India’s second-largest digital-first omni-channel jewellery retailer, BlueStone Jewellery Q3 FY26 results showcase a stellar financial performance. The company posted strong revenue growth, sharp margin expansion, and a dramatic turnaround in profitability, supported by better execution, strong repeat business, and rising gold prices.
Bluestone Jewellery Q3 FY26 Results: Financial Performance
| Particulars | Q3 FY25 | Q3 FY26 | YoY Growth | Q2 FY26 | QoQ Growth |
|---|---|---|---|---|---|
| Revenue from Operations | 587.1 | 747.9 | +27.4% | 5,131 | +45.8% |
| Contribution Profit | 175.9 | 307.9 | +75.0% | 1,790 | +72.0% |
| Adjusted EBITDA | 70.8 | 190.8 | +169.7% | 714 | +167.4% |
| Adjusted EBITDA Margin (%) | 12.1 | 25.5 | +1,346 bps | 13.9 | +1,160 bps |
| Cash PAT | 149 | 1,225 | +720.9% | 62 | +1,892.6% |
| Same Store Sales Growth | — | 12.0% | — | — | — |
| Number of Stores | 262 | 323 | +23.3% | 311 | +3.9% |
Revenue rose 27.4% YoY to INR 747.9 crore, while Adjusted EBITDA surged 1.7x to INR 190.8 crore, aided by INR 58.9 crore in inventory gains due to gold price appreciation. Cash PAT increased more than sevenfold to INR 122.5 crore. Margins expanded across all levels, reflecting strong operational leverage.
Bluestone Jewellery 9M FY26 Results: Financial Summary
| Particulars | 9M FY25 | 9M FY26 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 1,308.7 | 1,753,6 | +34.0% |
| Adjusted EBITDA | 87.2 | 345.1 | +295.9% |
| Adjusted EBITDA Margin (%) | 6.7 | 19.7 | +1,302 bps |
| Pre-IND AS EBITDA (excl. inventory gain) | 7.5 | 129.6 | +1,640.9% |
| Pre-IND AS EBITDA Margin (%) | 0.6 | 7.4 | +682 bps |
| Cash PAT | (74.7) | 146.1 | Turnaround |
| Number of Stores (as of Dec 2025) | 262 | 323 | +61 stores YoY |
| Average Order Value (INR) | 47,313 | 63,345 | +33.9% |
For the nine months ended December 2025, revenue grew 34% YoY, while Adjusted EBITDA tripled to INR 345.1 crore, driven by better cost controls and operating leverage. The company posted a turnaround to positive Cash PAT of INR 146.1 crore, with strong expansion in both gross and contribution margins.
Bluestone Jewellery Q3 & 9M FY26 Results: Operational and Strategic Highlights
- Pan-India Presence: 323 stores across 130 cities; more than 12,600 pin codes serviced.
- Omnichannel Model: Seamless integration of online discovery and offline purchase, with 299 million online sessions in FY25.
- High Repeat Business: 58% of revenue from repeat customers, reflecting brand trust.
- Technology Edge: In-house tech stack enabling fast design-to-store turnaround and efficient inventory management.
- Modern Design Focus: Light-weight, non-wedding jewellery catering to younger consumers; strong differentiation from traditional players.
Management Commentary and Outlook
Chairman and Managing Director Gaurav Singh Kushwaha emphasized that the underlying growth trend remains in the 35–40% range, with Q4 FY26 expected to outperform Q3. Over 150 stores are nearing INR 10 crore in annualized per-store sales, suggesting strong scalability in store-level performance.
Outlook
BlueStone Q3 & 9M FY26 results underline a powerful combination of growth, profitability, and efficiency. Despite moderate SSSG (12%), sustained expansion in margins, customer retention, and operational scale reflects a business maturing into long-term profitability.
With continued store additions and strong digital engagement, BlueStone is positioned as a category leader in India’s fast-evolving omnichannel jewellery market, standing out for its technology-driven design approach and superior unit economics.
Bottom Line
BlueStone Jewellery Q3 FY26 performance showcases a glittering growth, combining strong revenue momentum, margin expansion, and profit turnaround. With rising brand visibility, disciplined execution, and expanding omnichannel presence, the company remains on a robust growth trajectory heading into FY27.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.