BlueStone Jewellery and Lifestyle Q2 FY27 results: net loss narrows to ₹4.37 crore, revenue up 45.1%

How did BlueStone Jewellery and Lifestyle perform in Q2 FY27?

BlueStone Jewellery and Lifestyle Limited reported consolidated revenue of ₹745.03 crore in Q2 FY27, up ₹231.40 crore or 45.1% from ₹513.63 crore in Q2 FY26. Revenue was also higher than ₹736.85 crore in Q1 FY27, a rise of ₹8.18 crore or 1.1%. Total income was ₹769.41 crore, up ₹244.13 crore or 46.5% year on year.

Consolidated EBITDA was ₹94.90 crore, up ₹53.22 crore or 127.7% from ₹41.68 crore in Q2 FY26, and the EBITDA margin rose to 12.7% from 8.1%, an increase of 4.6 percentage points. Against Q1 FY27, EBITDA fell ₹12.94 crore or 12.0%, while margin declined 1.9 percentage points to 14.6%.

Profit before tax was a loss of ₹2.97 crore, compared with a loss of ₹50.56 crore in Q2 FY26 and a profit of ₹6.99 crore in Q1 FY27. The company reported a net loss of ₹4.37 crore, versus a net loss of ₹52.10 crore a year ago and a profit of ₹5.96 crore in the previous quarter. Basic EPS was ₹0.21, compared with ₹3.73 in Q2 FY26 and ₹0.46 in Q1 FY27.

The results are consolidated. On a standalone basis, the company reported revenue of ₹738.09 crore, up 43.9% year on year, profit after tax of ₹1.75 crore and profit before tax of a loss of ₹49.11 crore. The same-day company presentation used standalone revenue of ₹7,381 Mn and standalone profit before tax of ₹17 million, while its investor presentation showed standalone EBITDA of ₹972 million and an EBITDA margin of 13.2%.

What changed in BlueStone Jewellery and Lifestyle's costs and profit?

Total expenses rose ₹196.54 crore or 34.1% from ₹575.84 crore in Q2 FY26 to ₹772.38 crore. Cost of materials increased ₹148.04 crore or 33.6% to ₹588.02 crore, while other expenses rose ₹19.94 crore or 22.3% to ₹109.41 crore. Finance costs increased ₹5.97 crore or 11.4% to ₹58.38 crore, and depreciation increased ₹12.39 crore or 24.1% to ₹63.87 crore.

Employee cost declined ₹1.51 crore or 2.1% to ₹70.58 crore from ₹72.09 crore. Other income increased ₹12.72 crore or 109.1% to ₹24.38 crore from ₹11.66 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26, and tax was unchanged at ₹0 crore. The reported net loss narrowed by ₹47.73 crore to ₹4.37 crore.

The company said in its management commentary that contribution margin excluding inventory gains was broadly stable year on year, so the EBITDA margin expansion came from operating leverage across the business. It also said the quarter included a new flagship store on Park Street, Kolkata, while advertising and marketing spend grew 5.7% year on year and stood at 6.0% of sales. No exceptional item was reported.

How did the first half of FY27 go?

In H1 FY27, BlueStone reported consolidated revenue of ₹1,481.88 crore, up ₹475.58 crore or 47.3% from ₹1,006.30 crore in H1 FY26. Total income was ₹1,521.23 crore, up ₹491.20 crore or 47.7% from ₹1,030.03 crore. The company’s customer base crossed one million, with 27 stores opened and seven new cities added in the quarter, all in Tier-2/3 markets.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹5,493.44 crore, against ₹4,961.01 crore at 31 March 2026. Total equity was ₹1,836.54 crore versus ₹1,803.00 crore, borrowings were ₹891.92 crore versus ₹744.32 crore, and cash was ₹64.43 crore versus ₹107.52 crore. Inventories were ₹3,093.42 crore, trade receivables ₹34.14 crore and trade payables ₹150.33 crore at the quarter end.

H1 FY27 operating cash flow was ₹7.67 crore, compared with an outflow of ₹75.73 crore in H1 FY26. Investing cash flow was an outflow of ₹21.49 crore versus ₹555.16 crore, and financing cash flow was an outflow of ₹29.27 crore versus an inflow of ₹653.16 crore. Capital expenditure was ₹49.08 crore, compared with ₹54.46 crore in the earlier first half.

How has BlueStone Jewellery and Lifestyle done over the last 6 quarters?

Revenue rose year on year in each of the last two quarters. Over the reported sequence, revenue reached its low of ₹492.68 crore in Q1 FY26 and its high of ₹748.65 crore in Q3 FY26; Q2 FY27 revenue was ₹745.03 crore, slightly below that peak. Profit ranged from a net loss of ₹52.10 crore in Q2 FY26 to profit of ₹68.85 crore in Q3 FY26, while the EBITDA margin ranged from 8.1% to 22.2%.

The latest direction was mixed: Q2 FY27 revenue of ₹745.03 crore was higher than Q1 FY27, but the company moved from a profit of ₹5.96 crore to a net loss of ₹4.37 crore and the EBITDA margin declined from 14.6% to 12.7%. The supplied trend data does not provide a streak beyond the statement that revenue rose year on year in each of the last two quarters.

What else did the company announce?

On 22 October 2026, the board approved the unaudited standalone and consolidated financial results for the quarter ended 30 September 2026, which were reviewed by the statutory auditors and approved by the audit committee and board. It also approved the allotment of 77,079 equity shares to eligible employees following the exercise of vested options under the BlueStone Jewellery and Lifestyle Limited Employee Stock Option Plan 2014.

The board approved raising up to ₹300 crore through the private placement of non-convertible debentures in one or more series or tranches. The company said the proceeds were proposed for refinancing part of existing debt and business growth requirements, including capital expenditure, working capital and general corporate requirements. The Operations Committee was authorised to finalise the allotment terms.

What did BlueStone Jewellery and Lifestyle's management say?

Management said the customer base crossed 1 million, with 27 stores opened and seven new cities added, all in Tier-2/3 markets. It expects 10%–15% natural ticket growth even with flat gold, supported by buyer growth, and said the A&P spend target is around 4.5% over the next four years. The CFO said, “But I think the focus is to build more market share, get more repeats, work with the consumer across their use cases and life cycle.”

Management maintained its 50% gold-price hedging policy. It said inventory turns should improve as older store cohorts mature and manufacturing inventory normalises, particularly if gold prices remain stable. Management deferred an exact Q3 festive-demand outlook pending another 10–15 days of selling data and did not quantify cohort GMROI or NCD cost savings; it may test one or two additional flagship stores before deciding whether to scale the format.

The company said its self-designed portfolio exceeds 10,500 products and that online remains the primary acquisition and marketing channel. Management identified risks including gold-price normalisation removing the roughly 30% AOV tailwind, limited Navratri visibility, dilution of GMROI and ROIC from a young store network, demand substitution from lab-grown diamonds, and contribution-margin variability from consumer-driven product mix shifts. The CEO said, “A million customers is the point at which a brand becomes a legacy.”

How did BlueStone Jewellery and Lifestyle shares react?

The filing was released after market hours. The stock was up 0.4% after 5 minutes, 1.1% after 15 minutes and 1.1% after 30 minutes from the price when the filing appeared. On the reaction day, it fell 3.1% from the previous close of ₹764.00; by the next day’s close it remained 3.1% below that close, and by five sessions it was down 12.0%.

On the reaction day, the median move for other stocks in the Gems Jewellery And Watches industry was -3.5%, while the Nifty Microcap 250 moved -2.3%; BlueStone’s excess move against the industry was 0.4 percentage points. By the next day’s close, the industry median was -3.4% and the market was -1.9%, with BlueStone’s excess industry move at 0.3 percentage points; by five sessions, the industry median was -6.1% and the market was -2.0%, leaving excess performance of -5.9 percentage points.

Earlier results-day moves were 19.3% on 20 July 2026, -0.1% on 23 April 2026, -0.8% on 22 January 2026, -9.5% on 4 November 2025 and 1.3% on 4 September 2025. The reaction data describes what happened after the filing and does not indicate a future share-price direction.

How did other Gems Jewellery And Watches companies do?

Among 11 Gems Jewellery And Watches peers compared for the quarter, the median revenue growth was 39.7%. Six peers were growing more slowly than BlueStone and five were growing faster than BlueStone, based on the company’s 45.1% year-on-year revenue growth. Eight peers reported higher profit.

The peer comparison was as of 4 November 2026. The peer figures cover companies that had filed for the quarter, and BlueStone itself was not included in the peer count. The median peer revenue growth was below BlueStone’s reported growth, while the majority of the compared peers reported higher profit.