Jewellery brand turns profitable for the first time as revenue rises 28 per cent year-on-year
Vertically integrated jewellery brand Bluestone has reported its first-ever quarterly profit in the third quarter of FY26, supported by strong revenue growth and disciplined cost management. The company’s revenue from operations rose 28 per cent year-on-year to Rs 749 crore in Q3 FY26, from Rs 587 crore in the year-ago period, according to financial statements filed with the National Stock Exchange (NSE).
On a nine-month basis, Bluestone’s operating revenue increased 34 per cent to Rs 1,755 crore, compared with Rs 1,309 crore a year earlier. The sale of diamond, gold, platinum, gemstone and pearl jewellery remained the company’s sole source of operating revenue. Bluestone did not provide a segment-wise revenue break-up for the quarter. It also reported Rs 10 crore in non-operating income, taking total revenue for the quarter to Rs 759 crore.
On the cost front, raw material remained the largest expense head, accounting for 59 per cent of total expenditure. Material costs rose 11 per cent year-on-year to Rs 409 crore in Q3 FY26 from Rs 369 crore in Q3 FY25. Employee benefit expenses increased 22 per cent to Rs 73 crore during the quarter.
Overall, Bluestone’s total costs grew by around 10 per cent year-on-year to Rs 689 crore in Q3 FY26. The growth momentum and relatively controlled expenses helped the company swing to profitability. Bluestone posted a net profit of Rs 69 crore in Q3 FY26, compared with a loss of Rs 3 crore in Q3 FY25. However, for the nine-month period ended December 2025, the company continued to report losses of Rs 18 crore.
In a separate development, Bluestone approved a Rs 25 crore capital infusion into its subsidiary, Ethereal House, through the subscription of Series A2 compulsorily convertible preference shares. The funds will be used for working capital and business expansion, with Bluestone’s stake in the subsidiary capped at 74 per cent.
Bluestone had launched its initial public offering (IPO) in August 2025, with a price band of Rs 492–Rs 517 per share. The stock listed on 19 August 2025 at Rs 510, reflecting a 1.3 per cent discount to the issue price of Rs 517.
At the close of trading today, Bluestone shares were quoted at Rs 474, giving the company a market capitalisation of approximately Rs 7,175 crore (around USD 783 million).
