BLUESTONE Q2 FY27 Guidance vs Delivery (BLUESTONE Management Mirror)

Sep'26 Qtr A&P Spend at 5.7%, Following Jun'26 Qtr Guidance of Sub-6.6% Spends; Long-Term Target 4.5%

In Sep'26 Qtr, BlueStone reported advertisement and promotion (A&P) spend at 5.7% of revenue. Earlier, in the Mar'26 Qtr concall, management had planned to maintain A&P expenses at approximately 6% of revenue, but revised this in the Jun'26 Qtr concall, guiding that marketing spends would decline from 6.6% in FY26 to a lower percentage in FY27. The Sep'26 Qtr outcome of 5.7% delivers on this guidance of a declining trajectory. Going forward, management expects A&P spend as a percentage of revenue to decline further to around 4.5% over the next 4 to 5 years, relying primarily on online channels for brand building and performance marketing rather than mass media, while increasing absolute spends to capture market share.