BLUESTONE
Micro CapBlueStone Jewellery and Lifestyle Limited
Consumer
BlueStone Jewellery and Lifestyle Limited is India's second-largest 'digital first' omni-channel jewellery player. It operates 340 stores across 134 cities, servicing 12,661 PIN codes. The company focuses on design-led non-wedding and daily-wear jewellery, leveraging in-house manufacturing and an integrated tech stack for a seamless customer experience.
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, management trust is a red flag, price trend is neutral, and recent execution is mixed.
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 31 Mar 2026
Average · 45/100Rev +48% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹681 Cr | +47.7% | -9.1% |
| EBITDA | ₹124 Cr | +396.0% | -24.8% |
| Operating margin | 18.0% | +1300 bps | -400 bps |
| PAT | ₹31 Cr | NDF | -55.1% |
| PAT margin | 4.5% | +1561 bps | -466 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 49.1% YoY to INR 6,877mn, with full-year FY26 revenue up 37.9% to INR 24,412mn. Pre-IND AS EBITDA (excl. inventory gain) surged 443.3% YoY to INR 509mn in Q4, reaching 7.4% margin. SSSG was 34.0% YoY, and 65 new stores were added in FY26, bringing total to 340.
Strong revenue growth and significant EBITDA margin expansion in Q4 and FY26, driven by omnichannel expansion and SSSG. However, QoQ declines in revenue and EBITDA in Q4 warrant scrutiny. High inventory levels and increasing net debt are concerning, potentially pressuring future profitability and balance sheet health.
Omnichannel Strategy
Seamless customer experience integrating online and offline touchpoints, driving better conversion, increased sales, and higher repeats.
Pan-India Store Expansion
Robust footprint with 340 stores across 134 cities, with >48% in Tier 2 and Tier 3 cities, driving scalable growth and deeper penetration.
Product Portfolio Expansion
Widening portfolio across core and sub-categories, including dedicated Men's & Kids' segments, and exploring innovative materials.
Tech-Driven Experience
In-house integrated tech stack for design, manufacturing, merchandising, and retail, delivering an immersive and efficient customer experience.
Store Additions
65 new stores added in FY26, bringing the total to 340 stores as of March 31, 2026.
Manufacturing Units
Established Jaipur facility and inaugurated an additional manufacturing unit in Mumbai.
Market Shift to Non-Wedding Wear
Shift from wedding to non-wedding wear, delivering style, convenience, and value for the modern consumer.
Growth in Non-Wedding & Daily-Wear Segments
Non-wedding occasion-wear and daily-wear jewellery projected to grow at 18-21% CAGR and 15-18% CAGR by 2029, respectively.
ESOP Normalization
ESOP impact is front-loaded, tapering significantly from FY26 to FY30, expected to drive long-term bottom-line growth.
Inventory Management
UNDER_STRESSAverage inventory increased significantly, and inventory turnover ratio declined from 1.34x in FY25 to 1.13x in FY26.
Increasing Financial Leverage
UNDER_STRESSNet Debt/Equity increased from 0.19x in FY25 to 0.68x in FY26, indicating higher reliance on debt.
Sequential Performance Decline
UNDER_STRESSRevenue declined 8.1% QoQ and Pre-IND AS EBITDA (excl. inventory gain) declined 43.6% QoQ in Q4 FY26.
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 understanding seasonal trends in the jewellery business, while QoQ provides insight into sequential momentum, store ramp-up, and operational efficiency, especially given the rapid store expansion.
Gross Margin
Q4 FY26 Gross Margin at 43.3% (+469 bps YoY); FY26 Gross Margin at 42.6% (+470 bps YoY).
Pre-IND AS EBITDA Margin (excl. inventory gain)
Q4 FY26 Pre-IND AS EBITDA Margin (excl. inventory gain) at 7.4% (+538 bps YoY); FY26 at 7.4% (+642 bps YoY).
Same Store Sales Growth (SSSG)
Q4 FY26 SSSG at 34.0% YoY.
Repeat Revenue Ratio
FY26 Repeat Revenue Ratio at 54.5%; Q4 FY26 at 55.9%.
ESOP Normalization Impact
ESOP charge schedule shows a sharp decline of ~95% by FY30, with a direct flow-through to reported EBITDA and PAT.
Product Innovation & Inventory Flow-through
Continuing to innovate on products, with the inventory impact (especially at entry level) starting to reflect in Q4 FY26 and flowing through FY27.
Capital Efficient Scaling
Stores are added where digital demand is proven, enabling scale without proportional capital risk.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Store Count & Profitability | 340 stores as of March 2026 | Continued expansion pace and sustained profitability of new stores, especially in Tier 2/3 cities. |
| Same Store Sales Growth (SSSG) | 34.0% YoY in Q4 FY26 | Sustained high growth rates to demonstrate continued demand and market penetration. |
| Pre-IND AS EBITDA Margin (excl. inventory gain) | 7.4% in FY26 | Further margin expansion as ESOP costs normalize and operational efficiencies improve. |
| Inventory Turnover Ratio | 1.13x in FY26 | Improvement in inventory turnover to optimize working capital and reduce carrying costs. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +3.3% / mo
Technical chart
BLUESTONEdaily · 6M-1.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 60. Wait for confirmation.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 60 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 11% off 52W high · 32% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 8/25 to the score.
- Valuation contributes 5/30 to the score.
- Balance sheet contributes 1/15 to the score.
Main drags
- Promoter pledge is 37.2%.
- Fair-value margin of safety is negative at -6756.8%.
- Quality is weaker at 0/20; 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
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Low Trust: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 1st percentile within Consumer. Main check: promoter alignment is weak at 27/100.
Low Trust Lite: Promoter holding increased 3.3%. Key concern: Promoters have pledged 37.2% of holding.
Avoid relying on management narrative unless turnaround evidence is hard and recent.
overall median 67 · Consumer: 1st pctile, median 67 · Micro: 1st pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Low 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
- ▸Promoter holding increased 3.3%.
- ▸4/4 recent 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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 564.00
- P/B
- 4.66
- EV/EBITDA
- 16.95
- Market Cap
- 8372.00Cr
Profitability
- ROE
- 1.10%
- ROCE
- 7.07%
- ROA
- 0.26%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 37.63%
- EPS 5Y
- —
- Revenue 3Y
- 37.63%
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.94
- Interest Coverage
- 1.83×
- Altman Z
- 2.97
- Book Value
- 118.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -199.00 Cr
- EPS TTM
- 0.97
Shareholding
- Promoter Hold
- 16.27%
- Promoter Pledge
- 37.20%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.