Q2 FY27 results, ₹300 crore debenture plan and ESOP share allotment approved
Board approved unaudited Q2 FY27 results (standalone and consolidated) after Audit Committee review; statutory auditors conducted a Limited Review.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 7,450.33 | 5,136.27 | +45.1% | 7,368.46 | +1.1% |
| Total income | 7,694.14 | 5,252.85 | +46.5% | 7,518.12 | +2.3% |
| Profit before tax | (43.73) | — | — | — | — |
| Profit after tax | (43.73) | (521.02) | +91.6% | 59.61 | — |
| Total comprehensive income | (48.69) | (518.20) | +90.6% | 59.55 | — |
| Basic EPS | (0.21) | (3.73) | +94.4% | 0.46 | — |
- Total income
- Latest 7,694.14; Year ago 5,252.85 (+46.5%); Prev qtr 7,518.12 (+2.3%)
- Profit after tax
- Latest (43.73); Year ago (521.02) (+91.6%); Prev qtr 59.61
- Period
- Quarter ended 30-09-2026 (Unaudited)
Also decided at the meeting
- Approved raising funds of up to ₹300 crore through issuance of non-convertible debentures on a private placement basis, in one or more series/tranches; Operations Committee authorised to finalise terms.
- Approved allotment of 77,079 equity shares of face value ₹1 each to eligible employees on exercise of options under ESOP 2014; paid-up capital rises from ₹15,27,96,524 to ₹15,28,73,603.
Auditor's review
Conclusion: Unmodified
What the board approved
- Unaudited financial results (standalone and consolidated) for the quarter ended September 30, 2026, reviewed by the Audit Committee and approved by the Board; the statutory auditors conducted a Limited Review of these results.
- Raising of funds by way of issuance of non-convertible debentures on a private placement basis, for an amount not exceeding ₹300 crore, in one or more series or tranches.
- Allotment of 77,079 equity shares of ₹1/- face value each, fully paid up, to eligible employees on exercise of vested options under the Employee Stock Option Plan 2014.
The trading window for dealing in the company's securities opens on October 24, 2026.
The ₹300 crore debenture plan
The proceeds of subscription are proposed to be utilised, among other things, for refinancing a portion of existing debt and business growth requirements (capital expenditure, working capital and general corporate requirements). The Board has authorised the Operations Committee to determine and finalise the terms and conditions of allotment. These are non-convertible debentures, so they do not add to the equity share count; they are borrowings that carry servicing and repayment obligations.
Q2 FY27 numbers
- Net Revenue (standalone): ₹7,381 Mn, up 43.9% YoY.
- Pre-IndAS EBITDA (standalone): ₹535 Mn, up 234.2% YoY, with margin at 7.3%.
- EBITDA: the company's release states Q2 FY27 EBITDA of INR 97.1 crores, up 127% YoY, with margin at 13.2%.
- Adjusted PAT (standalone): 196 (INR million), against (268) (INR million) a year earlier.
- Restated Profit After Tax for the year / period: 17 (INR million) standalone; (44) (INR million) consolidated.
- Consolidated Net Revenue was 7,450 (INR million), up 45.1% YoY.
The release also states that this is the fourth consecutive quarter of profit, after FY26 as the company's first full year of profit.
Operating highlights
- 379 stores across 146 cities, up 68 stores and 19 cities YoY; all seven cities entered in Q2 FY27 are Tier 2 and Tier 3 markets.
- 10,24,220 customers at September-end, up 19.3% YoY; repeat customers contributed 56.3% of Q2 FY27 revenue.
- Same store sales growth of 28.0% for the quarter; Average Order Value ₹77,290.
- Studded revenue was 55.7% of the mix; advertising and marketing cost at 6.0% of revenue.
Balance sheet points to note
- Gross debt of 8,919 (INR million) and net debt of 5,395 (INR million) as on September 30, 2026, against net debt of 3,469 (INR million) as on March 31, 2026.
- The ESOP allotment of 77,079 shares compares with paid-up capital of 15,28,73,603 equity shares after the allotment, each of ₹1/- face value.
- Inventory of 25,043 (INR million) on average and inventory turnover ratio of 1.16, computed on TTM basis.
What to track
- Terms of the debentures, including coupon, tenor and security, once finalised by the Operations Committee.
- How the stated use of proceeds (refinancing existing debt plus growth spending) reflects in interest cost and debt levels in coming quarters.
- Store additions, same store sales growth and repeat-customer share, the operating levers the management commentary focuses on.
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
- Fund raising via non-convertible debentures (private placement)₹300 crore
- Equity shares allotted on exercise of stock options77,079
- Paid-up equity share capital after allotment₹ 15,28,73,603
- Net Revenue, Q2 FY27 (standalone)₹7,381 Mn
- Net Revenue year on year growth, Q2 FY27 (standalone)43.9%
- Pre-IndAS EBITDA, Q2 FY27 (standalone)₹535 Mn
- Adjusted PAT, Q2 FY27 (standalone)196
- Net debt as on September 30, 2026 (standalone)5,395
- Total income, latest quarter7,694.14 (INR million)
- Total income, year-ago quarter5,252.85 (INR million)
- Total income, previous quarter7,518.12 (INR million)
- Total comprehensive income, latest quarter(48.69) (INR million)
- Total comprehensive income, year-ago quarter(518.20) (INR million)
- Total comprehensive income, previous quarter59.55 (INR million)
- Profit after tax, latest quarter(43.73) (INR million)
- Profit after tax, year-ago quarter(521.02) (INR million)
- Profit after tax, previous quarter59.61 (INR million)
- Revenue from operations, latest quarter7,450.33 (INR million)
- Revenue from operations, year-ago quarter5,136.27 (INR million)
- Revenue from operations, previous quarter7,368.46 (INR million)
- Profit before tax, latest quarter(43.73) (INR million)
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