Earnings call Transcript for Q2 27

October 30, 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 Sir/ Madam, Sub: Q2 FY27 Earnings Call Transcript. Pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Earnings Call held on October 23, 2026 for Q2 FY 2026-27 has been made available on the website of the Company at www.bluestone.com under Investor Relations-> Investor updates -> 2026-2027-> Q2. Link: https://www.bluestone.com/investor-relations.html#investorUpdates/Q2 Kindly take the above on your 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 Jewellery and Lifestyle Limited Q2FY2 7 Earnings Conference Call October 23, 2026 MANAGEMENT : MR. GAURAV SINGH KUSHWAHA – FOUNDER AND CHIEF EXECUTIVE OFFICER MR. RUMIT DUGAR – CHIEF FINANCIAL OFFICER MODERATOR : MS. RHEA DHARIA – INVESTOR RELATIONS – EY Page 1 of 21 Q2FY27 | Earnings Call Transcript Moderator: Ladies and gentlemen, good day and welcome to BlueStone Jewellery and Lifestyle Limited Q2 and H1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen -only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please s ignal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Rhea Dharia from EY Investor Relations . Thank you, and over to you, R hea. Rhea Dharia: Thank you, Danish. Good morning to all the participants on the call. Welcome to the Q2 and H1 FY27 earnings call of BlueStone Jewellery and Lifestyle Limited. Before we proceed with the call, let me remind you that the discussion may contain forward -looking statements that may involve known and unknown risks, uncertainties, and other factors. It must be viewed in conjunction with our business risks that could cause future results, performance, or achievements to differ significantly from what is expressed or implied in such forward -looking statements. Please note that we have mailed the results , and the same is available on the exchange. In case you have not received the same, you can write to us, and we'd be happy to send the same over to you. To take us through the results today and answer your questions, we have the management of BlueStone represented by Mr. Gaurav Singh Kushwaha, Founder and CEO, and Mr. Rumit Dugar, CFO. We will start the call with a brief overview of how the quarter has gon e and then conduct the Q&A session. With that said, I'll hand over the call to Gaurav. Over to you. Gaurav Singh Kushwaha : Thank you, R hea. Good morning, everyone, and thank you for joining BlueStone's Q2FY27 Earnings Call . Revenue grew 44% year -on-year to INR 738 crores, EBITDA more than doubled, and this is our fourth consecutive profitable quarter on a standalone basis. Strong growth with profit rising faster than revenue, that is exactly the business we set out to be. The detailed disclosures are on the exchanges, so I will use my time on what sits underneath these numbers, which is our customers. During the quarter, BlueStone crossed 1 million customers. That is a million people who chose to buy something precious for themselves and for Page 2 of 21 Q2FY27 | Earnings Call Transcript someone they love , from a brand that started life as a website to one that gets picked every day. A million customers teach you things no survey ever can, and we watch closely on our own platform , what they want. The clearest lesson is that today's customer wants to feel elegant and aspirational, and she wants her jewellery to do that for her. With a touch of the contemporary and a touch of the classic. When the customer wants it all, the only way to keep up is a design language wide enough to deliver it. And that is only possible because we design and make our jewellery ourselves. That is how we have reached more than 10,500 designs. The newest, a handcr afted and antique range , launched this quarter at our flagship store on Park Street in Kolkata . The second lesson is that aspiration in India no longer has a pin code. Because BlueStone started online, we were delivering to customers in towns across India years before we opened a store there. That gives us an advantage a store - first jeweller does not have. We know where our customers are before we decide where to open. All seven new cities we entered this quarter were Tier-2 and Tier-3 cities, and customers there chose the same contemporary BlueStone designs as customers in the metros. So, when a BlueStone store opens in a new city, we're not starting from scratch. We are opening our doors to customers who already know us. The third lesson is about price. Anyone can make a beautiful piece, making one for every budget is the real craft. That is where most of our design effort has gone this year. Our redesigned entry -level range is now taking more space in our stores, which br ings a first BlueStone piece within reach of many more people. The first purchase is a charm, the second is a choice. And as more of our customers make that choice, we're moving from being a brand they shop to a brand they cannot imagine shopping without. And let me come back to where I started. A million customers is the point at which a brand becomes a legacy. And while legacy jewellers are built across generations, ours was built in one. It took us 15 years to reach our first million customers. The next million will come much faster. Not because we already have a million to rely on, but because we never take a single one of them for granted. We earn them every day, and that is where our focus will stay. Thank you, and over to the operator for questions. Page 3 of 21 Q2FY27 | Earnings Call Transcript Moderator: Thank you so much, sir. Ladies and gentlemen, we will now begin with a question -and-answer session. First question comes from the line of Percy with IIFL Capital. Please go ahead. Percy: So, my question is on your strategy going ahead for growth. Right now , we are seeing a significant AOV growth. This quarter also was close to 30% AOV growth and, at least, if not entirely, a large part of it is coming from the gold price inflation. As the gold price anniversaries in the next couple of quarters, this AOV growth would sort of come off. At that time, obviously, as affordability improves, the bills cut per store would probably increase. My question is that what kind of increase do you see in the bills cut per store versus what you are seeing right now? And is there any other lever you have , to keep the growth afloat in terms of either increasing the karatage or something like that , so that even the AOV growth keeps sort of on an upward trajectory. So, just to summarize, my question is that, do you think that AOV growth can continue even if the gold price sort of is Y -o-Y flat or do you think that as the gold price becomes flat, the AO V also becomes flat and then the entire growth is based on the bills cut? Gaurav Singh Kushwaha: Yes, so Percy as we have spoken several times earlier also, hi [Showing first 8,000 characters — download PDF for full document]