BlueStone Q2 FY27: Revenue up 44%, EBITDA +127%

Results announcement and why it matters

BlueStone Jewellery and Lifestyle Limited announced its financial results on October 22, 2026, for the quarter and half year ended September 30, 2026. The update matters because it combines strong operating metrics with a rapid store rollout across new cities. The company reported a fourth consecutive profitable quarter on a standalone basis, after its first full year of profit in FY26. At the same time, some disclosures and market reports pointed to a consolidated net loss in Q2 FY27, highlighting the need to separate standalone and consolidated performance. BlueStone also crossed one million customers during the quarter, a milestone the company positioned as important in a trust-led category.

Q2FY27 revenue growth despite gold price volatility

For Q2 FY27, BlueStone reported revenue of ₹738 crore, up 43.9% year-on-year. The company said this performance came even as gold prices remained volatile and the festive calendar shifted into Q3. Another market summary pegged operating revenue at ₹745 crore for the September quarter, versus ₹513.6 crore in Q2 FY26, and noted a 1.1% sequential rise from ₹736.8 crore. The same summary also reported total income of ₹769.4 crore in Q2 FY27 including other income of ₹24.4 crore. Across disclosures, the key signal was that top-line growth remained strong on both year-on-year and sequential comparisons.

Profitability: reported EBITDA vs pre-Ind AS metric

BlueStone reported EBITDA of ₹97.1 crore in Q2 FY27, up 127% year-on-year. The company also stated that Q2 EBITDA margin expanded by 483 basis points year-on-year to 13.2%. For 1H FY27, EBITDA more than doubled to ₹207.3 crore and EBITDA margin expanded by 422 basis points year-on-year to 14.1%. Separately, an investor presentation summary referenced a “Pre-Ind AS EBITDA (excluding inventory gains/losses)” of ₹53.5 crore in Q2, up 234.2% year-on-year, with a margin of 7.3%. For 1H FY27, that pre-Ind AS EBITDA was reported at ₹108.3 crore, up 175.1% year-on-year, with a margin of 7.4%. These figures show strong improvement across operating profit measures, but they are not identical and are presented under different definitions.

Half-year performance and same-store sales growth

For the first half of FY27, revenue was reported at ₹1,471 crore, up 46.3% year-on-year. The company attributed the growth to same-store sales growth (SSSG) of 32.9%. BlueStone also reported that its profit momentum continued, citing a fourth consecutive profitable quarter on a standalone basis and a profitable FY26. The half-year numbers were positioned as a continuation of operating gains rather than a one-off quarter.

Customer metrics: one million milestone and repeat buying

During Q2 FY27, BlueStone crossed one million customers, ending September with 10,24,220 customers. The company said this was a 19.3% increase year-on-year. Repeat customers contributed 56.3% of Q2 FY27 revenue, compared with 51.4% a year earlier. The mix shift toward repeat business is a key operating detail because it indicates a larger share of revenue coming from existing customers.

Store expansion and deeper push into Tier 2 and Tier 3

BlueStone ended September with 379 stores across 146 cities. This represented an increase of 68 stores and 19 cities year-on-year. The company added 27 stores during Q2 FY27 and entered seven new cities during the quarter, all in Tier 2 and Tier 3 markets. BlueStone also opened a new flagship store on Park Street, Kolkata. The company continues to describe itself as an omnichannel player, with over 80% of sales originating online.

Board actions: NCD approval, ESOP allotment, and trading window

The board approved raising up to ₹300 crore through non-convertible debentures (NCDs) on a private placement basis, in one or more tranches. Management said the primary purpose is to refinance higher-cost debt and reduce the blended cost of borrowing, and noted the approval was in-principle with details to be announced later. The company also disclosed an allotment of 77,079 equity shares under employee stock options. A disclosure also stated the board authorised an Operations Committee to finalise terms for the NCD issuance, and that the trading window opens October 24, 2026.

Stock move alongside results

One presentation summary noted that shares declined 9.68% to 687.05 around the time of the results discussion. Another market note cited an 8.43% fall to 696.6 from 760.7. Separately, a Hindi market report stated the share closed 2.63% higher at ₹759.30 on BSE. These references point to differing snapshots across venues and time windows, but they show that price action was not uniformly positive even as operating metrics improved.

Key numbers at a glance

What investors will watch next

BlueStone has positioned the NCD plan as a refinancing step, with coupon and tenure details yet to be disclosed. Investors are also likely to track how store additions in Tier 2 and Tier 3 cities translate into sales and margins, given the company’s emphasis on omnichannel execution and repeat purchase mix. The next set of formal announcements will be linked to the NCD terms and any further disclosures around profitability measures across standalone and consolidated reporting.

Conclusion

BlueStone’s Q2 FY27 update showed strong revenue growth, sharp EBITDA expansion, and continued store rollout, alongside a one-million-customer milestone and higher repeat contribution. The board’s ₹300 crore NCD approval adds a financing dimension focused on lowering borrowing costs. The company has said it will make requisite disclosures as NCD details are finalised, with the trading window noted to open on October 24, 2026.