BLUESTONE JEWELLERY Q2 FY27 : REVENUE UP 44%, STORE EXPANSION ACCELERATES & MARKETING COST REDUCTION TARGETED

• Q2 REVENUE UP 44% YOY TO ₹738 CR, WITH EBITDA MORE THAN DOUBLING YOY • COMPANY REPORTED FOURTH CONSECUTIVE PROFITABLE QUARTER ON STANDALONE BASIS • SAME-STORE SALES GROWTH STOOD AT APPROXIMATELY 28% IN Q2 FY27 • AVERAGE ORDER VALUE INCREASED APPROXIMATELY 29% YOY, PARTLY SUPPORTED BY HIGHER GOLD PRICES • COMPANY ADDED 27 NEW STORES DURING Q2, EXPANDING INTO 7 ADDITIONAL TIER 2 & TIER 3 CITIES • FUTURE STORE EXPANSION TO FOCUS INCREASINGLY ON TIER 2 & TIER 3 MARKETS • MANAGEMENT EXPECTS INVENTORY PRODUCTIVITY & STORE-LEVEL RETURNS TO IMPROVE AS STORES MATURE • MARKETING EXPENSES TARGETED TO DECLINE TO APPROXIMATELY 4.5% OF REVENUE OVER NEXT 4 YEARS VS 5.7% IN Q2 • ENTRY-LEVEL JEWELLERY RANGE EXPANDED TO IMPROVE CUSTOMER ACQUISITION & CONVERSION • STABLE GOLD PRICES COULD SUPPORT HIGHER TRANSACTION VOLUMES & JEWELLERY AFFORDABILITY • BOARD GAVE IN-PRINCIPLE APPROVAL TO RAISE UP TO ₹300 CR THROUGH NCDs TO REFINANCE COSTLIER DEBT • MANAGEMENT PRIORITIZING HIGHER INVENTORY TURNS, GMROI & OPERATING LEVERAGE OVER MARGIN PERCENTAGE ALONE • ₹12,000 CR FY30 REVENUE ASPIRATION REFERENCED DURING ANALYST Q&A, BUT NOT EXPLICITLY REAFFIRMED AS FRESH MANAGEMENT GUIDANCE • FLAGSHIP STORE FORMAT UNDER EXPERIMENTATION, WITH POTENTIAL TESTING AT 1–2 ADDITIONAL LOCATIONS • HIGH INVENTORY REQUIREMENTS, GOLD PRICE VOLATILITY & LOWER STUDDED JEWELLERY CONTRIBUTION REMAIN KEY RISKS

BLUESTONE JEWEL LFSTL LTD

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