India’s leading omni-channel jewellery brand BlueStone Jewellery and Lifestyle Limited (“BlueStone”) reported a marked improvement in its consolidated Q2 FY26 results, reflecting both robust growth in operations and early signs of margin recovery.
📊 Key Financial Highlights
- For the quarter ended September 30, 2025, BlueStone’s net loss narrowed by approximately 38.3 % year-on-year to INR 52.1 crore, down from INR 84.5 crore in Q2 FY25. Inc42 Media+2Entrackr+2
- On a sequential basis, the loss was up about 50 % from INR 34.7 crore in Q1 FY26. Inc42 Media+1
- Revenue from operations surged by 37.6 % year-on-year, to INR 513.6 crore from INR 373.4 crore in Q2 FY25. Inc42 Media
- It is important to note that the quarter is not strictly comparable with past periods, because BlueStone’s consolidated financials include its subsidiary investment in Ethereal House (January 6, 2025) and associate investment in Redefine Fashion (November 11, 2024). As a result, consolidation began from the December 2024 quarter. Inc42 Media+1
🔍 What’s Behind the Growth?
BlueStone’s strong top-line performance is likely driven by a combination of factors:
- Growth in new and existing stores under its omnichannel model, with online + offline synergy.
- A favourable festive demand environment towards the end of the quarter. StartupNews.fyi+1
- Improved unit economics as the business scales, leading to better margin prospects (though still loss-making at net level).
✅ Margin and Cash Flow Progress
While the company is not yet profitable on a net-loss basis, there are encouraging signs:
- According to standalone results (for context), BlueStone reported strong EBITDA growth, margin expansion and turned cash-PAT positive in Q2. Angel One+1
- Management commentary emphasises the strategy of balancing growth and profitability, leveraging better manufacturing efficiency, brand strength and store-expansion scalability. Business Standard+1
⚠️ Points to Consider
- The sequential increase in net loss suggests that while growth is strong, costs—particularly of new store openings, marketing, manufacturing and inventory—remain elevated.
- Comparison with earlier quarters or peers may be challenging due to the change in consolidation base from December 2024.
- Sustaining the margin improvement will depend on how quickly newer stores mature and contribute profitably, how gold and gemstone price volatility is managed, and how operational efficiencies scale.
🧭 Outlook
For FY26 and beyond, BlueStone is well-positioned in a jewelry retail market that is moving from largely un-organised to organised, from offline only to true omni-channel. With its strengthened brand, expanding footprint and improving cost structure, the company appears to be on a path toward narrowing losses further and eventually profitability. The second quarter’s revenue growth and loss-reduction are meaningful milestones in that journey.
Overall, BlueStone’s Q2 FY26 results reflect strong growth momentum and early profitability discipline, even as the company continues its expansion and investment phase. For investors or stakeholders, the focus will likely shift to when the net-loss turns into net-profit, and how sustainably margin expansion can be maintained.
