BLUEPEBBLE - Blue Pebble

📊 NSE: BLUEPEBBLE 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 19:37

💰 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.