Blue Pebble Limited (BLUEPEBBLE)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Blue Pebble's revenue was ₹11.1 Cr, and net profit ₹-0.3 Cr; the operating margin was -0.9%.
| H2 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹11.1 | — | — |
| Operating profit | ₹-0.1 | — | — |
| Net profit | ₹-0.3 | — | — |
| EPS (₹) | -0.66 | — | — |
| Operating margin | -0.9% | — | — |
BLUEPEBBLE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.0% of the BLUEPEBBLE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 85.54%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 4 sessions in about the last 20.
Delivery in the last 5 sessions: 100.0% · 70.0% · 50.0% · 80.0% · 75.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Blue Pebble Limited announced the scrutinizer report and voting results for its 9th Annual General Meeting held on September 30, 2026. Both ordinary resolutions—the adoption of audited financial statements for FY26 and the re-appointment of retiring director Mrs. Karuna Nalin Gagrani—were approved with 100% assent from voting shareholders. In total, 29,99,500 shares voted in favour of the financial statements, while public shareholder participation was zero.
- Adoption of FY26 financial statements passed with 100% assent representing 29,99,500 votes.
- Re-appointment of Mrs. Karuna Nalin Gagrani approved with 100% assent representing 7,49,700 votes.
- Zero votes cast by public institutions and public non-institutions out of 10,80,000 public shares.
- Overall voter turnout was 73.52% of the total 40,80,000 equity shares.
Blue Pebble Limited has responded to an NSE surveillance query (Ref: NSE/CM/Surveillance/17499) regarding recent significant movement in its share price. The company confirmed that it is fully compliant with Regulation 30 of SEBI (LODR) Regulations, 2015, and has not withheld any material or price-sensitive information. It noted that the recent price volatility is purely market-driven and subject to general market conditions.
- Responded to NSE surveillance letter ref. NSE/CM/Surveillance/17499 dated September 7, 2026.
- Confirmed full compliance with disclosure norms under Regulation 30 of SEBI LODR.
- Clarified no undisclosed price-sensitive information or material events exist.
- Stated share price movement is entirely market-driven.
Blue Pebble Limited has submitted a clarification in response to an NSE surveillance letter dated September 7, 2026, regarding significant movement in its equity share price. The company affirmed that it has strictly adhered to Regulation 30 of SEBI (LODR) Regulations and has not withheld any undisclosed material or price-sensitive information. The management clarified that recent share price movements are purely market driven and subject to general market conditions.
- Responded to NSE surveillance query Ref. No. NSE/CM/Surveillance/17499 dated September 7, 2026
- Confirmed full compliance with SEBI Regulation 30 disclosure norms
- Clarified that no material price-sensitive information has been withheld from the exchange
- Stated all recent price fluctuations are purely market driven
Blue Pebble Limited has published its 9th Annual Report for FY 2025-26 and scheduled its Annual General Meeting (AGM) for September 30, 2026. For FY26, the company reported consolidated revenue of Rs 21.64 crore with an EBITDA margin of 7.33% and a PAT margin of 2.25%. During the fiscal year, the company also completed the 100% acquisition of subsidiary Blue Pebble Digital Private Limited to expand its digital marketing and branding footprint.
- Annual General Meeting scheduled to be held on September 30, 2026
- Consolidated revenue reported at Rs 21.64 crore for FY 2025-26
- Consolidated EBITDA margin stood at 7.33% and PAT margin at 2.25%
- Completed 100% acquisition of Blue Pebble Digital Private Limited during FY26
Financial Performance
Revenue Growth by Segment
Total revenue grew 103.5% YoY from INR 22.4 Cr to INR 45.6 Cr. Spatial Branding (core) contributed INR 24 Cr (52.6% of revenue) with 10-12% growth. Design and Build (D&B) contributed 30% (INR 13.68 Cr), and Digital Immersive contributed 15% (INR 6.84 Cr).
Geographic Revenue Split
The company operates in all four major Indian metros, with Mumbai serving as the core hub. Specific percentage splits per region are not disclosed in available documents.
Profitability Margins
PAT grew 34-35% YoY. However, margins were impacted by diversification; H2 margins dropped to 11% due to the learning curve in new verticals compared to higher historical levels.
EBITDA Margin
EBITDA was INR 6.5 Cr, representing a 14.2% margin. EBITDA absolute value grew by 27% YoY, though margins shrunk from previous periods due to lower-margin D&B projects and initial factory setup costs.
Capital Expenditure
Post-IPO, the company established a 7,500 square feet manufacturing facility equipped with EFI UV machines. Specific INR Cr investment for the factory was not disclosed.
Operational Drivers
Raw Materials
Key materials include vinyl (plain and 3D), furniture (chairs, tables), carpets, and paintings. These are used for environmental branding and office fit-outs.
Key Suppliers
The company manages 14-15 vendor partners for large projects like the 3M office fit-out. Specific supplier names are not disclosed.
Capacity Expansion
Current capacity includes a 7,500 sq. ft. factory. The company is moving from outsourcing to in-house manufacturing to reduce expenses and improve control over the supply chain.
Raw Material Costs
Raw material costs are highly transparent in the D&B segment (standardized pricing for furniture/carpets), which limits margin play to roughly 15-17% for integrated operations.
Manufacturing Efficiency
The company achieved a record 90-day turnaround for a million-square-foot office fit-out for 3M, demonstrating high execution efficiency.
Strategic Growth
Expected Growth Rate
82%
Growth Strategy
Growth is driven by diversifying from 'plain vanilla' vinyl into high-value Design & Build (30% revenue) and Digital Immersive (15% revenue) segments. The company is also pivoting toward infrastructure projects (roads, bridges, power plants) as per its 2025 MOA alteration.
Products & Services
Environmental branding, 3D/immersive digital branding, office fit-outs (Design & Build), and specialized interior installations including paintings and carpets.
Brand Portfolio
Blue Pebble (BPL).
New Products/Services
Digital immersive platform and AI-integrated visual modules; the D&B vertical now contributes 30% of revenue.
Market Expansion
Expanding across India using existing metro hubs and targeting large-scale infrastructure projects including highways and industrial parks.
Market Share & Ranking
Claims to be one of the largest in the niche environmental branding fraternity; specific % market share not disclosed.
Strategic Alliances
Strategic partnership with an outsourced tech team for back-end product stability and upgrades; MOU in place for long-term collaboration.
External Factors
Industry Trends
The industry is shifting toward 'immersive' digital environments and integrated 'Design & Build' services. India is seeing a surge in GCCs, which drives demand for high-end office branding.
Competitive Landscape
Competes with established D&B players with 25-30 years of experience, as well as specialized branding agencies.
Competitive Moat
Moat is built on deep relationships with large conglomerates (Adani, 3M) and a 'design-first' USP that allows them to out-decorate traditional construction-focused D&B competitors.
Macro Economic Sensitivity
Highly sensitive to corporate CAPEX and the trend of MNCs setting up back-end centers (GCCs) in India.
Consumer Behavior
Corporate clients are moving away from simple signage toward 'environmental branding' that reflects company culture and technology integration.
Regulatory & Governance
Industry Regulations
Compliance with BIFMA standards for furniture and ISO for quality management; recent MOA alteration allows entry into heavily regulated infrastructure sectors.
Environmental Compliance
The company holds ISO and BIFMA certifications, which are essential for qualifying for RFPs from global consultants like JLL and CBRE.
Risk Analysis
Key Uncertainties
The learning curve in new verticals (D&B and Digital) has already caused a margin drop to 11% in H2; failure to stabilize these could impact long-term profitability.
Geographic Concentration Risk
Core operations are concentrated in Mumbai, though they have a presence in four metros.
Third Party Dependencies
Heavy reliance on an outsourced tech team for their digital platform development, though a strategic partnership is being formalized.
Technology Obsolescence Risk
Mitigating tech risks by integrating AI and Chat GPT into visual modules to stay ahead of traditional branding methods.
Credit & Counterparty Risk
Receivables of INR 12 Cr represent a significant portion of the INR 45.6 Cr revenue, though management claims the cycle is healthy at 45-60 days.
