Bluestone Posts First-Ever Profit in Q3 FY26; Revenue Climbs to Rs 749 Cr
Omnichannel jewellery retailer BlueStone Jewellery and Lifestyle Limited has achieved a significant financial milestone, reporting its first-ever quarterly profit for the period ending December 31, 2025 (Q3 FY26). The company’s turnaround was driven by robust festive demand and sharp operational scaling.
The Financial Turnaround
In a notable shift from its historical performance, BlueStone posted a consolidated net profit of ₹68.8 crore for Q3 FY26. This marks a massive recovery compared to a net loss of ₹26.8 crore in the same quarter of the previous fiscal year (Q3 FY25).
Revenue Growth: Operating revenue surged by 27.5% year-on-year, reaching ₹748.6 crore, up from ₹587 crore in Q3 FY25.
Total Income: Including non-operating sources, total income for the quarter stood at ₹759 crore.
Expense Management: While revenue grew by 27.5%, total expenses were kept in check, rising only 9% to ₹688.9 crore. This disparity between revenue growth and cost increase was the primary engine for the company's profitability.
Operational Highlights
BlueStone’s strategy of combining digital discovery with a physical footprint continues to yield results:
Retail Expansion: The company added 12 new stores during the December quarter, bringing its total pan-India store count to 323.
Store Performance: Management noted that over 150 stores are now nearing an annualized revenue run rate of ₹10 crore per store.
IPO Fund Utilization: Following its stock market debut in August 2025, BlueStone has utilized ₹525 crore of the ₹750 crore set aside for working capital requirements as of December 31.
Strategic Moves
Alongside the earnings report, BlueStone’s board approved a ₹25.2 crore capital infusion into its subsidiary, Ethereal House Private Limited. The investment will be made through Series A2 compulsorily convertible preference shares (CCPS) to support working capital and business expansion, particularly in emerging segments like lab-grown diamonds.
"We have scaled the business differently from traditional big-box retail. There is a front-loaded cost in our P&L, but as our stores grow their revenues, we start seeing operating leverage. That is now playing out." — Gaurav Singh Kushwaha, CEO, BlueStone