Bluestone Jewellery & Lifestyle Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹10,307 Cr
- P/E
- 183.00
- ROE
- 1.11%
- Price to sales
- 3.84
- Debt to equity
- 1.10
- 52W high / low
- ₹930 / ₹403
- EBITDA margin
- 16.27%
- Net profit margin
- 0.54%
- Promoter holding
- 16.21%
- Sales (last year)
- ₹2,681 Cr
Incorporated in 2011, BlueStone Jewellery and Lifestyle Limited manufactures and provides diamond, gold, platinum and studded jewellery.[1]
Guidance scorecard · Q2 FY27 call
What Bluestone Jewel's management guided
and where it ranks in Consumer Durables
Consumer Durables
RevenueQ2 FY27 call
10–20%- The company expects continued growth driven by three levers: recruitment of new customers, repeat purchases, and Average Order Value (AOV).
- Repeat purchase rates are strong, with repeat customers having higher AOVs due to income growth.
- New customer growth was slower last year due to gold price volatility, but improvements have been seen after addressing product-price gaps since Q3 last year.
- Sales growth is expected to be broad-based across metro, Tier-1, Tier-2, and Tier-3 cities without major behavioral differences.
- The move towards omnichannel, lightweight jewelry, and organized retail provides strong tailwinds.
- Management foresees good runway for growth across all three vectors (recruitment, repeat, AOV).
2 more points from Bluestone Jewel's call on revenue
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MarginsQ2 FY27 call
FlatSee what Bluestone Jewel said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- Inventory deployment depends on the performance and capital productivity of individual stores.
- The company is experimenting with flagship stores (e.g., Park Street, Kolkata) to expand product lines and explore new customer segments but has not yet decided on a broader expansion strategy for these formats.
- Incremental store openings are skewed towards Tier-2 and Tier-3 markets, with marketing focused on online channels rather than below-the-line (BTL) or mass media.
- Capital intensity per store is expected to slightly reduce as the store count scales up, but overall inventory investment may increase to support higher revenue productivity and growth in older cohorts.
FundraisingQ2 FY27 call
None plannedSee what Bluestone Jewel said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- The company is experiencing growth driven by strong repeat customer orders and improving new customer acquisition.
- Recent quarters saw an improvement in new customer growth after addressing entry-level price point gaps caused by gold price volatility.
- Growth is supported by expanding product lines and store investments, indicating ongoing order fulfillment activity.
- The business focuses on increasing wallet share from existing customers while acquiring more customers, which indirectly suggests a healthy demand pipeline.
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Consumer Durables
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Consumer Durables companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹166 Cr | 20.3 | |
| 2 | 40%+ | Up 2%+ | ₹100 Cr | 12.7 | |
| 3 | 40%+ | Up 0–2% | ₹3,249 Cr | 17.4 | |
| 4 | 40%+ | Up 0–2% | ₹2,081 Cr | 18.8 | |
| 5 | 40%+ | Flat | ₹2,429 Cr | 41.1 | |
| 6 | 40%+ | Flat | ₹2,163 Cr | 25.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Consumer Durables rankingBluestone Jewel announcements
All announcements →- Financial resultsMajor developmentBlueStone Jewellery reports Q2 & H1 FY27 financials and board resolutions
Financials of Bluestone Jewel
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Bluestone Jewel
Shareholding breakup across reporting periods.
| Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Promoters + | 16.36% | 16.36% | 16.27% | 16.25% | 16.21% |
| FIIs + | 35.24% | 34.94% | 34.19% | 34.69% | 34.18% |
| DIIs + | 32.49% | 32.52% | 33.90% | 32.48% | 32.49% |
| Public + | 15.90% | 16.19% | 15.64% | 16.59% | 17.14% |
| No. of Shareholders | 46,553 | 42,074 | 39,697 | 40,653 | 59,890 |
Financials of Bluestone Jewel
Quarterly Results
Quarter-by-quarter operating performance
| Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 348.24 | 373.36 | 587.09 | 461.30 | 492.68 | 513.63 | 748.65 | 681.47 | 736.85 | 745.03 |
| Expenses + | 346.25 | 377.77 | 537.07 | 436.21 | 437.93 | 473.49 | 583.97 | 557.10 | 630.04 | 651.53 |
| Operating Profit | 1.99 | -4.41 | 50.02 | 25.09 | 54.75 | 40.14 | 164.68 | 124.37 | 106.81 | 93.50 |
| OPM % | 0.57% | -1.18% | 8.52% | 5.44% | 11.11% | 7.81% | 22.00% | 18.25% | 14.50% | 12.55% |
| Other Income + | 10.95 | 10.72 | 15.83 | 22.99 | 12.06 | 11.66 | 10.77 | 15.09 | 14.97 | 24.38 |
| Interest | 45.69 | 54.70 | 52.68 | 54.47 | 52.87 | 52.42 | 52.59 | 52.53 | 55.37 | 58.38 |
| Depreciation | 26.47 | 36.09 | 40.05 | 44.89 | 48.68 | 51.48 | 54.01 | 55.75 | 60.45 | 63.87 |
| Profit before tax | -59.22 | -84.48 | -26.88 | -51.28 | -34.74 | -52.10 | 68.85 | 31.18 | 5.96 | -4.37 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit + | -59.22 | -84.47 | -26.88 | -51.28 | -34.75 | -52.10 | 68.85 | 31.18 | 5.96 | -4.37 |
| EPS in Rs | -27.61 | -25.96 | -7.94 | -14.51 | -9.80 | -3.42 | 4.57 | 2.10 | 0.46 | -0.21 |
Financials of Bluestone Jewel
Profit & Loss
Annual income statement trend
| Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|
| Sales + | 1,770 | 2,436 | 2,912 |
| Expenses + | 1,694 | 2,049 | 2,423 |
| Operating Profit | 76 | 388 | 489 |
| OPM % | 4.3% | 16% | 17% |
| Other Income + | 58 | 46 | 65 |
| Interest | 208 | 211 | 219 |
| Depreciation | 147 | 210 | 234 |
| Profit before tax | -222 | 13 | 102 |
| Tax % | 0% | 0% | |
| Net Profit + | -222 | 13 | 102 |
| EPS in Rs | -62.91 | 0.97 | 6.92 |
| Dividend Payout % | 0% | 0% |
Financials of Bluestone Jewel
Balance Sheet
Capital structure and asset base
| Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|
| Equity Capital | 4 | 15 | 15 |
| Reserves | 877 | 1,785 | 1,821 |
| Borrowings + | 1,941 | 1,984 | 1,918 |
| Other Liabilities + | 711 | 1,176 | 1,739 |
| Total Liabilities | 3,532 | 4,961 | 5,493 |
| Fixed Assets + | 1,013 | 1,134 | 1,195 |
| CWIP | 5 | 3 | 2 |
| Investments | 59 | 47 | 19 |
| Other Assets + | 2,455 | 3,777 | 4,277 |
| Total Assets | 3,532 | 4,961 | 5,493 |
Financials of Bluestone Jewel
Cash Flows
Operating, investing and financing cash movement
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Cash from Operating Activity + | -666 | -199 |
| Cash from Investing Activity + | -84 | -239 |
| Cash from Financing Activity + | 740 | 497 |
| Net Cash Flow | -10 | 59 |
| Free Cash Flow | -828 | -276 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -869% | -52% |
Financials of Bluestone Jewel
Ratios
Working capital efficiency and return ratios
| Mar 2025 | Mar 2026 | |
|---|---|---|
| Debtor Days | 1 | 1 |
| Inventory Days | 549 | 700 |
| Days Payable | 55 | 42 |
| Cash Conversion Cycle | 496 | 659 |
| Working Capital Days | 39 | 132 |
| ROCE % | 7% |
Guidance history
How Bluestone Jewel's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q2 FY27 call → | 10–20% | Flat | Planned | None planned | — |
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
| Q3 FY26 call → | 20–40% | Up 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
31 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −2.9% | 58% |
| Last 6 months | +33.8% | 84% |
| Last 3 months | −17.4% | 27% |
The price is 27.5% below its all-time high of ₹930.4 (22 Sept 2026). Stocks more than 20% below their peak have their score halved, so 62 became 31.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Bluestone Jewel: 0.4 × 58 + 0.4 × 84 + 0.2 × 27 = 62, halved to 31 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Bluestone Jewel's management said in earlier quarters
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