Omnichannel jewellery retailer Bluestone turns profitable as Q3 revenue hits Rs 748 crore
Omnichannel jewellery retailer Bluestone clocked its first-ever profit of Rs 68.8 crore in the third quarter of FY26, against a net loss of Rs 26.8 crore a year ago.
The Bengaluru-based company posted an operating revenue of Rs 748.6 crore in Q3, up 27.5% year-on-year (YoY) from Rs 587 crore from the year prior.
The company’s expenses rose marginally by 9% to Rs 688.9 crore in the December quarter from Rs 629.8 crore a year ago. However, the company’s revenues rose faster, by 27.5%, leading to its first-ever profit.
“We have scaled the business differently from traditional big box retail, since we’re omni-channel. There is a front-loaded cost in our P&L, but as our stores grow their revenues over time, as the broader revenue scales, we start seeing operating leverage. So, that is kind of playing out, and there is still runway to expand,” said the company’s chief executive Gaurav Singh Kushwaha during the post-earnings call.
According to its investor presentation, Bluestone had 28-32% market share in the omni-channel jewellery segment in FY25.
As it continued to expand its retail footprint, the company added 12 stores in the December quarter, taking the total count to 323 stores pan-India.
Bluestone listed on Indian exchanges last August, having raised Rs 1,540 crore. Of this, it set aside Rs 750 crore for its working capital requirements. In its Q3 results, the company disclosed that it had utilised Rs 525 crore from this as of December 31, 2025.
The company’s shares rose 11.96% to close at Rs 474.75 on the BSE on Thursday.
The Bengaluru-based company posted an operating revenue of Rs 748.6 crore in Q3, up 27.5% year-on-year (YoY) from Rs 587 crore from the year prior.
The company’s expenses rose marginally by 9% to Rs 688.9 crore in the December quarter from Rs 629.8 crore a year ago. However, the company’s revenues rose faster, by 27.5%, leading to its first-ever profit.
“We have scaled the business differently from traditional big box retail, since we’re omni-channel. There is a front-loaded cost in our P&L, but as our stores grow their revenues over time, as the broader revenue scales, we start seeing operating leverage. So, that is kind of playing out, and there is still runway to expand,” said the company’s chief executive Gaurav Singh Kushwaha during the post-earnings call.
According to its investor presentation, Bluestone had 28-32% market share in the omni-channel jewellery segment in FY25.
As it continued to expand its retail footprint, the company added 12 stores in the December quarter, taking the total count to 323 stores pan-India.
Bluestone listed on Indian exchanges last August, having raised Rs 1,540 crore. Of this, it set aside Rs 750 crore for its working capital requirements. In its Q3 results, the company disclosed that it had utilised Rs 525 crore from this as of December 31, 2025.
The company’s shares rose 11.96% to close at Rs 474.75 on the BSE on Thursday.
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