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Swing Capital

Bluestone Jewellery & Lifestyle Ltd

NSE: BLUESTONE BSE: 544484

Incorporated in 2011, BlueStone Jewellery and Lifestyle Limited manufactures and provides diamond, gold, platinum and studded jewellery.[1]

₹469
52W: ₹400 — ₹793
PE 275 · Book ₹119 · +294% vs book
Market Cap₹7,144 Cr
Stock P/E275Price to Earnings
ROCE7.13%Return on Capital
ROE1.92%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 23.1% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 3.94 times its book value
  • −Company has low interest coverage ratio.
  • −Promoter holding is low: 16.3%
  • −Company has a low return on equity of -16.1% over last 3 years.
  • −Promoters have pledged 37.2% of their holding.
  • −Working capital days have increased from 39.0 days to 136 days

Shareholding Pattern

Promoters16.27%
FIIs34.19%
DIIs33.9%
Public15.64%
CategorySep 2025Dec 2025Mar 2026
Promoters16.36%16.36%16.27%▼0.1
FIIs35.24%34.94%▼0.334.19%▼0.8
DIIs32.49%32.52%▲0.033.9%▲1.4
Public15.9%16.19%▲0.315.64%▼0.6

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales348373587461493513748688
Expenses346378537433436470581559
Operating Profit2-450285743167128
OPM %1%-1%9%6%11%8%22%19%
Net Profit-59-84-27-49-33-497136
EPS ₹-27.61-25.96-7.94-13.8-9.31-3.254.722.39

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,441Cr, up 37.9% YoY. OPM at 16%.

Debt Position

Borrowings at ₹1,961Cr. Debt-to-equity ratio: 1.09x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹3Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Margin & Efficiency

ROCE improving from 0% (Mar 2020) to 7% (Mar 2026). Working capital days: 136.

Valuation

PE 275x with 7.13% ROCE. Price is 294% above book value of ₹119. Dividend yield: 0%.

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