Bluestone Jewellery & Lifestyle Ltd
Incorporated in 2011, BlueStone Jewellery and Lifestyle Limited manufactures and provides diamond, gold, platinum and studded jewellery.[1]
- Market Cap ₹ 11,178 Cr.
- Current Price ₹ 731
- High / Low ₹ 971 / 400
- Stock P/E 92.5
- Book Value ₹ 122
- Dividend Yield 0.00 %
- ROCE 7.15 %
- ROE 1.93 %
- Face Value ₹ 1.00
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 23.1% CAGR over last 5 years
Cons
- Stock is trading at 6.00 times its book value
- Company has low interest coverage ratio.
- Promoter holding is low: 16.2%
- Company has a low return on equity of -16.1% over last 3 years.
- Promoters have pledged 37.2% of their holding.
- Working capital days have increased from 36.8 days to 129 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 255 | 245 | 461 | 771 | 1,266 | 1,770 | 2,441 | 2,907 | |
| 273 | 261 | 1,697 | 826 | 1,212 | 1,692 | 2,047 | 2,404 | |
| Operating Profit | -18 | -16 | -1,236 | -55 | 53 | 78 | 395 | 502 |
| OPM % | -7% | -7% | -268% | -7% | 4.2% | 4.4% | 16% | 17% |
| 1 | 8 | 15 | 17 | 38 | 58 | 49 | 65 | |
| Interest | 3 | 9 | 19 | 67 | 138 | 208 | 210 | 217 |
| Depreciation | 4 | 13 | 22 | 62 | 95 | 147 | 208 | 230 |
| Profit before tax | -24 | -31 | -1,261 | -167 | -142 | -219 | 26 | 121 |
| Tax % | 0% | 0% | 1% | 0% | 0% | 0% | 0% | |
| -24 | -31 | -1,268 | -167 | -142 | -219 | 26 | 121 | |
| EPS in Rs | -24.13 | -31.48 | -634.20 | -78.24 | -66.54 | -62.21 | 1.71 | 7.95 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 58% |
| 3 Years: | 47% |
| TTM: | 42% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 29% |
| TTM: | 177% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -2% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | -16% |
| Last Year: | 2% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.12 | 0.09 | 0.18 | 2 | 2 | 4 | 15 | 15 |
| Reserves | 20 | -572 | -1,837 | -81 | 346 | 884 | 1,803 | 1,848 |
| 20 | 678 | 2,128 | 830 | 1,388 | 1,941 | 1,961 | 2,334 | |
| 67 | 127 | 270 | 505 | 718 | 707 | 1,169 | 1,259 | |
| Total Liabilities | 106 | 233 | 561 | 1,255 | 2,454 | 3,535 | 4,949 | 5,457 |
| 7 | 75 | 215 | 445 | 585 | 1,013 | 1,109 | 1,152 | |
| CWIP | 2 | 0 | 0 | 1 | 17 | 5 | 3 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 78 | 96 | 71 |
| 97 | 158 | 346 | 810 | 1,852 | 2,438 | 3,741 | 4,231 | |
| Total Assets | 106 | 233 | 561 | 1,255 | 2,454 | 3,535 | 4,949 | 5,457 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -18 | 39 | 33 | 27 | -181 | -665 | -174 | |
| -5 | -43 | -71 | -205 | -382 | -91 | -272 | |
| 24 | 9 | 38 | 196 | 595 | 740 | 499 | |
| Net Cash Flow | 0 | 5 | -1 | 18 | 32 | -16 | 53 |
| Free Cash Flow | -17 | 32 | 11 | -44 | -263 | -831 | -247 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 100% | -236% | -3% | -50% | -335% | -838% | -44% |
Ratios
Standalone / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 3 | 4 | 0 | 1 | 1 | 1 |
| Inventory Days | 57 | 140 | 194 | 275 | 480 | 549 | 691 |
| Days Payable | 51 | 80 | 86 | 54 | 105 | 55 | 41 |
| Cash Conversion Cycle | 33 | 64 | 112 | 221 | 375 | 496 | 652 |
| Working Capital Days | 13 | -73 | -91 | -153 | -57 | 38 | 129 |
| ROCE % | -30% | -626% | -19% | -0% | -1% | 7% |
Insights
In beta| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Average Order Value (AOV) INR |
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| Repeat Revenue Ratio % |
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| Store Count (Total) number |
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| Cities Covered number |
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| Cumulative Customer Base (Life Till Date) number |
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| Revenue per Store per Month (PSPM) for Mature Stores (>3 years operational) INR million |
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| Same-Store Sales Growth (SSSG) % |
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| Number of Designs number |
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Extracted by Screener AI
Documents
Announcements
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Statement Of Deviation And Variation For The Quarter Ended September 30, 2026
- BlueStone reports no deviation in IPO proceeds utilization for quarter ended September 30, 2026.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Q2 FY2026-27 earnings conference call recording posted on BlueStone’s website.
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Announcement under Regulation 30 (LODR)-Investor Presentation
- Investor Presentation for Q2 Results FY 2026-2027
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Intimation Of Fund Raising In Accordance With The SEBI (LODR) Regulations, 2015 ("Listing Regulations").
- Board approved up to ₹300 crore NCD issue via private placement for debt refinancing and growth needs.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- CARE report for quarter ended September 30, 2026 shows no deviation; ₹16.57 crore remains unutilized.
Concalls
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Oct 2026PPT REC
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Jul 2026Transcript PPT REC
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Jun 2026PPT
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Jun 2026PPT
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Apr 2026Transcript PPT REC
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Jan 2026Transcript
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Sep 2025Transcript PPT REC
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Nov 2024REC
Business Profile[1]
BlueStone is India’s 2nd largest digital-first omni-channel jewellery retailer, operating a vertically integrated model covering design, manufacturing, and retail. It targets modern consumers with a strong focus on non-wedding, lightweight, design-led jewellery, combining online discovery with offline fulfilment.