Bluestone Jewellery & Lifestyle Ltd. (BLUESTONE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-353.3%

-₹1,711.68

vs ₹675.70 price

Levered DCF

-₹1,150.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.72

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	412.82×	-37.24×	-58.09×	-49.41×	-6.51×	-1.6×
P/B	3.02×	9.11×	22.08×	-115.03×	-4.5×	-0.09×
P/S	2.23×	4.67×	6.53×	10.72×	17.91×	0.21×
EV / EBITDA	16.88×	78.23×	106.7×	-225.16×	-7.01×	-43.83×
Gross margin	42.8%	36.0%	37.0%	29.7%	30.3%	30.2%
Operating margin	7.4%	-3.9%	-3.0%	-15.1%	-9.3%	10.8%
Net margin	0.5%	-12.5%	-11.2%	-21.7%	-274.9%	-12.9%
Current ratio	1.67×	1.25×	0.94×	0.92×	0.95×	1.01×
Debt / equity	1.1×	2.11×	3.64×	-11.44×	-0.16×	-1.19×
Interest coverage	0.85×	-0.34×	-0.28×	-1.78×	-2.33×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	0.7%	-24.5%	-38.0%	232.8%	69.1%	5.5%
Return on invested capital	4.7%	-2.5%	-2.2%	-12.7%	-11.9%	17.9%
Return on assets	0.3%	-6.3%	-5.8%	-13.3%	-226.1%	-13.5%
Free cash flow yield	-5.5%	-10.1%	-3.4%	-0.8%	0.0%	57.0%
Earnings yield	0.2%	-2.7%	-1.7%	-2.0%	-15.4%	-62.5%
Enterprise value	₹73.2B	₹101.3B	₹95.6B	₹90.6B	₹85.5B	₹7.2B
Net debt / EBITDA	4.33×	14.41×	14.53×	-19.76×	-0.24×	-40.75×
Cash conversion cycle (days)	665	487	381	234	118	64