Bluestone’s Strong Performance in Q3 FY26 Financial Results

Bluestone, a vertically integrated jewellery brand, has disclosed its financial results for the third quarter of the current fiscal year (Q3 FY26) on Thursday. The brand experienced a revenue surge of 28% compared to the previous year, achieving profitability during this period.

The firm’s operational revenue rose to Rs 749 crore in Q3 FY26, compared to Rs 587 crore in Q3 FY25, according to its financial statements obtained from the National Stock Exchange (NSE). On a nine-month basis, Bluestone’s operational revenue increased by 34%, reaching Rs 1,755 crore from Rs 1,309 crore a year earlier.

The revenue solely stemmed from the sale of diamond, gold, platinum, gemstone, and pearl jewellery. However, the company did not disclose a detailed revenue breakdown for the quarter. Additionally, Bluestone earned Rs 10 crore from non-operational sources, bringing the total revenue for the quarter to Rs 759 crore.

In terms of expenses, the cost of materials remained the primary expenditure for Bluestone, comprising 59% of its total costs. This expense rose by 11% year-on-year, increasing to Rs 409 crore in Q3 FY26 from Rs 369 crore in Q3 FY25. Employee benefits also saw a 22% rise, reaching Rs 73 crore in Q3 FY26. Overall, the company’s total costs increased by approximately 10%, amounting to Rs 689 crore in Q3 FY26.

Profitability and Growth Factors

The combination of growth momentum and managed expenses contributed to the firm’s profitability. Bluestone recorded a profit of Rs 69 crore in Q3 FY26, contrasting with a loss of Rs 3 crore in Q3 FY25. Nonetheless, for the nine-month duration ending December 2026, the company reported losses totalling Rs 18 crore.

Capital Infusion into Ethereal House

Bluestone has approved a Rs 25 crore capital infusion into its subsidiary, Ethereal House, through the subscription of Series A2 compulsorily convertible preference shares. This investment aims to support working capital and business expansion, with Bluestone maintaining a stake limited to 74%.

Initial Public Offering Details

Bluestone initiated its initial public offering (IPO) in August 2025, with shares priced between Rs 492 and Rs 517 each. The stock commenced trading on 19 August 2025 at Rs 510, reflecting a minor 1.3% discount from its issue price of Rs 517.

As of today’s trading session, Bluestone’s shares were valued at Rs 474, with the company’s total market capitalisation at Rs 7,175 crore (approximately $783 million).