Bluestone Jewellery And Lifestyle Limited · NSE:BLUESTONE
Bluestone Jewellery And Lifestyle — Investor Day (June 2026)
144 slides from Bluestone Jewellery And Lifestyle's investor day presentation, Jun 3, 2026
Slide 1: Exchange covering letter for Investor Day presentation
June 03, 2026 To, BSE Ltd. National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 544484), (Symbol: BLUESTONE, Series EQ) Dear Sirs/ Madam, Sub :Analyst/ Institu
Slide 2: Investor Day 2026
(\\ BLUESTONE Investor Day 2026 ———
Slide 3: Overview
Overview Gaurav Singh Kushwaha Founder & CEO
Slide 4: The India Setup
The India Setup Why the moment matters?
Slide 5: Wealthier, Aspirational, Digital-first, Individualistic
Wealthier Aspirational Digital-first Individualistic
Slide 6: A wealthier India is emerging
A wealthier India is emerging 40% Affluent households, share of total 51% 25% of India‘s luxury market is now personal luxury such as watches jewellery clothing bags &more (2019) (2029)
Slide 7: Consumers spending more on things that express who they are
Consumers today are spending more on things that express who they are. Fashion Beauty Travel Experiences Jewellery
Slide 8: The meaning of jewellery is changing
The meaning of jewellery is changing. Then Now Occasion Personal Family Independent Investment Everyday
Slide 9: The consumer who needs no permission to buy
The consumer Independent women are who needs no Driving demand. permission to Influencing trends. buy. She earns, she decides, and she Redefining what buys for herself. jewellery means.
Slide 10: The Digital Shift
The Digital Shift how discovery changed
Slide 11: A billion consumers, online by 2030
A billion consumers, online by 2030. 1bn+ 1bn+ 300m+ internet users smartphone users shop online Projected by the end of the decade
Slide 12: Choice is no longer the constraint
Choice is no longer the constraint. With infinite access and information, the real differentiators are trust and experience. Trust Experience Earned, never assumed. Where the brand actually lives.
Slide 13: The BlueStone Thesis
The BlueStone Thesis A consumer company, inside jewellery
Slide 14: A consumer company, inside jewellery
just another jewellery retailer A consumer company, Inside jewellery.
Slide 15: Browse first, then walk in with confidence
Browse first, then walk in with confidence Browse Compare Research Shortlist Store Digital reshaped the journey - the store is now the moment of clarity, not the start of discovery.
Slide 16: They browse far more than they buy
They browse far more than they buy Purchase 1x 10-30x Browse up to 30x more browsing than buying
Slide 17: Building a better jewellery experience
Building a better jewellery experience. Choice Design Trust Transparency Convenience Self-expression
Slide 18: Interconnected pillars, not departments
Interconnected pillars, not departments Design Each designed to reinforce the others. Faster: Retail Sourcing ● Innovation ● Feedback Data Manufacturing ● Response Omnichannel Technology
Slide 19: The Opportunity & The Proof
The Opportunity & The Proof A market expanding, a model that works.
Slide 20: The market and the model
The market and the model $130-$140bn $75bn The opportunity is no longer just weddings. Lifestyle jewellery is the structural expansion of the category. Today By 2029 *Affluent households includes households having annual income > $9,400. Source: RedSeer Report
Slide 21: Breadth across metals, styles and price
Breadth across metals, styles and price Entry Accessible Mid Premium Fine Everyday Office Festive Bridal
Slide 22: Holding design value as gold rises
Holding design value as gold rises The same design costs more as gold climbs. We make sure you still get the value What Bluestone does Every extra rupee shows. We hold the design value - the premium goes into craft, finish and brilliance, not just the weight of the → Gold metal. 40k → 60–70k Craft F
Slide 23: A natural omnichannel category
A natural omnichannel category Online Offline Discovery Trust & Conversion → → Browse, compare, research - infinite reach Touch, try, decide - the moment of confidence. Each side reinforces the other.
Slide 24: The numbers say the model works
The numbers say the model works ~47% 3 year revenue CAGR ~34% same store sales growth, Q4 FY2026
Slide 25: A disciplined, fast-paying store model
A disciplined, fast-paying store model 3-4 month to operational breakeven, typically 20% footprint expansion over five years
Slide 26: Organised is taking share from unorganised
Organised is taking share from unorganised ~30% ~37% 43-47% Organised Unorganised ~70% ~63% 53-57% Consumers keep choosing trust, transparency and design consistency. 2019 2024 2029P
Slide 27: Technology, People & the Road Ahead
Technology, People & the Road Ahead How we operate. Who builds it. Where we go
Slide 28: Non tech-layered. Tech-integrated.
Non tech-layered. Tech-integrated. Layered on top Built into the foundation Technology Retail Operations Retail Sourcing Operations Technology Sourcing
Slide 29: Technology across the entire journey
Technology across the entire journey AI ML Real-Time Data Auto Unified Discovery Recommendations Inventory & Design feedback Acquisition Omnichannel merchandising efficiency conversion Embedded into how we operate - uniform and systematic, end to end.
Slide 30: One of India's most recognised fine jewellery brands
One of India’s most recognised fine jewellery brands - built for modern consumers. Discover, browse and buy.
Slide 31: Strategy alone does not build businesses. People do.
Strategy alone does not build businesses. People do. It is people - across every function - who turn pillars into a company. Stores Manufacturing Sourcing Technology Experience Operations
Slide 32: Consumption story, formalisation, digital influence
Consumption story Formalisation Digital influence Brand-led consumption
Slide 33: Tech At The Core
Tech At The Core Mikhil Raj Chief Product Officer
Slide 34: Business is the result; technology is the catalyst
Business is the result; technology is the catalyst.
Slide 35: Omnichannel, vertically integrated, consumer-connected
Omnichannel Vertically Consumer- integrated. connected. Every touchpoint, one Design to delivery, Every data point customer view owned end-to-end building the consumer profile, step by step
Slide 36: Technology-infused infrastructure powering omnichannel excellence
Technology-infused infrastructure powering omnichannel excellence
Slide 37: Tech-layered breaks at the seams, tech-rooted scales
"Tech-layered" breaks at the seams, Tech-rooted scales
Slide 38: Technology-powered design innovation
Technology-powered design innovation, driven by consumer insights and data intelligence
Slide 39: A digital storefront powering discovery and personalization
A digital storefront powering discovery, personalization and omnichannel engagement
Slide 40: A 360° consumer view and AI augment our team
A 360° consumer view and AI augment our team to deliver world-class consumer experiences
Slide 41: A connected supply chain built for scale
A connected supply chain built for scale
Slide 42: Every interaction writes a single customer record
Every interaction writes a single customer record
Slide 43: Tech-first from the very beginning
Tech-first from the very beginning
Slide 44: The foundation is built. The future is being engineered.
The foundation is built. The future is being engineered.
Slide 45: The next frontier of commerce is agentic
The next frontier of commerce is agentic. And we are ready for what’s next.
Slide 46: The Craft, The Catalogue & the Consumer
The Craft, The Catalogue & the Consumer Vipin Sharma Chief Merchandising Officer
Slide 47: Designed for Life, not the locker
Designed for Life, not the locker
Slide 48: The new consumer is defined by aspiration and self-expression
The new consumer is defined by aspiration and self-expression.
Slide 49: The role of jewellery is evolving
The role of jewellery is evolving From storing value to expressing individuality.
Slide 50: The modern consumer expects constant renewal
The modern consumer expects constant renewal
Slide 51: We design for lives in motion
We design for lives in motion, Not moments in isolation.
Slide 52: Lifestyle, occasions, festivals, weddings, everyday
pe Z > I Lifestyle Occasions Festivals Weddings Everyday
Slide 53: 15,000+ designs
15,000+ designs Conceptualised, crafted and celebrated.
Slide 54: 15,000+ designs
15,000+ designs Conceptualised, crafted and celebrated.
Slide 55: 15,000+ designs
15,000+ designs Conceptualised, crafted and celebrated.
Slide 56: The same design intent at every price point
The same design intent At every price point.
Slide 57: New materials. New combinations. New reasons to come back.
New materials. New combinations. New reasons to come back.
Slide 58: Choice on every axis
New materials. New combinations. New reasons to come back. Choice on every axis.
Slide 59: New materials. New combinations. New reasons to come back.
New materials. New combinations. New reasons to come back.
Slide 60: The jewellery consumer is broader than the industry imagined
The jewellery consumer is broader than the industry imagined.
Slide 61: Collections that consumers come back for
Collections that consumers come back for. Not just products they browse past.
Slide 62: The team, the speed, the capability behind every design
iN The team, the speed, the capability behind every design
Slide 63: 25-30 designers
(XN 25-30 designers from top design institutes in India.
Slide 64: Full brief-to-shelf ownership
Full brief-to-shelf ownership
Slide 65: Built for scale. Designed for agility.
Built for scale. Designed for agility.
Slide 66: Built for scale. Designed for agility.
Built for scale. Designed for agility.
Slide 67: Design and manufacturing built together
Design and manufacturing built together So creative ambition has no ceiling.
Slide 68: This is where creative gives way to science
This is where creative gives way to science
Slide 69: We test at low cost so we can launch with high confidence
We test at low cost so we can launch with high confidence.
Slide 70: We test at low cost so we can launch with high confidence
We test at low cost so we can launch with high confidence.
Slide 71: Data at the heart of everything
Data at the heart of ev and it compounds every day.
Slide 72: Category management powered by technology
Category management powered by technology, integrated seamlessly across: Retail Manufacturing Merchandising Online channels
Slide 73: A significant runway for growth ahead
A significant runway for growth ahead.
Slide 74: A small slice. A much bigger story.
A small slice. A confident sample. A much bigger story.
Slide 75: The Manufacturing Moat
The Manufacturing Moat Harshit Desai Chief Manufacturing Officer
Slide 76: Three cities. 1,500 hands.
Three cities. 1,500 hands. One supply chain that bends without breaking.
Slide 77: Three cities. 1,500 hands.
Three cities. 1,500 hands. One supply chain that bends without breaking.
Slide 78: Three cities. 1,500 hands.
Three cities. 1,500 hands. One supply chain that bends without breaking.
Slide 79: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 80: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 81: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 82: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 83: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 84: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 85: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 86: From casting to handcrafting
From casting to handcrafting every design, made in-house.
Slide 87: Capacity ahead of demand
Capacity ahead of demand - Prepared for the next phase of growth
Slide 88: 4-5 days: retail speed, not manufacturing speed
We move at retail speed not manufacturing speed. Made to Order and Website orders made and shipped in 4-5 days.
Slide 89: Control over craft means control over quality and cost
Control over craft means control over quality and cost
Slide 90: Fixed cost base. Rising volumes.
Fixed cost base. Rising volumes. A margin advantage that only gets stronger. Factory cost reduced from 4.5% of revenue to 3.1%
Slide 91: Fixed cost base vs vendor margins
Fixed cost base. Rising volumes. A margin advantage that only gets stronger. vs. 7–8% vendor margins
Slide 92: The Marketing Engine
The Marketing Engine Mikhil Raj Chief Product Officer
Slide 93: Every screen. Every scroll. Every street.
Every screen. Every scroll. Every street.
Slide 94: The better you know your customer, the less you waste
The better you know your customer, the less you waste on marketing.
Slide 95: Years of data. Millions of interactions
Years of data. Millions of interactions One very clear picture of who they are.
Slide 96: Bold in approach. Sharp in execution
Frontier technology in marketing isn’t an aspiration. It’s how we operate. Bold in approach. Sharp in execution
Slide 97: Marketing in Proof
Marketing in Proof - We don’t just say it. The data does
Slide 98: Advertisement spends and ROAS FY22 vs FY26
FY22 FY26 Advertisement spends ₹ 42 Cr ₹ 161 Cr (9.2%) (6.6%) ROAS 10.9x 15.2
Slide 99: Instagram followers crossed 1mn
Instagram followers crossed 1mn 3x growth in the last 1 year
Slide 100: The Retail Story
The Retail Story Sudeep Nagar Chief Operating Officer
Slide 101: From a single store in Delhi to 340 across India
From a single store in Delhi to 340 across India in just 8 years
Slide 102: Where we stand today: 25 states, 134 cities
Slide 103: Trust, choice and transparency to underserved markets
We bring trust, choice and transparency to markets underserved 52% of stores are in Tier 2 and 3 cities
Slide 104: Where we stand today: one brand stores
Where we stand today One brand 340 stores
Slide 105: The BlueStone Retail Experience
Frontier technology in marketing isn’t an aspiration. It’s how we operate. The BlueStone Retail Experience
Slide 106: Simplifying the complexities of large scale retail
Frontier technology in marketing isn’t an aspiration. It’s how we operate. Simplifying the complexities of large scale retail.
Slide 107: Every metric, trending right
Every metric, trending right iS
Slide 108: 37.4% CAGR consumer growth
More Indians are choosing BlueStone for the first time every year Consumer growth - 37.4% CAGR
Slide 109: Jewellery is a lifetime category
Jewellery is a lifetime category. Our customer relationships are built to last just as long. Revenue from repeat customers improved from growth - 32% in FY22 to 54.5% in FY26.
Slide 110: More trust. Bigger occasions. Higher tickets.
More trust. Bigger occasions. Higher tickets. The flywheel is working.
Slide 111: Strong cohort level performance
This is reflected in our strong cohort level performance
Slide 112: Older stores don't plateau
Older stores don't plateau They compound.
Slide 113: New stores add width, SSSG proves the depth
New stores add width SSSG proves the depth.
Slide 114: Impact of omni-channel model on revenue growth
Impact of omni-channel model on revenue growth
Slide 115: Scaling within cities, not just across them
Scaling within cities, not just across them.
Slide 116: Small Cities, Real Scale
Small Cities, Real Scale | Sale (Rs Cr) Stores Silchar Brahmapur Gorakhpur Population 0-3 lakhs Population 3-5 lakhs Population 5-10 lakhs 120 107 167 85 115 58 52 70 21 11 21 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26
Slide 117: Unit economics that worked at store 1 still work at store 340
The unit economics that worked at store 1 still work at store 340
Slide 118: Retail expansion plans
Retail expansion plans
Slide 119: Retail expansion plans
Retail expansion plans Expand Improve Expansion Footprint and revenue Through distribution productivity FOFO Stores
Slide 120: BlueStone
(\\ BLUESTONE
Slide 121: The Numbers Behind The Story
The Numbers Behind The Story Rumit Dugar Chief Financial Officer
Slide 122: ROIC - One number that matters. Four drivers
ROIC - One number that matters. Four drivers Revenue Inventory Capital Productivity Margins Turns Structure
Slide 123: Solid unit economics driving ROICs
Solid unit economics driving ROICs Cohort wise unit economics and ROIC Year of opening FY23 FY21 & FY22 FY19& FY20 EBITDA Inventory Turns ROIC FY23 19.7% 1.6 22.9% Year of Opening 21.6% 1.7 28.1% FY21 & FY22 Store level EBITDA FY19& FY20 24.8% 2.1 42.7% EBIT Note: Inventory turns have been computed
Slide 124: Network Vintage: Structural ROIC tailwind
Network Vintage : Structural ROIC tailwind Breakdown of stores by vintage More than 3 54% of our stores years = 155 are less than 3 years old Less than 3 years = 185
Slide 125: Our omnichannel model drives rapid scale
Our omnichannel model drives rapid scale Note: Revenue from stores
Slide 126: Scale and vintage drive operating leverage
Scale and vintage drive operating leverage Pre IndAS EBITDA (5.7)% ₹(20) Cr 7.4% ₹181 Cr
Slide 127: Scale and operating leverage open up efficient sources of capital
Scale and operating leverage open up efficient sources of capital FY22 FY26 Total FY26 Total CAGR 63% ₹124 Cr ₹884 Cr Note: This includes customer liabilities and trade payables
Slide 128: 50% hedging - A disciplined hedging policy
50% hedging - A disciplined hedging policy Three variables that we optimise for Liquidity Capital Structure Accounting
Slide 129: How hedging changes the outcome: gold up 50%, 100% hedged
Rs 2 Cr inventory. 1:1 D/E. How hedging changes the outcome Gold prices increase by 50% 100% Hedged MTM call - Cash Outflow ₹1 Cr Before Debt 1 Equity 1 1:1 After Debt2 Equity 1 2:1
Slide 130: How hedging changes the outcome: gold up 50%, 50% hedged
Rs 2 Cr inventory. 1:1 D/E. How hedging changes the outcome Gold prices increase by 50% 50% Hedged MTM call - Cash Outflow ₹0.5 Cr Before Debt 1 Equity 1 1:1 After Debt 1.5 Eq 1 Equity 1.5 1:1
Slide 131: How hedging changes the outcome: gold down 50%, 50% hedged
Rs 2 Cr inventory. 1:1 D/E. How hedging changes the outcome Gold prices decrease by 50% 50% Hedged MTM call - Cash Outflow ₹0.5 Cr Before Debt 1 Equity 1 1:1 After Debt 0.5 Eq 1 Equity 0.5 1:1
Slide 132: How hedging changes the outcome: scenario comparison
Rs 2 Cr inventory. 1:1 D/E. How hedging changes the outcome Gold prices increase by 50% Gold 2. prices Golddecrease down by by50% 50% - 50% hedged 100% Hedged 50% Hedged 50% Hedged MTM call - Cash Outflow ₹1 Cr MTM call - Cash Outflow ₹0.5 Cr MTM call - Cash Inflow ₹ 0.5 Cr Before Debt 1 Equity 1 1:1 B
Slide 133: BlueStone in FY30
BlueStone in FY30
Slide 134: BlueStone in FY30: Revenue
BlueStone in FY30: Revenue Note: Store revenue only - excludes B2B and online sales
Slide 135: 50% CAGR: The roadmap
50% CAGR : The roadmap 50% CAGR 30% SSSG 20% CAGR New store additions CAGR
Slide 136: 2030 SSSG target of 30% showcased by older cohort performance
2030 SSSG Target of 30% showcased by older cohort performance Older cohorts grew at ~30% FY 2022-26 blended SSSG And continue to grow at 30%+ Q4 FY26 exit run rate FY2030 target simply holds the line Same trajectory, sustained Note: FY19 & FY20 and FY21 refer to cohorts of stores opened in those yea
Slide 137: 30% SSSG: Supported by cumulative A&P investments
30% SSSG : Supported by cumulative A&P investments Last 4 years Next 4 years ₹528 Cr ₹1,578 Cr Note: The figures represents cumulative marketing spends for the period
Slide 138: BlueStone in FY30: Distribution
BlueStone in FY30 : Distribution
Slide 139: Margin Roadmap: Stores Get More Profitable As They Mature
Margin Roadmap: Stores Get More Profitable As They Mature Note: Pre-ind AS EBITDA margin at store level, by cohort vintage. Older cohorts are further along the maturity curve, the FY 2030 target of 20.7% sits below proven cohort economics, not above them.
Slide 140: Margin Roadmap: Operating Leverage on Below-Store Costs
Margin Roadmap : Operating Leverage on Below-Store Costs ADVERTISING & PROMOTION ₹155 Cr →₹552 Cr 3.6x in absolute spend yet falls 6.6% → 4.6% of revenue CORPORATE COSTS ₹108 Cr →₹192 Cr 1.8x in absolute spend yet falls 4.6% → 1.6% of revenue THE MECHANISM Revenue grows 5.1x. Costs grow far slower.
Slide 141: Margin Roadmap: Summary
Margin Roadmap : Summary Store-margin expansion = +2.1pp (FY26 18.6% → FY30 20.7%). Below-store cost reduction = +5.1pp from A&P efficiency (+2.0pp) and corporate cost leverage (+3.1pp).
Slide 142: Inventory Turns: Driven by Vintage
Inventory Turns: Driven by Vintage Note: inventory turns have been computed on opening inventory.
Slide 143: BlueStone in FY30: Summary
BlueStone in FY30 : Summary Revenue ROE ₹12,000 Cr 25% Pre-IndAS EBITDA Inventory Turns 14.7% 1.7x
Slide 144: Thank you
Thank you
BlueStone Jewellery and Lifestyle — Investor Day (June 2026) on 6ix