Omnichannel jewellery retailer BlueStone reported a profitable start to FY27, posting a consolidated net profit (PAT) of ₹5.9 crore in the first quarter, compared to a loss of ₹34.7 crore in the corresponding period last year.
While profitability remained intact, the company’s PAT declined 81% sequentially from ₹31.2 crore recorded in the previous quarter.
BlueStone’s operating revenue rose 50% year-on-year and 8% quarter-on-quarter to ₹736.8 crore during Q1 FY27. Including ₹15 crore in other income, the company’s total income reached ₹751.8 crore for the quarter.
Total expenses increased 38% year-on-year to ₹744.8 crore, with raw material costs accounting for ₹712 crore, making it the largest expense category.
On a standalone basis, the company reported an adjusted PAT of ₹14 crore, compared to a loss of ₹21 crore in the same period last year. BlueStone also said its standalone EBITDA, calculated excluding the impact of Ind AS accounting standards, more than doubled to ₹55 crore from ₹23 crore a year earlier.
Operationally, the jewellery retailer delivered 39% year-on-year same-store sales growth (SSSG), indicating resilient consumer demand despite continued volatility in gold prices.
Commenting on the performance, CEO Gaurav Singh Kushwaha said the results were particularly encouraging despite the increase in customs duty on gold from 6% to 15%. He attributed the growth to BlueStone’s diversified portfolio, design-led innovation, and its ability to remain relevant across multiple price points.
BlueStone continued expanding its retail footprint during the quarter, increasing its network to 352 stores across 139 cities. The company added 12 new stores, entered five new Tier-II and Tier-III cities, and did not close any outlets during the period.
The company also highlighted significant expansion opportunities beyond metropolitan markets, stating that strong revenue productivity and healthy unit economics in smaller cities continue to support its omnichannel growth strategy.
Customer loyalty remained another growth driver, with repeat customers contributing nearly 60% of total revenue, helping improve operating leverage by lowering customer acquisition costs.
Following the quarterly results, BlueStone’s shares closed 1.48% higher at ₹608.45 on the BSE, reflecting positive investor sentiment around the company’s continued growth and profitability.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
