Quick Details| Results date | October 22, 2026 |
|---|
| Quarter | Q2 FY 2026-2027 |
|---|
| Previous quarter revenue | Rs. 733.19 Cr (standalone, +48.8% YoY) |
|---|
| Previous quarter PAT | Rs. 11.14 Cr standalone; Rs. 5.96 Cr consolidated |
|---|
| Previous quarter EBITDA margin | 7.5% (Pre-IND AS EBITDA excluding inventory gain, +273 bps YoY) |
|---|
| Net debt (latest quarter) | Rs. 453.60 Cr |
|---|
| Market cap | Rs. 11,901.32 Cr |
|---|
| CMP | Rs. 778.9 |
|---|
BlueStone Jewellery and Lifestyle Limited Q2 Results Date and Time
The Board of Directors will meet on October 22, 2026, to approve the Q2 FY27 financial results and consider issuance of non-convertible debentures up to Rs. 300 crore via private placement, in one or more tranches, for debt refinancing and business growth.
The Q2 FY27 earnings call is scheduled for October 23, 2026, at 11:30 AM IST, hosted by CEO Gaurav Singh Kushwaha and CFO Rumit Dugar.
Key Things To Watch
Guidance scorecard — four-year targets: Management has laid out a four-year framework; track each item against stated status.
- Revenue — ~Rs. 12,000 crores over the next four years, from FY26 revenue of Rs. 2,440 crores
- Fundamental SSG — ~30% over the next four years; area expansion — 20% over the next four years
- Corporate EBITDA margin — from 7.5% to close to 15% over the next four years; distribution growth — 20% CAGR, ~20% in FY27
- Blended inventory turn — 1.7x over the next four years; franchise phase-out — all 67 franchised stores over FY27-FY28
- Store revenue productivity — minimum Rs. 14-15 crores per store at peak utilization; baseline business margin — low teens minimum; ESOP charges — decline significantly
Q2 seasonality and margin shape
- Q2 FY26 pre-IndAS margin ex-gain was 3.1% vs Q1 FY26's 4.7%, on new-store cost base and festive A&P phasing worth 50-100 bps — watch whether Q2 FY27 repeats the seasonal dip from the 7.5% Q1 FY27 base
- How much inventory gain sits inside reported EBITDA after the August rally and September correction (Q1 FY27 gain was Rs. 248.5 mn)
Demand quality and customer metrics
- Whether SSSG held near Q1 FY27's 39.0% through the September wait-and-watch period, and how much growth came from AOV (Rs. 78,081 in Q1) versus customer flow
- Whether new customer additions recover from ~40,000 per quarter toward ~50,000 as merchandise dislocation fixes take hold
- Whether studded mix recovers from ~55% in Q4 FY26 (Q1 FY27 commentary said the proportion remains consistent with only minor variation)
Distribution pacing and franchise phase-out
- Q2 store additions vs the ~20% FY27 distribution trend line (Q1 FY27 added 12 stores, all in Tier 2/3 markets, taking the base to 352 stores, +20.55% YoY)
- Execution updates on the FY27-FY28 exit of 67 franchised stores and COCO conversion economics
Balance sheet, fundraising and overhangs
- NCD issuance up to Rs. 300 Cr on the October 22 board agenda for debt refinancing and growth; net debt trajectory (Rs. 453.60 Cr at Q1 FY27 vs Rs. 222 Cr at Q3 FY26) and finance cost of Rs. 547.4 mn
- Any commentary on the ~4.8% combined open-market sales by Accel India III (2.50%) and 360 ONE funds (2.30%) on September 24, 2026
- GMROI progress — company-level GMROI fell from 62% in FY23 to 48% in FY26; watch whether it stabilizes as FY26-vintage stores mature
Frequently Asked Questions
Why did BlueStone revise its store expansion plans after listing?
The RHP had mentioned plans to add 290 new stores over FY26-FY27, but the company added 65 stores in FY26 and now guides to a ~20% distribution growth trend line. The CFO cited the volatile external environment and sharp gold price increases, calling the 17 stores added in Q4 FY26 "a tactical call".
Why has BlueStone's GMROI declined?
Management attributed the fall in company-level GMROI from 62% in FY23 to 48% in FY26 to new store openings and gold price inflation. It has projected blended inventory turn of 1.7x over the next four years, with improvements expected within the current year.
What is BlueStone's four-year revenue and margin target?
Management is guiding from Rs. 2,440 crores revenue in FY26 to ~Rs. 12,000 crores over the next four years, built on ~30% fundamental same-store sales growth and 20% area expansion. Corporate EBITDA margin is targeted to rise from 7.5% to close to 15% over the same period, largely from scale effects on marketing and corporate costs.
How fast did BlueStone grow in its latest reported quarter?
Q1 FY27 standalone revenue of Rs. 733.19 Cr grew 48.8% YoY, with SSSG accelerating to 39.0% from 18.4% in Q1 FY26 and AOV at Rs. 78,081. Repeat revenue contribution rose to 59.7%, up 9 percentage points YoY per management.