Results · Commerce & Consumer Brands

Bluestone posts first-ever quarterly profit

By Startup Enthusiast · 22 January 2026

What they do

Bluestone is an omnichannel jewellery retailer selling diamond, gold and gemstone products

It reported a net profit of Rs 68.8 crore in Q3 FY26, its first-ever quarterly profit, versus a loss of Rs 26.8 crore a year ago

Operating revenue grew 27.5% to Rs 748.6 crore, while EBITDA margin jumped to 22.3% from 8.5%

Bluestone Jewellery and Lifestyle Limited reported its first-ever quarterly net profit of Rs 68.8 crore for Q3 FY26.
In the same quarter last year, the company had posted a net loss of Rs 26.8 crore.
Operating revenue rose 27.5% year-on-year to Rs 748.6 crore from Rs 587 crore.
Total expenses grew only 9% YoY to Rs 688.9 crore, helping profitability.
Cost of materials accounted for 59% of total expenditure at Rs 409 crore.
Employee benefits rose 22% YoY to Rs 73 crore.
The company's EBITDA surged to Rs 166.7 crore from Rs 50.2 crore, with margin expanding to 22.3% from 8.5%.
Bluestone listed on Indian exchanges in August 2025 through an IPO that raised Rs 1,540 crore.

The profit marks a turnaround from losses, driven by cost control and revenue growth.
The company utilised Rs 525 crore of the Rs 750 crore IPO proceeds earmarked for working capital.
Its market capitalisation stood at Rs 7,175 crore (~$783 million) as of 22 January 2026.
Bluestone also infused Rs 25 crore into subsidiary Ethereal House via a Series A2 CCPS round.

Bluestone is a digital-first D2C brand and omnichannel jewellery retailer launched in 2011.
It sells diamond, gold, platinum, gemstone and pearl jewellery.
The company operates 323 stores across India as of December 2025, adding 12 stores in Q3.
It holds a 28-32% market share in the omnichannel jewellery segment for FY25.
Revenue for the first nine months of FY26 stood at Rs 1,755 crore, up 34% from Rs 1,309 crore.

The company plans to use the Rs 25 crore infused into subsidiary Ethereal House for working capital and business expansion.