BlueStone reports Rs 4.4 crore loss in Q2 as operating revenue rises 45%

Omnichannel jewellery retailer BlueStone slipped into a net loss of Rs 4.4 crore in the September quarter, against a net profit of Rs 6 crore in the preceding quarter. The loss narrowed 92% from Rs 52 crore in the year-ago period.

The company’s operating revenue rose 45% year-on-year (YoY) to Rs 745 crore in the second quarter of FY27, compared with Rs 513.6 crore a year earlier. Including other income of Rs 24.4 crore, BlueStone's total income stood at Rs 769 crore during the quarter.

Total expenses increased 34% YoY to Rs 772 crore, driven by raw materials cost, employee benefit expenditure and other expenses.


“Our growth remained robust in both the quarter and the first half, with revenue up 43.9% YoY in Q2 and 46.3% YoY in 1HFY27. Achieved against volatile gold prices and the full shift of the festive calendar into Q3, this performance reflects the strength of our underlying business model,” said cofounder and CEO Gaurav Singh Kushwaha.

BlueStone said its revenue growth was supported by its omnichannel model, with more than 80% of sales originating online, and its focus on everyday-wear jewellery. The company ended the quarter with 379 stores across 146 cities, adding 27 stores sequentially from 352 at the end of June.

The company’s customer base crossed one million during the quarter, reaching 10.24 lakh at the end of September. Repeat customers contributed 56.3% of revenue in the September quarter, up from 51.4% a year earlier.