loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Bluestone Jewellery & Lifestyle (Bluestone) reported strong performance in seasonally weak Q2FY27

ICICIdirect Research 23 Oct 2026 DISCLAIMER

News: Bluestone Jewellery & Lifestyle (Bluestone) reported strong performance in seasonally weak Q2FY27 with consolidated revenues growing by 45% YoY and EBIDTA growing by 3.4x YoY. Its consolidated revenues grew by 45%YoY (ahead of our expectation of Rs722.7cr) driven by 28% SSSG and 27 new store addition during the quarter (39 store addition taking total store count to 379 in H1FY27). Revenue per store grew by 19% YoY during the quarter. Adjusting for inventory gains of Rs6.8cr, the consolidated gross margins declined by 47bps YoY to 36%. Strong revenue growth and lower advertisement spend as percentage of sales (down by 220bps to 6.0%) led to 682bps YoY to 11.8% (improved by 50bps QoQ); ahead of our expectation of 9.8%. Consolidated EBIDTA grew by 3.4x YoY to Rs88.1cr.    Adjusted losses stood at Rs9.5cr in Q2FY27 vs. Rs63cr in Q2FY26. On Operating metrics, repeat revenue ratio stood at 56% in Q2FY27, Customer base cross 1mn customers growing by 19.3% YoY and average order value grew by 29.0% YoY to Rs.77,290 (remain stable QoQ despite high gold prices).

View: Bluestone reported strong set of results and were all round beat to our estimates. The company’s consolidated revenues grew by 46% YoY in H1FY27, which is close to the company’s guided range of 50% CAGR over FY26-30. With festive season falling in H2, we expect growth momentum to enhance on back of strong demand for light weight jewellery. We believe accelerated revenue growth coupled with higher studded share and significant scale led efficiencies and flow through of lower ESOP cost provides headroom for EBITDA margin expansion over the long term. Further board has decided to raise Rs300cr through issuance of NCDs, which will be utilised for refinancing a portion of its existing debt and business growth requirement (including capex and working capital requirement). The stock has corrected by ~21% from its recent high.

Impact: Positive

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere