Bluestone Jewellery And Lifestyle Limited · NSE:BLUESTONE
Bluestone Jewellery And Lifestyle — Q4 FY26 Earnings Presentation
42 slides from Bluestone Jewellery And Lifestyle's earnings presentation, Apr 23, 2026
Slide 1: Stock exchange intimation letter
April 23, 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 und
Slide 2: Investor Presentation Q4 & FY26
Investor Presentation Q4 & FY26
Slide 3: Disclaimer
Disclaimer Prospective investors should be aware that investing in equity shares involves a significant level of risk . For detailed information regarding such risks, potential investors are advised to refer to the section titled "Risk Factors" in the Prospectus . It is crucial to note that certain
Slide 4: Table of Contents
Table of Contents BlueStone at Business Financial 01 a Glance 02 Overview 03 Performance 3
Slide 5: BlueStone at a Glance
(\ BLUESTONE BlueStone ata Glance
Slide 6: India's second largest 'digital first' omni-channel jewellery player
India’s second largest ‘digital first’ omni -channel jewellery player 38.9% 34.0% 172.7% Fastest Growing1 with Strong Unit Economics Revenue CAGR (FY24 -26) SSSG (Q4 FY26) Reported EBITDA CAGR % (FY24 -FY26) #2 28 -32% Market Leader Digital -first omni -channel jewellery brands in India (FY24) Marke
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 model facility and Crossed annual Bangalore to cover 12,600 PIN with launch of first EBO in
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
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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 Browse online Seek in -store assistance Complete purchase (online or in -person) offline touchpoints One brand, Many touchpoints - Discover anywhere, Buy anywhere Attracting Customers Engaging Customers Retai
Slide 12: Omnichannel as a Structural Growth Catalyst: Ranchi
2 Omnichannel as a Structural Growth Catalyst Scaling revenue beyond Tier I and Tier II markets Ranchi, Jharkhand A Case Study - Impact of omni -channel model on revenue growth in Ranchi Jewellery as a high -trust, high -consideration category Online and offline have different roles – Online drives
Slide 13: Omnichannel as a Structural Growth Catalyst: Lucknow
3 Omnichannel as a Structural Growth Catalyst Scaling revenue through deeper city penetration Lucknow, Uttar Pradesh A Case Study - Impact of store penetration on revenue growth in Lucknow Enhance city -level penetration Intensifying store density & consequently penetration in a city Online data ide
Slide 14: Stores: A Scalable Engine for Omnichannel Growth
4 Stores: A Scalable Engine for Omnichannel Growth Robust Pan -India Footprint Driving Scalable Growth > 48% of stores are located in Tier 2 and Tier 3 cities 185 new stores 178 145 States & UTs Located in high -visibility areas with 89 77 94 28 46 53 68 standardised look and feel and consistent 20
Slide 15: Product offerings: Expanding the wardrobe selection
5 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 16: Product Expansion: Addressing the Men's & Kids' category
6 Product Expansion: Addressing the Men's & Kids’ – an underserved category Dedicated stores for enhanced product discovery and superior experience An industry -first, dedicated store designed to capture high -potential, underserved market segments Men’s: Curated lifestyle accessories, including cha
Slide 17: Reimagining accessibility: Entry level price points
7 Reimagining accessibility: Entry level price points at consumer’s preferred karatage Expanding entry level offerings through design and manufacturing innovations Leveraging vertical integration to offer selection across ticket sizes Advanced manufacturing Advanced material science technologies Alt
Slide 18: Pioneering Tech-Driven Jewellery Shopping Experience
8 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 19: In-house technology bringing efficiency and agility
9 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 20: Leveraging the internet to become a one-of-a-kind digital jewellery brand
10 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 • 9,900+ unique design
Slide 21: Experienced Board Driving Strategic Oversight
11 Experienced Board Driving Strategic Oversight Gaurav Singh Prashanth Prakash Sameer Dileep Nath Kushwaha Chairman, MD and Non -Executive Non -Executive CEO Nominee Director Nominee Director Prior : Amazon Experience : Accel India Experience : 360One, Citi Education : IIT Delhi Education : Univers
Slide 22: High tenured executive team
12 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 23: ESOP normalization unlocks meaningful bottomline
13 ESOP normalization unlocks meaningful bottomline P&L trajectory for existing grants Unallocated ESOP pool fully covers future requirements • ESOP impact is already front-loaded, tapering significantly from • Founder is classified as Promoter and is not eligible for ESOPs FY 26 to FY 30 to drive l
Slide 24: Financial Performance
(\ BLUESTONE Financial Performance
Slide 25: Key Financial and Operational Highlights
Key Financial and Operational Highlights Q4FY26 | Standalone Revenue +49% YoY at INR 6,877mn; +38% in FY26 Revenue recognised on secondary sales basis (even for franchise stores) Reported EBITDA +361.0% YoY at INR 1,285mn; Margin +1264bps YoY at 18.7% Inventory gain of INR 524mn for the quarter Pre
Slide 26: Financial Snapshot (1/2)
Financial Snapshot (1/2) Standalone Revenue from operations Gross Profit INR mn +49.1% YoY INR mn % of revenue from operations +67.2% YoY -8.1%QoQ -12.0%QoQ 24,412 12,000 10,409 60.0% 10,000 45.2% 43.3% 50.0% 17,700 38.6% 8,000 6,715 40.0% 42.6% 6,000 37.9% 30.0% 7,479 6,877 4,000 3,382 2,977 20.0%
Slide 27: Financial Snapshot (2/2)
Financial Snapshot (2/2) Standalone Contribution Margin Advertising and Marketing cost INR mn % of revenue from operations +81.7% YoY INR mn % of revenue from operations +13.6% YoY -12.6%QoQ -0.5% QoQ 9,358 1,800 1,592 1,606 12% 10,000 41.2% 39.2% 50% 1,600 9,000 45% 1,400 8.0% 10% 8,000 32.1% 40% 7
Slide 28: Key metrics remain strong
Key metrics remain strong Standalone Repeat Revenue Ratio Number of Customers (life till date) % +1056bps YoY # +22.3% YoY -184bps QoQ +4.5% QoQ 9,44,062 9,03,068 9,44,062 57.8% 55.9% 7,71,845 7,71,845 54.5% 44.6% 45.4% FY25 FY26 Q4 FY25 Q3 FY26 Q4 FY26 FY25 FY26 Q4 FY25 Q3 FY26 Q4 FY26 Store Count
Slide 29: Performance Snapshot
Performance Snapshot Standalone Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Growth growth Growth Revenue 6,876.6 4,613.0 49.1% 7,479.0 -8.1% 24,412.3 17,700.0 37.9% Gross profit 2,976.6 1,780.4 67.2% 3,381.5 -12.0% 10,409.0 6,715.1 55.0% Gross margin % 43.3% 38.6% 46
Slide 30: Strong Pre-IND AS performance
Strong Pre -IND AS performance Standalone Pre-IND AS EBITDA Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q4 FY26 Q4 FY25 Q3 FY26 FY26 FY25 Growth growth Growth Profit / (Loss) before tax 364.4 (486.4) NM 714.5 -49.0% 260.0 (2,192.1) NM Finance cost 521.6 544.7 - 4.2% 523.6 -0.4% 2,095.2 2,075.4 1.0% D
Slide 31: Key Balance Sheet Metrics
Key Balance Sheet Metrics Standalone Average Inventory & Inventory Turnover Ratio Gross Borrowings (excl. GML) INR mn Inventory Turnover Ratio +62.8% YoY Long-term borrowings Short-term borrowings +2.2% YoY 7,286 7,443 25000 21,521 2.00 1.80 20000 1.60 1,973 2,011 1.40 15000 13,219 1.20 1.00 10000 1
Slide 32: Balance Sheet
Balance Sheet Standalone As on As on As on As on Assets (in INR mn ) Equity & Liabilities (in INR millions) 31 Mar ’26 31 Mar ’25 31 Mar ’26 31 Mar ’25 Property, Plant & Equipment 2,638.6 2,659.8 Shareholder’s Equity 18,184.1 9,133.4 Right -of-use assets 8,430.3 7,430.3 Long -term borrowings 2,010.6
Slide 33: Databook
Databook Standalone Particulars (in INR mn ) Q4 FY26 Q3 FY26 Q4 FY25 Employee cost 539 495 409 Expense on employee stock option scheme 186 229 149 Total employee benefit expense 725 725 558 Particulars (in INR mn ) Q4 FY26 Q3 FY26 Q4 FY25 Depreciation of property, plant and equipment 177 173 145 Amo
Slide 34: Annexure
Annexure 33
Slide 35: Profit & Loss Statement (Standalone)
Profit & Loss Statement Standalone | INR mn Quarter ended Year ended Particulars 31-03 -2026 31-12-2025 31-03 -2025 31-03 -2026 31-03 -2025 (Audited) (Unaudited) (Audited) (Audited) (Audited) Income Revenue from operations 6,876.60 7,479.00 4,613.03 24,412.30 17,700.02 Other income 150.30 107.40 228
Slide 36: Balance Sheet (Standalone)
Balance Sheet Standalone | INR million As on As on As on As on Particulars Particulars 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,638.59 2,659.82 Equity share capital 152.23 296.56 Right -of-use ass
Slide 37: Cash Flow Statement (Standalone)
Cash Flow Statement Standalone | INR million For the year For the year For the year For the year A. Cash flows from operating activities ended ended B. Cash flows from investing activities ended ended 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Profit / (Loss) before tax 260.00 (2,192.14
Slide 38: Profit & Loss Statement (Consolidated)
Profit & Loss Statement Consolidated | INR mn Quarter ended Year ended Particulars 31-03 -2026 31-12-2025 31-03 -2025 31-03 -2026 31-03 -2025 (Audited) (Unaudited) (Audited) (Audited) (Audited) Income Revenue from operations 6,814.72 7,486.47 4,613.03 24,364.24 17,700.02 Other income 150.88 107.68 2
Slide 39: Balance Sheet (Consolidated)
Balance Sheet Consolidated | INR mn As on As on As on As on Particulars Particulars 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,662.48 2,659.88 Equity share capital 152.23 296.56 Right -of-use assets
Slide 40: Cash Flow Statement (Consolidated)
Cash Flow Statement Consolidated | INR mn For the year For the year For the year For the year A. Cash flows from operating activities ended ended B. Cash flows from investing activities ended ended 31 March 2026 31 March 2025 31 March 2026 31 March 2025 Profit / (Loss) before tax 131.79 (2,218.37) A
Slide 41: 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 40
Slide 42: Thank You
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