BLUESTONE

July 20, 2026 To, 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 - Investor Presentation Further to the intimation done by the Company on July 14, 2026 with respect to the Result Conference Call to be hosted by the Management of our Company on Tuesday, July 21, 2026 at 11:00 a.m. (Indian Standard Time) to discuss the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter ended June 30, 2026, we are enclosing herewith an Investor Presentation, 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 Disclaimer Prospective investors should be aware that investing in equity shares involves a significant level of risk. For detailed information regarding such risks, potential investors are advised to refer to the section titled "Risk Factors" in the Prospectus . It is crucial to note that certain visuals utilized in this presentation may be for illustrative purposes only, aiming to convey the broad categories that the company actively engages with. This presentation is created by BlueStone Jewellery and Lifestyle Limited (the "Company") solely for informational purposes and does not constitute an offer, recommendation, or invitation to purchase or subscribe to any securities . It shall not be considered as the basis or relied upon in connection with any contract or binding commitment whatsoever . The issuance of securities by the company will only take place through a statutory offering document containing comprehensive information about the company . This presentation is compiled by the company based on information and data deemed reliable, but the company makes no explicit or implied representation or warranty whatsoever . No reliance should be placed on the truth, accuracy, completeness, fairness, and reasonableness of the contents of this presentation . It may not encompass all relevant information, and any liability regarding the contents or omissions of this presentation is explicitly disclaimed . Certain topics discussed in this presentation may involve statements concerning the Company's market opportunities and business prospects that are forward -looking . These forward -looking statements are not assurances of future performance and are subject to known and unknown risks, uncertainties and assumptions that are challenging to predict . Such risks and uncertainties include, but are not restricted to, the performance of the Indian economy and global markets, industry performance, competition, successful strategy implementation, future growth, technological changes, and other factors . The Company assumes no obligation to update any forward -looking information contained in this presentation . Any third-party forward - looking statements and projections included in this presentation are not endorsed by the Company, and the Company is not accountable for such third-party statements and projections . 2 Table of Contents 01 BlueStone 02 Business 03 Financial at Overview Performance a Glance 3 India’s second largest ‘digital first’ omni -channel jewellery player 38.9% 39.0% 172.7% Fastest Growing with Strong Unit Economics Revenue CAGR (FY24 -26) SSSG ( Q1 FY27) Reported EBITDA CAGR % (FY24 -FY26) #2 28-32% Market Leader Digital -first omni -channel jewellery brands in India (FY24) Market share among omni -channel jewellery players (FY25) 6.9% 59.7% Leading Brand Repeat ratios (Q1 FY27) Advertising and promotional spends as % of revenue (Q1 FY27) 352 139 12,660+ Pan India Presence Stores ( Jun’26) Towns and cities (Jun’26) PIN codes serviced ( Jun’26) Best -in-class tech features 3D rendering In-house integrated tech stack Digitally Native Company Among leading jewellery retailers 1 (Jun’24) Pioneers in introducing technology One of the few amongst peers 1 10,000+ #1 95%+ Design & Manufacturing Among peers 1 by design -to-store turnaround Jewellery produced in -house (#1 amongst No of designs ( Jun’26) time (FY24) peers1) Notes: 1. Basis last 3 month production data – both basis count of piece and weight. Amongst Peers/ Leading Jewellery Retailers in India, which are defined as omnichannel and multichannel retailers in India, including BlueStone and listed retailers with revenue of more than INR 5,000 mn in FY2024 and who have more than 50 physical stores. CaratLane , a step-down subsidiary of Titan Limited, has a similar business model as BlueStone and has, therefore, also been included as a peer; Source: RedSeer 5 Report. 5 Tracing Our Growth.. Onboarded 0.5mn+ customers since Digital Milestone: incorporation 1M+ Instagram Followers Online retail Commenced omni - Established Jaipur channel expanded 1st office at channel business facility and Crossed annual to cover 12,600 PIN Bangalore model with launch of inaugurated 100th revenue of INR 10bn codes first EBO in New Delhi store Digital Milestone: 1M+ Instagram Followers 2011 2012 2014 2015 2018 2021 2022 2023 2024 2025 2026 Establishment of Established Mumbai office and additional Establishment of 50th Establishment of 150th 323 stores across started manufacturing manufacturing unit store store 130 cities unit in Mumbai Crossed revenue of 17bn What began as a digital -first venture now stands as one of India’s most expansive jewellery retail networks, proving the power o f vision backed by execution 1.EBO : Exclusive Brand Outlet 6 66 Differentiating BlueStone’s Jewellery from Traditional Offerings Target Shift from wedding to non -wedding wear, delivering style, convenience, & value for the modern consumer Customers 25 to 45 years of age Category by Purity & Average Gross Repeat Revenue Projected Occasion Weight Selling Price Margins Purchase Pool Growth Women, men and couples Daily -wear ₹ 2,282 billion 18 KT or 14 KT 15-18% CAGR Jewellery ₹25,000 – 35,000 25 -35% High USD 27 billion 5 – 30 grams by 20291 (2024) Value unique Higher studded Non-wedding ₹ 697 billion designs and modern component; varied 18-21% CAGR Occasion -wear ₹35,000 – 50,000 30 -40% Medium USD 8 billion styles materials like silver, by 20291 (2024) Jewellery platinum Lay greater importance on ₹ 3,360 billion design over metal Wedding 22KT predominantly ₹0.1– 0.2 million 6-9% CAGR 5 -15% Low USD 40 billion value Jewellery 30 – 250 grams and above by 20291 (2024) Tendency to BlueStone’s design -led offerings and customer -centric approach set it apart from conventional Indian discover brands through social jewellers, driving higher gross margins and repeat purchases media or online 1.Jewellery worn occasionally, such as on festivals, birthdays, anniversaries, events, etc., comprises other occasion -led jewellery 7 Source: RedSeer Report1 77 Our Strengths Leading player: India’s second largest omni -channel digital first jewellery brand 1 Differentiated Approach to Product and Design 2 Advanced Manufacturing Capabilities with Vertically Integrated Operations 3 In-house Technology Architecture Driving End -to-End Business Operations 4 Pan -India Presence Across Tier -I, Tier -II and Tier -III Cities with healthy unit economics 5 Experienced and Professional Management Team backed by Marquee Investors 6 9 9 Successful Omnichannel Strategy for a Cohesive Customer Experience 1 Integrating online and Complete purchase (online or in - Browse online Seek in -store assistance offline touchpoints person) One brand, Many touchpoints - Discover anywhere, Buy anywhere Attracting Customers Engaging Customers Retaining Customers Online & Offline 10,000+ Lifetime Exchange & Buyback Product discovery Designs On all products 352 In Nearest Store 10+1 Plan Stores pan -India View available inventory in stores Monthly Instalment Plan Industry leading Old Gold 139 3D rendering Exchange offers Cities 360⁰ visualisation of jewellery online Video Calling Leveraging Data Post Purchase Service Personalised shopping experience Forecast demand trends and Customer -centric and reliable service customer preferences BlueStone’s omnichannel strategy provides a seamless customer experience across various touchpoints in the sale driving better customer conversion, increased sales, and higher repeats 10 10 Omnichannel as a Structural Growth Catalyst 2 Scaling revenue beyond Tier I and Tier II markets Ranchi, Jharkhand A Case Study - Impact of omni -channel model on revenue growth in Ranchi Jewellery as a high -trust, high -consideration category Online and offline have different roles – Online drives Introduction of omni -channel model 4 discovery and store presence completes the physical 229 experience 21.8% 3.5 188 3 Offline stores bridge the need for tactile experience The touch -and-feel experience increases trust and 2.5 conversions, unlocking high value purchases 126 2 2 2 2 Data leading to better store economics 1.5 Data provides insight on locations where store can be 54 opened basis web site / application traffic data leading to 1 better store economics 1 0.5 7 Capital efficient scaling model 0 Stores are added where digital demand is proven, enabling FY22 FY23 FY24 FY25 FY26 0 scale without proportional capital risk Revenue (INR mn) Store Count Blending digital sales with offline experience centres drives stronger overall growth 11 1. Source: RedSeer Report; within omnichannel jewellery market 11 Omnichannel as a Structural Growth Catalyst 3 Scaling revenue through deeper city penetration Lucknow, Uttar Pradesh A Case Study - Impact of store penetration on revenue growth in Lucknow Enhance city -level penetration Intensifying store density & consequently penetration in a city 7 Online data identifies high -intent PIN codes. Multi -store presence captures demand and accelerate revenue growth 683 6 6 6 31.3% 6 Enable proximity to customers 5 520 Customer’s proximity to store reduces purchase friction, 5 improves conversion velocity, and increases repeat engagement 4 399 3 Drive sales through high -intent footfall 2 177 Stores act as conversion engines, monetising digital demand 2 through assisted selling and trust -led engagement 75 1 Increase in AOVs and conversions 0 Higher store density helps leverage BlueStone ’s brand and grow FY22 FY23 FY24 FY25 FY26 customer’s lifetime value without cannibalization of sales Revenue (INR mn) Store Count Expanding store density in existing cities enhances brand trust, improved conversion economics, increases lifetime value, and drives compounding returns on invested capital 12 1. Source: RedSeer Report; within omnichannel jewellery market 12 Stores: A Scalable Engine for Omnichannel Growth 4 Robust Pan -India Footprint Driving Scalable Growth ~ 50% of stores are located in Tier 2 and Tier 3 cities 160 new stores 178 180 145 Located in high -visibility areas with States & UTs 28 94 102 standardised look and feel and 77 68 70 53 consistent customer experience Offer touch -and -feel benefit for “online Tier-I Tier-II Tier-III Cities influenced” sales 139 FY25 FY26 Q1FY27 New-format larger stores strengthen Number of stores brand presence with better discovery and PIN codes serviced Total Area Square Footage ('000) 800 852 experience 12,660+ 900 609 800 700 Control over choice of inventory and 600 364 288 340 352 500 visual merchandise 275 400 Store density (1) 124 155 192 300 2.5 77 200 100 Integrated tech to allow real-time 0 FY22 FY23 FY24 FY25 FY26 Q1FY27 inventory checks across PIN codes Omnichannel and offline integration drive visibility, trust, and engagement at scale 13 Note: Store density refers to average no. of stores per city 13 Product offerings: Expanding the wardrobe selection 5 Widening portfolio by expanding categories and exploring innovative materials Category Material Demographic Depth Breadth Reach Diversifying our portfolio across core Pioneering innovative materials to Creating jewelry that resonates with the and sub -categories to comprehensively provide customers with a unique and unique styles across consumers serve all consumer needs differentiated product selection Expanding our jewellery ecosystem to serve the varied needs of consumers while ensuring we deliver premium, creative designs that support premium pricing and reinforce BlueStone's identity By combining design innovation with category and demographic expansion, we address broader consumer base and their use -cases —accelerating our market share and consumer loyalty 14 14 Product Expansion: Addressing the Men's & Kids’ – an underserved category 6 Dedicated stores for enhanced product discovery and superior experience An industry -first, dedicated store designed to capture high -potential, underserved market segments Men’s: Curated lifestyle accessories, including chains & bracelets, designed for the modern Indian man Kid’s: Crafting timeless pieces for childhood milestones and daily comfort that grows with the child A bespoke retail environment specifically engineered to address the distinct customer This industry -first expansion into Men’s and Kids' segments validates our ability to identify, enter, and build market share acr oss categories 15 15 Reimagining accessibility: Entry level price points at consumer’s preferred karatage 7 Expanding entry level offerings through design and manufacturing innovations Leveraging vertical integration to offer selection across ticket sizes Advanced manufacturing Advanced material science technologies Alternative alloys & materials Precision cutting & proprietary engineered for high quality embedding to maximize design product with reduced gold value ratios Across categories and at consumer’s preferred karatage delivering comprehensive offerings The impact Entry-level portfolio stayed relevant through duty increase and price volatility — redesign benefits flowing through FY27 as planned 16 16 Reimagining accessibility: Entry level price points at consumer’s preferred karatage 8 Expanding entry level offerings through design and manufacturing innovations 17 17 Pioneering Tech -Driven Jewellery Shopping Experience 9 BlueStone leverages cutting -edge digital tools to make online jewellery shopping as engaging as in -store Immersive visuals that bring the in -store experience online Seamless transaction experience 3D Rendering 360 Video Unified customer view for Higher customer cross -channel shopping satisfaction Automated inventory Bring relevant designs management to consumers True-to-life product images Every angle covered in detail Inventory integration with Seamless Size Visualization Virtual Trials website customer experience Billing and order Secure and quick management for stores checkout Accurate scale display Video consults Integrates design, manufacturing, merchandising, and retail with advanced front -end technology – delivering an in -store experien ce anytime, anywhere. 18 18 In -house technology bringing efficiency and agility 10 Building a digitally -native company DESIGNING MANUFACTURING MERCHANDIZING RETAILING Complete autonomy with designers; Dedicated prototype Algorithm -driven, data -led Omnichannel not merchandizer led facility approach retailing identify customer preferences capture design trends, quick Right merchandizing decisions Seamless transaction regarding designs turnaround, and personalization and marketing strategies experience Data -driven insights led to introduction of studded jewellery designs resulting in higher gross margins Integrated tech stack enabling agile operations Production Management System Order Management System Customer Relationship Management Streamlines production and inventory Manages orders securely end -to-end Centralizes customer data management Integrated tech stack drives growth at every stage - boosting accuracy, increasing order value, enhancing retention, and acceler ating innovation 19 19 Leveraging the internet to become a one -of-a-kind digital jewellery brand 11 Designs become heroes Traditional Playbook vs. BlueStone Approach ATL and BTL heavy Digital -first, design -led, customer experience How We Win Online? Design Differentiation Digital -First Marketing • 10,000+ unique designs • Engage on Instagram, Google, Meta platforms targeting 25 -45 • >50%+ repeat revenue driven purely by designs & trust, age group not celebrity pull • Two way communication – Interaction with category Among the most recognised digital - Strong brand recall → authenticity & High engagement on digital platforms first jewellery brands in India relatability and strong D2C funnel Top 2 Digital -first omni -channel jewellery Top 4 Leading Jewellery Retailers in terms of Top 3 jewellery retailers in India by Instagram brands in India (FY24) 1 least marketing spends 1 followers (May 2025) 1 A digital -first jewellery brand where our designs are our true ambassadors, driving trust, authenticity, and customer loyalty Notes: 1. FY24; Source: RedSeer Report; Leading Jewellery Retailers are defined as omnichannel and multichannel retailers in India, including BlueStone and listed re tailers with revenue of more than ₹ 5,000 million in Fiscal 2024 and who have more 20 than 50 physical stores. 20 Experienced Board Driving Strategic Oversight 12 Gaurav Singh Prashanth Prakash Sameer Dileep Nath Kushwaha Chairman, MD and Non-Executive Non-Executive CEO Nominee Director Nominee Director Prior : Amazon Experience : Accel India Experience : 360One, Citi Education : IIT Delhi Education : University of Delaware Education : University of Chicago Rajesh Kumar Dahiya Rohit Bhasin Neha Kant Independent Director Independent Director Independent Director Experience : Axis Bank, Rallis India, Tata Services Experience : Standard Chartered Bank, PwC Experience : Co -Founder, Clovia Education : Panjab University Education : Delhi University; ICAI Education : Fore School of Management Board members with rich and varied experience 21 21 High tenured executive team with experience across full spectrum of operations 13 Gaurav Singh Rumit Dugar Sudeep Nagar Vipin Sharma Kushwaha Chairman, MD and Chief Financial Chief Operating Chief Merchandising CEO Officer Officer Officer Prior : Tavant Tech, Amazon Finance & Investor Relations Operations, Retail & HR Desings & Merchandising Education : IIT Delhi Since 2022 Since 2012 Since 2021 Mikhil Raj Harshit Kulin Desai Tarun Rajput Chief Product Officer Chief Manufacturing Head of Engineering Officer MarkPertiionrg : &Ta Tveacnhtn Toelochg,y Amazon Manufacturing & Factory Operations Engineering SiEndcuec 2a0ti2o4n : IIT Delhi Since 2024 Since 2014 Professionally led company with management having diverse experience Note: Prior experience for the team is indicative and not exhaustive 22 22 ESOP normalization unlocks meaningful bottom line 14 P&L trajectory for existing grants Unallocated ESOP pool fully covers future requirements • Founder is classified as Promoter and is not eligible for ESOPs • ESOP impact is already front-loaded, tapering significantly from • Stable management team with no specific leadership gaps to fill FY26 to FY30 to drive long-term bottom -line growth . • A robust, unallocated ESOP pool of ~ 2.6mn shares (~1.7% equity) • The sharp decline in ESOP costs dropping ~95% by FY30 will have a ensures ample capacity for future talent acquisition and direct flow-through to reported EBITDA and PAT. retention . ESOP charge schedule FY26 – FY30E ESOP pool INR mn 927 Flow-through to Reported EBITDA and PAT Unallocated pool ~ 2.6mn shares 575 289 Allocated pool 129 ~ 9.1mn shares 48 FY26 FY27E FY28E FY29E FY30E Note: The ESOP charge schedule is basis current grants 23 23 Key Financial and Operational Highlights Q1FY27 | Standalone Revenue +49% YoY at INR 7,332 mn; Revenue recognised on secondary sales basis (even for franchise stores) Reported EBITDA +94.8% YoY at INR 1,102mn;M argin +354bps YoY at 15.0% Inventory gain of INR 248mn for the quarter Pre -IND AS EBITDA (excl. inventory gain) +134.6% YoY at INR 548mn; Margin +273bps YoY at 7.5% Adjusted PAT at INR 138mn; Margin at 1.9% SSSG at 39.0% YoY for the quarter Store count +12 stores QoQ at 352 stores as on 30 June 2026; Repeat Revenue Ratio at 59.7% for the quarter 2255 Financial Snapshot (1/2) Standalone Revenue from operations Contribution margin % (ex inventory gain) INR mn +48.8% YoY INR mn % of revenue from operations +52.7% YoY + 6.6% QoQ +10.5% QoQ 24,412 9,000 7,857 50% 8,000 45% 17,700 7,000 5,368 31.8% 31.5% 32.7% 40% 6,000 35% 30% 5,000 32.2% 25% 6,877 7,332 4,000 2,168 2,395 20% 4,926 3,000 30.3% 1,569 15% 2,000 10% 1,000 5% - 0% FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 Reported EBITDA Pre-IND AS EBITDA (excl. inventory gains) 3,000 INR mn % of revenue from operations +94.8% YoY INR mn % of revenue from operations +134.6% YoY -14.2%Q oQ 7.5% Qo26Q.0% 2,500 21.0% 4,500 3,945 50.0% 1,806 2,000 4,000 18.7% 40.0% 16.0% 3,500 11.5% 15.0% 30.0% 7.4% 7.5% 3,000 20.0% 1,500 4.7% 11.0% 2,500 16.2% 10.0% 1.0% 6.0% 0.0% 1,000 7.4% 2,000 4.3% 1,285 1,102 -10.0% 509 548 1.0% 1,500 233 1,000 759 566 -20.0% 500 172 -4.0% -30.0% 500 -40.0% 0 -9.0% 0 -50.0% FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 26 26 Financial Snapshot (2/2) Standalone Advertising and Marketing cost Rental Expense INR mn % of revenue from operations +49.5% YoY INR mn +35.0% YoY +20.6% QoQ +12.8% QoQ 1,618 1,800 1,592 1,606 12% 1,600 10% 1,133 1,400 6.9% 6.9% 1,200 9.0% 6.1% 8% 1,000 800 6.6% 508 6% 368 441 497 422 600 340 4% 400 2% 200 0 0% FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 Adjusted PAT Cash PAT NM YoY INR mn +15.1% QoQ INR mn +226.0% YoY 2,284 -31.1%Q oQ 98 120 138 -213 -1,278 823 567 174 -829 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 27 27 Operating metric Standalone Repeat Revenue Ratio Number of Customers (life till date) % +900 bps YoY # +20.7% YoY +377 bps QoQ +4.3% QoQ 9,84,766 59.7% 9,44,062 9,44,062 54.5% 55.9% 50.7% 8,15,910 44.6% 7,71,845 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 Store Count AOV Number of stores Total Area Square Footage ('000) +60 stores YoY INR +40.7% YoY +12 stores QoQ +4.4% QoQ 852 800 800 609 679 8 9 0 0 0 0 74,816 78,081 700 66,311 600 55,499 47,671 275 340 292 340 352 4 5 0 0 0 0 300 200 100 0 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 28 28 Performance Snapshot Standalone Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn ) Q1 FY27 Q1 FY26 Q4 FY26 FY26 FY25 Growth growth Growth Revenue 7,331.9 4,925.8 48.8% 6,876.6 6.6% 24,412.3 17,700.0 37.9% Gross profit 2,981.1 2,022.1 47.4% 2,976.6 0.2% 10,409.0 6,715.1 55.0% Gross margin % 40.7% 41.1% -39 bps 43.3% -263 bps 42.6% 37.9% 470 bps Contribution profit 2,643.7 1,796.5 47.2% 2,692.1 -1.8% 9,357.6 5,368.4 74.3% Contribution margin % 36.1% 36.5% -41 bps 39.1% -309 bps 38.3% 30.3% 800 bps Reported EBITDA 1,102.0 565.8 94.8% 1,284.9 -14.2% 3,944.6 758.9 419.8% Reported EBITDA margin % 15.0% 11.5% 354 bps 18.7% -366 bps 16.2% 4.3% 1187 bps Pre IndAS EBITDA 547.7 233.5 134.6% 509.4 7.5% 1,805.8 172.3 948.2% Pre IndAS EBITDA margin % 7.5% 4.7% 273 bps 7.4% 6 bps 7.4% 1.0% 642 bps Adjusted PAT 137.6 (212.6) NM 119.5 15.1% 98.4 (1,278.1) NM 29 29 Cumulative inventory gains Inventory Gain Reserve Built Over Time Inventory gain for the quarter (INR mn) Cumulative Inventory gain upto the previous quarter (INR mn) 1,749 248 1,501 524 977 1,501 589 977 388 160 Allocated pool 228 388 ~ 9.1mn shares 228 228 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 30 30 Databook Standalone Pre-IND AS EBITDA Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn) Q1 FY27 Q1 FY26 Q4 FY26 FY26 FY25 Growth growth Growth Profit / (Loss) before tax 111.4 (327.9) NM 364.4 (69.4)% 260.0 (2,192.1) NM Finance cost 547.4 527.7 3.7% 521.6 5.0% 2,095.2 2,075.4 1.0% Depreciation and amortization expense 591.4 484.9 22.0% 549.3 7.7% 2,081.2 1,474.7 41.1% Other income (148.2) (118.9) 24.6% (150.3) (1.4)% (491.8) (599.2) -17.9% ESOP expenses 184.3 233.9 (21.2)% 186.4 (1.1)% 926.5 512.4 80.8% Franchise commission (Opex) 7.1 29.8 (76.3)% 2.4 190.2% 53.8 34.0 58.0% Rent payment (497.2) (368.3) 35.0% (440.8) 12.8% (1,618.3) (1,133.0) 42.8% Pre-IND AS EBITDA 796.2 461.3 72.6% 1,033.0 (22.9)% 3,306.6 172.3 1819.4% Margin % 10.9% 9.4% 150 bps 15.0% -416 bps 13.5% 1.0% 1257bps Inventory gain / (loss) 248.5 227.8 9.1% 523.6 (52.5)% 1,500.8 - - Pre-IND AS EBITDA (excl. inventory gain / (loss) 547.7 233.5 134.6% 509.4 7.5% 1,805.8 172.3 948.2% Margin % 7.5% 4.7% 273 bps 7.4% 6 bps 7.4% 1.0% 642bps 32 32 Databook Standalone Adjusted EBITDA Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn) Q1 FY27 Q1 FY26 Q4 FY26 FY26 FY25 Growth growth Growth Reported EBITDA 1,102.0 565.8 94.8% 1,284.9 (14.2)% 3,944.6 758.9 419.8% ESOP charge 184.3 233.9 (21.2)% 186.4 (1.1)% 926.5 512.4 80.8% Franchisee commission ( opex) 7.1 29.8 (76.3)% 2.4 190.2% 53.8 34.0 58.0% Adjusted EBITDA 1,293.4 829.6 55.9% 1,473.8 (12.2)% 4,924.8 1,305.3 277.3% Adjusted PAT Y-o-Y Q-o-Q Y-o-Y Particulars (in INR mn) Q1 FY27 Q1 FY26 Q4 FY26 FY26 FY25 Growth growth Growth Profit / (Loss) before tax 111.4 (327.9) NM 364.4 (69.4)% 260.0 (2,192.1) NM ESOP expenses 184.3 233.9 (21.2)% 186.4 (1.1)% 926.5 512.4 80.8% Net Impact of IND AS 116 (Dep. On ROU + int. on LI - 90.3 109.2 (17.2)% 92.3 (2.1)% 412.7 401.6 2.8% rent payment) Pre-IND AS profit / (loss) 386.0 15.2 2438.4% 643.1 (40.0)% 1,599.2 (1,278.1) NM Inventory gain (248.5) (227.8) 9.1% (523.6) (52.5)% (1,500.8) - NM Adjusted PAT 137.6 (212.6) NM 119.53 15.1% 98.4 (1,278.1) NM 33 33 Databook Standalone Particulars (in INR mn) Q1 FY27 Q4 FY26 Q1 FY26 Employee cost 553.9 538.5 389.9 Expense on employee stock option scheme 184.3 186.4 233.9 Total employee benefit expense 738.2 724.9 623.8 Particulars (in INR mn) Q1 FY27 Q4 FY26 Q1 FY26 Depreciation of property, plant and equipment 177.8 176.7 155.2 Amortization of other intangible assets 3.6 3.6 3.7 Depreciation of right to use assets 410.0 369.0 326.0 Total depreciation and amortization expense 591.4 549.3 484.9 Particulars (in INR mn) Q1 FY27 Q4 FY26 Q1 FY26 Interest and others 278.3 266.4 276.2 Interest on Franchisee deposit 91.6 91.0 100.1 Interest on lease liabilities 177.6 164.2 151.4 Total finance costs 547.4 521.6 527.7 34 34 Profit & Loss Statement Standalone | INR mn Quarter ended Year ended Particulars 30-06-2026 31-03-2026 30-06-2025 31-03-2026 (Unaudited) (Audited) (Unaudited) (Audited) Income Revenue from operations 7,331.94 6,876.60 4,925.77 24,412.30 Other income 148.15 150.30 118.88 491.81 Total income 7,480.09 7,026.90 5,044.65 24,904.11 Expenses Cost of raw materials consumed 7,120.01 7,196.55 4,175.74 22,042.90 Change in inventories of finished goods, work -in-progress and stock -in-trade (2,769.15) (3,296.52) (1,272.08) (8,039.58) Employee benefits expense 738.21 724.88 623.81 2,786.94 Finance costs 547.44 521.57 527.74 2,095.18 Depreciation and amortization expense 591.36 549.26 484.86 2,081.18 Other expenses 1,140.85 966.74 832.46 3,677.49 Total expenses 7,368.72 6,662.48 5,372.53 24,644.11 Profit/(Loss) before tax 111.37 364.42 (327.88) 260.00 Total tax expenses - - - - Profit/(Loss) for the period / year 111.37 364.42 (327.88) 260.00 Other comprehensive income / (loss) Items that will not be reclassified subsequently to profit or loss i. Re-measurement of employee defined benefit plans (0.06) (3.42) (2.02) (0.23) ii. Income tax on ( i) above - - - - Other comprehensive profit/(loss) for the period/year, net of tax (0.06) (3.42) (2.02) (0.23) Total comprehensive profit/(loss) for the period/year 111.31 361.00 (329.90) 259.77 Earnings per share (in INR) (face value of INR 1 each) (not annualised for the periods) Basic 0.73 2.40 (9.31) 2.18 Diluted 0.70 2.30 (9.31) 2.07 Paid up equity share capital 152.40 152.23 35.23 152.23 Other equity 18,031.85 35 35 Profit & Loss Statement Consolidated | INR mn Quarter ended Year ended Particulars 30-06-2026 31-03-2026 30-06-2025 31-03-2026 (Unaudited) (Audited) (Unaudited) (Audited) Income Revenue from operations 7,368.46 6,814.72 4,926.78 24,364.24 Other income 149.66 150.88 120.62 495.76 Total income 7,518.12 6,965.60 5,047.40 24,860.00 Expenses Cost of raw materials consumed 7,120.01 7,196.99 4,175.74 22,043.45 Purchases of stock -in-trade 47.58 47.43 36.50 127.52 Change in inventories of finished goods, work -in-progress and stock -in-trade (2,803.47) (3,413.28) (1,308.11) (8,241.16) Employee benefits expense 758.86 740.74 629.21 2,824.43 Finance costs 553.65 525.34 528.68 2,104.11 Depreciation and amortization expense 604.46 557.50 486.84 2,099.27 Other expenses 1,167.12 985.49 835.64 3,715.07 Total expenses 7,448.21 6,640.21 5,384.50 24,672.69 Profit/(loss) before share of net profit /(loss) of investments accounted for using the equity method and 69.91 325.39 (337.10) 187.31 tax Share of loss of investments accounted for using the equity method (10.30) (13.58) (10.35) (55.52) Profit/(loss) before tax 59.61 311.81 (347.45) 131.79 Total tax expenses - - - - Profit/(loss) for the period / year 59.61 311.81 (347.45) 131.79 Other comprehensive income / (loss) Items that will not be reclassified subsequently to profit or loss i. Re-measurement of employee defined benefit plans (0.06) (3.42) (2.02) (0.23) ii. Income tax on ( i) above - - - - Other comprehensive profit/(loss) for the period / year, net of tax (0.06) (3.42) (2.02) (0.23) Total comprehensive profit/(loss) for the period / year 59.55 308.39 (349.47) 131.56 Profit/(loss) attributable to: Owners of the Holding Company 69.60 320.28 (345.20) 148.37 Non-Controlling Interest (9.99) (8.47) (2.25) (16.58) 59.61 311.81 (347.45) 131.79 Other comprehensive income attributable to: Owners of the Holding Company (0.06) (3.42) (2.02) (0.23) Non-Controlling Interest - - - - (0.06) (3.42) (2.02) (0.23) Total comprehensive income attributable to: Owners of the Holding Company 69.54 316.86 (347.22) 148.10 Non-Controlling Interest (9.99) (8.47) (2.25) (16.58) 59.55 308.39 (349.47) 131.56 Earnings per share (in INR) (Face Value of INR 1 each) (not annualised for periods) Basic 0.46 2.05 (9.86) 1.10 Diluted 0.44 1.97 (9.86) 1.05 Paid up equity share capital 152.40 152.23 35.23 152.23 Other equity 17,854.70 36 36 For further information please contact: BlueStone Jewellery & Lifestyle Limited Investor.Relations@BlueStone.com EY LLP Investor Relations Diwakar Pingle: Diwakar.Pingle@in.ey.com Rhea Dharia: Rhea.Dharia@in.ey.com Avantika Mishra: Avantika.Mishra@in.ey.com 37