Bluestone (BLUESTONE) Q2 FY27 Revenue Jumps 45% as Profit Slips Back Into Loss
The omnichannel jeweller's sales surged on strong repeat business, but rising costs pushed it back into a net loss for the quarter.
Bluestone Jewellery posted a 45% surge in Q2 FY27 revenue, crossing ₹745 crore. However, the company slipped into a net loss of ₹4.37 crore as total expenses grew faster than sales.
Bluestone Jewellery’s path to consistent profitability hit a bump this quarter. The omnichannel retailer posted a 45% surge in revenue, but rising costs pushed it back into a net loss, highlighting the tension between rapid growth and sustainable earnings.
The numbers show a clear split. Revenue reached ₹745.03 crore, up 45.1% from a year ago and a slight 1.1% from the prior quarter. Yet, the bottom line swung to a loss of ₹4.37 crore, a sharp reversal from the ₹5.96 crore profit in Q1. The net profit margin slipped to -0.6%.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ2 FY27 | PreviousQ1 FY27 | Same quarter LYQ2 FY26 |
|---|---|---|---|
| Period Ended | Sep 2026 | Jun 2026 | Sep 2025 |
| Revenue (₹ Cr) | 745.03YoY +45% | 736.85 | 513.63 |
| Profit (₹ Cr) | -4.37YoY +92% | 5.96 | -52.10 |
| Net Profit Margin (%) | -0.6YoY +94% | 0.8 | -10.1 |
Where the growth came from
The revenue surge was driven by a loyal customer base and store expansion. According to CNBC-TV18, repeat customers contributed 56.3% of Q2 revenue, up from 51.4% a year ago. The company also added 27 stores sequentially, ending the quarter with 379 outlets across 146 cities. More than 80% of sales originate online, The Economic Times reported, with the company focusing on the faster-growing non-wedding jewellery segment.
Why profit turned negative
Growth came at a cost. Total expenses rose 34% year-on-year to ₹772 crore, as reported by The Economic Times. The cost of materials, the largest expense, jumped 51.4% to ₹470 crore, according to Entrackr. This surge in input costs, alongside employee and other expenses, outpaced revenue growth and erased the operating leverage from higher sales.
The funding runway for expansion
To support its ambitious growth, Bluestone’s board approved raising up to ₹300 crore via non-convertible debentures (NCDs). The proceeds, as noted by CNBC-TV18, are for refinancing debt and funding business needs like capital expenditure and working capital. This move provides liquidity for its stated target of roughly 20% annual store growth over the next several years.
Live Chart
· BLUESTONE
(BSE)
ISIN: INE304W01038
Key Points
- Revenue grew 45.1% year-on-year to ₹745 crore, supported by a 56.3% contribution from repeat customers and the addition of 27 new stores.
- The company slipped into a quarterly net loss of ₹4.37 crore as a 34% jump in total expenses, led by a 51.4% rise in material costs, overwhelmed top-line growth.
- Bluestone plans to raise up to ₹300 crore through NCDs to refinance debt and fund its ongoing store expansion and working capital requirements.
- The company's trailing twelve-month (TTM) net profit margin stands at 3.5%, indicating the business is profitable at an annual level despite the quarterly setback.
Hexa Perspective
The quarter underscores Bluestone’s growth engine is firing, with customer loyalty and physical reach expanding robustly. However, the swift return to a loss reveals how sensitive its nascent profitability is to input cost inflation, particularly in gold.
The planned NCD raise buys time and capital to continue scaling. The investment case now hinges on whether operating leverage from a larger store base and higher repeat sales can outpace cost pressures in the coming quarters, especially with a significant portion of the festive season shifting to Q3.
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