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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +50% YoY · margin expansion · +8% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
Store Network Expansion
Added 12 stores QoQ, reaching 352 stores as of June 30, 2026, with total area of 852k sq ft.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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
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.
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.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +12.2% / mo · MACD − · near 52W high
Technical chart
BLUESTONEdaily · 1Y · AUTO+88.0%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 60.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~10.9% over last month) — short-term momentum positive.
- RSI(14) at 60 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 111% 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.
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 26 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -550.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: 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.
Mixed Trust Lite: Debt/equity is 0.00. Key concern: Promoters have pledged 37.2% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Consumer: 5th pctile, median 66 · Micro: 2nd pctile, median 73
36 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 229.00
- P/B
- 7.14
- EV/EBITDA
- 19.57
- Market Cap
- 12875.00Cr
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
- 3.91
- 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
- 84%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.