BlueStone’s store-addition targets in FY26 were derailed by a sharp jump in gold prices. In its Q4 earnings call, management said it adopted a cautious, demand-led approach after gold spiked to about ₹1.42 lakh per 10g. While 17 stores were added in Q4, the FY26 total hit only 65 versus a projected 290. Inventory turnover and ROIC also took a hit via revaluation.
Bluestone’s Q4 performance surged as revenue from operations rose 48%, and the company shifted from loss to profit on a full-year basis. For FY26, revenue grew 38% to Rs 2,436 crore, turning net profit to Rs 13 crore versus a Rs 222 crore loss a year earlier. Its first-ever quarterly profit of Rs 68.8 crore arrived in Q3FY26.
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