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.
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