BlueStone Q1: Loss Narrows 41% YoY To INR 35 Cr

In its first financial disclosure after becoming a listed entity, jewellery brand Bluestone reported a 41% decline in its consolidated net loss to INR 34.7 Cr in Q1 FY26 from INR 59.2 Cr in the year-ago quarter.

On a sequential basis, loss decreased 32% from INR 51.3 Cr.

The company’s revenue saw a strong growth on a YoY as well as QoQ basis. Operating revenue jumped 42% to INR 492.7 Cr during the quarter from INR 348.2 Cr in Q1 FY25. Sequentially, it rose 7% from INR 461.3 Cr.

Including other income of INR 12.1 Cr, BlueStone’s total income jumped 41% YoY to INR 504.7 Cr in Q1 FY26. Meanwhile, expenses zoomed 29% YoY and 1% QoQ to INR 538.5 Cr.

BlueStone CEO Gaurav Singh Kushwaha said that the improvement was driven by healthy same-store sales growth and expansion of its omnichannel footprint.

BlueStone added 17 stores in Q1, taking its store count to 292 stores across 122 cities at the end of the quarter. Its average order value zoomed 23% YoY to INR 55,499 during the quarter.

The company didn’t provide its offline-online business split, saying many customers start their journey by browsing and shortlisting products online and then completing the purchase online or offline at its stores.

“Our digital presence acts as a powerful demand funnel, driving both store walk-ins and conversions. Similarly, our stores enhance trust and brand discovery, which in turn feeds back into higher online engagement,” it said.

The company said that its EBITDA profit for the quarter stood at INR 54.7 Cr, a multifold jump from INR 2 Cr in the year-ago quarter and a 118% increase from INR 25.1 Cr.

In its shareholders’ letter, BlueStone said that its bottom line was impacted because of the inclusion of non-cash items under IndAS.

“The main factors are ESOP charges and the way lease costs are accounted for under IndAS 116, which tends to show higher expenses in the early years of a store lease. In reality, our actual cash rent payments are lower than what accounting reflects,” it said.
During the quarter, the company’s ESOP expenses zoomed 175% YoY to INR 23.4 Cr. Depreciation and amortisation also rose 83% YoY to INR 48.5 Cr.

On Q2, the company said that it has been trending ahead of May-June monthly exit rates so far. “It is worth noting that Q2 revenues last year benefited from a customs duty cut which had released some pent-up demand; that said, this year the festive season begins earlier, in September versus October last year, which should support demand as the quarter progresses. On balance, the quarter is shaping up well so far even as we keep an eye on gold prices,” it said.

Shares of BlueStone ended today’s trading session 1.65% higher at INR 564.90 on the BSE.