Results · Commerce & Consumer Brands

BlueStone posts first annual profit in FY26

By Startup Enthusiast · 22 June 2026

What they do

BlueStone is an omnichannel jewellery brand focused on lifestyle purchases beyond weddings

It reported FY26 net profit of ₹26 Cr, its first annual profit, versus a loss of ₹219.2 Cr a year ago

The profit came from operating leverage, not cost-cutting, as revenue grew 38% to ₹2,441.2 Cr

BlueStone launched its IPO in August 2025.
On listing day, shares opened at a discount — ₹508.8 on BSE and ₹510 on NSE, below the issue price of ₹517.
For FY26, BlueStone reported an operating revenue of ₹2,441.2 Cr, up 38% year-on-year.
It posted a net profit of ₹26 Cr for FY26, its first annual profit, compared to a loss of ₹219.2 Cr in FY25.
In Q4 FY26, net profit was ₹31.2 Cr, down 55% from Q3 FY26's profit of ₹68.9 Cr due to high ESOP (employee stock option) expenses.
The company's net loss in FY25 was ₹221.8 Cr, up 56% from the previous year.
CEO Gaurav Singh Kushwaha attributed the FY26 profit to operating leverage, not cost-cutting or restructuring.

JM Financial reiterated a Buy rating on the stock, citing strong growth prospects and a shift from wedding-led to lifestyle jewellery.
Nuvama highlighted store expansion and improving unit economics as key growth drivers.
JM Financial estimates the domestic jewellery market could expand from ~$75 Bn to $130-$140 Bn by 2029.
Gold prices surged ~80% over the last 18 months, but consumer demand remained resilient.

BlueStone is an omnichannel jewellery brand with over 14 years in the industry.
It focuses on lifestyle jewellery — purchases for work, gifting, celebrations, and self-expression — not just weddings.
Studded jewellery accounts for about 74% of its portfolio.
It offers 15,000+ designs across 20 product categories and 220+ sub-categories.
Approximately 95% of production is done in-house through its own manufacturing facilities.
Its design-to-shelf cycle is 3-4 weeks.
The design team consists of about 25-30 designers.
BlueStone uses AI and analytics across customer acquisition, merchandising, inventory, design, manufacturing, and retail.
At the end of FY26, it had 340 stores across 134 cities, up from 275 a year earlier.
Same-store sales growth was 34% in Q4 FY26.