BlueStone revenue rose 45% year on year to Rs 745 crore in the quarter ended September 2026, but the jewellery retailer returned to a net loss after a profitable preceding quarter. The Q2 FY27 loss of Rs 4.4 crore was nevertheless substantially smaller than the Rs 52 crore loss a year earlier.
Key Takeaways
- Operating revenue increased from Rs 513.6 crore in the year-earlier quarter.
- The net loss narrowed 92% year on year but followed a Rs 6 crore quarterly profit.
- BlueStone added 27 stores, taking its network to 379 across 146 cities.
Table of Contents
- BlueStone revenue growth outpaces rising expenses
- Online discovery supports a larger store network
- Festive calendar shifts attention to the third quarter
- Conclusion
BlueStone revenue growth outpaces rising expenses
The September-quarter results show two different profitability comparisons: a sharp improvement against the year-earlier loss, but a reversal from the Rs 6 crore net profit in the June 2026 quarter.
Total expenses increased 34% year on year to Rs 772 crore, driven by raw materials, employee benefits and other expenses. Revenue grew faster than costs, although the business remained loss-making.
Including Rs 24.4 crore of other income, total income stood at Rs 769 crore. Operating revenue and total income are distinct measures; the latter includes earnings outside the retailer's core sales.
| Item | Details |
|---|---|
| Reporting period | Q2 FY27, quarter ended September 2026 |
| Other income | Rs 24.4 crore |
| Total income | Rs 769 crore |
| Total expenses | Rs 772 crore; up 34% year on year |
| Customer base at September-end | 10.24 lakh, equivalent to 1.024 million |
Online discovery supports a larger store network
BlueStone said more than 80% of sales originated online and attributed revenue growth to its omnichannel model and focus on everyday-wear jewellery. Its description of its digital and physical sales channels explains how its website, mobile applications and stores form a combined retail offering.
The company ended September with 379 stores, up from 352 at the end of June. Its customer base also crossed one million during the quarter.
Repeat customers contributed 56.3% of quarterly revenue, compared with 51.4% a year earlier. That 4.9-percentage-point increase indicates that returning shoppers accounted for a larger share of sales alongside the expansion in customers and stores.
Festive calendar shifts attention to the third quarter
Cofounder and CEO Gaurav Singh Kushwaha said growth was achieved despite volatile gold prices and the full shift of the festive calendar into Q3. He described the performance as reflecting the strength of the underlying business model.
The timing matters when comparing consecutive quarters: the September results did not include the festive period that management placed in the following quarter. That observation does not establish how much additional revenue or profit the festive season will generate.
Conclusion
BlueStone's annual loss reduction contrasts with its sequential return to a loss. The next reporting period to watch is Q3 FY27, which management identified as containing the festive calendar, for evidence of whether higher sales translate into profitability.
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