BlueStone Jewellery and Lifestyle (BLUESTONE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 standalone revenue rose 43.9% YoY to INR 7,381mn; reported EBITDA increased 127.3% to INR 971mn, and pre-Ind AS EBITDA excluding inventory gains rose 234.2% to INR 535mn.

• Fourth consecutive profitable standalone quarter; reported PAT was INR 17mn and adjusted PAT INR 196mn, while consolidated PAT was a loss of INR 44mn.

• Customer base reached 1,024,220, up 19.3% YoY; repeat customers contributed 56.3% of Q2 revenue.

Financial highlights

• H1 FY27 standalone revenue was INR 14,713mn, up 46.3% YoY; adjusted PAT was INR 334mn versus a loss of INR 481mn.

• H1 reported EBITDA was INR 2,073mn, up 108.8%; Pre-Ind AS EBITDA excluding inventory gains/losses was INR 1,083mn, up 175.1%.

• Q2 consolidated revenue was INR 7,450mn, up 45.1% YoY; consolidated PAT was a loss of INR 44mn versus a loss of INR 521mn a year earlier.

• Standalone operating cash flow was INR 52mn in H1 FY27; net cash used in financing was INR 255mn.

Outlook and guidance

• Management expects medium-term operating leverage and pre-Ind AS margin expansion as revenue scales; A&P investment is ROI-driven, with seasonal quarterly variation.

• Store additions were front-loaded ahead of the festive period; management said it remained on track with annual distribution objectives.

• Current-grant ESOP expense schedule declines from INR 927mn in FY26 to INR 48mn by FY30E; an unallocated pool of ~2.6mn shares (~1.7% of equity) is intended for future talent needs.