Q2 25/26

Nov 4, 2025

Summary

Standalone revenue grew 37.4% YoY, while pre-interest EBITDA excluding inventory gains turned positive at a 3.1% margin. Customer growth, store additions and operating leverage supported results, despite volatile gold prices and festive-related spending shifts.

Ladies and gentlemen, good day and welcome to the BlueStone Jewellery and Lifestyle Limited Q2 FY 2026 earnings call. 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 this conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rhea Dharia from EY. Thank you, and over to you, ma'am. Thank you, Darwin. Good evening to all the participants on the call. Before we proceed with the call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. It must be viewed in conjunction with our business risks that could cause future result performance or achievement 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 will be happy to send it over to you. To take us through the results and answer your questions today, we have the top management of BlueStone Jewellery and Lifestyle Limited, represented by Mr. Gaurav Singh Kushwaha, Founder, Managing Director, and Chief Executive Officer. Mr. Rumit Dugar, Chief Financial Officer, and Mr. Vipin Sharma, Chief Merchandising Officer. We will start the call with a brief overview of the quarter gone by and then conduct the Q&A session. With that said, I will hand over the call to Mr. Gaurav. Good evening, everyone. Thank you for joining us today. We welcome you to BlueStone's quarter 2 earnings conference call. It gives me great pleasure to share another strong quarter of performance. This is particularly encouraging given a rather volatile gold price environment coupled with high base of preceding quarter last year. I will take you through the key business highlights and then Rumit can talk about the financial performance. Our performance this quarter underscores the resilience of our business model and deep execution focus. We continue to benefit from our omnichannel strategy which seamlessly connect our online presence within expanding physical retail footprint. As of September end, we operate 311 stores across 127 cities, adding 19 new stores during the quarter. Customer trend remains strong with our customer base growing 31% year-on-year to 858,000 customers and same-store sales growth of 11.1% year-on-year, supported by a continued focus on design innovation and a superior customer experience. This quarter performance is strong considering the high base effect of Q2 FY25 where customs duty cut had released pent-up demand and Vipin's SSSG in preceding quarter last year was in excess of 43%. Gold price operating environment was dynamic in this quarter and customer demand was mixed in September, but we saw a very strong festive finish towards the end. From a strategic perspective, we continue to make investments in design capabilities and drive operational efficiencies. Much of the investment we made in the past 15 to 18 months, whether it may be in manufacturing capacities, stores and designs, are beginning to translate into tangible operating results both at revenue and operating profit level. Our cohorts are still young and there's significant room for growth and operating leverage. From an operational perspective, we continue to invest in design capabilities both on talent and manufacturing techniques, strengthen store productivity and build on density as well as into newer markets. Optimize capital efficiency. Our digital tech-first DNA continues to power everything we do from designs to shelf turnaround to marketing efficiencies to creating personalized tech-enabled shopping experiences that connect with India's new age jewelry consumers. Thank you. With that, I'll hand over to Rumit to walk you through the financials before we open the floor to questions. Thank you, Gaurav. Good evening, everyone, and thank you for joining us today. I'm pleased to share our financial performance for Q2 FY26. I'll keep my remarks brief as we have detailed disclosures and materials available on the stock exchanges. Also, please note that our accounting and revenue recognition is based on only secondary retail sales. For the quarter, we delivered a record standalone revenues crossing INR 500 crores and a growth of strong 37.4% year-on-year, even with the high base effect of Q2 FY25, which had benefited from customs duty cut. For the first half of FY26, we've delivered a growth of over 39%, 39.4% year-on-year. Our strong revenue growth continues to translate into operating leverage with a much stronger adjusted EBITDA performance with margins expanding to 13.9% compared to 1.4% in the same quarter last year. From a transparency perspective, we continue to disclose inventory gain or losses separately so that our core operating performance remains visible and measurable. This quarter, we recorded an inventory gain of INR 160 million. Given our vertically integrated model into manufacturing, contribution margin excluding inventory gain is the core operating and core margin metric to track. This margin improved to 31.8%, an expansion of over 300 basis points year-on-year, driven by scale and manufacturing efficiencies. Our pre-interest EBITDA margins for the quarter, excluding inventory gains, stood at 3.1% versus a negative 5.6% in same quarter last year, reflecting the strength of the model and the operating leverage that is starting to flow in. For the first half of FY26, pre-interest EBITDA margins excluding inventory gains stood at 3.9% as compared to negative 4.6% in the first half of last year. A&P expenses were at 8.2% of revenue for the quarter, down over 220 basis points year-on-year, but higher sequentially driven by early festive and consumer push towards old gold exchange that drove higher adoption of our Big Gold Upgrade program. Overall, our cost structure is steady and aging cohorts, along with revenue scale, is driving operating leverage. On the balance sheet metrics, our balance sheet remains strong and is well-positioned for growth driven by the equity raise that we completed as part of the IPO in this quarter. Gross debt is down marginally year-on-year and broadly steady on a sequential basis. To summarize, Q2 FY 2026 has been another strong quarter for us, one where we've continued to deliver robust revenue growth and strong core margin performance, both at the contribution level as well as the EBITDA level. Thank you. Operator, we can now open the floor for questions. Certainly, sir. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Percy Panthaki from IIFL Securities. Please go ahead. Hi. Just trying to understand your quarterly margin seasonality. Now we have margins for all the four quarters of the last year. However, we don't know how much of inventory gain loss or how much of customs duty one-time impact has happened in any of these quarters. So it would really help if on a theoretical basis, if you can just help with the margin seasonality in the sense that if there is a full year EBITDA margin, one queue would be how many basis points above or below that, 2Q would be how many basis points above or below that, 3Q would be how many, and so on. So that would help us understand what is the normal seasonality in the EBITDA margins on a pre-Ind AS basis, ex inventory gain loss. This is Rumit here, Percy. Given at the stage that we are in where there is both strong revenue ramp-up as well as aging of our store cohorts, it is very difficult to use historical benchmarks to give you a seasonality or a breakdown of how percentage EBITDA is going to move between first half and second half. That being said, I think a good way to think about this is largely the cost base is fixed, right? Incremental revenue growth, which is demonstrated in the seasonality whether of Q3 or Q4 versus the first half, will flow in at a contribution margin level and then below the contribution margin, largely the cost base remains fixed except for the stores that we are adding. We are at a phase where there is tremendous amount of operating leverage that is playing out. It is very hard, Percy, to give you a pie chart or a breakdown between first half and second half. The thing I am asking, Rumit, is that your Q2 EBITDA margin of 3.1% is lower than your Q1 EBITDA margin of 4.7% and as you say, we are growing in scale, et cetera. Is this a normal seasonality that Q2 margin will be lower than Q1 or what? I won't say it's just seasonality. There is some element of that because what happens is, by the time you get into Q2, you have a fair amount of stores that have opened in Q1 as well as Q2, right? There is a larger base of cost which is sitting in Q2 relative to Q1. I think that is one delta. But I think if you're asking specifically for this quarter, I think there has been higher A&P sequentially because festive was ahead in Q2, right? There are some times you have these dislocations where when the festive is coming, whether it's in Q2 or it's fully in Q3. Largely it is driven by that shift in A&P in Q2, at least if you're talking about this quarter. Festive timing mismatch and the resultant phasing of ad spend, that is to the extent of approximately how many basis points of sales? There are two components that are at play as I had highlighted in my opening remarks. One is that our Big Gold Upgrade program, there was a much stronger adoption of that given how the gold prices were. There is a significant impact of that as well as the festive. I think it is a combination of these two which you are seeing as a reflection on a sequential basis. Understood. If I just look at the second part which is only the festive, which is just a phasing issue and I am assuming that instead of in 3Q the spends have happened in 2Q and to that extent, 3Q spends would be lower. If I look at that, how much is the adjustment that I need to sort of understand that, okay, Q2 margins in absence of the change in timing would have been higher by this much and that benefit will happen in 3Q instead? I think you can assume in the range of 50 to 100 basis points. I would say in that territory, because I think there is still festive in Q3. Dhanteras, et cetera, is still in Q3. Only the Navratri piece got moved into Q2. 50 to 100 basis points is what I would say. Understood. Secondly, just wanted to ask on the inventory part. In the past three months, it has gone up by about INR 220 crore approximately. You have opened 19 stores in the past three months, or the store opens at, let us say, three and a half crores. About INR 60 crore-INR 70 crore of inventory goes there. Remaining another INR 150 crore of inventory has gone up. So what is the reason for this? Because, see, we were already at a decently high inventory level, and now, basically we do not need to necessarily put more and more inventory into existing stores at least for a while. We were supposed to get a leverage on the inventory turns. That has not happened this quarter. What is the reason? Couple of points there, Percy. One is that because the gold prices go up, the store at which you need to start the inventory, you need minimum pieces. To that extent, anyways, the inventory that you start a store with goes up a little bit. Second is, obviously, there is a mark-to-market effect on that inventory. That is what is the delta. Okay. Mark-to-market to the extent that we are hedged. Those are the two components that are driving it. Okay. Understood. If I look at- Finally also, sorry, Percy, one more thing is the festive came in earlier. There is that buildup of inventory anyways, which is a little bit driven by seasonality. Understood. Coming to 3Q, is there any sort of benefit in terms of margins on account of the festive in the sense that you sell higher gross margin pieces or you get an operating leverage benefit or anything like that? Just trying to understand if 3Q margins logic should be even higher than 1Q margins, right, at an EBITDA level. Is this understanding correct? Percy, hi. Gaurav this side. Percy, like Rumit was pointing earlier that a lot of our cost base is very fixed in nature. As we see the festive kind of the stores productivity go up during this quarter, whereas the cost would not go up proportionally. Logically speaking, EBITDA margins should definitely go up. Okay. Got it. Thanks a lot. That is all from me. All the best. Sure. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one on your touch-tone telephones. We have our next question from the line of Tejas Shah from Avendus Spark Institutional Equities. Please go ahead. Hi. Thanks for the opportunity. Just wanted to understand, based on your customer profile and your presence today, how should we think about your peer group, to compare with? And within the listed universe, whom do you mark yourself with in terms of performance? Tejas, hi. Gaurav this side. I think from the very time we started around 2012, truly, there had been only one company which did business or which kind of approached the customers in a very similar fashion as we did. That is CaratLane. It is not listed separately, but I think it is very well understood as part of Titan group. Apart from that, I think a lot of players are kind of, they fall into that other bucket of legacy players, traditional designs, very retail, and kind of cost-driven approach. Whereas, both CaratLane and BlueStone, especially BlueStone in our case, we deal with design, we deal with omnichannel experience. That is how we always operated. And I think, to that extent, today's young consumers and also the growing up and the next generation that is coming up, and those guys are always This generation is always on their mobile. They are perpetually on their mobiles, on their online devices, et cetera, and yet there are categories where the importance of offline presence, offline touchpoint and offline experience is also very high. Like any high touchpoint category like jewelry, cars, et cetera. I think our approach to this category or our approach to design is very different from almost all the legacy players, and to that extent, there is no directly listed peer. But I think in CaratLane's numbers or CaratLane is one company or one brand that comes closest to us. Thanks. Very clear. Second and last question. These last two quarters have been very volatile, especially the last quarter pertaining to gold prices. There are evidences of latent demand or people holding back demand also. Just wanted to understand, and since you capture a lot of data, are you seeing that there's a lot of inquiries happening online or offline which has not been converted because people are pushing the purchases? Historically, since you have a tenure of data with you, a similar episode happened somewhere around 2013, 2014 also when gold prices were volatile. How does it play out, let's say, if hypothetically, we have to assume that gold price is correct by 20%-25% in, let's say, next three months time? The last two, three quarters have been the most volatile period I've seen since I've been in the business. Now, I think we are also learning it, and this is a way. You spoke about 2013, but very honestly, I'd only started business. I did not even understand jewelry at that time individually. It just was second year in operation, and I don't come from that background. In fact, I don't even remember that time. We were just largely focused on online only. I think that year, the scale of business might have been some INR 5 crore-INR 10 crore in revenues, et cetera. It's very difficult. I don't even have any memories of that period. I think what we are seeing right now is when the gold is so volatile, people tend to hold back. It's just having that feeling that, okay, if only I'd bought 15 days back, I could have gotten it much cheaper, et cetera. I think that is what. Then a lot of people expect that the price will also come back. I think people holding back their purchases is very real, and we see that in our data, we see that in Titan's commentary also, or other players also talk about that. I think we see a big impact on demand of these sudden movements in pricing. If we remember last year same quarter, when the government dropped the customs duty by around 9, 10 percentage points, we saw a huge jump in demand. I think our category is such that the pricing is linked to the gold rate, and the volatility in the gold rate does have an impact on how the demand shapes, or at least in the midterm. I think that has been going on for the last couple of quarters. What we saw in Q3 was that as festival period approached and people believed that the gold is here to stay, I think some of that demand came back is what we've noticed. Thanks. That is very helpful. All the best for coming quarters. Thank you. Thank you. Participants, you may press star and one to ask a question. Our next question comes from the line of Harish Advani from Axis Capital. Please go ahead. Hi. Thank you for taking my question. The first question was on the SSSG. You mentioned that we have done 11% SSSG on a very high base of last year due to customs duty cuts. How do we think about this going forward from Q3 onwards now that that has been lapped up? At the same time, if you could share some data of the three to five-year cohort of yours, which are some of the more mature stores. That would be my first question. Just one sec. Yes. So just let me discuss with Abhijit. Yes. So, Harish, on SSSG, as you pointed out earlier also, our last year same quarter was very strong, and the same-store sale growth in that quarter was 43% to that. To that extent, the base was very high from where we had to jump, which is why the SSSG for this quarter is 11-point something. I think for future, as a company, we refrain from giving any guidance. I think I'll just refer to the SSSG in Q1, which was close to 18%. I think these are the factual numbers that we'll be happy to talk about, but not give any forward guidance. Your second question- Okay was on the oldest stores? Yeah, older stores. The oldest stores? Yeah. How are they doing in terms of SSSG? They are also growing. Do we have a number separately or more or less in the same territory? They are more or less in the same territory as this blended number. Okay. Similarly, when we look at the margins, I understand there is a great amount of operating leverage which is coming in, but how do we think about margins for FY 2026, pre and post tax of the inventory gains? Is a mid-single digit kind of a margin a fair assumption, or are we looking at a higher number over this? See, let me try and give you some color without actually giving a guidance. If you look at first half of FY 2026, we are already about mid-single digit, right? So at pre-Ind AS EBITDA margin was close to 4% versus negative 4.6% in the first half. Second is, as Gaurav had alluded to while answering a question that was asked earlier, there is a fair amount of operating leverage given our cost base is fixed. As you know, in this business, there is a fair amount of seasonality with Q3 or second half rather being better than first half. We are already close to mid-single digit in first half with the seasonality to play out. Okay. Another question I had was on the store expansion guidance. We have done close to about 40 in the first half. Are we expecting a similar kind of a trend in the second half of the year? Is that the number we can build in for 2027 and 2028? I think for this year, we should be in that 70, 80 kind of that ballpark range. Beyond this, I think we do not want to give out a number for next year. If you look at our distribution, large part of our heavy lifting in terms of distribution was done over the last two to three years. I think now the store expansion has to be also looked at in conjunction with the aging of cohorts and revenue productivity. I think it is a balance, and that is what I would like to leave it there. Beyond 2026, I think we do not want to really guide a number. Okay. Thanks. I will come back in the queue for future follow-ups. Thank you. Thank you. Participants may press star and one to ask a question. Our next question is from the line of Alok Shah from 361 Asset Management. Please go ahead. Alok Shah, your line has been unmuted. You may proceed with your question. Hello. Yes, sir, you are audible. Please go ahead. As we are not receiving a response from the current participant, we will move to the next questioner. Our next question comes from the line of Harsh Shah from Bandhan Asset Management. Please go ahead. Yeah. Hi. Am I audible? Hello? Yes, you are audible, sir. Yeah. Hi. Good evening, Rumit and Gaurav. Rumit, just a bookkeeping question here, since we were discussing the fixed costs and the leverage with the fixed costs which we have. Could you basically for, let's say, FY25 and H1 FY26, could you split the fixed costs for us, let's say, one at the corporate level and second line at the store level? See, Harsh, we've not detailed out a breakup. But the way to think about this is, model all the cost up till contribution margin as sort of variable. Okay. And below contribution margin is largely fixed. Bulk of the cost outside of the store is actually sitting in A&P. But Rumit, even at store level, there is some degree of leverage which you would get. Because again, there- That is what I said, Harsh, that everything below the contribution margin. All cost structure below the contribution margin is largely fixed and dominated between store and A&P. Between store and A&P, I would say is bulk of the cost. Everything below that, as I said, is fixed below contribution, dominated by store and A&P. Corporate is not significant for us. But what would that number be? Corporate, let us say, fixed cost for FY 2025 and H1 FY 2026. As I said, we do not break up. Absolute Break up the P&L. Yeah. Okay. But if you could give us the, let's say, store-level EBITDA blended basis, even that would be helpful, if that's possible. See, Harsh Shah. Okay, let me give you a way for you to calculate it. I think if you look at our DRHP and RHP, we have given actually the cost structure at a store level, which is about INR 1 crore OpEx at a per store level per annum, which includes the employee cost, the rent, and the facility and you know the A&P. So broadly, you know the direct cost at the store level. You know the A&P. So you can actually try and back-calculate all the costs which are sitting outside the direct store and the A&P. That will give you a number on how much is store, how much is A&P, and how much is outside the direct cost of stores. Got it. And let's say for this, linking the previous participant's question I had, for the store cohort, which are, let's say, 3, 4-year and older stores, what would be the buyer growth there in those mature kind of stores? SSSG for those is also more or less on the same lines as blended on that line. See, SSSG would also have an element of whatever inflationary prices in gold, which we've seen, Gaurav. I'm talking about, let's say, if you measure the buyer growth, let's say for that particular store, if that number is handy with you, what would that be? Harsh, we don't have that number handy. But I think if you look at our overall customer growth, we've grown our customer base to about more than 858,000. And even when you sequentially the numbers have grown. So this is both driven by existing cohorts and older cohorts. However, some of the older cohorts are much smaller in size in terms of square footage, et cetera. And that pool is quite small in terms of both quantum. So while we don't have the exact number, but I think you look at the broader customer growth, I think has been quite robust. What does that number mean? What does that number mean, the overall customer base for us? Let's say if you were to look year-over-year buyer growth, let's say, including all the stores. What would that number be? Let's keep aside the 3, 4-year-old cohort, the mature stores. But let's say if you were to compare two QS Yeah, Harsh. You can actually look at some of the data and disclosures that we gave. We've given the full trend of AOV, you have the absolute customer number, and then you can calculate the incremental customer. With AOVs, you can actually calculate it. With AOV and overall growth, you can calculate buy growth, Harsh. Okay. Thank you, Gaurav and Rumit. Thank you. Ladies and gentlemen, in order that the management is able to address questions from all participants in the queue, we request you to please limit yourselves to 2 questions only. You may rejoin the queue for follow-up questions. We have our next question from the line of Alok Shah from 360 ONE Asset Management. Please go ahead. Yeah, hi. Sorry. Am I audible now? You are audible, sorry. Yeah, Alok. We can hear you. Yeah. Hi, good evening, Gaurav and Rumit. My first question was I do not have a history of those whole quarterly numbers as to how typically first half versus second half is. Broadly, second half is heavy in this industry. Just wanted to check within that or broadly historically, how Q3 is as a percent of overall sales, or just some guidance on that, and typically, how does the studded mix kind of change vis-a-vis the first half broadly, historically, if you can give that sense. That is number one. Alok, hi. Gaurav this side. I am saying we cannot disclose anything that we have not disclosed anything so far in terms of numbers. Like I said, as a management, we are very particular that we do not give out any guidances. If you look at last year's number, Q1 and Q2 is already out, and we have full year numbers also. Q4 is also there. Sure. Fair. The second was on the specific operating leverage bit. I was just trying to calculate that year-over-year, we have increased sales by about, on an absolute number about INR 140 crore. If I were to look at the contribution margin that the company would have made on that INR 140 crore, assuming a contribution margin, ex-inventory gain may be about 31%, 31.5%. The contribution margin works out to be about INR 45 crore or thereabout. Okay. Our pre-Ind AS swing ex of inventory gain is roughly the same amount. In terms of your ad spend, employee cost, and other overhead, is it that this quarter we have seen not a significant benefit of operating leverage or what am I missing here? Look, I think we have added a significant amount of stores also. Despite that, if you see there is last year on the cost base, we had almost 233 stores. In that cost base. Of that 233 stores, lot of stores were opened or were aged like 12-18 months. All that is kind of beginning to flow through. If you look at actually bulk of the growth that has come from the older cohorts flows incrementally straight into the pre-Ind AS EBITDA. Also last year same quarter, it was pre-Ind AS EBITDA was negative 20, which now is positive 16. This is a swing of 36 growth there. Yeah. On a potentially contribution margin increase of about 45, that's why I was just trying to check. That's a swing of 36. If at all there's some one-off or some higher cost. No, there is no one-off. There is just operating leverage. Because, for example, if you look at A&P, A&P as a percentage is down. Because the repeat business is also growing. If you look at contribution of revenue coming from repeat customers, that has grown significantly. There is no one-off. It is just operating leverage that is playing out both at the store level as well as at the A&P and corporate cost. Got it. Sure. Noted. Thank you. That is it. Gaurav- Yes, sorry, Gaurav. Please. That is important. So when you started the question, you said INR 140 crore of absolute revenue increase compared to last quarter and 31%. Yeah that is approximately INR 45 crore. I am saying out of that INR 45 crore, almost INR 36 crore has flown into pre-interest EBITDA. INR 9 crore has been, carrying this basically some incremental margin, incremental cost, opening new store openings and so on. But bulk of it, almost 80% of it, has flown into pre-interest EBITDA. Perfect. That is what I was trying to get at. Roughly, as Rumit also mentioned, this is something which kind of going ahead should also continue and improve from here on. Okay. Go ahead. Thanks. Sorry. Thank you. The next question is from the line of Kashyap Mehta from WhiteOak Capital. Please go ahead. Yeah. Am I audible? You are audible, sir. You may proceed. Yes. My question was regarding the inventory section. Will you be able to give me a specific bifurcation that what part was from gold and from gemstones and diamond, et cetera? We don't break that up from a cost composition perspective. But predominantly, if you look at the margin structure of our business, studded is obviously significantly higher margin than plain gold. So at a carrying cost level, it's predominantly gold, followed by diamonds. Okay. The follow-up question was that there is an increase in the inventory. One of the peers said INR 220 crores. The thing was, the high figure, is it due to the higher price or the increase in quantity? It is a combination of multiple things, right? As I had mentioned, one is that there are new stores that have opened. Obviously, there is inventory that needs to be allocated to the new stores. The 19 new stores that opened. Yes. Second is there is also the whole mark-to-market on the gold price. Third is the festive, because this time the festive was earlier. Yeah We need to bring in a higher level of inventory. It is a combination of all these three things. Okay. Last question, sorry. I just wanted to know that in the coming quarters, the company is trying to increase its EBITDA margin, or will it be in the mid-single digits itself for H2? See, I think as I had explained earlier, I think there were a couple of questions that we addressed in this context. See, ours is a fixed cost business, one. Second is, there is a fair amount of seasonality, as you know, in this sector and in this industry with second half being significantly better than the first half in terms of revenues, et cetera. When you have incremental revenues and seasonality playing out on a fixed cost base, obviously, there is significant amount of operating leverage which comes in. Yes. You can see we are explaining in the previous question that a 37.4% growth last year has seen a significant improvement in the overall EBITDA performance. If you look at our Q2 pre-interest EBITDA margins, they are significantly better. That 3.1% versus negative 5.6%. That kind of demonstrates that operating leverage and the revenue base keeps expanding, the cost base will not expand at the same pace. Okay. Thank you so much for attending my question. Thank you. Our next question comes from the line of Shirish Pardeshi from Motilal Oswal. Please go ahead. Hi, Gaurav, Rumeet. Thanks for the opportunity. On slide 25, you have given some numbers. I am just asking a simple question. If I look at 860,000, the customer count and minus 660,000, so 2 lakh number which we get as a difference is purely a new customer base what you have got or something else is there? That is correct. This is the addition that is accrued through the year. Okay. So I would assume that these are the new customers, so that growth number is 23%, which I calculated. Okay. Is that understanding correct or something else is there? 23%. This is 858,000 over 677,000. Yeah. That's the number. The difference what you get is the new customer base. Is that correct understanding? That is right. Okay. The second question is that you- We understand this is the 23%. Yeah, but the difference is the new customers. I think difference over the base that you are saying is 22%. Okay. The second what you mentioned is that the 51% contribution is coming from the repeat revenue. I was more curious if the AOV is INR 60,000, what is the repeat customer ticket size? Is it significantly higher, lower? Typically what happens, Shirish, is as people get more comfortable with the brand, with the platform, and with our products, they typically tend to shop more and higher value. They are kind of more confident, and hence end up buying higher value items also with us. It is like, I think many categories where you actually try things out first with the lower price point products, with the lower cost of errors. Once you are comfortable, once you are confident, once you are confident of the brand, you kind of end up buying more at high value also with them. That is a behavior that we also see with our user base. Okay. No, I understand, Gaurav, what you are saying, but I am just asking what that number is. Is it significantly higher, maybe 10%, 15%? The specific question I am saying is, what is the Yeah. Hello? Yes. We have not quantified that number. We have not quantified those, or rather, we have not declared that number. Okay. Oh, sorry. My second and last question on the new buyer, what you have mentioned. What is the ticket size which you are seeing in last, say, maybe 2 months or maybe last 1 month? Because I would assume that Yes. Shirish, so yeah, so basically overall AOV is something that we have declared and we continue to declare in our quarterly results. I think that number broken up by new user and repeat user is not something that we intend to declare. Okay. All right. Thank you, and all the best. Thank you. Our next question comes from the line of Gopal Nawandhar from SBI Life. Please go ahead. Hi. Am I audible? Yes, you are audible, sir. You may proceed. Yeah. Thanks, Gaurav. Romit, I just wanted to understand that this inventory gain calculation, how does it happen? Because when I see the inventory is around INR 1,800 crore and whatever MTM if we want to take, the gain should have been higher, but just we want to hear from you how do you calculate this inventory gain in the P&L. So see, there are multiple things that happen, right? One is that there is hedging that is already there, right, in the P&L. Second is, what is the percentage of the short positions that we have? What is the percentage of GML? After putting all of this, then when you calculate the COGS, you get an implied carrying cost of the COGS. Then you have the realization at the revenue level, right? So at what price per gram have you realized the COGS at? What is the price per gram that you realize the revenue at? That delta is effectively the inventory gain. Had you been doing just-in-time kind of buying and selling at the same spot, you're at a COGS level, purely on the metal, you would have the same realization and the same COGS. So this is only on- So this gain is calculated only on the sales during the quarter, right? It is not on the- This is what is flowing in. Yeah. Ind AS does not allow MTM on inventory like this. It is only on the sales based on people. Okay. In terms of hedging and GML, can you share what is that number? Out of this INR 1,800 crore inventory, how much is hedged, how much is open? See, we do not give the exact number in terms of what is the quantity and also to give you a flavor that inventory contains materials other than gold also, right? There is diamond, platinum, alloys, et cetera. But I think safe to say that, I think in our previous conversations, we have committed or communicated rather that we will be in that 50% kind of territory. I think broadly we stay in that range. Depending on the volatility, et cetera, we do take some model-based movements. But I think a broader trend line, I would say, over a medium-term is in that 50% kind of territory. Okay. The last bit on. There is a sequential increase in the ad spends. Should we consider this should be the peak ad spends for a quarter? I would say that the two drivers which drove a higher A&P as a percentage of revenue is, one, the early festive, and second is the whole significant adoption of the Big Gold Upgrade program. Now, as you get into Q3, the revenue base is going to be significantly higher, right? Right You have that commodity, et cetera, that plays out. The percentage, obviously, that will shift or that will have an impact. Second is, there is also this whole Big Gold Upgrade exchange, which is kind of being moderated, right, at the end of September. That should have One more thing. Go ahead. In case of CaratLane, we have seen sequential improvement in the margins. Whereas in our case, it is the other way around. Yeah. If you look at it, I think bulk of it is the movement in the pre-Ind AS EBITDA margin is largely driven by A&P, in our case. Our Big Gold Upgrade program was significantly better than any other player in our market. Oh, okay. That's been the case since we launched, right? So actually, if you look at the delta, it's largely explained by the delta in A&P. Okay. Sure. Thanks, Rumit. We have a higher So- Yeah. Lastly, we also had a higher count of store opening. I think we opened 19 stores in the quarter. Yeah. They opened 10. Sure. Thanks. Thank you. All right. Thank you. Ladies and gentlemen, if you wish to ask questions, you may please press star and one on your touchtone telephones. Our next question comes from the line of Charchit Maloo from Genuity Capital. Please go ahead. Hello. Am I audible? Hello. Yes, sir. Yeah. Hi. Actually, can you share the revenue contribution from your studded jewelry and the other like from gold, et cetera, for Q2 FY26? And what will be this mix going forward in coming quarters in FY26? For the quarter 2, it was 62% share of studded. I think forward number, very difficult to guide. Principally, we don't guide, and this one is anyway very difficult because it's driven by customer adoption. I would refrain from- And so what kind of margins do we have in both the segments? Again, this is something that we don't break down. But you can look at our blended margins are significantly higher than. You can actually compare the margins of a plain gold commodity player and look at our margins. I think the delta is a function of how much price premium we also charge on plain gold, plus the margins on studded. Studded margins are obviously significantly higher than plain gold. Like can you possibly- We don't break that up. Okay. No, we don't break the margins by category of plain gold and studded. Okay. Thank you. Thank you. Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the call over to the management for closing comments. Over to you, sir. Thank you, everyone. Thank you for taking the time today to do this call. Look forward to interacting with you all next quarter. Thank you. Thank you. On behalf of BlueStone Jewellery and Lifestyle Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.