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Investor Presentation Q2 & H1 FY27

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Prospective investors should carefully consider the risks associated with investing in the equity shares of BlueStone Jewellery and Lifestyle Limited (the “Company”) . Certain images and visuals used in this presentation are for illustrative purposes only . This presentation is provided solely for informational purposes and does not constitute an offer, solicitation or recommendation to purchase or subscribe to any securities of the Company, nor should it form the basis of any investment decision or contractual commitment . While the information contained herein has been compiled from sources believed to be reliable, the Company makes no representation or warranty, express or implied, regarding its accuracy, completeness or reliability and, to the extent permitted by applicable law, disclaims any liability arising from its use or reliance thereon . This presentation may contain forward - looking statements relating to the Company’s business, strategy, market opportunities, growth prospects and future performance . Actual results may differ materially due to various risks and uncertainties, including movements in gold and precious metal prices, consumer demand, competitive intensity, regulatory changes, supply - chain dynamics and broader economic conditions . Such statements are based on current expectations and assumptions, and the Company undertakes no obligation to update them except as required by applicable law . Disclaimer 2

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3 Business Overview Financial Performance Table of Contents BlueStone at a Glance 01 02 03

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BlueStone at a Glance 4

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5 5 India’s second largest ‘digital first’ omni - channel jewellery player Market Leader Leading Brand Pan India Presence Digitally Native Company Design & Manufacturing 38.9% Revenue CAGR (FY24 - 26) 32.9% SSSG ( H1 FY2 7 ) 172.7% Reported EBITDA CAGR % (FY24 - FY26) 10 ,500+ No of designs (Sep’26) #1 Among peers 1 by design - to - store turnaround time (FY24) 95%+ Jewellery produced in - house (#1 amongst peers 1 ) Best - in - class tech features Among leading jewellery retailers 1 (Jun’24) 3D rendering Pioneers in introducing technology In - house integrated tech stack One of the few amongst peers 1 379 Stores ( Sep ’26) 146 Towns and cities (Sep’26) 12,660+ PIN codes serviced ( Sep ’26) #2 Digital - first omni - channel jewellery brands in India (FY24) 28 - 32% Market share among omni - channel jewellery players (FY25) 58.1% Repeat ratios (H1 FY27) 6.5% Advertising and promotional spends as % of revenue (H1 FY27) Fastest Growing with Strong Unit Economics 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 Report.

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Investor Presentation Q2 & H1 FY27

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3 Business Overview Financial Performance Table of Contents BlueStone at a Glance 01 02 03

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BlueStone at a Glance 4

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34 Profit & Loss Statement Standalone | INR mn Particulars Quarter ended Half year ended Year ended 30 - 09 - 2026 (Unaudited) 30 - 06 - 2026 (Unaudited) 30 - 09 - 2025 (Unaudited) 30 - 09 - 2026 (Unaudited) 30 - 09 - 2025 (Unaudited) 31 - 03 - 2026 (Audited) Income Revenue from operations 7,380.88 7,331.94 5,130.93 14,712.82 10,056.70 24,412.30 Other income 244.85 148.15 115.23 393.00 234.11 491.81 Total income 7,625.73 7,480.09 5,246.16 15,105.82 10,290.81 24,904.11 Expenses Cost of raw materials consumed 5,678.52 7,120.01 4,399.74 12,798.53 8,575.48 22,042.90 Change in inventories of finished goods, work - in - progress and stock - in - trade (996.69) (2,769.15) (1,297.57) (3,765.84) (2,569.65) (8,039.58) Employee benefits expense 678.47 738.21 713.66 1,416.68 1,337.47 2,786.94 Finance costs 576.26 547.44 522.29 1,123.70 1,050.03 2,095.18 Depreciation and amortization expense 622.51 591.36 511.38 1,213.87 996.24 2,081.18 Other expenses 1,049.20 1,140.85 887.75 2,190.05 1,720.21 3,677.49 Total expenses 7,608.27 7,368.72 5,737.25 14,976.99 11,109.78 24,644.11 Profit/(Loss) before tax 17.46 111.37 (491.09) 128.83 (818.97) 260.00 Total tax expenses - - - - - - Profit/(Loss) for the period / year 17.46 111.37 (491.09) 128.83 (818.97) 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 (4.96) (0.06) 2.82 (5.02) 0.80 (0.23) ii. Income tax on ( i ) above - - - - - - Other comprehensive profit/(loss) for the period/year, net of tax (4.96) (0.06) 2.82 (5.02) 0.80 (0.23) Total comprehensive profit/(loss) for the period/year 12.50 111.31 (488.27) 123.81 (818.17) 259.77 Earnings per share (in INR) (face value of INR 1 each) (not annualised for the periods) Basic 0.11 0.73 (3.52) 0.84 (9.34) 2.18 Diluted 0.11 0.70 (3.52) 0.81 (9.34) 2.07 Paid up equity share capital 152.80 152.40 151.32 152.80 151.32 152.23 Other equity 18,031.85

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35 Balance Sheet Standalone | INR million Particulars As on 30 September 2026 As on 31 March 2026 Particulars As on 30 September 2026 As on 31 March 2026 Assets Equity and liabilities Non - current assets Equity Property, plant and equipment 2,645.42 2,638.59 Equity share capital 152.80 152.23 Right - of - use assets 8,835.43 8,430.31 Share application money pending allotment - 0.02 Capital work - in - progress 22.29 26.02 Other equity 18,479.46 18,031.85 Other intangible assets 18.38 25.62 Total equity 18,632.26 18,184.10 Intangible asset under development 19.60 - Financial assets Non - current liabilities i ) Investments 554.98 524.98 Financial liabilities ii) Other financial assets 721.44 727.65 i ) Borrowings 2,355.50 2,010.58 Non - current tax assets (net) 114.12 98.68 ii) Lease liabilities 8,455.32 8,010.95 Deferred tax assets (net) - - iii) Other financial liabilities - 30.82 Other non - current assets 2,159.75 1,732.36 Provisions 54.65 50.68 Total non - current assets 15,091.41 14,204.21 Total non - current liabilities 10,865.47 10,103.03 Current assets Current liabilities Inventories 30,464.31 26,516.51 Financial liabilities Financial assets i ) Borrowings 6,563.74 5,432.65 i ) Investments 157.82 436.14 ii) Gold on loan 4,556.42 2,848.4 ii) Loans - - iii) Lease liabilities 1,409.76 1,307.34 iii) Trade receivables 330.31 74.98 iv) Trade payables iv) Cash and cash equivalents 618.72 960.81 (a) Total outstanding dues of micro enterprises and small enterprises 234.27 399.25 v) Bank balances other than (iv) above 4,301.43 4,041.46 (b) Total outstanding dues of creditors other than micro enterprises and small enterprises 1,230.02 1,160.11 vi) Other financial assets 3,281.02 3,015.07 v) Other financial liabilities 2,066.27 2,420.88 Other current assets 322.82 237.91 Provisions 49.38 36.68 Total current assets 39,476.43 35,282.88 Other current liabilities 8,960.25 7,594.91 Total current liabilities 25,070.11 21,199.96 Total liabilities 35,935.58 31,302.99 Total assets 54,567.84 49,487.09 Total equity and liabilities 54,567.84 49,487.09

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36 Cash Flow Statement Standalone | INR mn A. Cash flows from operating activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 B. Cash flows from investing activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 Profit / (Loss) before tax 128.83 (818.97) Acquisition of property, plant and equipment (including capital work - in - progress and capital advances) (453.77) (535.66) Adjustments for non cash items and other adjustments : Depreciation and amortisation 1,213.87 996.24 Proceeds from sale of property, plant and equipment 1.65 2.51 Expense on employee stock option scheme 323.79 510.81 Acquisition of intangible assets (19.60) (3.33) Finance costs 1,097.77 1031.12 Payment for acquisition of subsidiary - - Interest income (184.80) (145.77) Payment for acquisition of associate (30.00) - Loss / (Profit) on sale of property, plant and equipment (net) 9.36 23.73 Investment in fixed deposits (4,743.99) (9,130.73) Rent waiver on lease liabilities - - Redemption of fixed deposits 4,640.51 3,828.46 Gain on mutual fund (13.74) (17.58) Investment in mutual funds (411.57) (450.00) Liabilities no longer required written back (154.57) (31.67) Redemption of mutual funds 703.63 571.71 (Gain)/ loss on termination of lease (11.68) (14.67) Interest received on fixed deposits 174.45 133.10 Fair value gain on call option in subsidiary - - Net cash used in investing activities (B) (138.69) (5,583.94) Intangible asset under development written off - - Unwinding of interest on financial assets carried at amortised cost (20.11) (16.63) Operating profit before working capital changes 2,388.72 1,516.52 Working capital adjustments: C. Cash flows from financing activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 Decrease / (Increase) in other financial assets (430.06) (374.05) Increase in other assets (461.52) 100.83 Proceeds from issue of equity shares (net of IPO expenses) 0.57 7,970.84 Increase in inventories (3,947.80) (3,095.81) Share application money pending allotment - - Decrease in loans - (0.11) Proceeds from issue of preference shares - - Increase in trade receivables (255.33) (21.50) Proceeds from borrowings 14,635.66 7,192..48 Decrease in other financial liabilities (280.89) 225.37 Repayment of borrowings (13,159.65) (7,156.87) Increase in provisions 11.65 10.60 Interest paid (721.32) (709.52) Decrease in gold on loan 1,708.28 (762.98) Payment of lease liabilities including interest (1,010.65) (761.37) (Decrease) / Increase in trade payables (55.45) 76.85 Net cash generated from financing activities (C) (255.39) 6,535.56 Increase in other current liabilities 1,389.83 1,641.93 Net (decrease) / increase in cash and cash equivalents (A+B+C) (342.09) 259.20 Cash used in operations 67.43 (682.35) Cash and cash equivalents at the beginning of the year 960.81 430.57 Income tax paid (net) (15.44) (10.07) Cash and cash equivalents at the end of the year 618.72 689.77 Net cash used in operating activities (A) 51.99 (692.42)

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37 Profit & Loss Statement Consolidated | INR mn Particulars Quarter ended For the half year ended Year ended 30 - 09 - 2026 (Unaudited) 30 - 06 - 2026 (Unaudited) 30 - 09 - 2025 (Unaudited) 30 - 09 - 2026 (Unaudited) 30 - 09 - 2025 (Unaudited) 31 - 03 - 2026 (Audited) Income Revenue from operations 7,450.33 7,368.46 5,136.27 14,818.79 10,063.05 24,364.24 Other income 243.81 149.66 1 16.58 393.47 237.20 495.76 Total income 7,694.14 7,518.12 5 ,252.85 15,212.26 10,300.25 24,860.00 Expenses Cost of raw materials consumed 5,880.24 7,120.01 4,399.75 13,000.25 8,575.49 22,043.45 Purchases of stock - in - trade 51.98 47.58 16 .65 99.56 53.15 127.52 Change in inventories of finished goods, work - in - progress and stock - in - trade (1,230.72) (2,803.47) (1,312.48) (4,034.19) (2,620.59) (8,241.16) Employee benefits expense 705.78 758.86 720.87 1,464.64 1,350.08 2,824.43 Finance costs 583.76 553.65 524.15 1,137.41 1,052.83 2,104.11 Depreciation and amortization expense 638.70 604.46 514.83 1,243.16 1,001.67 2,099.27 Other expenses 1,094.09 1,167.12 8 94.67 2,261.21 1,730.31 3,715.07 Total expenses 7,723.83 7,448.21 5,758.44 15,172.04 11,142.94 24,672.69 Profit/(loss) before share of net profit /(loss) of investments accounted for using the equity method and tax (29.69) 69.91 (505.59) 40.22 (842.69) 187.31 Share of loss of investments accounted for using the equity method (14.04) (10.30) (15.43) (24.34) (25.78) (55.52) Profit/(loss) before tax (43.73) 59.61 (521.02) 15.88 (868.47) 131.79 Total tax expenses - - - - - - Profit/(loss) for the period / year (43.73) 59.61 (521.02) 15.88 (868.47) 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 (4.96) (0.06) 2 .82 (5.02) 0.80 (0.23) ii. Income tax on ( i ) above - - - - 0 - Other comprehensive profit/(loss) for the period / year, net of tax (4.96) (0.06) 2 .82 (5.02) 0.80 (0.23) Total comprehensive profit/(loss) for the period / year (48.69) 59.55 (518.20) 10.86 (867.67) 131.56 Profit/(loss) attributable to: Owners of the Holding Company (32.32) 69.60 (517.49) 37.28 (862.69) 148.37 Non - Controlling Interest (11.41) (9.99) (3.53) (21.40) (5.78) (16.58) (43.73) 59.61 (521.02) 15.88 (868.47) 131.79 Other comprehensive income attributable to: Owners of the Holding Company (4.96) (0.06) 2.82 (5.02) 0.80 (0.23) Non - Controlling Interest - - - - - - (4.96) (0.06) 2 .82 (5.02) 0.80 (0.23) Total comprehensive income attributable to: Owners of the Holding Company (37.28) 69.54 (514.67) 32.26 (861.89) 148.14 Non - Controlling Interest (11.41) (9.99) (3.53) (21.40) (5.78) (16.58) (48.69) 59.55 (518.20) 10.86 (867.67) 131.56 Earnings per share (in INR) (Face Value of INR 1 each) (not annualised for periods) Basic (0.21) 0.46 (3.73) 0.24 (9.90) 1.10 Diluted (0.21) 0.44 (3.73) 0.24 (9.90) 1.05 Paid up equity share capital 152.80 152.40 151.32 152.80 151.32 152.23 Other equity 17,854.70

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38 Balance Sheet Consolidated | INR mn Particulars As on 30 September 2026 As on 31 March 2026 Particulars As on 30 September 2026 As on 31 March 2026 Assets Equity and liabilities Non - current assets Equity Property, plant and equipment 2,688.07 2,662.48 Equity share capital 152.80 152.23 Right - of - use assets 9,220.90 8,655.21 Share application money pending allotment - 0.02 Capital work - in - progress 24.36 27.49 Other equity 18,210.91 17,845.70 Other intangible assets 18.37 25.60 Equity attributable to the owners of the parent 18,363.71 18,006.95 Intangible asset under development 19.60 - Non - controlling interest 1.68 23.08 Investments accounted for using equity method 35.70 30.04 Total equity 18,365.39 18,030.03 Financial assets Non - current liabilities i) Other financial assets 758.42 748.63 Financial liabilities Non - current tax assets (net) 114.44 99.00 i ) Borrowings 2,355.50 2,010.58 Deferred tax assets (net) - - ii) Lease liabilities 8,814.01 8,218.58 Other non - current assets 2,206.42 1,750.34 iii) Other financial liabilities 185.49 30.82 Total non - current assets 15,086.28 13,998.79 Provisions 54.65 51.75 Total non - current liabilities 11,409.65 10,311.73 Current assets Current liabilities Inventories 30,934.24 26,718.09 Financial liabilities Financial assets i ) Borrowings 6,563.74 5,432.65 i ) Investments 157.82 436.14 ii) Gold on loan 4,556.42 2,848.14 ii) Loans 0.25 0.02 iii) Lease liabilities 1,446.79 1,329.00 iii) Trade receivables 341.43 75.43 iv) Trade payables iv) Cash and cash equivalents 644.33 1,075.24 (a) Total outstanding dues of micro & small enterprises 234.27 399.56 v) Bank balances other than (iv) above 4,341.43 4,041.48 (b) Total outstanding dues of creditors other than micro & small enterprises 1,268.99 1,204.26 vi) Other financial assets 3,080.42 3,015.42 v) Other financial liabilities 2,074.19 2,420.88 Other current assets 348.24 249.51 Provisions 49.80 36.87 Total current assets 39,848.16 35,611.33 Other current liabilities 8,965.20 7,597.00 Total current liabilities 25,159.40 21,268.36 Total liabilities 36,569.05 31,580.09 Total assets 54,934.44 49,610.12 Total equity and liabilities 54,934.44 49,610.12

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39 Cash Flow Statement Consolidated | INR mn A. Cash flows from operating activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 B. Cash flows from investing activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 Profit / (Loss) before tax 15.88 (842.69) Acquisition of property, plant and equipment (including capital work - in - progress and capital advances) (490.83) (544.60) Adjustments for non cash items and other adjustments : Depreciation and amortisation 1,243.16 1,001.67 Proceeds from sale of property, plant and equipment 2.23 2.51 Expense on employee stock option scheme 323.95 510.81 Acquisition of intangible assets (19.60) (3.33) Finance costs 1,111.48 1,033.92 P ayment for acquisition of associate (30.00) - Share of loss of investments accounted for using the equity method 24.35 - Investment in fixed deposits (4,743.99) (9,130.73) Interest income (183.51) 148.77 Redemption of fixed deposits 4,600.53 3,868.46 Loss / (Profit) on sale of property, plant and equipment (net) 9.36 23.73 Investment in mutual funds (411.57) (450.00) Rent waiver on lease liabilities - - Redemption of mutual funds 703.63 571.71 Gain on mutual fund (13.74) (17.58) Interest received on fixed deposits 174.71 134.33 Liabilities no longer required written back (154.57) (31.76) Net cash used in investing activities (B) (214.89) (5,551.65) (Gain)/ loss on termination of lease (12.38) (14.65) Fair value gain on call option in subsidiary - - Intangible asset under development written off - - Unwinding of interest on financial assets carried at amortised cost (20.69) (16.74) Operating profit before working capital changes 2,343.29 1,497.94 Working capital adjustments: C. Cash flows from financing activities For half year ended 30 Sept 2026 For half year ended 30 Sept 2025 Decrease / (Increase) in other financial assets (241.43) (378.40) Decrease / (Increase) in other assets (489.76) 84.61 Proceeds from issue of equity shares (net of IPO expenses) 0.57 7,970.84 Increase in inventories (4,216.15) (3,146.75) Share application money pending allotment - - Decrease in loans (0.23) (0.18) Proceeds from issue of preference shares - - (Increase) / decrease in trade receivables (266.00) (21.50) Proceeds from borrowings 7,690.64 7,192.48 Decrease in other financial liabilities (202.43) 227.25 Repayment of borrowings (6,214.63) (7,156.87) Increase in provisions 10.81 10.60 Interest paid (731.73) (709.52) (Decrease) / Increase in gold on loan 1,708.28 (762.98) Payment of lease liabilities including interest (1,037.52) (765.28) (Decrease) / Increase in trade payables 54.01 98.69 Net cash generated from financing activities (C) (292.67) 6,531.65 Increase in other current liabilities 1,391.70 1,643.60 Net (decrease) / increase in cash and cash equivalents (A+B+C) (430.91) 222.69 Cash used in operations 92.09 (747.12) Cash and cash equivalents at the beginning of the year 1,075.24 487.75 Income tax paid (net) (15.44) (10.91) Cash and cash equivalents at the end of the year 644.33 710.44 Net cash used in operating activities (A) 76.65 (757.31)

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40 Glossary Term Description A&P Advertising expense plus selling or promotional expenses. Adjusted EBITDA EBITDA plus ESOP charge plus franchisee commission as part of opex. Franchisee commission includes minimum guarantee on the f ran chisee deposits and the margin paid to the Franchisees over and above the minimum guarantee (forms part of brokerage and commission in our Restated Financial Information). Adjusted PAT Reported PAT adjusted for ESOP expense, net impact of Ind AS 116 accounting and any inventory gains/losses. Average Inventory Average of opening and closing inventory. Average Order Value or AOV Average Order Value (AOV) measures the average amount of revenue generated per customer order Capital Employed Total equity plus non - current borrowings plus current borrowings (including gold metal loan). Cash PAT Profit before tax, adding back depreciation and amortisation, finance cost on leases and ESOP expenses, and deducting rent pa id Contribution Margin Margin after deducting direct costs from gross profit EBITDA EBITDA is calculated as profit / (loss) before tax less other income plus depreciation and amortisation expense plus finance cos t plus fair value through profit or loss (one - time loss in Fiscal 2022). EBITDA Margin EBITDA Margin is calculated as EBITDA as a percentage of revenue from operations. Gross Debt Non - current borrowings plus current borrowings. Gross Margin Gross Margin is calculated as gross profit divided by revenue from operations. Gross Profit Gross Profit is calculated as revenue from operations less cost of raw materials consumed plus change in inventory. Inventory Turnover Ratio Inventory Turnover Ratio is calculated as the annualised revenue from operations divided by the average inventory for the per iod (calculated as the average between the opening and closing inventory for the period). Net Debt (without GML) Gross Debt excluding GML less cash and bank balances. Net Debt / Equity (without GML) Net debt without GML divided by total equity Net Debt (with GML) Gross Debt - Cash and Bank Balances (including all unrestricted bank deposits, and deposits for Gold Metal Loan) Net Debt / Equity (with GML) Net debt with GML divided by total equity Number of customers Number of customers refers to the total count of unique customers who have made and retained a purchase to date PAT Profit after tax PAT Margin Profit after tax as a percentage of revenue from operations. Pre - IndAS EBITDA Management metric to understand operating EBITDA of the business. Pre - IndAS EBITDA is reported EBITDA adjusted to add back ESOP expenses and franchise commission, deduct rent paid on leases (accounted for as depreciation and interest under Ind AS 116) and exclude in ven tory gains/losses. A reconciliation is provided in the housekeeping section. Return on Capital Employed or ROCE EBIT / (Equity + Net Debt) Same Store Sales Growth (SSSG) Same Store Sales Growth represents the period - over - period percentage change in net revenue from operations of all stores which a re operational for more than 12 months for the reported Fiscal. Studded Revenue Studded Revenue refers to the revenue generated through the sale of Studded Jewellery. Studded jewellery refers to jewellery pie ces that prominently feature gemstones or precious stones. These stones, such as diamonds, rubies, etc., are set into jewellery to add colour and val ue. (Source: RedSeer Report)

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