BlueStone sustains turnaround: consolidated PAT ₹6 Cr, revenue up 49.6% YoY on 39% SSSG

BlueStone opened FY27 by holding onto the profitability it first achieved in FY26. Consolidated revenue rose 49.6% YoY to ₹736.8 Cr (standalone ₹733.2 Cr, +48.8%), driven by same-store sales growth of 39% — ahead of Q4's 34% — even as the customs duty on gold jumped from 6% to 15%. Consolidated PAT came in at ₹5.96 Cr, a clean turnaround from the ₹34.7 Cr loss a year ago, marking a second straight profitable quarter. The bottom line was reached with zero tax (unabsorbed carry-forward losses) and after a ₹1.03 Cr share of associate loss; standalone PAT was higher at ₹11.1 Cr, the ₹5 Cr gap explained by the associate/subsidiary drag and NCI — the direction is identical, so both bases tell the same turnaround story.

The margin bridge is operating leverage, not pricing. Pre-IndAS EBITDA rose 134.6% YoY to ₹55 Cr — roughly three times the revenue growth rate — lifting that margin 273bps to 7.5%, as a largely fixed cost base absorbed a revenue pool nearly 50% larger. Net profit margin swung from −7.1% a year ago to +0.8%. Sequentially, however, PAT fell from ₹31.2 Cr in Q4 and NPM compressed from 4.6% to 0.8%: this is seasonality, not deterioration — Q4 is the peak wedding/festive quarter for jewellery, and gross margin also normalised to 40.7% from Q4's 43.3% as inventory gains shrank. YoY is the honest read here, and YoY is a turnaround.

The stock went into the print at ₹610.4, up 20.7% over the past month of trading.

Tax nil (carried-forward losses) — consolidated PAT sits below standalone ₹11.1 Cr due to ₹1.03 Cr associate loss + NCI; mgmt non-GAAP Adjusted PAT ₹13.8 Cr vs −₹21.3 Cr yr-ago.

The print tracks management's own framing: CEO Gaurav Singh Kushwaha called out 49% growth, 273bps margin expansion and ₹57 Cr of standalone cash profit as evidence of a 'self-funding' model. On guidance, the ~20% annual store-expansion plan from the Q4 concall is on track — the network reached 352 stores (+12 QoQ, +60 YoY) across 139 cities, all five new cities being Tier 2/3. Concurrent developments fit: repeat customers are now 59.7% of revenue and AOV rose to ₹78,081, supporting the SSSG-led, margin-accretive growth mix. One watch item on the balance sheet — net debt climbed to ₹453.6 Cr from ₹346.9 Cr in Q4 (gross debt ₹699.5 Cr), even as IPO working-capital proceeds are now 99.99% deployed. No specific street estimate for the quarter is on record; the broad analyst stance is a Buy with a ~₹856 12-month target, so this reads as an in-line-to-slightly-ahead operational delivery rather than a surprise.