Bluestone’s FY26 profit hinges on a ₹150 crore gold‑price inventory revaluation
Bluestone’s FY26 profit surge looks impressive, but ₹150 crore of the ₹228 crore cash PAT comes from a gold‑price driven inventory revaluation. That mark‑to‑market gain pads EBITDA and masks a 60% inventory jump that outpaces revenue, leaving cash flow negative and raising doubts about the durability of the turnaround.