Q2 FY27 commentary: revenue ₹7,381 Mn, up 43.9% YoY; adjusted PAT ₹196 Mn vs ₹268 Mn loss
Q2 FY27 commentary: revenue ₹7,381 Mn, up 43.9% YoY.
By ScoutQuest · · 3 min read
- Revenue
- ₹7,381 Mn, up 43.9% YoY
- Pre-IndAS EBITDA
- ₹535 Mn, up 234.2%, margin 7.3%
- Adjusted PAT
- ₹196 Mn versus a loss of ₹268 Mn a year earlier
What the company reported
BlueStone's management commentary covers the quarter ended September 30, 2026. Revenue for Q2 FY27 was ₹7,381 Mn, up 43.9% year on year. Pre-IndAS EBITDA was ₹535 Mn, up 234.2%, and the Pre-IndAS EBITDA margin was 7.3% against 3.1% a year earlier. The company attributes the margin expansion to operating leverage across the business, and says contribution margin excluding inventory gains was broadly stable year on year. The highlights section quotes the margin expansion as 413 bps, while the Q&A section quotes 414 bps.
Profit at the bottom line
Adjusted PAT was ₹196 Mn with a 2.7% margin, compared with a loss of ₹268 Mn in Q2 FY26. Adjusted PAT is a non-GAAP measure that adds back ESOP expense, the net impact of Ind AS 116 and inventory gains or losses. On the reported basis, standalone profit before tax was ₹17 Mn and restated profit after tax (standalone) was ₹17 Mn. On a consolidated basis, restated loss after tax was ₹44 Mn for the quarter.
First half of the year
- Revenue ₹14,713 Mn, up 46.3% year on year
- Pre-IndAS EBITDA ₹1,083 Mn, up 175.1%
- Pre-IndAS EBITDA margin 7.4%, up 345 bps
Where the growth came from
- Same-store sales growth was 28% year on year for the quarter and 32.9% for H1 FY27
- 27 stores were added in the quarter, taking the count to 379 from 352 at Q1 FY27 and 311 a year earlier; cities covered rose to 146 from 139 and 127
- All seven cities entered this quarter were Tier 2 and Tier 3 markets, and the company reports no store closures in the quarter
- Repeat customers contributed 56% of revenue, up from 51% a year ago, while average order value was ₹77,290 versus ₹78,081 in Q1 FY27 and ₹59,907 in Q2 FY26
- Life-to-date customers stood at 10,24,220
Advertising spend
Advertising and marketing cost was ₹444 Mn, or 6.0% of revenue, against ₹420 Mn and 8.2% a year earlier, a rise of 5.7% year on year. The company links this to scale benefits, the shift of the festive season into Q3 and the timing of cricket sponsorships in Q1, and says there has been no cutback in investment.
Margins to watch
- Gross margin was 36.6%, against 40.7% in Q1 FY27 and 39.5% in Q2 FY26
- Contribution margin was 32.2%, against 36.1% and 34.9% in the same periods
- Contribution margin excluding inventory gains or losses was 31.3% versus 32.7% and 31.8%
Balance sheet
- Gross debt was ₹8,919 Mn, against ₹6,995 Mn at Q1 FY27 and ₹7,322 Mn in Q2 FY26
- Net debt was ₹5,395 Mn, against ₹4,536 Mn at Q1 FY27
- Net debt including the gold metal loan was ₹6,118 Mn as on 30 September 2026 versus ₹2,696 Mn as on 31 March 2026, with net debt to equity of 0.3 versus 0.1
- ROCE (EBIT divided by equity plus net debt) was 7.2% versus 8.6% as on 31 March 2026
Consolidated numbers
Net revenue was ₹7,450 Mn, up 45.1%. EBITDA was ₹935 Mn at a 12.5% margin, and adjusted EBITDA was ₹1,081 Mn at a 14.5% margin, against 13.4% a year earlier.
What a retail investor can take away
The commentary points to a quarter built on both new store additions and 28% same-store sales growth, with operating leverage lifting Pre-IndAS EBITDA and turning adjusted profit positive year on year. At the same time, gross margin was lower than a year earlier and borrowings were higher than at both the previous quarter and a year ago, which the numbers allow an investor to weigh. The document also carries forward-looking statements and a risk disclaimer covering gold price movement, consumer demand, competition and regulatory change.
Also from BlueStone Jewellery and Lifestyle
BlueStone Q2 FY 2026-27 earnings conference call audio recording hosted on company website
23 Oct 2026
Bluestone management discussed profitability metrics, a planned NCD fundraise of about 300 crore rupees, and market expansion strategy
23 Oct 2026
BlueStone Q2 FY27: standalone revenue up 43.9% to ₹7,381 mn, H1 revenue up 46.3% with Pre-Ind AS EBITDA up 175.1%
23 Oct 2026
More numbers
- Q2 FY27 revenue₹7,381 Mn
- Q2 FY27 Pre-IndAS EBITDA₹535 Mn
- Q2 FY27 Pre-IndAS EBITDA margin7.3%
- Same-store sales growth Q2 FY2728%
- Number of stores as of September 2026379
- Q2 FY27 adjusted PAT₹196 Mn
- Gross debt at quarter end8,919
- Net debt at quarter end5,395
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.