BlueStone Jewellery and Lifestyle Ltd reported a 45% year on year rise in consolidated revenue from operations to Rs 745 crore in Q2 FY27, while its net loss narrowed to Rs 4.37 crore from Rs 52.1 crore a year earlier. The results for the quarter ended September 30, 2026, show strong revenue growth, although the company remained loss-making at the consolidated net-profit level.
The Bengaluru-based jewellery retailer's EBITDA rose 127% year on year to Rs 97.1 crore, according to its official Q2 FY27 earnings release. The company also reported customer growth and continued expansion of its retail network.
BlueStone Q2 FY27: Key Financial Highlights
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Revenue from operations: Rs 745 crore, up around 45% year-on-year.
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Net loss: Rs 4.37 Cr, compared with Rs 52.1 Cr in Q2 FY26.
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EBITDA: Rs 97.1 Cr, up 127% year-on-year, as reported in the company's earnings release.
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H1 FY27 revenue: Rs 1,482 Cr, up 47.3% year on year.
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H1 FY27 net result: Profit of Rs 1.59 Cr, compared with a loss of Rs 86.85 Cr in the first half of FY26.
Revenue Growth and Profitability
BlueStone's revenue from operations increased from Rs 513.6 Cr in Q2 FY26 to Rs 745 Cr in Q2 FY27. Including other income of Rs 24.4 crore, total income reached approximately Rs 769 Cr. Total expenses rose 34% year on year to Rs 772.4 Cr, keeping the company in a consolidated net loss for the quarter.
The loss narrowed substantially compared with the same quarter last year. However, BlueStone's consolidated results show a loss after tax of Rs 4.37 Cr, despite the higher EBITDA reported in its earnings release. EBITDA measures operating performance before interest, tax, depreciation and amortisation; it does not mean the company has recorded a net profit.
For the first half of FY27, revenue from operations rose to Rs 1,481.9 Cr from Rs 1,006.3 crore a year earlier. The company reported a net profit of Rs 1.59 Cr for the six month period, reversing the Rs 86.85 Cr loss recorded in H1 FY26.
Founder Gaurav Singh Kushwaha Highlights Customer Milestone
BlueStone Founder and CEO Gaurav Singh Kushwaha said the company crossed one million customers during the quarter. Its customer base reached 10,24,220 at the end of September, growing 19.3% year on year. Repeat customers contributed 56.3% of Q2 FY27 revenue, compared with 51.4% in the year-ago quarter.
The growing contribution from returning customers is an important business indicator for a jewellery retailer, where trust, design preferences and repeat purchases can influence long-term customer value.
Retail Network Expands to 379 Stores
BlueStone ended September with 379 stores across 146 cities, adding 68 stores and expanding into 19 more cities year-on-year. All seven cities entered during Q2 FY27 were in Tier 2 and Tier 3 markets. The company also opened a flagship store on Park Street in Kolkata.
The company follows an omnichannel model, with more than 80% of sales originating online, according to its earnings release. Its focus on everyday wear jewellery, alongside an expanding physical store network, gives customers both online discovery and the option to view products in person.
What BlueStone's Results Mean
BlueStone's Q2 performance presents two sides of its business. Revenue and EBITDA recorded strong year on year growth, while the consolidated net loss narrowed significantly. Its customer base, repeat-purchase contribution and store expansion also point to a growing retail operation.
However, the quarterly net loss and higher total expenses mean that revenue growth alone does not tell the full story. Investors and industry observers will need to assess whether the company can translate operating growth into consistent consolidated net profitability as its store network expands.
For founders and retail businesses, BlueStone's performance highlights the potential of combining digital customer acquisition with physical retail expansion. The key measure going forward will be whether that growth can be sustained while managing operating costs and delivering durable bottom-line results.
Disclaimer: This article is for information purposes only and is not investment advice. Investments in securities are subject to market risks. Please read the official offer documents before investing.
