This Jewellery Stock Is Targeting 50 Percent Annual Revenue Growth And 700 Stores By FY30. Can It Deliver?

Shares of Bluestone remained in focus on Monday after the company’s management outlined an ambitious growth roadmap, targeting revenue of Rs 12,000 crore by FY30 while maintaining confidence in jewellery demand despite rising gold prices and geopolitical uncertainties. Speaking to NDTV Profit, Chief Executive Officer Gaurav Singh Kushwaha said the current quarter began on a strong footing, aided by healthy demand during Akshaya Tritiya.

“Demand was very robust,” Kushwaha said, adding that while there has been some moderation following the recent duty increase and Prime Minister Narendra Modi’s appeal to curb discretionary consumption amid elevated oil prices, the impact has so far been limited.

The company is targeting revenue growth from about Rs 2,500 crore currently to Rs 12,000 crore by FY30. According to Kushwaha, the growth strategy rests on two key pillars: stronger sales from existing stores and a rapid expansion of its retail footprint.

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Bluestone expects same-store sales growth of around 30%, while distribution expansion could contribute another 20% growth annually. The company plans to increase its store count from roughly 340 currently to more than 700 over the next four years, with a particular focus on tier-II and tier-III cities.

“We saw very strong numbers across metros, tier-I, tier-II and tier-III markets,” he said, noting that smaller cities continue to offer significant headroom for expansion.

Management is also betting on operating leverage to drive profitability. Bluestone’s adjusted pre-Ind AS EBITDA margin stood at 7.4% in FY26. Kushwaha said the company expects that figure to nearly double to 14-15% by FY30 as stores mature and corporate overheads become a smaller proportion of revenue.

The company highlighted that repeat customers now account for 56% of sales, up from around 30-35% three to four years ago, helping improve customer acquisition economics.

On concerns around lab-grown diamonds, Kushwaha said the impact on Bluestone remains limited. Unlike Western markets where solitaire diamonds form a significant portion of demand, Indian jewellery purchases are largely design-led, with smaller diamonds used as part of broader jewellery pieces.

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