Bengaluru: Omnichannel jewellery retailer BlueStone reported a 48.8% year-on-year increase in standalone revenue to Rs 733 crore for the first quarter ended June 30, 2026, driven by strong same-store sales growth (SSSG) and continued expansion of its retail footprint despite volatile gold prices.
The company posted a 39% SSSG during the quarter, indicating sustained consumer demand across existing stores. Pre-Ind AS EBITDA more than doubled to Rs 55 crore from Rs 23 crore a year earlier, while the EBITDA margin expanded 273 basis points to 7.5%. Adjusted profit after tax stood at Rs 14 crore compared with a loss of Rs 21 crore in the corresponding quarter last year.
BlueStone added 12 new stores during the quarter, taking its network to 352 stores across 139 cities. The company entered five new cities, all in Tier-II and Tier-III markets, as it continued to deepen its offline presence.
“We have opened FY27 on a strong footing, with 49% YoY revenue growth and SSSG of 39% for the quarter, with older cohorts demonstrating similar to better SSSG trends,” said Gaurav Singh Kushwaha, CEO of BlueStone. He said the performance came despite the increase in customs duty on gold from 6% to 15%, reflecting the company’s ability to maintain relevance across price points through design and product innovation.
Kushwaha said operating leverage continued to improve during the quarter, with EBITDA growing nearly three times faster than revenue. The company also generated standalone cash profit of Rs 57 crore, underscoring what it described as a self-funded growth model.
BlueStone turned profitable on a reported basis for the full fiscal year FY26 and said it has carried forward that momentum into FY27. The company plans to continue expanding its presence in smaller cities while focusing on increasing wallet share among existing customers and acquiring new consumers.
