Business Wire India
- EBITDA more than doubles: Q2FY27 EBITDA of INR 97.1 crores, up 127% YoY
- Fourth consecutive quarter of profit, following FY26, BlueStone’s first full year of profit
- 1 million customers: 10,24,220 customers at September-end, up 19.3% YoY; repeat customers contributed 56.3% of Q2FY27 revenue, up from 51.4% YoY
- Category leading growth: Q2FY27 revenue up 43.9% YoY; 1HFY27 revenue up 46.3% to INR 1,471 crores, with SSSG of 32.9%
- 379 stores across 146 cities, up 68 stores and 19 cities YoY; all seven cities entered in Q2FY27 are Tier 2 and Tier 3 markets
BlueStone Jewellery and Lifestyle Limited, a leading digital-first, direct-to-consumer jewellery brand, today announced its results for the quarter and half year ended September 30, 2026. EBITDA for Q2FY27 surged to INR 97.1 crores, up 127% YoY, and BlueStone reported a profit for the fourth consecutive quarter. Revenue grew 46.3% YoY to INR 1,471 crores in 1HFY27, led by same-store sales growth (SSSG) of 32.9%. In Q2FY27, revenue grew 43.9% YoY to INR 738 crores, outpacing the category even as gold prices stayed volatile and the festive calendar moved into Q3. During the quarter, BlueStone crossed one million customers, a milestone in a category where customers decide whom to trust before they decide what to buy.
Profitable for the fourth consecutive quarter
BlueStone has now reported a profit in each of the last four quarters, building on FY26, its first full year of profit. EBITDA more than doubled to INR 207.3 crores in 1HFY27, and the EBITDA margin expanded by 422 bps YoY to 14.1%. In Q2FY27, EBITDA rose 127% YoY to INR 97.1 crores, with the margin up 483 bps to 13.2%.
Growing faster than the category
BlueStone’s revenue grew 43.9% YoY in Q2FY27, well ahead of the category. Two choices set it apart. The first is omnichannel: more than 80% of its sales originate online, so its stores convert intent that customers have already built. The second is everyday wear: almost all of its business is in non-wedding jewellery, the faster-growing part of the market, as consumers move from heavy pieces kept in lockers to lighter jewellery worn every day. Its reach is widening too, with 379 stores across 146 cities, 68 more than a year ago, and a new flagship on Park Street, Kolkata.
One million customers, in a category built on trust
Fine jewellery is bought on trust, and trust has traditionally taken generations to build. BlueStone has built it in 15 years. Its customer base crossed one million during the quarter and stood at 10,24,220 at the end of September, up 19.3% YoY. BlueStone counts a customer only once they have bought, and kept, a piece of its jewellery.
Commenting on the results, BlueStone’s Founder & CEO Gaurav Singh Kushwaha said,
“Crossing one million customers is the milestone I am proudest of this quarter. Most of those customers first met us on a screen, and still chose us for something as precious as jewellery. More than half of what we sold this quarter went to customers coming back to us. That is why our growth keeps running ahead of the category even as our marketing spend falls as a share of revenue.
We earn that trust one promise at a time: a money-back policy we have honoured since our first sale, every piece designed and made by us, and a store close enough to see a piece before buying it, now in 146 cities. This quarter we entered seven new cities, all beyond the metros, and opened our Park Street flagship with a handcrafted and antique range. Modern jewellery does not have to leave tradition behind. It has to make tradition wearable.”
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