Analysts/Institutional Investor Meet/Con. Call Updates

July 28, 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: Q1 FY27 Earnings Call Transcript. Pursuant to the 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 July 21, 2026 for Q1 FY 2026-27 has been available on the website of the Company’s website at www.bluestone.com under Investors Relations-> Quarterly updates -> 2026-2027-> Q1. Link: https://kinclimg1.bluestone.com/static/ir/msf/files/iu/Earnings-Call-Transcript- Q1FY27.pdf 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) Gaurav Singh Kushwaha Managing Director DIN: 01674879 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 Q1 FY 27 Earnings Conference Call July 21, 2026 MANAGEMENT : MR. GAURAV SINGH KUSHWAHA – FOUNDER AND CHIEF EXECUTIVE OFFICER – BLUESTONE JEWELLERY AND LIFESTYLE LIMITED MR. RUMIT DUGAR – CHIEF FINANCIAL OFFICER – BLUESTONE JEWELLERY AND LIFESTYLE LIMITED MODERATOR : MS. RHEA DHARIA – INVESTOR RELATIONS – EY Page 1 of 19 Q1FY27 | Earnings Call Transcript Moderator: Ladies and gentlemen, good day and welcome to the BlueStone Jewellery and Lifestyle Limited Q1 FY27 Earnings Conference Call . As a reminder, all participant lines will remain 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 signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I will now hand the conference over to Ms. Rhea Dharia from EY Investor Relations for opening remarks. Thank you and over to you. Rhea Dharia: Thank you, Ry an. Good morning to all the participants on the call. Welcome to the Q1 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 achievement to diff er 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 will 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 the quarter gone past a nd then conduct the Q&A session. With that said, I will hand the call over to Gaurav. Over to you. Gaurav Singh Kushwaha: Thank you, Rhea. Good morning, everyone and thank you for joining us at BlueStone's Q1 FY27 earnings call. Q1 marks a strong start to the year. Revenues grew 49% year -on- year to INR 733 crores and pre-Ind AS EBITDA rose 135% to INR 55 crores , close to 3x the rate of revenue, taking our operating margin to 7.5% and expansion of 273 basis point s. That relationship, revenue scaling against a cost base that rose far more slowly, is the operating leverage in our model becoming visible. And it is what defined the quarter. And it came against the backdrop of the custom duty on gold moving from 6% to 15% , which makes the breadth and consistency of demand particularly encouraging. As always, the detailed disclosures are available on the Exchanges , so I will keep my remarks brief and focus on a few things that mattered this quarter. First of all , I want to say something about how we see this category because it shapes everything we do. For a very long time, the jewellery industry was dominated by relationships and brand marketing ; and designs had very little role to play in this category. We built BlueStone on the opposite belief, that design, technology, and consumer understanding are how you earn the right every single day. And the market has moved decisively in that direction. Page 2 of 19 Q1FY27 | Earnings Call Transcript Jewellery is coming out of the locker and into everyday life, bought not just for weddings, but for how people live now. The non -wedding everyday segment is where the consumer is genuinely moving, and it is a segment the industry overlooked for a very long time. That is precisely where we have chosen to build. This is also , why I would encourage you to look at BlueStone , not only as a jewellery company, but as a consumer internet company that has chosen jewellery as its category. We were born online and the way consumers reach us reflects that. The moment the thought of buying jewellery enters someone's mind today, they go online. They research, they shortlist. They form a view , long before they step into a store. More than 80% of our sales originates online. The store then plays its own irreplaceable role. Jewellery is emotional and of high consideration, and it is in the store that a consumer sees and feels the piece and where trust is finally sealed. We do not think of these as separate channels. They are one continuous journey, and because the intent is largely built online first, our stores convert with a productivity that a purely physical retailer cannot match. Making that journey seamless from discovery on a screen to a moment of delight at the counter in a Metro or in a Tier-2 town is our real differentiator. And it is what lets a network of 352 stores punch well above its weight. It also shows how we run and measure the business. The metrics we report to you, cohorts that compound, repeat revenue shares, wallet share, customer lifetime, are the grammar of the consumer internet business, and that is no accident. Our right to exist as a brand comes from being at our core a technology company. We are the only jewellery company that has built its entire technology stack in-house. I would also urge all of you to look forward rather than backward. People tend to under -appreciate how quickly consumers and technology are changing. My wife does not shop the way my mother did, and my daughter will definitely not shop the way my wife does. An industry that plans on the assumptions of the last 20 years wi ll misjudge the next 10. We would rather build for where the consumer is going than for where the category had been. One thing worth highlighting this quarter is our same -store sales growth of 39%, which was broad -based with older cohorts posting SS SGs in line with the overall portfolio. What we see in that data is that our stores continue to compound as they mature, which speaks about the headroom that remains to grow per -store revenues across all cohorts. This performance sets us up well going into the rest of the year, and our focus stays firmly on execution, deepening our relationship with the consumers we already have and continuing to bring new ones onto the fold. We are building a consumer internet business in India's most loved category, and that category is only now beginning to be built the way it should be. Thank you everyone and over to the opera [Showing first 8,000 characters — download PDF for full document]