Updates

October 22, 2026 BSE Ltd. National Stock Exchange of India Ltd. Listing Department, Exchange Plaza, P. J. Towers, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001. Bandra (E), Mumbai – 400 051. (Scrip Code: Equity - 544484), (Symbol: BLUESTONE, Series EQ) Dear Sirs/ Madam, Sub: Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Management Commentary Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), please find enclosed the Management Commentary of the Company for the quarter ended September 30, 2026, the same is also available on the website of the Company i.e. https://www.bluestone.com/investor- relations.html You are requested to take the above information on record. Thanking you, Yours faithfully, For BlueStone Jewellery and Lifestyle Limited (Formerly known as BlueStone Jewellery and Lifestyle Private Limited) Mandar Godbole Company Secretary and Compliance Officer ACS: 30240 Encl: As above BlueStone Jewellery and Lifestyle Limited [Formerly Known as BlueStone Jewellery and Lifestyle Private Limited] Reg. off : Site No. 89/2 Lava Kusha Arcade, Munnekolal Village, Outer Ring Road, Marathahalli, Bangalore - 560037 statutorycompliance@bluestone.com www.bluestone.com CIN: L72900KA2011PLC059678 Corporate off: 302, Dhantak Plaza, Makwana Road, Marol, Andheri East, Mumbai - 400 059, Maharashtra. Contact No: 080 4514 6904 BlueStone – Q2 FY27 Management Commentary Key Financial Highlights Q2 FY27 Revenue Pre-IndAS EBITDA Pre-IndAS EBITDA Margin ₹7,381 Mn ₹535 Mn 7.3% ▲ 43.9% YoY ▲ 234.2% YoY ▲ 413 bps YoY H1 FY27 Revenue Pre-IndAS EBITDA Pre-IndAS EBITDA Margin ₹14,713 Mn ₹1,083 Mn 7.4% ▲ 46.3% YoY ▲ 175.1% YoY ▲ 345 bps YoY Q: Can you walk us through the key highlights from the quarter? A: Business momentum remained firm in Q2 FY27. Same -store sales growth (SSSG) was 28% YoY for the quarter, despite the shift in the festive season, and 32.9% YoY for H1 FY27. Over the past year, a key focus area has been our entry -level price points, where gold price inflation had dislocated our offering. Our redesigned range is now taking more shelf space in our stores, and this quarter we saw early signs of that effort paying off: new customers contributed a larger share of revenue than in the previous quar ter, and AOV moderated accordingly. Repeat customers contributed 56% of revenue, up from 51% a year ago. While we are not targeting a specific mix, our focus remains on driving growth across both new and repeat customers. Q: Were there any new investments this quarter? A: Yes. The key investment this quarter was our new flagship store on Park Street, Kolkata. The 3,200 sq. ft. store showcases more than 2,000 unique designs. It also introduces a range of handcrafted and antique jewellery, a new addition to our portfolio. Traditional elements such as Kundan setting and antique finishes give the range its heritage character, while a modern sensibility keeps it relevant for today’s consumer. We continue to widen both what we offer and how consumers experience it. On the product side, we keep adding new categories, design languages and price points so that consumers can turn to BlueStone for a wider range of occasions and tastes. On Q2 FY27 Management Commentary the retail side, we are trying new store formats and strengthening the link between our online and offline channels, so that each visit feels more personal and engaging. We see both as central to deepening consumer relationships, supporting sustained growth and market share gains. Q: How has distribution progressed this quarter? A: We had mentioned last quarter that store additions would not be linear through the year, and Q2 demonstrates that. This quarter, we front -loaded our distribution roll-out ahead of the festive end of the year and added 27 stores. This took our store count to 379 as of September 2026. Our city coverage expanded by 19 cities YoY, with all seven cities entered this quarter being Tier 2 and Tier 3 markets. While the opportunity remains large, we continue to expand in a calibrated way, both by entering new cities and by adding density in existing ones. We remain on track with our stated distribution objectives for the year. Q2 FY27 Q1 FY27 Q2 FY26 No. of stores 379 352 311 No. of cities 146 139 127 Q: A&P has grown modestly on an absolute basis YoY – is there a conscious effort to cut back on A&P? A: As we had mentioned in our commentary last quarter, A&P spend will have some quarterly seasonality but, directionally, has operating leverage over the medium term. This quarter, A&P spend grew a modest 5.7% YoY and stood at 6.0% of sales. This reflects a combination of factors: scale benefits, the shift of the festive season into Q3 compared with last year, and the timing of our cricket sponsorships, which falls in Q1. At a fundamental level, our approach to A&P remains very ROI -driven and there aren’t any investment cutbacks. From an ATL perspective, the advertising property landscape has undergone a sea change over the past few years, and we focus on areas where we can drive ROI on our investments. Given how fragmented consumer attention now is, a step change in spend does not deliver a linear ROI. A&P investment will keep growing, and we will keep evaluating strategic, long -term opportunities. Q2 FY27 Q1 FY27 Q2 FY26 Advertising and marketing cost 444 508 420 Advertising and marketing cost as % of 6.0% 6.9% 8.2% revenue Q2 FY27 Management Commentary Q: Can you talk us through the Pre -IndAS EBITDA performance? A: Pre -IndAS EBITDA was INR 53 5mn, up 234. 2% YoY, with a margin of 7.3%, an expansion of 414 bps YoY. Contribution margin excluding inventory gains was broadly stable YoY, so the margin expansion came from operating leverage across the business. Given our fixed cost base, the runway for margin expansion remains long, and this should continue to play out as we build revenue scale over time. Particulars (INR million) Q2 FY27 Q1 FY27 Q2 FY26 Pre-IndAS EBITDA 535 548 160 Pre-IndAS EBITDA margin % 7.3% 7.5% 3.1% Q: Given the strong growth momentum, how is EBITDA performance translating to net profit? A: Adjusted PAT shows how our operating performance is reaching the bottom line as the business scales. Our adjusted PAT for the quarter stood at INR 19 6mn (2.7%), a meaningful turnaround from a loss of INR 268mn in Q2 FY26. This demonstrates that the business scale and operating leverage we have spoken about in earlier commentary are now flowing through the bottom line. Particulars (INR million) Q2 FY27 Q1 FY27 Q2 FY26 Adjusted PAT 196 138 (268) Adjusted PAT Margin % 2.7% 1.9% (5.2%) Q: Any store closures in the quarter? A: No. Note: We do not count relocations within an area as closures. Thank you Q2 FY27 Management Commentary Housekeeping Q&A Q: Gross Margins and Contribution Margins Particulars (%) Q2 FY27 Q1 FY27 Q2 FY26 Gross margin 36.6% 40.7% 39.5% Contribution Margin 32.2% 36.1% 34.9% Contribution Margin (excl. inventory 31.3% 32.7% 31.8% gains/losses) Q: Rent for the quarter Particulars (in INR million) Q2 FY27 Q1 FY27 Q2 FY26 Rent payment 513 497 393 Q: Pre -IndAS EBITDA Reconciliation Particulars (in INR million) Q2 FY27 Q1 FY27 Q2 FY26 Profit / (Loss) before tax 17 11 1 (491) Finance cost 576 547 522 Depreciation and amortisation expense 623 591 511 Other income (245) (148) (115) ESOP expenses 139 184 277 Franchise commission (Opex) 6 7 9 Rent payment (513) (497) (393) Post rental EBITDA 604 796 320 Margin % 8.2% 10.9% 6.2% Inventory gain / (loss) 68 248 160 Pre-IndAS EBITDA 535 548 160 Margin % 7.3% 7.5% 3.1% Q: Adjusted PAT Reconciliation Particulars (in INR million) Q2 FY27 Q1 FY27 Q2 FY26 Reported Profit / (Loss) before tax 17 11 1 (491) ESOP expenses 139 184 277 Net impact of Ind AS 116 (depreciation on 107 90 106 ROU + interest on leases – rent payment) Pre-IndAS non -GAAP profit / (lo [Showing first 8,000 characters — download PDF for full document]