BlueStone Jewellery and Lifestyle Ltd.revenue up 44% to ₹738 Cr, EBITDA doubles, 1M customers

BlueStone's Q2 FY27 call, held on 23 October 2026, reported revenue up 44% to ₹738 crore, EBITDA that more than doubled and a fourth consecutive profitable quarter on a standalone basis.

Management said about 29 points of the growth came from higher average order value, with strong buyer growth alongside, and that a larger share of growth should come from buyers as gold prices stabilise. The company crossed 1 million customers, opened 27 stores and entered seven new Tier-2 and Tier-3 cities, and launched a handcrafted and antique range at a flagship store on Park Street, Kolkata. Some festive demand moved into Q3, and the biggest buying days were still ahead when the call was held.

The medium-term target is for marketing to fall to about 4.5% of revenue. The 50% gold hedging policy is unchanged, the board has approved in principle a debt raise to retire higher-cost debt, and management said older store cohorts show the underlying inventory turns and returns, while giving no new store-level ROIC figure or blended inventory turn.