Omnichannel jewellery retailer Bluestone continued its growth momentum in the first quarter of FY27, with consolidated revenue from operations rising 49.5 per cent year-on-year to Rs 737 crore. However, the company’s net profit declined sharply on a sequential basis, falling 80.8 per cent from Rs 31.2 crore in Q4 FY26 to Rs 6 crore in Q1 FY27. Operating revenue surged 50 per cent Y-o-Y and 8 per cent Q-o-Q to Rs 736.9 crore.
According to Bluestone’s unaudited consolidated financial statements sourced from the NSE, revenue from operations stood at Rs 737 crore in the quarter ended June 2026, compared with Rs 493 crore in Q1 FY26. On a quarter-on-quarter basis, revenue grew 8.2 per cent from Rs 681 crore in Q4 FY26.
Income from the sale of jewellery continued to be the company’s primary revenue source. Bluestone also earned Rs 15 crore from non-operating activities, taking its total income to Rs 752 crore during the quarter.
On the expenditure front, the cost of materials remained the largest cost centre at Rs 436 crore, up 50.3 per cent year-on-year. Employee benefit expenses stood at Rs 76 crore, while finance costs and depreciation expenses were Rs 55 crore and Rs 60 crore, respectively.
Commenting on the results, BlueStone’s CEO Gaurav Singh Kushwaha said, “We have opened FY27 on a strong footing, with 49 per cent YoY revenue growth and SSSG of 39 per cent for the quarter, with older cohorts demonstrating similar to better SSSG trends. This performance is particularly satisfying as it came despite the rise in custom duty on gold from 6 per cent to 15 per cent, reflecting the structural drivers we have consistently spoken about – a portfolio that stays relevant across price points th rough design and technique innovation."
Kushwaha also explained that the quarter’s operating performance continues to reflect the embedded leverage in the
business . Pre -IndAS EBITDA of Rs 55 crores grew at close to three times the rate of revenue, taking our margin up 273bps year -on -year. Our cash flow generation remains strong, we delivered a standalone cash profit of Rs 57 crore for the quarter, reinforcing the self -funding nature of our growth.
"We scaled our distribution to 352 stores across 139 cities – with all 5 new cities entered being Tier 2 and Tier 3 regions, consistent with our conviction in these markets. We remain deeply focused on execution to expand consumer wallet share and bring new consumers into our fold," he shared.
Overall, Bluestone’s total expenditure increased 38.5 per cent year-on-year to Rs 745 crore in Q1 FY27, compared with Rs 538 crore in Q1 FY26.
At the bottom line, the company reported a profit of Rs 6 crore in Q1 FY27, compared with a loss of Rs 34.7 crore in Q1 FY26. However, profit declined 80.8 per cent from the preceding quarter, when Bluestone had posted a profit of Rs 31.2 crore.
During the quarter ended June 2026, Bluestone invested Rs 3 crore in its associate, Redefine Fashion Private Limited. The company also allotted 1,70,416 equity shares worth approximately Rs 10.4 crore to employees upon the exercise of stock options under its ESOP scheme. |
