Bluestone Jewellery And Lifestyle Limited · NSE:BLUESTONE
Bluestone Jewellery And Lifestyle — Q2 FY27 Earnings Presentation
43 slides from Bluestone Jewellery And Lifestyle's earnings presentation, Oct 22, 2026
Slide 1: Regulation 30 intimation letter to exchanges
October 22, 2026 To, BSE Ltd. National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 544484), (Symbol: BLUESTONE, Series EQ) Dear Sirs/ Madam, Sub: Intimation un
Slide 2: Investor Presentation Q2 & H1 FY27
Investor Presentation Q2 & H1 FY27
Slide 3: Disclaimer
Disclaimer Prospective investors should carefully consider the risks associated with investing in the equity shares of BlueStone Jewellery and Lifestyle Limited (the “Company”) . Certain images and visuals used in this presentation are for illustrative purposes only . This presentation is provided s
Slide 4: Table of Contents
Table of Contents 01 BlueStone at 02 Business Overview 03 Financial Performance a Glance 3
Slide 5: BlueStone at a Glance
(\ BLUESTONE a) ae © co 22 Nn o =e Oo
Slide 6: India's second largest 'digital first' omni-channel jewellery player
India’s second largest ‘digital first’ omni -channel jewellery player 38.9% 32.9% 172.7% Fastest Growing with Strong Unit Economics Revenue CAGR (FY24 -26) SSSG ( H1 FY2 7) Reported EBITDA CAGR % (FY24 -FY26) #2 28 -32% Market Leader Digital -first omni -channel jewellery brands in India (FY24) Mark
Slide 7: Tracing Our Growth
Tracing Our Growth.. Onboarded 0.5mn+ customers since Digital Milestone: incorporation 1M+ Instagram Followers Online retail Commenced omni - Established Jaipur 1st office at channel expanded channel business facility and Crossed annual Bangalore to cover 12,600 PIN model with launch of inaugurated
Slide 8: Differentiating BlueStone's Jewellery from Traditional Offerings
Differentiating BlueStone’s Jewellery from Traditional Offerings Target Shift from wedding to non -wedding wear, delivering style, convenience, & value for the modern consumer Customers 25 to 45 years of age Category by Purity & Average Gross Repeat Revenue Projected Occasion Weight Selling Price Ma
Slide 9: Business Overview
(\ BLUESTONE Business Overview \ i, +> Vg > hy WA Dias \ f ( \ ). _
Slide 10: Our Strengths
Our Strengths Leading player: India’s second largest omni -channel digital first jewellery brand 1 Differentiated Approach to Product and Design 2 Advanced Manufacturing Capabilities with Vertically Integrated Operations 3 In -house Technology Architecture Driving End -to-End Business Operations 4 P
Slide 11: Successful Omnichannel Strategy for a Cohesive Customer Experience
1 Successful Omnichannel Strategy for a Cohesive Customer Experience Integrating online and Complete purchase (online or in - Browse online Seek in -store assistance offline touchpoints person) One brand, Many touchpoints - Discover anywhere, Buy anywhere Attracting Customers Engaging Customers Reta
Slide 12: Stores: A Scalable Engine for Omnichannel Growth
2 Stores: A Scalable Engine for Omnichannel Growth Robust Pan -India Footprint Driving Scalable Growth ~ 50% of stores are located in Tier 2 and Tier 3 cities 187 new stores States & UTs 178 191 Located in high -visibility areas with 145 29 112 standardised look and feel and 77 94 76 53 68 consisten
Slide 13: Product offerings: Expanding the wardrobe selection
3 Product offerings: Expanding the wardrobe selection Widening portfolio by expanding categories and exploring innovative materials Category Material Demographic Depth Breadth Reach Diversifying our portfolio across core Pioneering innovative materials to Creating jewelry that resonates with the and
Slide 14: Flagship store launch: Park Street, Kolkata
4 Flagship store launch: Park Street, Kolkata A new concept format, built to deepen our presence in East India Stephen Court, 18 Park Street 3,200+ sq. ft Kolkata has a deep appreciation for jewellery, design and craftsmanship, and Park Street is a natural setting for us to deepen our connection wit
Slide 15: Flagship store launch: Park Street, Kolkata
5 Flagship store launch: Park Street, Kolkata A new concept format, built to deepen our presence in East India “BlueStone has always taken a modern approach to jewellery, and we evolve along with our customers. Opening our flagship in Kolkata, a city renowned for its heritage and craftsmanship, felt
Slide 16: Pioneering Tech-Driven Jewellery Shopping Experience
6 Pioneering Tech -Driven Jewellery Shopping Experience BlueStone leverages cutting -edge digital tools to make online jewellery shopping as engaging as in -store Immersive visuals that bring the in -store experience online Seamless transaction experience 3D Rendering 360 Video Unified customer view
Slide 17: In-house technology bringing efficiency and agility
7 In -house technology bringing efficiency and agility Building a digitally -native company DESIGNING MANUFACTURING MERCHANDIZING RETAILING Complete autonomy with designers; Dedicated prototype Algorithm -driven, data -led Omnichannel not merchandizer led facility approach retailing identify custome
Slide 18: Leveraging the internet to become a one-of-a-kind digital jewellery brand
8 Leveraging the internet to become a one -of-a-kind digital jewellery brand Designs become heroes Traditional Playbook vs. BlueStone Approach ATL and BTL heavy Digital -first, design -led, customer experience How We Win Online? Design Differentiation Digital -First Marketing • 10,500+ unique design
Slide 19: Experienced Board Driving Strategic Oversight
9 Experienced Board Driving Strategic Oversight Gaurav Singh Amit Jain Prashanth Prakash Kushwaha Chairman, MD and Non -Executive Non -Executive CEO Director Nominee Director Prior : Amazon Experience : Founder, Car Dekho Experience : Accel India Education : IIT Delhi Education : IIT Delhi Education
Slide 20: High tenured executive team with experience across full spectrum of operations
10 High tenured executive team with experience across full spectrum of operations Gaurav Singh Sudeep Nagar Vipin Sharma Rumit Dugar Kushwaha Chairman, MD and Chief Financial Chief Operating Chief Merchandising CEO Officer Officer Officer Prior : Tavant Tech, Amazon Finance & Investor Relations Oper
Slide 21: Financial Performance
(\ BLUESTONE Financial Performance
Slide 22: H1 & Q2 FY27 at a glance
H1 & Q2 FY27 at a glace Standalone H1 FY27 Revenue from Pre -Ind AS EBITDA Pre -Ind AS EBITDA SSSG operations (excl. inventory Margin % (excl. gain/loss) inventory gain /loss ) ₹ 14,713mn ₹ 1,083 mn 7.4% 32.9% “Our growth remained robust in both the quarter and the first half, with + 175.1% YoY YoY
Slide 23: Financial Snapshot (1/2)
Financial Snapshot (1/2) Standalone Revenue from operations Contribution and margin % (ex inventory gain/loss) INR mn +43.9% YoY INR mn % of revenue from operations +41.5%YoY + 0.7% QoQ - 3.7%QoQ 14,713 5,000 4,703 50% 4,500 45% 4,000 3,199 31.8% 32.7% 31.3% 40% 10,057 3,500 35% 3,000 30% 7,332 7,38
Slide 24: Financial Snapshot (2/2)
Financial Snapshot (2/2) Standalone Advertising and Marketing cost Rental Expense INR mn % of revenue from operations + 5.7% YoY INR mn +30.6% YoY - 12.6%QoQ +3.3% QoQ 1,000 952 12% 900 800 760 8.2% 10% 700 6.9% 1,011 600 508 6.0% 8% 761 500 7.6% 420 444 497 513 6% 400 6.5% 4% 393 300 200 2% 100 0 H
Slide 25: Operating metric
Operating metric Standalone Repeat Revenue Ratio Number of Customers (life till date) % +497 bps YoY # +19.3% YoY -338 bps QoQ +4.0% QoQ 10,24,220 9,84,766 10,24,220 59.7% 58.1% 8,58,457 8,58,457 56.3% 51.0% 51.4% H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY26 H1 FY27 Q2 FY26 Q1 FY27 Q2 FY27 Store
Slide 26: Performance Snapshot
Performance Snapshot Standalone Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 Growth Growth Growth Revenue 7,381 5,131 43.9% 7,332 0.7% 14,713 10,057 46.3% Reported gross profit 2,699 2,029 33.0% 2,981 (9.5)% 5,680 4,051 40.2% Reported gross margin % 36.6% 39.5%
Slide 27: ESOP normalization unlocks meaningful bottom line
ESOP normalization unlocks meaningful bottom line P&L trajectory for existing grants Unallocated ESOP pool fully covers future requirements • Founder is classified as Promoter and is not eligible for ESOPs • ESOP impact is already front -loaded, tapering significantly from • Stable management team w
Slide 28: Cumulative inventory gains
Cumulative inventory gains Inventory Gain Reserve Built Over Time Inventory gain for the quarter (INR mn ) Cumulative Inventory gain upto the previous quarter (INR mn ) 1,817 1,749 68 248 1,501 524 977 1,749 1,501 589 977 388 228 160 388 228 228 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2 FY27 27
Slide 29: Key Balance Sheet Metrics
Key Balance Sheet Metrics Standalone Average Inventory & Inventory Turnover Ratio Net Debt +16.4% YoY Net Debt +55.5% INR mn 5,395 Inventory Turnover Ratio 26000 25,043 2.00 1.80 25000 1.60 3,469 24000 1.40 1.20 23000 22000 21,521 1.16 1.00 0.80 21000 0.60 20000 1.13 0.40 0.20 19000 0.00 FY26 TTM Se
Slide 30: Balance Sheet
Balance Sheet Standalone As on As on As on As on Assets (in INR mn ) Equity & Liabilities (in INR millions) 30 Sep’26 31 Mar’26 30 Sep’26 31 Mar’26 Property, Plant & Equipment 2,645 2,639 Shareholder’s Equity 18,632 18,184 Right -of-use assets 8,835 8,430 Long -term borrowings 2,356 2,011 Capital wo
Slide 31: Databook
Databook 30
Slide 32: Databook
Databook Standalone Pre-IND AS EBITDA Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 Growth growth Growth Profit / (Loss) before tax 17 (491) NM 111 NM 129 (819) NM Finance cost 576 522 10.3% 547 5.3% 1,124 1,050 7.0% Depreciation and amortization expense 623 511
Slide 33: Databook
Databook Standalone Adjusted EBITDA Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q2 FY27 Q2 FY26 Q1 FY27 H1 FY27 H1 FY26 Growth growth Growth Reported EBITDA 971 427 127.3% 1,102 (11.9)% 2,073 993 108.8% ESOP charge 139 277 (49.6)% 184 (24.3)% 324 511 (36.6)% Franchisee commission ( opex ) 6 9 (33.6)%
Slide 34: Databook
Databook Standalone Particulars (in INR mn ) Q2 FY27 Q1 FY27 Q2 FY26 Employee cost 539 554 437 Expense on employee stock option scheme 139 184 277 Total employee benefit expense 678 738 714 Particulars (in INR mn ) Q2 FY27 Q1 FY27 Q2 FY26 Depreciation of property, plant and equipment 187 178 166 Amo
Slide 35: Profit & Loss Statement
Profit & Loss Statement Standalone | INR mn Quarter ended Half year ended Year ended Particulars 30 -09 -2026 30 -06 -2026 30 -09 -2025 30 -09 -2026 30 -09 -2025 31-03 -2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income Revenue from operations 7,380.88 7,331.94 5,130.9
Slide 36: Balance Sheet
Balance Sheet Standalone | INR million As on As on As on As on Particulars Particulars 30 September 2026 31 March 2026 30 September 2026 31 March 2026 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,645.42 2,638.59 Equity share capital 152.80 152.23 Right -of
Slide 37: Cash Flow Statement
Cash Flow Statement Standalone | INR mn For half year For half year For half year For half year A. Cash flows from operating activities ended ended B. Cash flows from investing activities ended ended 30 Sept 2026 30 Sept 2025 30 Sept 2026 30 Sept 2025 Profit / (Loss) before tax 128.83 (818.97) Acqui
Slide 38: Profit & Loss Statement
Profit & Loss Statement Consolidated | INR mn Quarter ended For the half year ended Year ended Particulars 30 -09 -2026 30 -06 -2026 30 -09 -2025 30 -09 -2026 30 -09 -2025 31-03 -2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Income Revenue from operations 7,450.33 7,368.
Slide 39: Balance Sheet
Balance Sheet Consolidated | INR mn As on As on As on As on Particulars 30 September Particulars 30 September 31 March 2026 31 March 2026 2026 2026 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,688.07 2,662.48 Equity share capital 152.80 152.23 Right -of-us
Slide 40: Cash Flow Statement
Cash Flow Statement Consolidated | INR mn For half year For half year For half year For half year A. Cash flows from operating activities ended ended B. Cash flows from investing activities ended ended 30 Sept 2026 30 Sept 2025 30 Sept 2026 30 Sept 2025 Profit / (Loss) before tax 15.88 (842.69) Acqu
Slide 41: Glossary
Glossary Term Description A&P Advertising expense plus selling or promotional expenses. Adjusted EBITDA EBITDA plus ESOP charge plus franchisee commission as part of opex. Franchisee commission includes minimum guarantee on the f ran chisee deposits and the margin paid to the Franchisees over and ab
Slide 42: For further information please contact
For further information please contact: BlueStone Jewellery & Lifestyle Limited Investor.Relations@BlueStone.com EY LLP Investor Relations Diwakar Pingle: Diwakar.Pingle@in.ey.com Rhea Dharia: Rhea.Dharia@in.ey.com Avantika Mishra: Avantika.Mishra@in.ey.com 41
Slide 43: Thank You
Thank You 42
BlueStone Jewellery and Lifestyle — Q2 FY27 Earnings Presentation on 6ix