BlueStone Jewellery Reports ₹4.4 Crore Loss in Q2 FY27
BlueStone Jewellery's stock fell 13% after announcing a net loss for the second quarter, contrasting with previous profits.
BlueStone posted a consolidated net loss of ₹4.4 crore in Q2 FY27.
The stock price dropped to ₹663, down 12.81% from the previous close.
Despite the loss, shares are still 47% higher year-to-date.
BlueStone Jewellery's shares experienced a significant decline of nearly 13% on Friday, following the company's announcement of a consolidated net loss of ₹4.4 crore for the second quarter of FY27. This loss starkly contrasts with a profit of ₹5.9 crore reported in the preceding quarter, raising concerns among investors about the company's financial health.
The stock hit a low of ₹663 during intraday trading on the Bombay Stock Exchange (BSE), down from its last closing price of ₹760.45. As of 2:30 PM, shares were trading at ₹701.20, reflecting a 7.79% decrease. Approximately 2 million shares exchanged hands on both the BSE and National Stock Exchange (NSE), indicating heightened trading activity amid the stock's volatility.
Despite this downturn, BlueStone's shares have shown resilience over the year, remaining 47% higher year-to-date and 27% higher over the past six months. However, the stock has remained flat over the last year, with a slight decrease of nearly 2%. Harish Jujarey, an analyst at Prithvi Finmart, noted that the stock's recent correction follows an all-time high of ₹970, with the ₹700 mark providing a crucial support level.
BlueStone's Q2 results revealed a consolidated revenue from operations of ₹745.03 crore, which is relatively stable compared to ₹736.84 crore in Q1 FY27 but represents a 45% increase from ₹513.6 crore in Q2 FY26. The earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at ₹93.5 crore, more than double the ₹41.7 crore recorded in the same quarter last year, although it fell short of the ₹106.8 crore reported in the previous quarter.
Looking ahead, the company’s board has approved a plan to raise up to ₹300 crore through the issuance of non-convertible debentures via private placement. This move aims to bolster its financial position following the recent losses. Analysts suggest that the stock may continue to face challenges in the short term, with potential further declines towards the next support level around ₹600.
