Bluestone Jewellery And Lifestyle Limited · NSE:BLUESTONE
Bluestone Jewellery And Lifestyle — Q2 & H1 FY26 Earnings Presentation
40 slides from Bluestone Jewellery And Lifestyle's earnings presentation, Nov 4, 2025
Slide 1: Regulation 30 intimation to stock exchanges: Investor Presentation
November 04, 2025 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
Slide 2: Investor Presentation Q2 & H1 FY26
Investor Presentation Q2 & H1 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 51.4% 32.1% 23.83 % Fastest Growing1 with Strong Unit Economics Revenue CAGR (FY23 -25) SSSG (FY25) Adjusted EBITDA % of FY19/20 cohort stores #2 28 -32% Market Leader Digital -first omni -channel jewellery brands in India (FY24)
Slide 7: Tracing Our Growth..
Tracing Our Growth.. Onboarded 0.5 million+ customers since incorporation 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 inaugurated 100th revenue of INR 10 bn
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 N\ @
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 In -house Technology Architecture Driving End -to-End Business Operations 3 Advanced Manufacturing Capabilities with Vertically Integrated 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 Catalyst for Sales Growth
1 Omnichannel as a Catalyst for Sales Growth Offline stores boost omni -channel sales A Case Study - Impact of omni -channel model on revenue growth in Ranchi, Jharkhand Introduction of omni -channel model 188 3.5 Brand trust drives Offline stores bridge 3 shift to online the need for tactile purcha
Slide 13: Product & Design at the Core
2 Product & Design at the Core Differentiated Approach to Product and Design Contemporary Affordable designs Lightweight Website/app lets designs and starting at ₹5,000, designs are ideal customers browse reimagined make BlueStone a for ‘non -wedding’ anytime and purchase traditional jewellery go -t
Slide 14: Pioneering Tech-Driven Jewellery Shopping Experience
3 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 15: In-house technology bringing efficiency and agility
3 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 16: In-House Tech & Infrastructure Powering Agile Design-to-Store
4 In -House Tech & Infrastructure Powering Agile Design -to-Store Operational manufacturing facilities Fastest Accelerate new design launches Scale production quickly Manufacturing -to- In-house design team & in -house Vertical integration enabling quality shelf Turnaround manufacturing control Time
Slide 17: Offline Stores Boost Omnichannel Sales
5 Offline Stores Boost Omnichannel Sales Robust Pan -India Footprint Driving Scalable Growth Located in high -visibility areas with standardised look and feel 156 new stores States & UTs 165 26 145 Offer touch -and -feel benefit for “online 89 77 86 influenced” sales 46 53 60 20 PIN codes serviced O
Slide 18: Leveraging the internet to become a one-of-a-kind digital jewellery brand
Leveraging the internet to become a one -of-a-kind digital jewellery brand Designs become heroes Traditional Playbook vs. BlueStone Approach Celebrity brand ambassadors, heavy ATL (TV, Print) spends 100% digital-first, design -led, customer experience How We Win Online? Design Differentiation Digita
Slide 19: Brand Building With Marketing Edge
Brand Building With Marketing Edge BlueStone’s Strong Gross Margins are Enabling it to Redefine Marketing in the Digital Era Building the BlueStone Brand Brand Trust Digital Marketing Incentive / Loyalty Schemes ▪ Communicating BlueStone’s values ▪ 1-0-1 customer outreach drives ▪ Gold Mine 10+1 Pla
Slide 20: Experienced Board Driving Strategic Oversight
6 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 : Tavant Tech, Amazon Experience : Accel India Management Experience : 360One, Citi Education : IIT De
Slide 21: Guided by Able Leadership to Drive Sustained Growth
6 Guided by Able Leadership to Drive Sustained Growth Gaurav Singh Sudeep Nagar Vipin Sharma Rumit Dugar Kushwaha Chairman, MD and Chief Financial Chief Operating Chief Merchandising CEO Officer Officer Officer Prior : Tavant Prior : Tavant Tech, Amazon Tech, Amazon Prior : JP Morgan, Infosys Prior
Slide 22: Financial Performance
(\ BLUESTONE Financial Performance
Slide 23: Key Financial and Operational Highlights
Key Financial and Operational Highlights Q2FY26 | Standalone Revenue growth +37% YoY at INR 5,131mn Adjusted EBITDA +1312% YoYat INR 714mn; margin +1255bps YoY at 13.9% Pre -IND AS EBITDA at INR 320mn vs. loss of INR (211) mn during the same quarter last year; margin at 6.2% vs.-5.6% in Q2FY25 Inven
Slide 24: Financial Snapshot (1/2)
Financial Snapshot (1/2) Standalone Revenue from operations Gross Profit and Margins INR mn +37% YoY INR mn % of revenue from operations +46% YoY 10,057 +4% QoQ +0.3% QoQ 4,500 4,051 60.0% 7,216 4,000 41.1% 39.5% 50.0% 3,500 2,753 37.1% 4,926 5,131 3,000 40.0% 3,734 2,500 40.3% 2,022 2,029 2,000 38.
Slide 25: Financial Snapshot (2/2)
Financial Snapshot (2/2) Standalone Contribution Margin Advertising and Marketing cost INR mn INR mn % of revenue from operations +68% YoY # INR mn % of revenue from operations +8% YoY -0.3% QoQ +24% QoQ 36.5% 900 812 760 10.4% 12% 4,000 3,587 34.9% 40% 800 3,500 28.5% 35% 700 11.3% 8.2% 10% 3,000 3
Slide 26: Our Robust Operations
Our Robust Operations Standalone Repeat Revenue Ratio Number of Customers (life till date) % +828bps YoY # +31%YoY +65bps QoQ +5% QoQ 8,58,457 8,15,910 8,58,457 51.0% 50.7% 51.4% 6,57,664 6,57,664 43.2% 43.1% H1 FY25 H1 FY26 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q1 FY26 Q2 FY26 Store Count
Slide 27: Performance Snapshot
Performance Snapshot Standalone Y-o-Y Q-o-Q Y-o-Y Particulars (in INR millions) Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 Growth growth Growth Revenue 5,130.9 3,733.6 37.4% 4,925.8 4.2% 10,056.7 7,216.1 39.4% Gross profit 2,028.8 1,385.8 46.4% 2,022.1 0.3% 4,050.9 2,752.5 47.2% Gross margin % 39.5% 37
Slide 28: 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 millions) Q2 FY26 Q2 FY25 Q1 FY26 H1 FY26 H1 FY25 Growth growth Growth Profit / (Loss) before tax (491.1) (844.7) NM (327.9) NM (819.0) (1,436.9) NM Finance cost 522.3 547.0 -4.5% 527.7 -1.0% 1,050.0 1
Slide 29: Key Balance Sheet Metrics
Key Balance Sheet Metrics Standalone Average Inventory & Inventory Turnover Ratio Gross Borrowings (excl. GML) INR mn Inventory Turnover Ratio +50 YoY Long-term borrowings Short-term borrowings -5%YoY 20000 18,073 2.00 7,673 7,322 7,286 18000 1.80 16000 13,219 1.60 1,577 1,973 14000 12,044 1.40 3,07
Slide 30: Balance Sheet
Balance Sheet Standalone As on As on As on As on Assets (in INR millions) Equity & Liabilities (in INR millions) 30 Sep ’25 30 Sep ‘24 30 Sep ‘25 30 Sep ‘24 Property, Plant & Equipment 2,819.1 1,748.2 Shareholder’s Equity 16,796.9 8,822.9 Right -of-use assets 7,733.1 6305.5 Long -term borrowings 1,5
Slide 31: Thank You
iy . J) { Thank fy f
Slide 32: Annexure
Annexure 31
Slide 33: Robust Store-Level Performance with Healthy Unit Economics
Robust Store -Level Performance with Healthy Unit Economics Performance 3 months INR 7.7 mn 11.1% INR 59,907 73.8% Indicators SSSG % 1 Breakeven of 75%of stores Average revenue per store AOV (Q1’FY26) One of the highest GMROI (Q2 FY26) p.m. for operational >3 years 1.9x 2 of FY23 among peers 3 (FY25
Slide 34: Profit & Loss Statement
Profit & Loss Statement Standalone | INR million 3 months ended Half -year ended Year ended Particulars 30 -09 -2025 30 -06 -2025 30 -09 -2024 30 -09 -2025 30 -09 -2024 31-03 -2025 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) Income Revenue from operations 5,130.93 4,925.77 3,73
Slide 35: Balance Sheet
Balance Sheet Standalone | INR million As on As on As on As on Particulars Particulars 30 September 2025 31 September 2024 30 September 2025 31 September 2024 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,819.06 1,748.18 Equity share capital 16,645.59 8,529
Slide 36: Cash Flow Statement
Cash Flow Statement Standalone | INR million As on As on As on As on A. Cash flows from operating activities 30 September 30 September B. Cash flows from investing activities 30 September 30 September 2025 2024 2025 2024 Loss before tax (818.97) (1,436.93) Acquisition of property, plant and equipmen
Slide 37: Profit & Loss Statement (Consolidated)
Profit & Loss Statement Consolidated | INR million 3 months ended Half -year ended Year ended Particulars 30 -09 -2025 30 -06 -2025 30 -09 -2024 30 -09 -2025 30 -09 -2024 31-03 -2025 (Unaudited) (Unaudited) (Audited) (Unaudited) (Audited) (Audited) Income Revenue from operations 5,136.27 4,926.78 3,
Slide 38: Balance Sheet (Consolidated)
Balance Sheet Consolidated | INR million As on As on Particulars Particulars 30 September 2025 30 September 2025 Assets Equity and liabilities Non -current assets Equity Property, plant and equipment 2,820.79 Equity share capital 16,536.17 Right -of-use assets 7,844.83 Other equity 151.32 Capital wo
Slide 39: Cash Flow Statement (Consolidated)
Cash Flow Statement Consolidated | INR million As on As on A. Cash flows from operating activities B. Cash flows from investing activities 30 September 2025 30 September 2025 Loss before tax (842.69) Acquisition of property, plant and equipment (544.60) Adjustments for non cash items and other adjus
Slide 40: 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 39
BlueStone Jewellery and Lifestyle — Q2 & H1 FY26 Earnings Presentation on 6ix