BlueStone Jewellery reported a smaller net loss of ₹52.1 crore in Q2 FY26, a 38.3% drop from last year’s ₹84.5 crore. The company’s operating revenue jumped 37.6% to ₹513.6 crore, signaling good progress in the Indian direct-to-consumer jewellery market.
Having launched its IPO, BlueStone’s performance is a notable example in the Indian D2C space. Originally a digital brand, BlueStone has moved to an omnichannel approach, combining its online presence with physical stores to reach more customers.
However, the quarter also showed some pressure, with the net loss rising 50% from ₹34.7 crore in Q1. This points to seasonal trends and cost factors that need to be considered.
The revenue growth is impressive. The approximately 37% increase from ₹373.4 crore in Q2 FY25 shows brand strength, a wider product selection, and deeper market reach.
Strategically, BlueStone is a leading D2C brand in the jewellery category. The company’s strengths, as mentioned in its IPO presentation, include its design and manufacturing, tech-driven operations, a national presence, and over 310 stores as of H1 FY26.
For investors and the D2C business community, BlueStone’s update shows how digital consumer brands can move to omnichannel platforms, balancing online growth with offline expansion. Improved margins and smaller losses could drive more interest in D2C IPOs, funding, and exits in India.
But, costs and margins are still a reality. Even though revenue rose 37% in Q2, expenses also increased. In Q1 FY26, expenses rose 29% year-on-year and 1% quarter-on-quarter to ₹538.5 crore. Managing these costs while growing will be important.
Looking ahead, BlueStone’s progress will be watched closely as it expands its stores, innovates its products, and focuses on customer value. If it can continue to reduce losses and maintain revenue growth, it could become one of the successful D2C stories in India.
In conclusion, BlueStone’s Q2 FY26 results reflect the growth of India’s D2C jewellery market, where scale, customer trust, omnichannel reach, and operational efficiency are key to becoming a top brand.