Bluestone posts first-ever profit in Q3 FY26; revenue climbs to Rs 749 Cr

Vertically integrated jewellery brand Bluestone has announced its financial results for the third quarter of the ongoing fiscal year (Q3 FY26) on Thursday. The firm’s revenue grew by 28% year-over-year, while the company achieved profitability during the same period.

Bluestone's revenue from operations increased to Rs 749 crore in Q3 FY26, compared to Rs 587 crore in Q3 FY25, as per its financial statements sourced from the National Stock Exchange (NSE).

On a nine-month basis, Bluestone’s operating revenue increased by 34% to Rs 1,755 crore from Rs 1,309 crore a year earlier.

The sale of diamond, gold, platinum, gemstone, and pearl jewelry was the sole source of revenue from Bluestone. However, the firm did not provide a detailed revenue breakdown for the quarter. The company also made Rs 10 crore from non-operating sources, which took Bluestone’s total revenue to Rs 759 crore in the first quarter.

On the expense front, the cost of materials remained the largest cost center for Bluestone, accounting for 59% of its total expenditure. This expense increased by 11% year-on-year, rising to Rs 409 crore in Q3 FY26 from Rs 369 crore in Q3 FY25. Employee benefits rose 22% to Rs 73 crore in Q3 FY26. Overall, Bluestone's total costs grew by approximately 10%, reaching Rs 689 crore in Q3 FY26.

The growth momentum and controlled expenses helped the company to gain profitability. The company posted a profit of Rs 69 crore in Q3 FY26 as compared to a loss of Rs 3 crore in Q3 FY25. However, for the nine-month period ending December 2026, the company’s losses stood at Rs 18 crore.

BlueStone has approved a Rs 25 crore capital infusion into its subsidiary Ethereal House through subscription of Series A2 compulsorily convertible preference shares. The funds will be used for working capital and business expansion, with BlueStone’s stake capped at 74%.

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.

At the end of today’s trading session, Bluestone’s share traded at Rs 474, with the company’s total market capitalization standing at Rs 7,175 crore (approx $783 million).