General Updates

July 20, 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 June 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) 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 – Q1 FY27 Management Commentary Key Financial Highlights Q1 FY27 Revenue Pre-IndAS EBITDA Pre-IndAS EBITDA Margin ₹7,332 Mn ₹548 Mn 7.5% ▲ 48.8% YoY ▲ 134.6% YoY ▲ 273 bps YoY Q: How has the business performed this quarter? A: Q1FY27 marks a strong start to the year, with 49% YoY (retail sales) growth and revenue of INR 7,332mn, supported by our expanding portfolio with deepening consumer relevance. The growth was driven by strong SSSGs across cohorts. We continued to expand our consumer base by 21% YoY and our repeat consumers continued to support AOV expansion. The Indian consumer's evolving preferences — spanning design sensibility, brand consciousness, and seamless omni -channel access — are reshaping the jewellery market. Our performance reflects the strength of our positioning: a differentiated proposition bui lt around lifestyle and occasion -driven jewellery, delivered at price points that resonate with today's aspirational buyer. For the quarter our studded revenue share improved from 55% in the previous quarter to 57% in the current quarter. The shape of the growth matters as much as the rate. Revenue grew 48.8% while our cost base grew at a materially slower pace, so Pre -IndAS EBITDA rose 134.6% to INR 548mn — close to three times the rate of revenue growth — taking operating margin to 7.5%, an expansion of 273bps YoY. That is the operating leverage established through FY26 carrying into the new fiscal . Q: What is driving robust same -store sales growth (SSSG) performance? A: We delivered a solid SSSG performance this quarter with a growth of 39%, ahead of growth seen in Q4FY26. This is particularly noteworthy as it came despite the increase in customs duty on gold from 6% to 15%. Older store cohorts continue to post SSSG in line with, or ahead of, the overall portfolio — reflecting the broad -based nature of SSSG and highlighting the continued headroom to grow per -store revenues across all cohorts. SSSG isn't just growth, it's the most margin -accretive growth — it arrives on a cost base that is already in place. Q1 FY27 Management Commentary Q. How has the distribution progress been this quarter? A: We continued to scale our distribution network with the addition of 12 stores this quarter, taking our total presence to 352 stores as of June 2026. Our city coverage expanded from 134 cities as of Mar26 to 139 cities as at Jun26, with all 5 new cities being Tier 2 and Tier 3 markets. This is consistent with our earlier commentary on there being enough room to grow; both in terms of expanding city coverage and deepening density in existing ones. There is still a large product market gap beyond metros — revenue productivity and unit economics in these markets remain robust, and our omni -channel model continues to give us the ability to tap into these markets and drive deeper density. Store additions will not be linear across quarters; we remain well on track to achieve our stated distribution objectives for the year. Q1 FY27 Q4 FY26 Q1 FY26 No. of stores 352 340 292 No. of cities 139 134 122 Q: Given the strong growth performance in the quarter, can you talk about the underlying consumer demand trends? A: Overall demand trends remain intact. We did see some demand hold back in May following the customs duty increase, but this normalised through June. At a strategic level we remain focussed on delivering differentiated designs, broader selection across ca tegories and price points, and an omnichannel consumer experience. Repeat consumers — now 59.7% of revenues — continued to transact through the price volatility, demonstrating our ability to serve, retain and grow with our consumers. That repeat share is itself a source of efficiency: revenue from consumers already in our fold is acquired at a fraction of the cost of a new consumer, so a rising repeat base supports both the resilience of demand and the leverage in our cost structure. Q: A&P was a bit higher at 6.9% of sales this quarter – Does it change the outlook for A&P investment? A: A&P was flat year -on-year at 6.9% of sales, on a revenue base that is nearly 50% larger — so in percentage terms the ratio held while the business scaled substantially. The sequential movement from 6.1% reflects seasonality and event timing, with the IPL falling within this quarter. We wouldn't read a change of direction into it. Our A&P spend carries healthy embedded operating leverage, and our directional outlook remains unchanged — as revenue scales, A&P amortises over a larger base. In absolute terms, A&P investment will continue to grow, as the expanding revenue base creates room for more strategic, long -term investments. Q1 FY27 Q4 FY26 Q1 FY26 Advertising and marketing cost 508 422 340 Advertising and marketing cost as % of 6.9% 6.1% 6.9% revenue Q1 FY27 Management Commentary Q: Can you talk us through the Pre -IndAS EBITDA performance? A: Pre -IndAS EBITDA was INR 548mn, up 134.6% YoY, with margin at 7.5% — an expansion of 273bps YoY. EBITDA grew at close to three times the rate of revenue, as revenue scaled against a cost base that grew far more slowly. Our fixed cost base has still not been fully absorbed, and continued build of revenue scale will continue to support operating leverage driven margin expansion structurally. This performance is in line with the growth -versus -profitability balance we've flagged in past commentary and sets a strong base to execute on through this year. Particulars (Rs mn) Q1 FY27 Q4 FY26 Q1 FY26 Pre IndAS EBITDA 548 509 233 Pre IndAS EBITDA margin % 7.5% 7.4% 4.7% Q: Given strong growth momentum how do we see EBITDA performance translating at net profit level? A: Similar to Pre -IndAS EBITDA , as our business scales further, adjusted PAT gives a clear directional trend of net profit performance. Our adjusted PAT for the quarter stood at INR 138mn (1.9%), a meaningful turnaround from a loss of INR 213mn in Q1FY26. This demonstrates that the business scale and operating leverage we have spoken about in earlier commentary is now flowing through the bottom line. Particulars (Rs mn) Q1 FY27 Q4 FY26 Q1 FY26 Adjusted PAT 138 120 (213) Adjusted PAT Margin % 1.9% 1.7% -4.3% Q: Any store closures in the quarter? A: No. PS: We don’t consider relocations in an area as closure. Thank you Q1 FY27 Management Commentary Housekeeping Q&A Q: Gross Margins and Contribution Margins Particulars (%) Q1 FY27 Q4 FY26 Q1 FY26 Gross margin 40.7% 43.3% 41.1% Contribution Margin 36.1% 39.1% 36.5% Contrib [Showing first 8,000 characters — download PDF for full document]