Bluestone controls losses by 41% in Q1 FY26; revenue nears Rs 500 Cr

Vertically integrated jewellery brand Bluestone, recently listed on stock exchange, announced its financial results for the first quarter of the ongoing fiscal year (Q1 FY26) on Thursday. The firm’s revenue grew by 42% over the period, while its losses reduced by 41%.

Bluestone's revenue from operations increased 42% to Rs 493 crore in Q1 FY26, compared to Rs 348 crore in Q1 FY25, its financial statements sourced from the National Stock Exchange (NSE) show.

On a quarter-on-quarter basis, Bluestone’s operating revenue remained flat Rs 493 crore in Q1 FY26 from Rs 461 crore in Q4 FY25.

The company's sole revenue stream was the sale of diamond, gold, platinum, gemstone, and pearl jewelry; however, the firm did not provide a detailed revenue breakdown for the quarter. The company made Rs 12 crore from non-operating sources which took Bluestone’s total revenue to Rs 505 crore in the first quarter.

On the expense front, cost of material remained the largest cost center for Bluestone, accounting for 54% of its total expenditure. This expense increased by 37% year-on-year, rising to Rs 290 crore in Q1 FY26 from Rs 211 crore in Q1 FY25. Employee benefit rose 50% to Rs 63 crore in Q1 FY26. Overall, Bluestone's total costs grew by approximately 29%, reaching Rs 538 crore in Q1 FY26.

With the help of revenue outpacing expense growth, the company managed to cut its losses by 41% to Rs 35 crore in Q1 FY26 from Rs 59 crore in Q1 FY25. However, the company reported a positive EBITDA of Rs 67 crore in the same period.

Bluestone launched its initial public offering (IPO) in August 2025, with a price band set between Rs 492 and Rs 517 per share. The stock made its market debut on 19 August 2025 at Rs 510, reflecting a slight 1.3 % discount from its issue price of Rs 517 and raised Rs 1,500 crore overall, which included Rs 693 crore garnered from anchor investors earlier that month.

At the end of today’s trading session, Bluestone’s share traded at Rs 564, with a 1.4% increase in its share price. The company’s total market capitalization stood at Rs 8,534 crore (approx $1 billion).