BlueStone Jewellery and Lifestyle Limited

Board Meeting Outcomes

1. Approval of Financial Results

  • The Board approved the unaudited standalone and consolidated financial results for the quarter ended September 30, 2026.
  • The financial results were reviewed by the Audit Committee and subsequently approved by the Board.
  • Statutory Auditors MSKA & Associates LLP conducted a limited review of the financial results and issued an unmodified conclusion.

2. Fundraising Approval

  • The Board approved raising funds up to ₹300 crore (Indian Rupees Three Hundred Crore) through issuance of non-convertible debentures (NCDs) on a private placement basis.
  • The NCDs may be issued in one or more series/tranches.
  • Proceeds will be utilized for refinancing existing debt and business growth requirements (capital expenditure, working capital, and general corporate purposes).
  • The Operations Committee was authorized to determine and finalize the terms and conditions of the NCD allotment.
  • Additional disclosures as required under Regulation 30(6) of SEBI LODR Regulations will be made at the time of issuance/allotment.

3. ESOP Allotment

  • The Board approved allotment of 77,079 equity shares of face value ₹1 each to eligible employees upon exercise of vested options under BlueStone Employee Stock Option Plan 2014.
  • Consequent to this allotment, the issued, subscribed, and paid-up equity share capital increased from ₹15,27,96,524 (15,27,96,524 equity shares) to ₹15,28,73,603 (15,28,73,603 equity shares).

Meeting Details

  • The Board Meeting commenced at 2:00 PM IST and concluded at 4:45 PM IST on October 22, 2026.
  • The trading window for securities will open on October 24, 2026, in accordance with the company's Code of Conduct and SEBI PIT Regulations.

Financial Performance Highlights (Q2 FY27)

Standalone Performance:

  • Revenue: ₹7,381 million, up 43.9% YoY
  • EBITDA: ₹972 million, up 127.3% YoY
  • EBITDA Margin: 13.2%, up 483 bps YoY
  • Pre-IndAS EBITDA: ₹535 million, up 234.2% YoY
  • Pre-IndAS EBITDA Margin: 7.3%, up 413 bps YoY
  • Profit Before Tax: ₹17.46 million (vs loss of ₹491.09 million in Q2 FY26)
  • Adjusted PAT: ₹196 million (vs loss of ₹268 million in Q2 FY26)

Half-Year FY27 Standalone Performance:

  • Revenue: ₹14,713 million, up 46.3% YoY
  • EBITDA: ₹2,073 million, up 108.8% YoY
  • Pre-IndAS EBITDA: ₹1,083 million, up 175.1% YoY
  • Adjusted PAT: ₹334 million (vs loss of ₹481 million in H1 FY26)

Consolidated Performance (Q2 FY27):

  • Revenue: ₹7,450 million, up 45.1% YoY
  • Loss Before Tax: ₹43.73 million (improved from loss of ₹521.02 million in Q2 FY26)

Operational Metrics

  • Customer base: 10,24,220 as of September 2026, up 19.3% YoY
  • Repeat customer revenue ratio: 56.3% in Q2 FY27, up from 51.4% YoY
  • Stores: 379 across 146 cities (added 27 stores in Q2, 68 stores YoY)
  • Same Store Sales Growth (SSSG): 28.0% YoY for Q2 FY27; 32.9% YoY for H1 FY27
  • Average Order Value (AOV): ₹77,290 in Q2 FY27
  • Advertising & Marketing spend: 6.0% of revenue in Q2 FY27 (₹444 million)

Management Commentary

  • CEO Gaurav Singh Kushwaha highlighted crossing 1 million customers as a significant milestone
  • Focus on omnichannel strategy with over 80% sales originating online
  • Expansion into Tier 2 and Tier 3 markets with all 7 new cities entered in Q2 being beyond metros
  • New flagship store opened on Park Street, Kolkata featuring handcrafted and antique range
  • Business momentum remained firm despite volatile gold prices and festive calendar shift to Q3

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

  • Total Assets: ₹54,568 million
  • Inventories: ₹30,464 million
  • Cash & Cash Equivalents: ₹619 million
  • Gross Debt: ₹8,919 million
  • Net Debt: ₹5,395 million
  • Equity: ₹18,632 million

IPO Proceeds Utilization

  • As of September 30, 2026, ₹8,034.30 million of ₹8,200 million net IPO proceeds utilized
  • ₹165.70 million remains unutilized (₹100 million in fixed deposits, ₹65.70 million in public account)

Additional Information

  • The company operates in a single reportable segment of design, manufacture, and sale of jewellery
  • All revenue is derived from the domestic market
  • The results and announcements are available on the company's website at www.bluestone.com