Q4 25/26

Apr 24, 2026

Summary

Q4 standalone revenue grew 49.1% YoY and SSG reached 34%, supporting strong FY26 momentum. The network expanded to 340 stores, while management targeted ~20% annual distribution growth and linked inventory-turn pressure to higher gold prices.

Ladies and gentlemen, good day and welcome to the BlueStone Jewellery and Lifestyle Limited Q4 FY26 conference call hosted by EY. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Rhea Dharia from EY Investor Relations. Thank you, and over to you, Ms. Rhea. Thank you, Ikra. Good morning to all the participants on the call. Welcome to the Q4 and FY26 earnings call of BlueStone Jewellery and Lifestyle Limited. Before we proceed with the call, let me remind you that the discussion may contain forward-looking statements that may involve known and unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance or achievements to differ significantly from what is expressed or implied in such forward-looking statements. Please note that we have mailed the results, and the same is available on the exchange. In case you have not received the same, you can write to us, and we would be happy to send the same over to you. To take us through the results and answer your questions today, we have the management of BlueStone, represented by Mr. Gaurav Singh Kushwaha, Founder and Chief Executive Officer, Mr. Vipin Sharma, Chief Merchandising Officer, and Mr. Rumit Dugar, Chief Financial Officer. We will start the call with a brief overview of the quarter gone past and then conduct the Q&A session. With that said, I will hand the call to Gaurav. Over to you, Gaurav. Thank you, Rhea. Good morning, everyone, and thank you for joining us at BlueStone's quarter four and FY26 earnings call. FY26 marks a milestone year for us as our first full financial year as a listed company and delivering four quarters of year earnings post-listing. During the year, we demonstrated strong growth momentum, deepening distribution penetration, significant improvement in cohort productivity, and strong operating leverage. This operating performance sets up nicely going into next year and beyond. We are in a unique position to fill the large consumer experience and product market gap with our omni-channel experience, pan-India distribution, and design-led product approach across categories. We enter FY27 with robust exit growth, as demonstrated in Q4, with a clear focus on execution, driving deeper wallet share among existing customers while continuing to expand our customer base. Let me briefly touch upon the demand environment, key retail parameters, and financial performance. Also, it is imperative as we execute towards such a large opportunity that you get to hear and interact on strategic aspects with various leaders at BlueStone. Today, we have Mr. Vipin Sharma, our Chief Merchandising Officer, on the call, who can take you through the most strategic aspects around various parameters and how we think about executing across these vectors. Coming to demand. Consumer demand trend remained resilient in Q4, with consumers continuing to spend at their preferred price points in the categories of choices. In our view, quality merchandise assortment is key across demand vectors, categories and price points, and remains a critical execution priority. Same-store sales growth of 34% this quarter demonstrates demand environment is resilient. Growth was broad-based, with homogeneous SSG growth trends across all three months of the quarter. A key driver to our performance continues to be our omni-channel model, seamlessly integrating digital and physical retail. As of March 26, we operated 340 stores across 134 cities, adding 17 stores during the quarter and 65 stores for the year, significantly strengthening our national footprint. To give more color on long-term impact of omni-channel at a city level, growth in Ranchi and Lucknow demonstrate ability to drive coverage and density with strong productivity beyond metros. This reinforces our conviction that the product market opportunity goes beyond metros and is large and under-penetrated. Repeat customers continue to contribute meaningfully, reflecting rising brand loyalty and wallet share. Our rapid realignment of entry-level offerings, leveraging our vertically integrated model, enabled us to restore price accessibility without compromising design or experience. The benefit of this recalibration are clearly visible in Q4 and are expected to continue through FY 2027. I'll now briefly walk you through our financial performance for Q4 and FY 2026. I'll keep this concise, as detailed disclosures are already available in the stock exchanges, and I hope that you had a chance to go through this. For the quarter, standalone revenue grew 49.1% year-on-year, and we delivered revenues of INR 2,441 crore for the full year. As highlighted earlier, our revenues are recorded on retail sales basis, including franchisee stores, providing a clean and transparent view of underlying consumer demand. Our Q4 and FY 2026 pre-interest EBITDA performance demonstrates embedded operating leverage in the system, and we continue to sweat our fixed cost base. The room for growth remains large. Balance sheet remains strong, with solid capitalization levels, and sets up well to execute against the opportunity. With this, I would like to hand over the call to Mr. Vipin Sharma. Thank you. Thank you, Gaurav, and good morning, everyone. It's my pleasure to be sharing my opening remarks on this earnings call today for BlueStone. Right from the beginning, I think our focus has been very clearly on building a jewellery brand that is led by design. Our intent has always been in terms of trying to reimagine jewellery that plays a role in the life of consumers, particularly the modern Indian consumer. If you look at our endeavor has been always centered on moving jewellery from lockers To the wardrobe playing a role in the life of consumers and this kind of focus on lifestyle jewelry that is designed to play a role in terms of expressive modern consumers that we have in India today, along with the digital-first experience and consumer-first approach, lays the foundation on which we have been building BlueStone right from the beginning. If I look at more recent, I think the last one year, as we all know, there has been an unprecedented rise in the gold prices. This rise in gold prices triggered a dislocation in terms of overall merchandise that we had on certain price points and in certain categories. That became our focus in terms of immediate actions that needed to be taken to plug this gap caused by a significant rise in terms of gold prices. I think at the same time, it was also an opportunity for us to put a real test on our approach in terms of vertical integration, the foundation of our manufacturing and design approach in terms of how we develop our new products and offerings. With this focus, I think we were able to respond with this vertical integrated model in a very responsive manner at a very fast pace. I think some of that effect we saw in terms of the performance that we see coming back to our regular levels in terms of the overall growth that we saw in the previous quarter. I think what is of particular significance here is to highlight the fact that our design works in close collaboration with manufacturing, with a focus on innovation and techniques that allow us to set the gold more effectively. Included along with this innovative approach is the opportunity to look at alternate materials that the modern Indian consumers seem very open to, not just as a means to achieve certain targeted price points, but also as an expression of, I think, their own personalities and a sense of style that the modern Indian consumer is very interested in. I think at this point it would be relevant for me to highlight one of the new initiatives that we've undertaken is probably the industry's unique and first kind of its own experiment as we set up an exclusive store that focused on offering men's and kids' jewelry to our consumers. I think it is very clear, I think it is a well-recognized association that jewelry in general has with women and the kind of designs that are created. If you see a modern man in the Indian context who wants to be very expressive, in terms of expression of the style, I think it's our endeavor to say, how do we give more focus to the kind of exciting products and offerings that we have? The men's and kids' stores that we have set up is a great example of how we are looking at extending our offerings, not just in terms of the depth of product portfolio, but also in terms of the width in different offerings and with focus in terms of what can engage the consumers in a very strong fashion. The format allows a much sharper, much more relevant kind of discovery-led experience for a consumer in a store that is predominantly focused on what we are interested in terms of specific product categories. Broadly, in terms of demand trends, Gaurav touched upon those points. If we look at consumer, fundamentally consumers' traction with our overall offering continues to stay strong, and our focus will continue to be on looking at making our portfolio stronger and more and more design-led as we move forward. We continue to see this structural gap that exists in terms of what the consumer expects and what broadly the market delivers at scale. BlueStone comes in, steps in with its own point of view, with an approach that is omni-channel, pan-India distribution at scale, and design-first approach across categories, making us a very strong and unique player in terms of a modern consumer's lifestyle. With these widening across price points, we are expanding into underserved demographics while maintaining strong economic discipline. This positions BlueStone to support network expansion, improve repeat engagement, and drive sustainable compounding growth over time. With that, may I request that we can begin our Q&A session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Please note, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit your questions to 2 per participant. Should you have a follow-up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Akhil Gulecha from Hornbill Capital. Please go ahead. Hi, Gaurav, and congratulations on a great set of results. Can you just quickly share how many of the current stores are franchisee stores? Out of our total portfolio of 340 stores, about 67 are franchisee stores. What is our plan going ahead? Are we going to run them down in the next few years when the contract expires, or are we planning to close them before the contract expires? See, principally, the approach that we had taken when we started doing these franchisee stores, the idea was to Use franchisees as more a capital access or a capital structure tool. Now, given where we are in terms of size, scale, balance sheet capitalization, obviously that kind of structure from a cost of capital perspective doesn't make sense. From a relationship perspective, we are not accelerating their exit. They have a five-year contract term. We are honoring that entire five-year contract term. From a trend line perspective, I think 2027 and 2028 should see a significant drop in terms of this classical franchising model that we have had historically. 2027 and 2028 is going to see a substantial drop in terms of the franchisee-owned company-operated stores. Got it. Thank you. ESOP costs have seen almost an 80% rise over FY 2025. Any thoughts on the trajectory of that going ahead? Sorry, the question was not very clear. Can you please repeat the question? Yeah, sure. So our ESOP cost has seen almost an 80% rise from FY 2025. Any thoughts on the trajectory of that number going ahead? Sure. The trajectory of ESOP cost on the P&L is something that we have shared in our management commentary also. But let me take this opportunity to elaborate a little more. I think ESOP is a tool to kind of make sure that the ownership is fairly well distributed, especially in the senior leadership of the company, and that people at the top are actually aligned with the long-term objectives of the shareholders also, by making them a shareholder as well. I think one of the thoughts that we had before going IPO was to strengthen our management team. Sudeep, Romit, Vipin, Nikhil, Harshit. These are the five top management folks beyond myself. Essentially, 2 years before that, we believed that as we go IPO, we should make sure that for next 5, 6, 7 years, everyone is aligned. If you look at our ESOP allocations historically also, first, at an overall level, almost 90% of our ESOPs are with the management, with top six people in the company. ESOP is not something that we use as a broad-based compensation tool across, let's say, various functions, et cetera. But we use it as a very specific and a very potent tool to make sure that the entire management is aligned with the shareholders. Hence, it is more of a management stock option plan, less of an ESOP employee stock option plan. Hence, it is not something that should be seen very linearly in the sense that as our employee costs increase, it is not that every employee in the company has these options and so forth. It is more of to keep the management aligned. Hence, I am sharing another number with you, which is that 90% of these ESOPs are with the top six people in the company. Secondly, a lot of this ESOP were actually allocated around 50%, 60% of these were allocated couple of years prior to going IPO, to make sure that that alignment is there for next six, seven years at least as we prove ourselves in the public markets also. Now, what happens is, while the vesting of many of these options is over six years, seven years and so on, the way accounting works is that we need to front load all the charge. Hence, when we see almost INR 93 crore of that charge came in the first year itself. But then it is dropping down to INR 58 crore and then INR 28 crore, and then bottoming out. Essentially, going forward also, we don't see ourselves deviating much from this plan. Beyond this, we have around 1.7% of unallocated ESOP pool on a fully diluted basis, and we don't foresee ourselves breaching that in next three to four years. Got it. That was very detailed and very helpful. Thank you so much, and best of luck going ahead. Thank you. Thank you. The next question is from the line of Aditya Pal from MSA Capital Partners. Please go ahead. Hello, am I audible? Yes, you are. Hi. Thank you so much for the opportunity. Congratulations on great set of results. I just have a couple of questions. Quickly wanted to understand your thought process on inventory turns, because if I see from FY 2025 to FY 2026, our inventory turns have fallen from 1.3x to close to 1.13. This is being cognizant of the fact that we had opened 80 stores in FY 2025, whereas we opened only 65 stores. Historically also, Romit used to comment in the convo that we have a 70-30 split between store level inventory versus corporate. Out of the INR 2,652 crores of inventory that we closed in FY 2026, what would be the split? Maybe I'll just take the split and then Gaurav and Vipin can comment on the inventory bit. The split is not significantly different from what we had communicated earlier. It's pretty much in the same territory. Right. I think if you look at in terms of while quarterly variances happen based on how consumer behavior is for that specific quarter, I think more fundamentally, the question is really touching upon a few important aspects. If you look at in terms of what's happening at a consumer level, in terms of its life cycle, and how we looking at setting the cost base and capital productivity. I think overall we are in a high growth phase, setting up new stores. We are also vertically integrated, where we have inventory from one end to the other, in terms of franchisee participation, probably not very comparable, and our overall mix and margins are also significantly different from the rest of the industry. I think if you take all of these factors into account, we would probably understand that. I understand the GMROI part. Right The question is more about if you look at the trajectory, we closed inventory turns of 1.34 when we added such a huge amount of net new stores of 83 stores. In FY 2026, we have added 65 stores, yet our inventory turn is coming down. Sure. I think. If you can. Right connect this to how the mature stores, how many mature stores we have, and how they are performing. So that we Yes will get an understanding to connect the BlueStone corporate to BlueStone mature stores. So that we will Yeah get to know what the better trajectory is at. Sure. So I think this year, one of the kind of one-offs that happened in this financial year was the sharp increase in gold, which has actually led to a very sharp increase in the value of closing inventory. Because this is a one-off, and this is the case with almost all the players in the industry, where the closing inventory is kind of disproportionately higher than the sale numbers for this particular financial year. So I think that is one thing that has impacted. Because otherwise, if I were to normalize for that, I don't think the inventory turn should have changed that much, especially because we are calculating that on the closing inventory. As gold normalizes, and I think it has normalized over last two to three months, we have not seen too much of an activity. It has been range-bound. I think we are seeing the inventory efficiency coming back, and I think if it remains stable over next one year, the inventory efficiency should be much better than what it is right now, especially when you look at the closing inventory level. Can you just talk a bit about how the mature stores, one out of 340 stores, how many would be mature stores, and how they are performing? Because last quarter you had come out in your presentation where you said that they are on a run rate of the FY 2019-20 cohort is on a run rate of 14.4 odd crores. Yeah. So good question. So basically, you are right. I mean, a lot of these returns, et cetera, when you calculate it, they are just calculating at the balance sheet level, which also carries let us say manufacturing inventory and so on. Right. Right. And those things actually normalize and kind of taper off over long term. So the right way to look at it is how mature stores are performing. And as more and more stores move towards maturity, the company-wide inventory turns will also kind of tend to go towards that. So internally, we track that obviously, and I think mature stores, the stores which have seen more than three to four years of operations, there we see these turns to be hovering somewhere between 1.7 to 1.9. All right. Earlier Sorry to interrupt. I am sorry to interrupt, Rithika. Please Rithika, if you have more questions. Just one last question, I will then just squeeze this one last question in. Hello? Yeah, sure. Go ahead. Yeah. Thank you so much. Before I come back into queue, could you comment on how we are looking at the new store addition in FY 2027 and FY 2028? I think generally what we are trying to maintain for last one to two years is, adding close to 20% to our distribution on an annual basis. We believe that that is kind of a right mix of new and old stores giving a good blended productivity. Understood. So 20% on 340 or 20% on 340 minus 67, which is the franchise stores? 340. All right. 340. We don't see franchise stores separately because this is more of a capital structure and not an operating structure, at an overall store level, on 340. All right. Thank you so much, Gaurav, Romit and Vipin. I'll come back in the queue. I have one more question. Thank you so much. Thank you. Thank you. Before we take the next question, a reminder to all the participants, if you wish to ask a question, please press star and one. The next question is from the line of Vikram Devanathan from Prodigy Investment and Management. Please go ahead. Hi. Thank you for taking my question. I just have one question. In the RHP in page 249, it was mentioned that the company plans to add 290 new stores over FY 2026 and FY 2027. But in FY 2026, you added only 65 stores, and you are guiding for 20% store growth. I just wanted some clarification on why the store expansion plan has been revised down. I think just to contextualize, we should look at how the external operating environment has been, specifically from a gold price perspective. I think a lot of the decisions that we take are in context of the broader operating environment. The gold price has seen a significant increase. We need to obviously make sure that we have enough conviction from a demand behavior perspective as to how the demand is going to react to such a sharp increase in gold price. If you see from a trajectory perspective, I think Q4 we have added almost 17 stores in the quarter, which is a significant pickup. I think that is a tactical call that we at the management level take, looking at how the external environment is, what the demand trends are, et cetera. Okay. Thank you. Just one more question. This 20% store growth, how many years do you think you can maintain this kind of store growth? Another way to ask this question, over the next four or five years, do you have any target of total store base which you would like to have, which you think the demand can support? Let me sort of contextualize this question in terms of the market opportunity set. As you all know, there are very few Pan India brands in such a large category, which is close to $80 billion-$90 billion, growing at a very solid pace from a growth perspective. Further, there are secular tailwinds driven by use of internet, consumer behavior, need for products more from a consumer perspective rather than jewelry for the locker. If you look at players occupying this whole design-led omni-channel first kind of space are fairly limited, and that opens up a substantial headroom for us to grow and drive market share. If you look at large Pan India players that drive similar pricing structures that we have are significantly better penetrated from a city standpoint. Further, our format is different from the traditional big box retail, this format allows us to deliver better density and higher productivity. Thus, I think if you look at it from a city presence perspective, from a density that we can drive at a city level, I think the headroom for growth is massive. I think we obviously calibrate in terms of how fast we want to grow distribution, how much revenue productivity, and cohort vintage we want to have at a blended level. I think those are sort of tactical puts and takes that we take, but I think as Gaurav mentioned, I think a 20% take around distribution is a fairly good number, which we can continue to deliver over several years. Okay. Do you expect all the stores to eventually converge to 14 to 15 crore kind of revenue per store at peak utilization, right? At the minimum. Okay. Thank you. That is all. Thank you. Thank you. The next question is from the line of Harish Advani from Axis Capital. Please go ahead. Hi. Thank you for the opportunity, and congrats on the great set of results. In your opening commentary, you said that the monthly exit rate has been pretty strong going into Q1. Can you tell us what is that March exit number looking like? No specific commentary on March exit. As we continue to work on our categories and our merchandise specifically, we see the results getting better and better. The momentum has only strengthened, I think. With every passing day, it is only strengthening. Okay. Look, I cannot comment on a specific number, but there is still some juice left there. Got it. Also, similarly, you said that we redesigned the entry-level portfolio now. Can you quantify in terms of what this entry-level portfolio would be contributing to our revenues, say for Q4 or say for the full year, whichever number you could share? That breakup we will not be able to provide. Okay. For competitive reasons, we would not want to provide that. Okay. Similarly, this time around, we've had a lot of gold sale and our studded share has come down to about 55%. Given that now the gold price scenario has more or less stabilized, as you've said, where do we see this number moving in the next, say, six months? Do we envision it going back towards the 60%, 65% back or possibly even higher now that the customer has learned to deal with these kind of gold prices? I think last one year, there has been quite an upheaval in terms of the way gold prices moved. Obviously, consumer tends to anticipate and have one's own mindset around the buying behavior fundamentally. From our point of view, I feel that for us, it's like looking at we built an overall network which has its own cost base and kind of operating leverage. For us, it's an opportunity to dip into a greater share of wallet from a consumer point of view, looking at making, sort of expanding our portfolio without diluting our focus on design-led product portfolio that's playing a meaningful role in the lives of modern consumer. I think three core pillars there are what's happening to consumer life cycle. If we want to look at over next two to three quarters in terms of what we are expecting, I think our thinking on approaching this from a product portfolio and product development point of view, fundamentally nothing has shifted on that aspect. Focus is clearly on looking at taking the brand forward and setting the cost base for capital productivity with an eye on greater share of the wallet at an overall level. Okay. There would be no element of any seasonality out here that maybe, say, the customer was preferring more of gold versus diamond? Sorry to interrupt, Harish. Please rejoin the queue for more questions. Sure. Thank you. Maybe we can just answer that, and then Harish, you can come back in the queue. I think from a seasonality perspective, the seasonality is largely there in Q3, which is there pretty much across the board. As I think Vipin was kind of addressing it, you should not look at it just from a quarter-to-quarter perspective. I think it is more fundamental in terms of how we contextually think about it across consumer life cycle, which is making sure consumer product. Because consumer product demand is not static. They have different use cases, different material choices, et cetera. So I think that is the way to contextually think about it. I think quarter to quarter, you may have some variances because of gold prices, et cetera, but I will not read too much into that. Okay. Thank you, and all the best. I'll rejoin the queue. Thank you. The next question is from the line of Kaustubh Pawaskar from ICICI Direct. Please go ahead. Yeah. Thanks for giving me the opportunity. Congrats for a great set of numbers. Sir, I have a couple of questions. First question is on the margin. Adjusting for the inventory gains this quarter, on sequential basis, margin has seen a dip. Is it mainly because of the change in mix? Because your studded mix this quarter was 55%. Last quarter, it was much, much better. And also on YOY basis as well, the studded mix was down. So if you can help us understand that. Sure. So one is, look, fundamentally you should look at how the business and operating leverage kind of functions, right? First is the best comparisons are YOY because seasonality in revenues drives a significant delta on our operating leverage, and ours is a fixed cost kind of business model. Thus YOY is the best comparison, and if you look at YOY, there has been a substantial improvement in the margin at the pre-Ind AS level. Second is, this improvement is despite the shift in mix, which kind of demonstrates that as the growth accelerates, as we build more presence across categories and drive more wallet share with our existing customers, there is still a fair amount of operating leverage which is ahead of us in the business, and we'll continue to mine that. Thus, I think sequential is not the right way to look at the business at all because of the fixed cost nature and the seasonality. YOY is the best comparison. Understood. My second question is on same-store sales growth. This quarter, 34% growth. Again, if you compare it on some of the other quarters, compared to that, it is quite strong. What led to the strong SSG? If you can dissect it in terms of how was the growth or the transaction growth and whether this has any element of even the gold price hike. Just understanding, because the trajectory is quite strong, and whether this kind of trajectory would continue. Second question to this is, once your stores get mature, like you are expecting some of your mature store revenues to reach to around INR 14 crore. If large part of these proprietary stores attain certain maturity, then your SSG growth level should come to certain level. Maybe not 34%, but it should moderately. If you can give us some understanding on that. Sure. On the variance in SSSG, I understand that as a public company, it's only our fourth quarter, but internally we've had data for the last six years, since the stores have been in operations. If you look at FY 2020 same-store sales growth, that was close to 30%. Okay. Year prior to that, it was even higher than that. 34% is not something which is very new for us. In fact, anomaly for us was Q2, Q3 of last year. I think that was largely because of the sharp rise in gold price. In fact, if you look at the plot of how and when gold rose, you will see that Q2 and Q3 of last year was when the gold grew sharpest, and those were the quarters where our SSGs had been lowest. The fact that we perform well when the gold is stable, and fundamentally it comes from the use case that we are catering to, the products and the customers that we are catering to, they're not investment-led customers. They are the ones who actually want to buy jewelry in order to wear it, in order to use it. Hence, I would say, the SSSG that we see in Q4, for us, it's getting back to normal. In terms of maturity, I think there are initial few cohorts are performing well. I think past quarter we had shown their performance also separately. Those stores continue to grow well. When we look at this SSG of 34%, there is not a skew towards, let us say, newer stores. It is fairly well distributed between older stores and new stores. We do not see any of the stores kind of capping out in terms of their potential. I think the potential can be much, much bigger than what even our oldest stores are showing. Just that internally in our data, we do not see what is that mature level of stores even. All the cohorts are growing. Thank you. The next question is from the line of Percy Panthaki from IIFL Securities. Please go ahead. Hi. Two questions from my side. Let me put them up upfront. One is, just wanted to understand if you have any kind of mechanism to sort of offset the negative impact of the gold price inflation on the ROIC. Let me explain. When the gold price goes up very sharply, you see a restatement of the hedged part of the inventory to the MTM, and that increases your inventory in the balance sheet. However, the positive impact of the gold price inflation on the overall sales growth is not material, and therefore you have a situation where the sharp inflation in gold price increases your balance sheet size much more than it does to increase your P&L, and that results in the ROIC getting dampened. Just wanted to understand if this is a structural part of the business model, or is there anything you can do to offset this impact? That is question one. Question two is, with the gold price inflation, a lot of consumers are going towards the plain gold jewelry, and that is putting significant pressure on the gross profit. While your sales has gone up almost 50% this quarter, the gross profit ex inventory gain is up only 36% YOY. Just wanted to know if the pressure in the gross margin is also something which will continue if the mix remains where it is currently. Or do you have some way to offset this gross margin pressure even if the mix is the same, or you think that the mix itself will sort of change because of some initiatives of your own? These are my two questions. I put them up upfront. Thank you. Thanks. Thanks, Percy. Let me take the first one on gold price, right? I think the foundational trigger for that question is the recency bias in terms of the gold price performance, right? Which is sort of being about close to 100% in the last, whatever, 15, 18 months. Now, if you believe that that is how gold will continue to behave over the longer term, then I think what you are asking is a fair question. But I think if you look at broadly these normalized gold price movements over several years, you can take 5, 10-year blocks. Then I think obviously all this kind of short-term volatility, et cetera, kind of normalizes, and thus I think long-term ROIC of the business remains pretty strong, right? To give you that from a context perspective, when there is a consolidation in gold prices over a certain period, we see behaviorally the consumer demand comes back significantly and comes back very strongly, right? Which drives other vectors from a margin perspective, operating leverage perspective, et cetera. I think that is one. Second is, I think obviously there are multiple levers, right? If somebody has that view that this CAGR that the gold has seen continues to be there for next 5 years, 10 years, then obviously there are different kind of capital structures that can be deployed, right? Like franchisee-owned, franchisee-operated is one capital structure. Where you basically then move that capital to franchisee balance sheet or outsource that capital to the other balance sheets, et cetera. But I am saying that fundamentally, this involves taking a speculative view on how gold price is. What we look at is long-term trends, and I think we are fairly comfortable from a long-term trend perspective. I think that is on question one. On question two, I think it is not the right way to just look at broadly from a studded mix perspective only as sort of one operating metric, right? So at a broad level, the right way to think about this is across three vectors, right? One is consumer life cycle and brand. And sweating the cost base and capital productivity, right? From a consumer product perspective, the demand is not static. As through the life cycle they purchase different categories and materials driven by income growth, occasions, choices. The idea from our perspective is to be able to capture that larger wallet share and add more consumers into this fold. In the context of overall growth across studded and plain, you should think of it as additive and not substitutive. There is still a fairly large market opportunity across both these product categories, and the consumer picks up different things at different points in time. Second, from a brand approach perspective, we continue to remain product first, with an omni-channel experience. This will continue to percolate and reflect in our premium pricing that we offer given our premium design approach in whatever relevant product stack that we pick to operate in. So whether it is a plain gold or a studded, our pricing structures are premium and continue to remain premium. Lastly, you should see more importantly from a fixed cost base perspective. As we expand our product portfolio, and this is additive to the broader productivity, it will just allow us to sweat our assets better and drive operating leverage, allowing us to expand absolute EBITDA, absolute margins at the EBITDA level, and add capital productivity because margin is only one vector. You have to also see the inventory turns. So from an ROCE perspective, it is not that plain gold is dilutive to ROCE and diamond is significantly accretive. So at the end of the day, your return on capital is driven by how many times you have turned that capital and at what margin. As I had mentioned earlier, our pricing is similar. Even if you look at last one year, our margins have been fairly stable despite the drop or the mix change. Despite the significant change in gold prices, we have been delivering fairly good margins with continued operating leverage. So with this additive structure, it should only accelerate growth and accelerate EBITDA margin, and improve capital productivity. Thank you. The next question is from the line of Abhishek Shankar from ICICI Direct. Please go ahead. Yeah. Hi. Congrats on a good set of results. I just needed three data points. What was the SSG for full year FY 2026 and subsequently, what was the SSG in Q4 FY 2025? See, I think the best way to look at it is on a quarter-on-quarter basis, and I think we have given the data for the last four quarters Y-o-Y on SSG, because we have been significantly expanding the store count through last FY 2026 and even FY 2025. I think the best way to measure SSG is how we are performing on a quarterly basis. Okay. Other question, what is the studded revenue contribution for full year FY 2026? I think last year in FY 2025 it was around 68%. See, I think we can come back with that exact number, but again, as I said, it will be close to 60, but at the exit rates, and variances obviously are there on a quarter-on-quarter basis. That whole mix shift can depend on how gold prices kind of moved in that quarter, how consumer demand was in certain categories, certain price points. I think the right context that you should kind of look at is what is the broad growth that we are delivering, what is the market share gain that we are driving, and third is at an aggregate level, what is the operating leverage that we are delivering. I think if you look at all these three vectors, we have performed exceptionally well across FY 2026 and our exit growth remain very strong. Thank you. The next question is from the line of Rajiv B from Nuvama. Please go ahead. Yeah, hi. Good morning, and thanks for the opportunity. I am on slide 28, and this is the gross profit and contribution profit gap. I just want to understand, this cost is largely fixed in nature, is it? Let's say if we were to grow another 50% next year, then we will see another, let's say, close to 160 basis point leverage on this line item again. The second part is, if we can also talk about how should we think about the advertisement cost for future. Thank you. So maybe I will pick the direct cost and Gaurav can talk about AMP. The delta between gross profit margin and contribution margin is largely direct cost, and direct cost is split between the cost of manufacturing. Because we are vertically integrated, there is cost of manufacturing. It includes payment gateway, shipping, logistics, et cetera. I think a lot of operating leverage from a manufacturing productivity perspective, capacity utilization perspective came through between FY 2025 and FY 2026. But this is not really a fixed cost to that extent from where we are right now. So there is obviously an element of fixed cost on the manufacturing side, but with revenue productivity and better capacity utilizations, I think bulk of that is kind of reflecting in our performance in the last couple of quarters. So you should not model it as an absolute fixed cost. I will hand it over to Gaurav to talk about AMP. Yeah. On AMP, our thought is, as we were expanding our distribution for past two to three years, we believe that we should not go overboard on brand building until the distribution is in place, so that whenever we decide to do that, we would get better ROI on that. In terms of numbers, our plan is to not drop it at below 6%. I think over the last two to three years, we have come down from 12% to 6%, while in absolute terms it has grown up marginally, but the revenues outpaced it. In percentage terms, it has dropped from 12% to 6%. Now, we are comfortable at that 6% level, and as we move forward, we will increase it in absolute terms while keeping it static in terms of percentage. What that will also do is that will actually open up a lot of additional marketing budget for us, which we have not utilized or which we have not used up in the past. As we increase our marketing budgets, a lot of this incremental budgets would actually go on building the brand, on the brand spends, et cetera, building long-term growth in the business. So far our marketing spends had largely been performance marketing, sales driven online only, very tactical ones. But going forward, we will be making significant investments in building long-term growth. And we believe that that will accelerate growth even further. Thank you. Thanks. All the best. Thank you. Thank you. The next question is from the line of Kumanika from Sameeksha Capital. Please go ahead. Yeah. Hi. Thank you for taking my question. In your Q3 FY 2026 presentation, you gave us the performance of the 18 stores that were opened in FY 2019-2020. You also gave us the information around EBITDA margin, which are like 23.8% in EBITDA. I just wanted to check this also includes any inventory gain, and if yes, then how much? It doesn't include any inventory gain. Okay. This is excluding any inventory gain. Okay. Yeah, that's it. Thank you. The next question is from the line of Diya from Sapphire Capital. Please go ahead. Hi, Saurabh. Am I audible? Yeah. What revenue growth are we targeting for FY 2027 and for FY 2028? Do we have any plans or goals in mind? We have no specific comment that is forward-looking at this point, I think. Okay, Saurabh. Thank you. The next question is from the line of Aditya Pal from MSA Capital Partners. Please go ahead. Hi. Thank you so much for the opportunity again. Rumit, Gaurav, just wanted to understand, so out of these 340 stores, are there any stores or, say, a particular cohort of stores that are not performing as per expectation? What went right there? What went wrong there? Just trying to understand your thought process. What was the second part? What was the last statement? I'm saying out of the 340 stores Yeah. was there any store that didn't match your KPI maybe in year 1, that is before 13th month? What were learnings from there? Sure. Just what I'm trying to Yeah. I am trying to connect the lower inventory turn to the store math. Sure. So, essentially, Aditya, what happens is when you open, let us say, 50 stores, all 50 stores will not have a very uniform performance. Some stores will be higher, some stores will be lower. But that is not actionable, right? For actionable thing, you actually need to look at the cohort. Now, those cohort might be by vintage, those cohort might be by, let us say, the store sizes, those cohorts might be by the tiers of the city, et cetera. So when we do that cohorting, what we realize is that there is no material difference between one cohort and the other. And hence we continue to believe that is fairly well distributed, and the opportunity in front of us is huge. In terms of stores not working or stores closure, et cetera, we have not done any closure. I will just make it very clear that if you open a store in a location and let us say, 10, 12 months down the line, we realize that the location was wrong or there was some other operational issue with that store and we relocated, and after that starts working, we do not call it a closure, we call it relocation. So with that context, we have not closed down any stores. No, but you made that pretty clear, and that is why I started with that. Clubbing the stores into a particular vintage that is less than 13th month. Right. So see, there would be variations. There would be stores which would Okay, so the difference between best and worst store can be, let's say, 4x of each other also. But I think what's important is that the year-on-year growth trends are not that different. And the beauty of compounding is whatever number you start with, if your compounding carries on, you actually hit a very big number. Understood. This makes it clear. Just one last question. Romit, so the other current liabilities, in the current liabilities aspect, it increased to INR 1,001 crores. So how much of that ₹1,100 crore would be Gold Mine scheme, franchise deposit, and other than. Because the reason the margin, it increased quite a bit. From an other current liability perspective, this is sort of an aggregate value that consists of customer liability that drives multiple vectors in the business, ranging from- Right repeat behavior, revenue stickiness, upselling, source of funds of the business. And this component covers customer advances, consumer lease gold, gift vouchers and customer schemes where they pre-save every month for the next purchase, either in value or in grammage. So when they do it in grammage, obviously there is that mark-to-market effect also that kind of comes into play for the consumer gold that we have. So part of that is also driven by the mark-to-market, as the gold has been kind of moving through the year. Thank you. The next question is from the line of Karan Gupta from Asit C. Mehta Investments. Please go ahead. Yeah. Hi. So my question is related to the term GMROI. Am I audible, right? You are not very clear. There is some disturbance in the line. It is not very clear. Yeah. So now I think it is clear. My question is- I am sorry, we are not able to hear you very clearly. There is a lot of disturbance in the line. Mr. Gupta, can you use your handset mode, please? Yeah. So now, audible, clear? Yeah. Yeah, please go ahead. Yeah. Much better. Thank you. My question is on the GMROI. What is the GMROI number for FY 2026? I am seeing the trend is declining year-over-year since FY 2024. I understand the inventory part. In last two years, if you see the gold prices in dollar terms are also more than double. But how should we look at this GMROI going forward as a profitability metric? What will be the sustainable number? Again, this is also related to the inventory turn. What is the rationale behind the store size that we have if we just compare with the peer, which is something close to double in size? Their inventory turn is also close to 2.5-3 times the range in comparison with our inventory turn. How do we solve this thing? Yeah, that is fine. Right. For store size, essentially, as a rationale there is, see, in our category, the store rentals typically are a very, very low percentage of the revenues. When we started opening the stores, our stores were typically very, very small-sized stores. What we realized was that in many of those cases, we had to actually relocate within next two years of opening. The cost of that relocation is actually pretty high. The rental delta between, let us say, opening a 1,200 sq ft store and 2,000 sq ft store generally is not that high. Because on a high street or in a mall, when you actually try to look for a smaller store, it is not that the rental is not proportional, that if 2,000 sq ft is coming for X, 1,000 sq ft will come for X by two. That is generally not the case, right? That is essentially the rationale behind, let us say, why to open slightly bigger store with slightly higher rental, so that you can save on the relocation cost at a later stage. Secondly, okay, if you are comparing, let us say, inventory turns basis what is available on the balance sheet of two different companies, then that might not be the best thing to do because you actually have to look at a lot of nuances in the balance sheet and the way those two companies operate. For example, let us say if company A has all franchisee stores, then technically their inventory turns would be infinite because they will just park all the inventory on franchisee balance sheets. The sales they will book upfront. So their sales numbers will inflate, whereas the inventory numbers will deflate. What you will see is inflated numerator, deflated denominator, and so on. Essentially, the only way to compare two companies or at a channel level which company is doing better is to load everything, and hence that comparison is generally moot. Thank you. That was the last question for today. I now hand the conference over to the management for closing comments. Thank you everyone for participating on the call today. Look forward to seeing you next quarter. Thank you and have a good day. Thank you very much. On behalf of BlueStone Jewellery and Lifestyle Limited, that concludes this conference. Thank you all for joining us today and you may now disconnect your lines.