Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Sep - Intimation of Allotment of 17,819 Equity Shares of the Company under Employee Stock Option Plan 2014
Source: Bse
BlueStone Jewellery and Lifestyle Limited (BLUESTONE)
Micro CapConsumer stocks · Micro cap · NSE
India’s second largest ‘digital first’ omni-channel jewellery player. Pioneers in introducing technology with an in-house integrated tech stack, 10,000+ designs, and 352 stores across 139 towns and cities as of June 2026. 95%+ jewellery produced in-house.
₹765.85
-13.05 · -1.68%
Market cap ₹11,778 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 01:22 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -3.2% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BLUESTONED candles · FIT view+40.2%Latest close ₹765.85 on 2026-10-19
Bar
-2.6%
RSI
42
MACD hist
-4.92
52W pos
64%
2026-10-19O ₹786.00H ₹790.85L ₹759.30C ₹765.85Vol 4.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BLUESTONENifty Consumer DurablesNifty 500
- BLUESTONE
- +25.5%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +31.0 pp
Chart stats
19 Oct 2026- From 52W high
- -21.0%
- 52W range position
- 64%
- ATR (14)
- 5.3%
- Volume vs 20D
- 0.25x
- Avg traded value
- ₹137 Cr
- 20D price channel
- ₹740.4 - ₹969.9
₹969.9
₹399.8 - ₹969.9
₹40.3
Latest completed session
20-session average
59.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED26
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +49.6% · PAT NDF YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-519.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence47
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +50% YoY · margin expansion · +8% QoQ
Filed 20 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹736.9 Cr | +49.6% | +8.1% |
| EBITDA | ₹106.8 Cr | +95.1% | -14.1% |
| Operating margin | 14.5% | +339 bps | -375 bps |
| PAT | ₹6 Cr | NDF | -80.9% |
| PAT margin | 0.8% | +786 bps | -377 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 209.00
- P/B
- 6.53
- EV/EBITDA
- 17.90
- Market Cap
- 11778.00Cr
Profitability
- ROE
- 1.11%
- ROCE
- 6.78%
- ROA
- 1.09%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.07%
- EPS 5Y
- 315.38%
- Revenue 3Y
- 23.07%
- EPS 3Y
- 315.38%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 2.05×
- Altman Z
- 3.70
- Book Value
- 118.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -199.00 Cr
- EPS TTM
- 3.71
Shareholding
- Promoter Hold
- 16.25%
- Promoter Pledge
- 37.20%
- Momentum 52W
- 65%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 737+8.1% vs prev
Net Profit
₹ CrLatest: 6.0-80.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 42.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.3% over last month) — short-term momentum negative.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 92% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.5%
3M return
+25.5%
6M return
+41.5%
1Y return
+11.0%
RS 1D
+1
RS 20D
-8
Sector rank
#9
Industry rank
#22
Stage evidence
- Price is 19.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +7.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
16 Jul 2026
S2 age
66 trading sessions
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 139.08-0.65%
RS vs Nifty 500139
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 26 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth20/25
Quality0/20
Balance Sheet3/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
26
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
26/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 20/25 to the score.
- Balance sheet contributes 3/15 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Promoter pledge is 37.2%.
- Fair-value margin of safety is negative at -519.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
209.0
PB
6.5
EV/EBITDA
17.9
ROE
1.1%
ROCE
6.8%
FCF Yield
—
Debt/Equity
0.0
MoS
-519.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
26
Previous: 26
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-519.9%
Previous: -519.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
26
26
26
26
26
26
26
26
26
26
26
26
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹99.25
-671.7% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹123.54
-519.9% MoS
PEG
0.66
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PCJEWELLER
Micro
PC Jeweller Limited
Retail
match 90
46
18.2
10.0%
+43%
FAIR VALUE
SKYGOLD
Micro
SKY GOLD AND DIAMONDS LIMITED
Retail
match 90
47
44.7
28.9%
-43%
FAIR VALUE
PNGJL
Micro
P N Gadgil Jewellers Limited
Retail
match 89
59
19.6
23.5%
+46%
FAIR VALUE
THANGAMAYL
Micro
Thangamayil Jewellery Limited
Retail
match 89
57
38.5
28.1%
-20%
FAIR VALUE
SENCO
Micro
Senco Gold Limited
Retail
match 85
74
9.7
25.6%
+71%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-21T00:40:39.514Z
Management commentary snapshot
Q1 FY27 Revenue up 48.8% YoY to INR 7,332 mn, driven by 39.0% SSSG and store expansion. Reported EBITDA grew 94.8% YoY to INR 1,102 mn, with margin expanding 354 bps YoY to 15.0%. Adjusted PAT at INR 138 mn.
BlueStone delivered robust Q1 FY27 results with strong revenue growth and EBITDA expansion, driven by its omnichannel strategy and store additions. SSSG and repeat ratios indicate healthy underlying demand. While QoQ margins saw some compression, the overall trend remains positive.
Growth engines
Omnichannel Strategy
Seamless customer experience across various touchpoints driving better conversion, increased sales, and higher repeats.
Store Expansion
Robust Pan-India footprint with 352 stores across 139 cities, ~50% in Tier 2/3 cities, driving scalable growth.
Product Diversification
Expanding portfolio across core and sub-categories, including underserved Men's & Kids' segments, and innovative materials.
Design & Manufacturing Innovation
Advanced manufacturing technologies and material science enable entry-level price points at preferred karatage, expanding offerings.
Capacity and execution
Store Network Expansion
Added 12 stores QoQ, reaching 352 stores as of June 30, 2026, with total area of 852k sq ft.
Tailwinds
ESOP Normalization
ESOP impact is front-loaded, tapering significantly from FY26 to FY30, with ~95% decline by FY30, directly flowing through to reported EBITDA and PAT.
Inventory Gain
Inventory gain of INR 248mn for Q1 FY27, contributing to reported EBITDA.
Risk radar
Market Competition
Performance is subject to competition and successful strategy implementation in the Indian jewellery market.
Economic Performance
Future performance is subject to known and unknown risks, including the performance of the Indian economy and global markets.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall growth and margin expansion given potential seasonality in the jewellery business. QoQ comparison is important to track sequential momentum, store additions, and recent operational efficiency changes.
Sector KPIs management disclosed
Revenue from operations
INR 7,331.9 mn (Q1 FY27), +48.8% YoY, +6.6% QoQ
Reported EBITDA
INR 1,102.0 mn (Q1 FY27), +94.8% YoY, -14.2% QoQ
Reported EBITDA margin
15.0% (Q1 FY27), +354 bps YoY, -366 bps QoQ
SSSG
39.0% YoY for Q1 FY27
Management forward view
Future Talent Acquisition
A robust, unallocated ESOP pool of ~2.6mn shares (~1.7% equity) ensures ample capacity for future talent acquisition and retention.
Entry-level Portfolio
Entry-level portfolio stayed relevant through duty increase and price volatility — redesign benefits flowing through FY27 as planned.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SSSG | 39.0% YoY (Q1 FY27) | Monitor sustained SSSG to confirm continued demand and effective omnichannel execution. |
| Reported EBITDA Margin | 15.0% (Q1 FY27) | Watch for stabilization or improvement in QoQ EBITDA margins, especially excluding inventory gains. |
| Store Additions | 12 stores QoQ (Q1 FY27) | Track the pace and profitability of new store additions, particularly in Tier 2/3 cities. |
| Repeat Revenue Ratio | 59.7% (Q1 FY27) | Observe if repeat customer engagement continues to grow, indicating strong brand loyalty and product appeal. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
47Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 4th percentile of the scored universe and 5th percentile within Consumer. Main check: promoter alignment is weak at 23/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
36 docs text-extracted · 7 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
4th percentile
overall median 67 · Consumer: 5th pctile, median 66 · Micro: 2nd pctile, median 73
Evidence depth
Financial-only
36 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
23
weak · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
48
watch · capital discipline
Results
57
watch · quarterly consistency
Trust positives
- ▸Debt/equity is 0.00.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoters have pledged 37.2% of holding.
- ▸Operating cash flow is negative at ₹-199 Cr.
- ▸Promoter holding is only 16.3%.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching BlueStone Jewellery and Lifestyle Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 29 Sep - India Ratings assigns BlueStone bank loan facilities of INR 9,000 million IND A-/Stable/IND A2+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - BlueStone to attend three physical investor conferences on September 11, 23 and 24, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep - BlueStone to participate in three physical investor conferences on Sept 11, 23 and 24, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 2 Sep - Intimation of Allotment of 29,305 Equity Shares of the Company under Employee Stock Option Plan 2014
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Aug - Please find attached the newspaper intimation regarding 15th AGM and Book Closure
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Intimation of Newspaper Publication for the 15th Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Jun - Pursuant to the Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby inform you that the Company will participate in person in a non-deal …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun - Pursuant to the Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby inform you that the Company will participate in person in a non-deal …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jun - Pursuant to the Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby inform you that the Company will participate in person in a non-deal …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Jun - Pursuant to the Regulation 30 of the SEBI (LODR) Regulations, 2015, we hereby inform that the Company will participate in person in the group ....
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.