Company Overview

BlueStone Jewellery and Lifestyle Limited (formerly known as BlueStone Jewellery and Lifestyle Private Limited) is India's second largest 'digital first' omni-channel jewellery player. As of September 2026, the company had 379 stores across 146 towns and cities, servicing over 12,660 PIN codes. The company maintains 10,500+ designs and produces 95%+ of its jewellery in-house.

Financial Performance (Standalone)

Q2 FY27 Performance:

  • Revenue from operations: ₹7,381 million, up 43.9% YoY from ₹5,131 million in Q2 FY26
  • Reported gross profit: ₹2,699 million, up 33.0% YoY
  • Reported gross margin: 36.6% (down 297 bps YoY)
  • Reported EBITDA: ₹971 million, up 127.3% YoY
  • Reported EBITDA margin: 13.2% (up 483 bps YoY)
  • Pre-Ind AS EBITDA (excl. inventory gain/loss): ₹535 million, up 234.2% YoY
  • Pre-Ind AS EBITDA margin (excl. inventory gain/loss): 7.3% (up 413 bps YoY)
  • Adjusted PAT: ₹196 million compared to loss of ₹(268) million in Q2 FY26
  • Same Store Sales Growth (SSSG): 28.0% YoY

H1 FY27 Performance:

  • Revenue from operations: ₹14,713 million, up 46.3% YoY from ₹10,057 million in H1 FY26
  • Reported gross profit: ₹5,680 million, up 40.2% YoY
  • Reported gross margin: 38.6% (down 167 bps YoY)
  • Reported EBITDA: ₹2,073 million, up 108.8% YoY
  • Reported EBITDA margin: 14.1% (up 422 bps YoY)
  • Pre-Ind AS EBITDA (excl. inventory gain/loss): ₹1,083 million, up 175.1% YoY
  • Pre-Ind AS EBITDA margin (excl. inventory gain/loss): 7.4% (up 345 bps YoY)
  • Adjusted PAT: ₹334 million compared to loss of ₹(481) million in H1 FY26
  • Same Store Sales Growth (SSSG): 32.9% YoY

Operational Metrics

  • Repeat ratios: 58.1% (H1 FY27)
  • Advertising and promotional spends: 6.5% of revenue (H1 FY27)
  • Inventory turnover ratio: 1.1x (H1 FY27 annualized)
  • Return on Capital Employed (ROCE): 5.1% (H1 FY27 annualized)

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total Assets: ₹54,567 million (vs ₹49,487 million as of March 31, 2026)
  • Inventories: ₹30,464 million (vs ₹26,517 million as of March 31, 2026)
  • Cash & cash equivalents: ₹619 million (vs ₹961 million as of March 31, 2026)
  • Shareholder's Equity: ₹18,632 million (vs ₹18,184 million as of March 31, 2026)
  • Long-term borrowings: ₹2,356 million (vs ₹2,012 million as of March 31, 2026)
  • Short-term borrowings: ₹6,564 million (vs ₹5,433 million as of March 31, 2026)
  • Gold on loan: ₹4,556 million (vs ₹2,848 million as of March 31, 2026)

ESOP Program

  • ESOP expenses: ₹139 million in Q2 FY27 (down 49.6% YoY), ₹324 million in H1 FY27 (down 36.6% YoY)
  • ESOP impact is front-loaded, projected to decline ~95% by FY30
  • Unallocated ESOP pool: ~2.6 million shares (~1.7% equity) available for future talent acquisition

Business Strategy Updates

Omnichannel Expansion:

  • Company operates as an omnichannel jewellery retailer with 379 stores across 146 towns as of September 2026
  • Recently launched flagship store on Park Street, Kolkata to deepen presence in East India
  • The store features a new handcrafted antique collection with traditional Kundan settings

Technology Focus:

  • Company maintains a digitally-native approach with best-in-class tech features including 3D rendering
  • Integrated tech stack drives growth through improved accuracy, order value, retention, and innovation
  • Pioneering tech-driven jewellery shopping experience with advanced digital tools

Product Strategy:

  • Expanding portfolio across core and sub-categories to serve diverse consumer needs
  • Pioneering innovative materials to provide unique and differentiated product selection
  • Focus on shifting from wedding to non-wedding wear jewellery

Management Commentary

Management stated: "Our growth remained robust in both the quarter and the first half, with revenue up 43.9% YoY in Q2 and 46.3% YoY in 1HFY27. Achieved against volatile gold prices and the full shift of the festive calendar into Q3, this performance reflects the strength of our underlying business model. Operating leverage continued to play out, with scale driving a YoY improvement in operating margin."