BlueStone Jewellery and Lifestyle Ltd

Quick check

The five things to look at first. Open one for more.

• DebtAdequate safetyRated A- by India Ratings.
• ResultsLoss-makingLost ₹4.37 Cr in the Sep 2026 quarter, a smaller loss than a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 16% of the company, about the same as in Sep 2025.
• ValuationCheap vs its pastThe share trades at 106.5 times its yearly earnings (P/E), cheaper than 100% of the time in the last 1 years. Its usual P/E is about 221.

BlueStone Jewellery and Lifestyle Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)106.5 against a typical 21: pricier than most peers (1st = cheapest).93rd of 106
• Sales growth+45.1% against a typical +34.8% from a year earlier.32nd of 79
• Share price, 3 months−4.6% against a typical +3.6%.56th of 92
• Size₹ 11,126.1 Cr. market value against a typical ₹ 145.6 Cr. (1st = largest).7th of 94

Exchange filings and their impact on the company.

• 22 Oct 2026UpdatesMedium impactNeutralPrice −3.9% on 23 Oct
  Board approved up to Rs 300 cr NCDs to refinance debt and fund growth, lifting leverage and interest costs.

  BlueStone's board on October 22, 2026 approved raising up to Rs 300 crore via non-convertible debentures on private placement in one or more tranches. The money will be used to refinance part of existing debt and for business growth including capex, working capital and general corporate needs. Terms will be finalised by the Operations Committee, with further disclosure at issuance.

  Full analysisFiling
• 22 Oct 2026Outcome of Board MeetingHigh impactVery positivePrice −3.9% on 23 Oct
  Q2 revenue up 44% and EBITDA up 127% with fourth straight profitable quarter, plus Rs 300 cr NCD plan to fund growth.

  BlueStone reported Q2 FY27 revenue of Rs 738 crore, up 43.9% YoY, and EBITDA of Rs 97.1 crore, up 127% YoY, its fourth consecutive profitable quarter. H1 revenue grew 46.3% to Rs 1,471 crore on 32.9% same-store growth, with 379 stores, over 1 million customers and repeat sales at 56.3%. The board also approved raising up to Rs 300 crore via NCDs for refinancing and growth, and allotted 77,079 shares on ESOP exercise.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Rumit Dugar

Chief Financial Officer

Gaurav Singh Kushwaha

Managing Director