BlueStone targets ₹12,000 crore revenue by FY30

What BlueStone is aiming for by FY30

Jewellery retailer BlueStone has set out an aggressive growth plan, targeting annual revenue of ₹12,000 crore by FY30. The company is positioning this push around a rise in affluent households and a visible shift in luxury spending toward everyday personal luxury categories like jewellery, watches, and accessories. BlueStone’s management has linked this trend to changing consumer behaviour, where smaller and more frequent occasions are driving demand for lighter, daily-wear pieces. The company noted that 10-20 smaller events a year are increasingly replacing one or two large buying occasions, expanding the use-case for lifestyle jewellery.

In an investors’ day presentation, the company said it is targeting a 50% compound annual growth rate (CAGR) through FY30. It attributed the ambition to its omnichannel model and the growing contribution from mature store cohorts. The plan also relies heavily on physical expansion, even as the company continues to position itself as a digital-first, direct-to-consumer (D2C) brand.

Growth math: FY26 base and the FY30 target

BlueStone’s FY30 revenue target implies nearly five-fold growth from its FY26 base. In the same set of disclosures, FY26 revenue has been cited at ₹2,486 crore, while another FY26 figure reported for revenue from operations is ₹2,441 crore. Both point to a similar base level for the growth plan.

Management also highlighted execution in recent years, with revenue climbing from ₹211 crore in FY22 to ₹2,486 crore in FY26. That represents about a 12-fold increase over the period, and the company cited an 83% CAGR over that span.

Store expansion is central to the plan

Store additions remain a key pillar of BlueStone’s strategy. The company plans to more than double its network from 340 stores in FY26 to 706 by FY30. As of March 2026, it had 340 stores across 134 cities in 28 States and Union Territories.

In commentary around operating momentum, the company has also spoken about opening 70-80 stores every year and maintaining same-store-sales growth of 15-20%. A separate quarterly update cited same-store sale growth of 34% for the quarter, with broad-based trends across all three months.

Omnichannel behaviour: online discovery, offline conversion

Brokerage commentary has repeatedly pointed to the company’s technology-led omnichannel approach as a differentiator. JM Financial noted a buying pattern where customers browse online several times before completing purchases in stores, which it said supports long-term growth visibility. The brokerage also highlighted BlueStone’s use of artificial intelligence and analytics across core functions.

BlueStone describes itself as a digital-first D2C retailer focused on contemporary lifestyle jewellery. It offers diamond, gold, platinum, and studded jewellery under the flagship BlueStone brand, and positions the model as designed to deliver a seamless experience across online and offline touchpoints.

FY24 to FY26: reported revenue trajectory

The company has disclosed a consistent rise in revenue from operations over the last three fiscal years. It reported revenue from operations of ₹1,265.8 crore in FY24, ₹1,770 crore in FY25, and ₹2,441.2 crore in FY26. Separately, an investor presentation cited FY25 revenue of ₹1,770 crore and FY26 revenue of ₹2,486 crore.

BlueStone’s differentiated product profile and “higher studded mix” have been cited as factors supporting revenue growth and gross margin performance. In a discussion around the business, gross margins were referenced at around 37-38%.

Key operating and financial snapshots (as disclosed)

What brokerages are saying

JM Financial maintained a ‘Buy’ rating with a target price of ₹650, implying about 20% upside from current levels (as cited). It identified a shift in consumer demand from wedding jewellery to lifestyle jewellery as a core driver that favours organised players.

Another brokerage note recommended a Buy with a target price of ₹600, valuing the company at 19x FY28E EV/EBITDA. That note projected revenues to grow at roughly 32% CAGR over FY25-28E to ₹4,030.5 crore, with EBITDA margins expanding by 1,000 basis points over FY25-28E.

Nuvama, in its assessment, expects strong growth as more stores mature. It expects performance improvement to be driven by higher repeat purchases, rising average order values, and steady growth across both online and offline channels.

Stock context, profitability trend, and gold-price effects

ET Intelligence Group noted that shares of BlueStone Jewellery and Lifestyle gained 15% over the past month, even as broader market weakness dragged benchmark indices down by nearly 9%. Over nine months to December 2025, the company’s revenue increased 34% year-on-year to ₹1,754 crore, while net loss narrowed to ₹18 crore from ₹170.6 crore.

Emkay said BlueStone delivered revenue growth of about 40% annually between FY23 and nine months to December 2025. The growth moderated to 27% year-on-year in the December 2025 quarter amid high gold prices, which pushed demand toward coins and chains, categories where the company has lesser exposure. The company has stated that it expects 30-35% revenue growth to sustain, supported by continued network expansion and strong double-digit same-store sales as the store base matures.

Industry backdrop: lifestyle jewellery tailwinds

BlueStone’s growth narrative is also tied to broader industry shifts. The Indian jewellery market has grown at a CAGR of 13-15% between CY 2021-2024 and is currently estimated at around ₹6,34,000 crore (INR 6,340 billion). The company has framed the market’s evolution as a move from unorganised to organised retail and from offline-only shopping to omnichannel buying.

A brokerage note cited expectations that daily wear and non-wedding occasional jewellery segments could grow by 18-21% in coming years, compared with 6-9% growth in the traditional wedding jewellery segment. For organised, design-led retailers, this change in mix can be material because it supports more frequent purchases rather than event-driven spikes.

IPO corner: issue details and what investors are watching

BlueStone Jewellery’s ₹1,541 crore IPO opened with a price band of ₹492 to ₹517 per share (as cited). The company raised just under ₹700 crore from anchor investors. With the business combining rapid store expansion and a digital-first proposition, investors are likely to focus on execution against store rollout plans, same-store sales trajectory, and whether the narrowing loss trend continues as scale rises.

Market impact and why the plan matters

BlueStone’s FY30 target highlights how the organised jewellery space is leaning into lifestyle consumption, not only wedding-led demand. For investors, the key numbers to track are the gap between the FY26 base of about ₹2,441-2,486 crore and the ₹12,000 crore FY30 aspiration, plus the store ramp from 340 to 706.

The market response so far has included upbeat brokerage calls anchored in omnichannel conversion behaviour, store cohort maturation, and repeat-led growth drivers. At the same time, the recent moderation in growth during periods of high gold prices shows the sensitivity of demand mix, particularly when consumer spending shifts toward products where BlueStone has lower exposure.

Conclusion

BlueStone has laid out a clear FY30 roadmap built on a 50% CAGR ambition, a near five-fold revenue goal to ₹12,000 crore, and a plan to scale stores to 706. Near-term tracking points include quarterly same-store sales performance, pace of store openings, and how product mix evolves as lifestyle jewellery demand rises. The company’s IPO process and subsequent disclosures are expected to provide additional clarity on execution priorities, unit economics, and the timeline for scaling profitability.