BlueStone Jewellery and Lifestyle Limited has started FY27 with strong financial results. The digital-first jewellery brand reported consolidated operating revenue of ₹736.8 crore in the April-June quarter (Q1 FY27), showing nearly 50% year-on-year growth. The company also returned to profit by posting a consolidated net profit of ₹5.9 crore, compared to a net loss of ₹34.7 crore in the same quarter last year.
The latest results come after a strong FY26, when BlueStone achieved record revenue and became profitable for the full financial year. The company says its growth is being driven by higher customer demand, more repeat buyers and continued expansion of its retail stores across India.
Strong Revenue Growth and Better Profitability in Q1 FY27
BlueStone’s standalone revenue for the quarter stood at around ₹733 crore, up 48.8% from the same period last year. On an adjusted basis, the company reported a standalone profit after tax of ₹14 crore.
The company’s operating performance also improved during the quarter. Its Pre-Ind AS EBITDA more than doubled to ₹55 crore, while the operating margin increased to 7.5%. The better performance was supported by strong sales and higher demand for premium jewellery.
Although the company returned to profit, its earnings were lower than the previous quarter. Net profit fell by more than 80% compared to the ₹31.2 crore reported in Q4 FY26.
Expenses also increased as BlueStone continued to invest in its business. Total expenses rose 38.5% year-on-year to ₹744.8 crore. Raw material costs remained the biggest expense at ₹436 crore, while employee benefit expenses stood at ₹76 crore. The company also booked ESOP-related expenses after issuing more than 1.7 lakh equity shares worth ₹10.4 crore.
BlueStone ended the quarter with gross debt of ₹6,995 million and net debt of ₹4,536 million as it continued investing in inventory and store expansion.
FY26 Was a Turning Point for BlueStone
The strong Q1 results follow an impressive performance in FY26.
During the financial year, BlueStone reported standalone revenue of ₹2,441.23 crore, an increase of nearly 38% compared to FY25. The company also improved its profitability, with EBITDA rising more than four times to ₹394.5 crore.
One of the biggest achievements was the company’s move from a cash profit after tax loss of ₹82.9 crore in FY25 to a cash profit of ₹228.4 crore in FY26.
A part of this growth came from higher gold prices. The company earned an inventory gain of around ₹150 crore as global gold prices increased sharply during the year. Even without this gain, BlueStone’s Pre-Ind AS EBITDA stood at ₹180.6 crore with a margin of 7.4%, showing a clear improvement over the previous year.
The company’s gross margin also improved to 42.6%, mainly because diamond-studded jewellery now makes up around 68% of its total revenue. These products usually give better margins than traditional gold jewellery.
However, BlueStone also invested heavily in inventory during FY26. This increased working capital requirements and resulted in negative operating cash flow during the year.
Repeat Customers and Store Expansion Support Future Growth
BlueStone continues to see strong support from repeat customers. In Q1 FY27, returning customers contributed nearly 60% of the company’s total sales, compared to 54.5% in FY26. This shows that more customers are coming back to shop with the brand.
The company’s average order value also increased to ₹78,081 during the quarter. Same-store sales growth reached 39%, showing strong demand even after higher gold import duties.
BlueStone is also expanding its offline presence across India. The company now operates 352 stores in 139 cities. It added 65 stores during FY26 and another 12 stores in the first quarter of FY27.
Looking ahead, BlueStone plans to expand to around 700-705 stores by FY30 and aims to generate annual revenue of ₹12,000 crore. Most of the new stores will be opened on high streets because premium shopping mall space remains limited in India.
To support this growth, the company plans to nearly double its retail workforce over the next few years. It also continues to use employee stock options to attract and retain skilled employees.
BlueStone is strengthening its manufacturing operations by producing most of its jewellery in-house at facilities in Mumbai, Jaipur and Surat. This helps the company launch new designs faster, manage inventory better and improve profit margins.
The company is also investing in artificial intelligence, demand forecasting and digital inventory management to improve customer experience. Along with its core jewellery business, BlueStone is expanding into men’s jewellery, children’s jewellery and lab-grown diamonds through its subsidiary.
With strong revenue growth, improving profitability, loyal customers and an aggressive expansion plan, BlueStone is aiming to strengthen its position in India’s organised jewellery market.