Financial Results of Bluestone: A Major Growth in Q2 FY26

Vertically integrated jewellery brand Bluestone has revealed its financial performance for the second quarter of the current fiscal year (Q2 FY26). The brand’s revenue experienced an impressive growth of 37.5% year-on-year, and its losses have been significantly reduced by 38% during the same timeframe.

Bluestone’s operational revenue surged to Rs 513 crore in Q2 FY26, a notable increase from Rs 373 crore in Q2 FY25, as indicated by its financial statements sourced from the National Stock Exchange (NSE). On a half-yearly comparison, Bluestone’s revenue from operations rose by 39%, reaching Rs 1,006 crore in Q2 FY26 from Rs 722 crore in Q4 FY25.

Revenue Sources and Breakdown

The revenue generated by Bluestone was solely from the sale of diamond, gold, platinum, gemstone, and pearl jewellery. However, a detailed breakdown of revenue for the quarter was not provided by the company. Additionally, Bluestone earned Rs 12 crore from non-operating sources, bringing its total revenue to Rs 525 crore in the first quarter.

Expenses Overview

When it comes to expenses, the cost of materials remains Bluestone’s largest expenditure, constituting 54% of its total costs. This material cost saw a year-on-year increase of 32%, rising to Rs 310 crore in Q2 FY26 from Rs 235 crore in Q2 FY25. Employee benefits also rose significantly, increasing by 60% to Rs 72 crore in Q2 FY26. Overall, Bluestone’s total expenses grew by approximately 23%, reaching Rs 576 crore in Q2 FY26.

Reduction in Losses

The robust growth trajectory of the company contributed to a reduction in its losses, which decreased by 38% to Rs 52 crore in Q2 FY26 from Rs 84 crore in Q2 FY25. For the first half of the year, the company’s losses also fell by 40%, going down to Rs 87 crore in H1 FY26 from Rs 144 crore in H1 FY25.

Bluestone’s IPO Launch

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

Current Market Performance

As of the end of today’s trading session, Bluestone’s shares traded at Rs 714, experiencing a 0.4% increase in price. The company’s overall market capitalisation is currently valued at Rs 10,810 crore (approximately $1.2 billion).