BlueStone Jewellery & Lifestyle Limited , a leading digital-first omni-channel jewellery brand, has reported robust financial results for the second quarter of fiscal year 2026, demonstrating significant growth and improved profitability.

Key Financial Highlights

• Revenue Growth: BlueStone's standalone revenue surged by 37.4% year-over-year to ₹5,131.00 crore in Q2 FY26, up from ₹3,734.00 crore in the same quarter last year.
• Narrowed Losses: The company reported a net loss of ₹491.00 crore for Q2 FY26, substantially lower than the ₹845.00 crore loss in Q2 FY25.
• Improved EBITDA: Adjusted EBITDA showed a remarkable improvement, reaching ₹714.00 crore with a margin of 13.9%, compared to ₹51.00 crore and a 1.4% margin in the previous year.
• Positive Cash PAT: BlueStone achieved a positive cash Profit After Tax of ₹61.00 crore, a significant turnaround from a cash loss of ₹536.00 crore in Q2 FY25.

Operational Performance

BlueStone's operational metrics also showed strong momentum:

• Store Expansion: The company added 19 new stores during the quarter, bringing its total store count to 311 across 127 cities.
• Same-Store Sales Growth: SSSG stood at 11.1% year-on-year, reflecting strong consumer demand.
• Customer Base: The company's customer base grew by 31% year-on-year to over 858,000.
• Average Order Value: AOV increased to ₹59,907.00, up from ₹44,944.00 in Q2 FY25.

Management Commentary

Gaurav Singh Kushwaha, CEO of BlueStone, commented on the results: "We are pleased to report another quarter of record revenues on the back of continued focus on execution. Our digital-first approach continues to direct demand to our stores, while our expanding retail footprint is deepening customer access."

Financial Position

The company's balance sheet remains robust:

*Excluding inventory gains

Future Outlook

While BlueStone does not provide specific guidance, the management remains focused on striking the right balance between growth investments and profitability. The company's recent IPO and expanding store network indicate a strong commitment to growth and market expansion.

BlueStone's Q2 FY26 results demonstrate the company's ability to drive growth while improving profitability in the competitive jewellery market. The combination of its digital-first approach and expanding physical presence positions BlueStone well for continued success in the evolving retail landscape.

BlueStone Jewellery & Lifestyle , a leading omnichannel jewellery retailer, has reported robust financial results for the first quarter, demonstrating strong growth and improved profitability.

Financial Highlights

• Standalone revenue surged 41% year-on-year to Rs. 4,926.00 million
• Standalone adjusted EBITDA skyrocketed 630% to Rs. 830.00 million
• EBITDA margins expanded by 1,358 basis points to 16.8%
• Turned cash PAT positive at Rs. 175.00 million, compared to a cash loss of Rs. 360.00 million in the same quarter of the previous year
• Same-store sales growth of 18.4% year-on-year
• Repeat revenue ratio at 50.7%

Operational Performance

BlueStone continued its expansion strategy, growing its store count to 292 by the end of the quarter, up from 275 stores at the close of the previous fiscal year. The company's customer base expanded to over 816,000, reflecting the growing appeal of its omnichannel model.

Financial Analysis

The company's standalone adjusted EBITDA margins showed significant improvement, rising to 16.8% from 3.3% in the same quarter last year. Even excluding inventory gains of Rs. 228.00 million, the adjusted EBITDA stood strong at Rs. 602.00 million with margins of 12.2%, marking a substantial 895 basis point improvement year-on-year.

Contribution margins, a key metric for the company, improved to 31.8% (excluding inventory gains), up 130 basis points year-on-year. This expansion was primarily driven by improved capacity utilization and efficiencies in the company's new manufacturing facilities that opened in the previous fiscal year.

Cost Management

BlueStone demonstrated effective cost management during the quarter:

• Marketing costs decreased from 12.2% of revenue in the same quarter of the previous year to 6.9% in the current quarter
• Rent expenses were Rs. 368.00 million for the quarter
• The company optimized its production facilities for efficiency rather than inventory buildup

Omnichannel Strategy

Gaurav Singh Kushwaha, Founder, Managing Director, and CEO, emphasized the company's omnichannel approach: "70% to 90% of people who end up buying had browsed the website prior to buying from the store." This highlights the synergy between BlueStone's online presence and physical stores.

Store Performance

The company's older store cohorts (FY19-FY20) achieved an average revenue of about Rs. 120.00 million per annum in the previous fiscal year, with rental costs around Rs. 4.00-4.50 million per annum. These mature stores are delivering a 22% post-rental store level EBITDA, showcasing the potential for newer stores as they mature.

Future Outlook

BlueStone remains confident in its business model, citing the profitable scalability demonstrated by these results. The company continues to focus on balancing growth with improving profitability, aiming to deliver sustainable long-term outcomes for stakeholders.

As the jewellery market evolves with increasing digital influence, BlueStone's digital-first approach and expanding retail footprint position it well to capitalize on changing consumer behaviors and drive future growth.

Conclusion

BlueStone Jewellery & Lifestyle Limited's quarterly results reflect strong execution of its omnichannel strategy, effective cost management, and improving store economics. As the company continues to expand its store network and leverage its digital capabilities, it appears well-positioned for continued growth in the Indian jewellery market.