end of Q4 FY26, those run rates stood at 32.5% and 34.1%, respectively.
Store expansion and current performance
At the end of FY26, BlueStone had 340 stores across 134 towns and cities. It plans to increase that to 706 by FY30. Around 52% of those stores are in Tier II and Tier III cities, where the company says in-store conversion is highest.
The article gives Lucknow as an example of how store density has helped revenue scale. BlueStone says the city generated ₹7.5 Cr in FY22 with two stores, rising to ₹68.3 Cr in FY26 with six stores.
BlueStone also reported a first-time profit after tax of ₹26 Cr in FY26, versus a loss of ₹219.2 Cr in the previous year. Operating revenue rose 38% year on year to ₹2,441.2 Cr. Repeat customers contributed 54.5% of revenue in FY26, up from 32% in FY25, and average order value reached ₹66,000.
What could slow it down
The company’s expansion has already run into headwinds from sharply higher gold prices. It opened only 65 stores in FY26, below the pace it had earlier projected in its RHP. Management now says it is taking a cautious, demand-driven approach to new store openings and believes the gold price spike is temporary.
Key points
- BlueStone is targeting ₹12,000 Cr in revenue by FY30, up from ₹2,486 Cr in FY26.
- It wants Pre-IndAS EBITDA margin to rise to 14.7% from 7.4%.
- The company had 340 stores at the end of FY26 and plans to reach 706 by FY30.
- BlueStone says repeat customers contributed 54.5% of revenue in FY26.
- Higher gold prices have slowed store additions and pushed the company toward a cautious rollout pace.
If BlueStone’s newer stores keep maturing the way older ones did, the company could keep raising revenue without needing every new store to do heavy lifting. A stronger repeat-customer mix and higher store productivity could also help margins improve as it scales.
The biggest risk is that high gold prices continue to hurt demand or force slower store expansion than planned. If newer stores do not match the performance of older cohorts, the FY30 revenue and margin targets could prove too aggressive.
