BlueStone posts third profitable quarter as Q1 revenue rises 50%

BlueStone reported Q1 FY27 net profit of ₹6 crore against a ₹34.7 crore loss a year earlier, with operating revenue up 50% to ₹736.8 crore. The jewellery retailer added 12 stores, taking its network to 352 across 139 cities, and is targeting 706 stores by FY30.

— Source publishedTue, 21 Jul, 2026, 14:48 IST·First seen Tue, 21 Jul, 2026, 15:19 IST·Source Inc42

What happened

BlueStone returned to profit in Q1 FY27 as revenue rose 50% and same-store sales grew 39%. The jewellery retailer added 12 stores, entered five smaller cities,

Key facts

  • Q1 FY27 net profit: ₹6 Cr versus ₹34.7 Cr loss YoY
  • PAT down 80% QoQ from ₹31.2 Cr in Q4 FY26
  • Operating revenue: ₹736.8 Cr, up 50% YoY and 8% QoQ
  • Standalone adjusted PAT: ₹14 Cr versus ₹21 Cr loss YoY
  • Same-store sales growth: 39% YoY
  • 12 stores added; total 352 stores across 139 cities
  • Entered 5 Tier-II and Tier-III cities
  • Target: 706 stores by FY30
  • Repeat customers: nearly 60% of revenue
  • FY30 revenue target: ₹12,000 Cr versus FY26 revenue of ₹2,486 Cr
  • Shares rose as much as 20% to ₹729; ₹722 at 14:15 IST
  • Market capitalisation: ₹10,972 Cr

Why this matters

BlueStone’s accelerating physical rollout and improved profitability make its 352-store jewellery platform a more credible partner or strategic target as it pursues 706 stores by FY30.

What to watch

  • Quarterly same-store sales growth versus reported revenue growth.
  • EBITDA and net-profit margin progression as store openings increase.
  • New-store openings, city additions and evidence of store payback periods.
  • Inventory growth, inventory days, operating cash flow and dependence on external working-capital funding.
  • Gold-price movements and their effect on transaction volumes, average order values and consumer financing demand.
  • Competitive promotions and expansion activity from Tanishq, CaratLane, Kalyan Jewellers, Senco and other organised jewellers.
  • Prioritize store clusters in top-tier and high-income tier-2 cities to improve inventory turns, local awareness and delivery economics.
  • Use recent profitability to strengthen inventory financing, vendor terms and working-capital capacity ahead of the FY30 store target.
  • Increase conversion of digital-led shoppers into physical appointments, especially for high-ticket bridal and customised jewellery purchases.
  • Expand higher-margin categories such as diamond, studded, lightweight daily-wear and design-led collections to reduce dependence on gold-weight-driven sales.
  • Communicate same-store growth, gross margin, inventory days and new-store payback more clearly as expansion accelerates.

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