BLUESTONE
BlueStone Jewellery and Lifestyle share price & financials
- Price
- ₹522.8
- Market cap
- ₹11.5k Cr
- Sector
- Consumer Durables
- Calls analysed
- 5
BlueStone Jewellery and Lifestyle Limited Q1 FY27
What went well
- Revenue grew 49% YoY to INR 733 crores, indicating strong top-line performance.
- Pre-Ind AS EBITDA rose 135% to INR 55 crores, showcasing significant operating leverage.
- Operating margin expanded by 273 basis points to 7.5%, reflecting improved profitability.
What to watch
- Custom duty on gold increased from 6% to 15%, causing initial demand softening.
- New customer addition slowed from 50,000 to around 40,000 per quarter.
What BlueStone Jewellery and Lifestyle Limited does
BlueStone designs, manufactures and retails jewellery (daily-wear, occasion-wear and wedding categories) under its own brand, sold through an omnichannel model that links its website/app with physical stores across India. It runs two in-house manufacturing units, in Mumbai and Jaipur, giving it vertically integrated control over design, production and merchandising rather than relying on job-work manufacturers. An in-house technology stack (production management, order management and CRM systems) connects design, manufacturing and retail, enabling real-time inventory visibility across stores and PIN codes. Physical stores serve as fulfilment, discovery and touch-and-feel points for demand generated online, particularly in Tier-2 and Tier-3 cities.
- Stores (pan-India)
- 340 (Mar 2026)
- Cities/towns with a store presence
- 134 (Mar 2026)
- PIN codes serviced
- 12,661 (Mar 2026)
- In-house manufacturing units
- 2 (Mumbai and Jaipur)
- Unique jewellery designs
- 9,900+ (Mar 2026)
- Cumulative customers onboarded since incorporation
- 0.5mn+
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 2 delivered 0 missed 8 open- A&P Spend as % of Revenue at risk said Q3 FY26 Promised: around 6% going forward Q1 FY27: A&P spend was 6.9% of revenue, slightly above the pegged level.
- Annual Distribution Growth on track said Q4 FY26 Promised: adding close to 20% to our distribution on an annual basis Q1 FY27: I think we've guided to about 20% CAGR over the next four years in terms of distribution growth.
- Store Additions FY26 delivered said Q3 FY26 Promised: 65-70 stores for FY26 Q4 FY26: expanded its national footprint by adding... 65 stores for the full year
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 49.6%, net profit up 117.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 373 | 587 | 461 | 493 | 514 +38% | 749 +28% | 681 +48% | 737 +50% |
| EBITDA | -4 | 50 | 25 | 55 | 40 +1010% | 165 +229% | 124 +396% | 107 +95% |
| Net profit | -84 | -27 | -51 | -35 | -52 +38% | 69 +356% | 31 +161% | 6 +117% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +35.2% 1Y
1Y: ₹658.3 on 10 Sept 2025 → ₹890.35. High ₹894.5 (12 Aug 2026), low ₹403.45 (24 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- +19.4%
- 21 Jul
- Q4 FY26
- −0.2%
- 24 Apr
- Q3 FY26
- +11.8%
- 22 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 37.7% a year over 1 year, FY25 to FY26. Operating margin widened to 15.8%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.8k Cr | ₹2.4k Cr |
| Operating profit | ₹73 Cr | ₹384 Cr |
| Operating margin | 4.1% | 15.8% |
| Interest | ₹208 Cr | ₹210 Cr |
| Depreciation | ₹148 Cr | ₹210 Cr |
| Net profit | ₹-222 Cr | ₹13 Cr |
| Net margin | -12.5% | 0.5% |
| ROCE | — | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr |
| Reserves | ₹1.7k Cr | ₹1.8k Cr |
| Borrowings | ₹1.6k Cr | ₹2.0k Cr |
| Other liabilities | ₹1.2k Cr | ₹1.2k Cr |
| Total liabilities | ₹4.5k Cr | ₹5.0k Cr |
| Fixed assets | ₹1.1k Cr | ₹1.1k Cr |
| Capital work in progress | ₹2 Cr | ₹3 Cr |
| Investments | ₹46 Cr | ₹47 Cr |
| Other assets | ₹3.4k Cr | ₹3.8k Cr |
| Total assets | ₹4.5k Cr | ₹5.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +0.69 pp while FIIs trimmed −0.55 pp. The shareholder count shrank 13% to 40,653.
- Promoters
- 16.3%
- FIIs
- 34.7%
- DIIs
- 32.5%
- Public
- 16.6%
Since Sep 2025
- Public +0.69 pp
- FIIs −0.55 pp
- Promoters −0.11 pp
How it drifted, 4 quarters
Ownership split by quarter, oldest first. Sep '25: Promoters 16.4%, FIIs 35.2%, DIIs 32.5%, Public 15.9%.Dec '25: Promoters 16.4%, FIIs 34.9%, DIIs 32.5%, Public 16.2%.Mar '26: Promoters 16.3%, FIIs 34.2%, DIIs 33.9%, Public 15.6%.Jun '26: Promoters 16.3%, FIIs 34.7%, DIIs 32.5%, Public 16.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +2.50 pp 6.53% held
- Amansa Holdings Private Limited FPI fund +0.06 pp 3.22% held
The same filing shows 8 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of BlueStone Jewellery and Lifestyle Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gaurav Singh Kushwaha | 16.05% | unchanged |
| Accel India Iii (Mauritius) Ltd VC / PE | 8.08% | −0.65 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 6.53% | +2.50 pp |
| SBI Life Insurance Co. Ltd Insurer | 4.40% | −0.60 pp |
| MIH Investments One B.V. Corporate | 3.99% | unchanged |
| Sunil Kant Munjal | 3.65% | −0.06 pp |
| Amansa Holdings Private Limited FPI fund | 3.22% | +0.06 pp |
| Ie Venture Investment Fund Ii VC / PE | 2.70% | unchanged |
| Peak Xv Partners Growth Investments Iv VC / PE | 2.67% | unchanged |
| 360 One Special Opportunities Fund - Series 12 Mutual fund | 2.52% | −0.70 pp |
| Accel India Vii (Mauritius) Limited VC / PE | 2.47% | unchanged |
| Steadview Capital Mauritius Limited FPI fund | 2.32% | −0.05 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in BLUESTONE
Filings to Aug 2026
0 new, 1 added, 3 trimmed, 0 sold out — net −9.77 L shares (−8.6%).
- Held by funds
- ₹852 Cr
- 6 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹477 Cr · 0.6% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹477 Cr | −0.56 L | Aug '25 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹117 Cr | +0.07 L | Jul '26 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹82 Cr | held | Jun '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹81 Cr | −5.85 L | Jun '26 |
| Nippon India Consumption Fund Nippon India Mutual Fund | ₹71 Cr | −3.41 L | Jan '26 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹25 Cr | held | Jun '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 3 trimmed — net −9.77 L shares (−8.6%)
- Funds are sitting on
- -8%
- vs est. average cost
- Held by funds
- ₹852 Cr
- 6 schemes · ≈ 4.7% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹477 Cr · 0.6% of that fund
Shares held by these funds +120%
Aug '25 1.14 cr shares Jul '26
All earnings calls (4)
Read the Q1 FY27 call →Learn to analyse BlueStone Jewellery and Lifestyle Limited
Guides on how to read this kind of business and the numbers that matter.