NSE: BLUESTONE · BSE: 544484
BLUESTONE JEWEL LFSTL LTD
Sells gold and studded jewellery to Indian consumers through an omnichannel model that combines an online store with a physical retail network of 352 stores across 139 cities, with more than 80% of sales originating online and the physical outlets used to complete the transaction and 'seal the trust'. The mix is roughly 57% studded jewellery and the balance plain gold, aimed primarily at the non-wedding, everyday-wear segment rather than only bridal purchases. Manufacturing is largely in-house (about 95%), which the company says is paired with a fully in-house technology stack running the digital funnel. Q1 FY27 revenue was INR 733 cr (+49% YoY) on 39% same-store sales growth and a customer base that grew 21%, with repeat buyers contributing about 60% of revenue. Pre-Ind AS operating EBITDA margin was 7.5% in the quarter (+273 bps YoY) as revenue scaled faster than costs; management has guided to a margin of about 15% over a four-year horizon at roughly INR 12,000 cr of revenue. The largest cost line is raw materials (gold, diamonds, gemstones) at 90.5% of FY26 revenue, followed by employee cost at 11.6% and other operating expenses at 15.2%; advertising and promotion spend ran at 6.9% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Studded jewellery (57%), Plain gold jewellery. Growth-stage, omnichannel fine-jewellery retailer focused on the non-wedding everyday segment, with a digital-first funnel and a young physical store base still maturing.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 2,436 |
| EBITDA (ex other income) | 389 |
| margin % | 16.0 |
| Owners' profit | 15 |
| EPS, as reported (₹) | 1.10 |
| ROE % · ROCE % | 0.7 · 8.1 |
| Debt / equity (x) | 0.41 |
| Cash from operations | (199) |
| Capex | (99) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 493 | 514 | 749 | 681 | 737 |
| Profit before tax | (34) | (51) | 70 | 33 | 7 |
| Net profit | (35) | (52) | 69 | 31 | 6 |
| EPS (₹) | (9.86) | (3.73) | 4.55 | 2.05 | 0.46 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAN COMPANY LIMITED | 3,87,605 | 67.5 | 24.68 | 45.2 | 32.3 | 32.7 | 32.3 | 14.2 |
| KALYAN JEWELLERS IND LTD | 51,637 | 36.0 | 8.19 | 19.5 | 21.4 | 22.1 | 33.0 | 6.5 |
| PC JEWELLER LTD | 16,168 | 16.8 | 1.98 | 19.7 | 8.7 | 8.6 | 3.5 | 27.8 |
| THANGAMAYIL JEWELLERY LTD | 14,841 | 38.0 | 10.48 | — | 24.8 | 30.3 | — | 5.4 |
| SKY GOLD AND DIAMONDS LTD | 14,248 | 42.4 | 11.82 | 32.1 | 23.4 | 29.8 | — | 8.2 |
| BLUESTONE JEWEL LFSTL LTD ◆ | 11,457 | 225.8 | 6.35 | 27.5 | 0.7 | 0.7 | — | 16.7 |
| P N GADGIL JEWELLERS LTD | 7,785 | 17.5 | 3.97 | 13.3 | 20.9 | 26.1 | — | 8.0 |
| ETHOS LIMITED | 6,516 | 61.9 | 3.91 | 25.3 | 5.8 | 7.0 | — | 16.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 225.8 | 22.3 | 29 of 29 | 0% |
| P/B | 6.3 | 2.7 | 22 of 28 | 22% |
| ROCE | 0.7 | 16.7 | 27 of 28 | 4% |
| ROE | 0.7 | 14.6 | 27 of 28 | 4% |
| Debt / Equity | 0.4 | 0.3 | 18 of 28 | 37% |
| EBITDA margin | 16.7 | 10.7 | 9 of 30 | 72% |
| Revenue growth | 49.6 | 45.7 | 10 of 25 | 63% |
| Profit growth | 117.2 | 49.8 | 5 of 25 | 83% |
| Market cap | 11457 | 2897 | 6 of 30 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · BlueStone swings to six-month profit as quarterly losses narrow | compliance | minimal | — | — |
| 23 Oct 2026 · No deviation in use of Rs 820 crore initial public offering funds | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY 2026-27 earnings call recording now available | investor communications | low | — | — |
| 22 Oct 2026 · BlueStone Q2 FY27: Revenue up 44%, EBITDA margin improves 413 bps | investor communications | medium | — | — |
| 22 Oct 2026 · BlueStone approves ₹300 crore private debt issue | fund raising | high | — | — |
| 22 Oct 2026 · Q2 FY27 revenue rises 43.9%, fourth profitable quarter continues | compliance | low | — | — |
| 22 Oct 2026 · IPO proceeds 98% utilised; deadline extended to March 2027 | compliance | minimal | — | — |
| 22 Oct 2026 · BlueStone Q2 FY27: Revenue up 44%, EBITDA up 234%, PAT turns positive | business updates | medium | — | — |
| 22 Oct 2026 · 77,079 shares allotted under Employee Stock Option Plan | capital market events | low | — | — |
| 22 Oct 2026 · Q2FY27 results: revenue up 44%, EBITDA doubles, 300cr NCD raise approved | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.