BlueStone Files Audited FY26 Results; Appoints Internal Auditors & Allots ESOP Shares

BlueStone Jewellery and Lifestyle Limited announced the outcomes of its board meeting held on April 23, 2026, where directors approved the filing of audited financial results for FY26 with stock exchanges and made key corporate governance appointments. The meeting, which commenced at 9:00 AM IST and concluded at 4:05 PM, resulted in several significant decisions including regulatory filings and internal auditor appointments.

Audited Financial Results Filing and Regulatory Compliance

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the board approved the filing of standalone and consolidated audited financial results for Q4FY26 and FY26 with BSE and NSE. The company received unmodified audit opinions from statutory auditors M/s MSKA & Associates LLP for both standalone and consolidated financial statements.

Filing Details: Information Audit Committee Review: Completed Board Approval Date: April 23, 2026 Statutory Auditors: M/s MSKA & Associates LLP Audit Opinion: Unmodified

Internal Auditor Appointment for FY27

The board approved the appointment of M/s Sudit K.Parekh & Co. LLP, Chartered Accountants as the Internal Auditors of the Company for FY27. The firm, originally founded in 1962 and later converted into a Limited Liability Partnership, is headquartered in Mumbai and provides comprehensive professional services including audit and assurance, internal audit, taxation, regulatory compliance, and advisory services.

Internal Auditor Details: Information Firm Name: M/s Sudit K.Parekh & Co. LLP Appointment Effective: April 23, 2026 Term: Financial Year 2026-27 Registration: ICAI Registered Headquarters: Mumbai

ESOP Share Allotment and Capital Structure Update

The board approved the allotment of 1,29,573 equity shares under the BlueStone Jewellery and Lifestyle Limited – Employee Stock Option Plan 2014 to eligible employees. Each share carries a face value of ₹1 and was issued as fully paid-up upon exercise of vested options by employees.

ESOP Allotment Details: Information Shares Allotted: 1,29,573 equity shares Face Value: ₹1 per share Plan: Employee Stock Option Plan 2014 Issue Date: April 23, 2026 Exercise Price: ₹1 per share

Updated Share Capital Structure

Following the ESOP allotment, the company's issued, subscribed and paid-up equity share capital increased from ₹152,231,365 to ₹152,360,938. The updated capital structure now consists of 152,360,938 equity shares of face value ₹1 each, representing the total outstanding shares after the employee stock option exercise.

Share Capital Changes: Before Allotment After Allotment Share Capital: ₹152,231,365 ₹152,360,938 Number of Shares: 152,231,365 152,360,938 Face Value: ₹1 per share ₹1 per share

Regulatory Filing and Disclosure Requirements

The company filed the statement pursuant to Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, with both NSE and BSE. The filing includes comprehensive details about the ESOP allotment, including distinctive share numbers from 152,231,366 to 152,360,938, and confirms that the newly allotted shares rank pari-passu with existing equity shares.

Exchange Filings: Details NSE Filing Number: NSE/LIST/51476 BSE Filing Number: DCS/ESOP/IP/NB/3906/2025-26 ISIN Number: INE304W01038 Distinctive Numbers: 152,231,366 to 152,360,938

The disclosures will be hosted on the company's investor relations website at www.bluestone.com/investor-relations.html , ensuring transparency and accessibility for stakeholders and regulatory compliance.

Bluestone jewellery & lifestyle has faced implementation delays in its IPO fund utilization, with Rs. 56.63 crore remaining unutilized beyond the March 31, 2026 deadline stipulated in the offer document. The monitoring agency report by CARE Ratings Limited reveals significant concerns about the company's fund deployment timeline and financial performance.

Monitoring Agency Report Highlights Delays

CARE Ratings Limited, serving as the monitoring agency, submitted its quarterly report for the period ended March 31, 2026, revealing that the company failed to meet the deployment timeline specified in the IPO prospectus. The report indicates that gross IPO proceeds of Rs. 56.63 crore remain unutilized as of the quarter end, with no supporting approvals received for timeline extension.

Parameter: Details Total IPO Size: Rs. 820.00 crore Amount Utilized: Rs. 763.37 crore Unutilized Amount: Rs. 56.63 crore Original Deadline: March 31, 2026 Monitoring Agency: CARE Ratings Limited

Fund Utilization Breakdown

The detailed utilization pattern shows mixed progress across different objectives. For working capital requirements, the company utilized Rs. 725.65 crore out of the allocated Rs. 750.00 crore, leaving Rs. 24.35 crore unutilized. This included Rs. 200.00 crore deployed during the quarter, primarily Rs. 30.00 crore for gold purchases and Rs. 170.00 crore placed as fixed deposits for gold metal loan margins.

Object: Allocated (Rs. Crore) Utilized (Rs. Crore) Unutilized (Rs. Crore) Working Capital: 750.00 725.65 24.35 General Corporate: 20.75 15.00 5.75 Issue Expenses: 49.25 22.72 26.53

Financial Performance Concerns

The monitoring agency report also highlighted the company's challenging financial position, noting net losses of Rs. 142.24 crore in FY24 and Rs. 219.21 crore in FY25. While losses reduced to Rs. 18.00 crore in the nine months of FY26, the continued losses raise questions about the viability of the fund deployment objectives.

Deployment of Unutilized Proceeds

The unutilized Rs. 56.63 crore has been deployed in fixed deposits worth Rs. 50.00 crore with AU Small Finance Bank at 7.05% interest rate, maturing on October 3, 2026. The remaining Rs. 6.63 crore remains in the Axis Bank public offer account, with the monitoring agency noting that the company has transferred funds from the monitoring agency account to current accounts, resulting in comingling of funds.

Regulatory Compliance and Board Response

The Board of Directors approved the utilization of unutilized IPO proceeds for FY 2026-27, stating that the unutilized portion will be used for general corporate purposes. The company maintains that the offer document allows for utilization in the next fiscal year if the scheduled deployment is not met, though the monitoring agency noted the absence of formal approvals for timeline extension.

The report was signed by Managing Director Gaurav Singh Kushwaha and submitted to both BSE and NSE on April 23, 2026, maintaining the company's commitment to regulatory transparency despite the implementation delays.

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