Bluestone Financial Results for Q1 FY26

Bluestone, a vertically integrated jewellery brand, which has recently been listed on the stock exchange, disclosed its financial performance for the first quarter of the current fiscal year (Q1 FY26) on Thursday. The brand’s revenue soared by 42% during this period, while its losses were reduced by 41%.

Revenue Growth in Q1 FY26

Bluestone reported a 42% increase in operational revenue, reaching Rs 493 crore in Q1 FY26, compared to Rs 348 crore in Q1 FY25, as per its financial statements available through the National Stock Exchange (NSE). When looking at quarter-on-quarter performance, Bluestone’s operational revenue remained consistent at Rs 493 crore in Q1 FY26, slightly up from Rs 461 crore in Q4 FY25.

Key Revenue Sources

The company’s revenue predominantly came from the sale of diamond, gold, platinum, gemstone, and pearl jewellery. However, Bluestone did not offer a detailed breakdown of its revenue sources for the quarter. In addition to operational revenue, the company earned Rs 12 crore from non-operating avenues, bringing Bluestone’s total revenue for the first quarter to Rs 505 crore.

Cost Analysis

Looking at expenses, the cost of materials accounted for the most significant portion of Bluestone’s expenditures, making up 54% of the total costs. This material cost rose by 37% year-on-year, moving up to Rs 290 crore in Q1 FY26 from Rs 211 crore in Q1 FY25. Employee benefits also saw a considerable increase, up by 50% to Rs 63 crore in Q1 FY26. Overall, Bluestone’s total expenses surged by approximately 29%, culminating in Rs 538 crore for Q1 FY26.

Improved Losses and Positive EBITDA

Due to revenue growth outpacing increases in expenses, the company succeeded in decreasing its losses by 41%, from Rs 59 crore in Q1 FY25 to Rs 35 crore in Q1 FY26. Additionally, Bluestone achieved a positive EBITDA of Rs 67 crore during this quarter.

Initial Public Offering (IPO) Insights

Bluestone launched its initial public offering (IPO) in August 2025, with shares priced between Rs 492 and Rs 517 each. The stock debuted on 19 August 2025 at Rs 510, showing a marginal 1.3% dip compared to its issue price of Rs 517. The IPO raised a total of Rs 1,500 crore, which included Rs 693 crore collected from anchor investors prior to the public offering.

Market Performance

As of the end of today’s trading session, Bluestone’s stock was valued at Rs 564, representing a 1.4% increase from previous sessions. The company’s market capitalization was noted at Rs 8,534 crore (approximately $1 billion).