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Omnichannel jewellery retailer BlueStone slipped into the red in the second quarter of FY27, reporting a consolidated net loss of ₹4.4 Cr against a net profit of ₹6 Cr in the preceding quarter. However, its loss narrowed nearly 92% from ₹52.1 Cr in the year-ago quarter. Operating revenue rose 45% to ₹745 Cr from ₹513.6 Cr in Q2 FY26. On a sequential basis, revenue edged up 1.1% from ₹736.8 Cr. Including other income of ₹24.4 Cr, BlueStone’s total income stood at ₹769.4 Cr during the September quarter. Total expenses increased 34% YoY and 3.7% QoQ to ₹772.4 Cr. BlueStone said its adjusted profit after tax for the quarter stood at ₹19.6 Cr as against an adjusted net loss of ₹26.8 Cr in the year-ago quarter. Its adjusted PAT increased by 42% QoQ. The company said Q2 FY27 was its fourth consecutive quarter of profitability, adding, “Adjusted PAT shows how our operating performance is reaching the bottom line as the business scales … This demonstrates that the business scale and operating leverage we have spoken about in earlier commentary are now flowing through the bottom line.” It reported ₹53.5 Cr in pre-IndAS EBITDA, a 234% YoY jump. However, its pre-IndAS EBITDA narrowed by around 2.3% on a sequential basis. “Over the past year, a key focus area has been our entry-level price points, where gold price inflation had dislocated our offering. Our redesigned range is now taking more shelf space in our stores, and this quarter we saw early signs of that effort paying off: new customers contributed a larger share of revenue than in the previous quarter, and AOV moderated accordingly,” the company observed in its commentary. Separately, the company’s board approved raising up to ₹300 Cr through non-convertible debentures (NCDs) on a private placement basis, in one or more tranches. The proceeds will be used to refinance a portion of its existing debt and meet capital expenditure, working capital, and general corporate requirements. Store Network Expands Further BlueStone ended September with 379 stores across 146 cities, adding 27 stores over the past three months. All seven cities it entered during Q2 were in Tier II and III markets. It also called out its investment in its new 3,200 sq ft flagship store in Kolkata. The company noted that it had front-loaded its expansion ahead of the festival season, adding, “While the opportunity remains large, we continue to expand in a calibrated way, both by entering new cities and by adding density in existing ones. We remain on track with our stated distribution objectives for the year.” Its customer base crossed 1 Mn during the quarter, reaching 10.24 Lakh at September-end, up 19.3% YoY. Repeat customers contributed 56.3% of quarterly revenue, compared with 51.4% a year earlier. On a standalone basis, BlueStone’s same-store sales grew 28% YoY during Q2, while operating revenue increased 43.9% to ₹738.1 Cr. Shares of BlueStone ended the day 2.78% higher at ₹760.45.
BlueStone reported a consolidated net loss of ₹4.4 Cr in Q2 FY27 against a ₹6 Cr profit in the preceding quarter Revenue rose 45% YoY, but higher expenses pushed the jewellery retailer back into the red Its board approved raising up to ₹300 Cr through non-convertible debentures to refinance debt and fund business requirements Omnichannel jewellery retailer Bluestone slipped into the red in the second quarter of FY27, reporting a consolidated net loss of ₹4.4 Cr against a net profit of ₹6 Cr in the preceding quarter. However, its loss narrowed nearly 92% from ₹52.1 Cr in the year-ago quarter. Operating revenue rose 45% to ₹745 Cr from ₹513.6 Cr in Q2 FY26. On a sequential basis, revenue edged up 1.1% from ₹736.8 Cr. Including other income of ₹24.4 Cr, BlueStone’s total income stood at ₹769.4 Cr during the September quarter. Total expenses increased 34% YoY and 3.7% QoQ to ₹772.4 Cr. BlueStone said its adjusted profit after tax for the quarter stood at ₹19.6 Cr as against an adjusted net loss of ₹26.8 Cr in the year-ago quarter. Its adjusted PAT increased by 42% QoQ. The company said Q2 FY27 was its fourth consecutive quarter of profitability, adding, “Adjusted PAT shows how our operating performance is reaching the bottom line as the business scales … This demonstrates that the business scale and operating leverage we have spoken about in earlier commentary are now flowing through the bottom line.” It reported ₹53.5 Cr in pre-IndAS EBITDA, a 234% YoY jump. However, its pre-IndAS EBITDA narrowed by around 2.3% on a sequential basis. “Over the past year, a key focus area has been our entry-level price points, where gold price inflation had dislocated our offering. Our redesigned range is now taking more shelf space in our stores, and this quarter we saw early signs of that effort paying off: new customers contributed a larger share of revenue than in the previous quarter, and AOV moderated accordingly,” the company observed in its commentary. Separately, the company’s board approved raising up to ₹300 Cr through non-convertible debentures (NCDs) on a private placement basis, in one or more tranches. The proceeds will be used to refinance a portion of its existing debt and meet capital expenditure, working capital, and general corporate requirements. Store Network Expands Further BlueStone ended September with 379 stores across 146 cities, adding 27 stores over the past three months. All seven cities it entered during Q2 were in Tier II and III markets. It also called out its investment in its new 3,200 sq ft flagship store in Kolkata. The company noted that it had front-loaded its expansion ahead of the festival season, adding, “While the opportunity remains large, we continue to expand in a calibrated way, both by entering new cities and by adding density in existing ones. We remain on track with our stated distribution objectives for the year.” Its customer base crossed 1 Mn during the quarter, reaching 10.24 Lakh at September-end, up 19.3% YoY. Repeat customers contributed 56.3% of quarterly revenue, compared with 51.4% a year earlier. On a standalone basis, BlueStone’s same-store sales grew 28% YoY during Q2, while operating revenue increased 43.9% to ₹738.1 Cr. Shares of BlueStone ended the day 2.78% higher at ₹760.45.
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