BlueStone Q2 Results, October 22, 2026: Revenue Up 44%, EBITDA ₹97 Crore

BlueStone Q2 results landed on Thursday evening, October 22, 2026, and the jeweller’s own headline is about growth and a fourth straight profitable quarter. That claim holds on a standalone basis. On a consolidated basis, the company actually slipped into a small loss.

BlueStone Q2 results: the numbers that matter

BlueStone Jewellery and Lifestyle (NSE: BLUESTONE) filed its board meeting outcome and results along with a press release with the exchanges. For the July-September quarter (Q2 FY27):

• Revenue: standalone revenue rose 43.9% year on year to ₹738 crore. Consolidated revenue from operations was ₹745 crore, up 45.1%.
• EBITDA: standalone EBITDA was ₹97.1 crore, up 127% from ₹42.7 crore a year ago, with the margin at 13.2% against 8.3%.
• Standalone profit: ₹1.7 crore, against a loss of ₹49.1 crore in Q2 FY26 and a profit of ₹11.1 crore in Q1 FY27.
• Consolidated result: a loss of ₹4.37 crore, compared with a loss of ₹52.1 crore a year ago and a profit of ₹5.96 crore in the June quarter. The loss attributable to owners was ₹3.23 crore, and basic EPS was minus ₹0.21.

For the first half (April-September), standalone revenue grew 46.3% to ₹1,471 crore and EBITDA more than doubled to ₹207.3 crore, a 14.1% margin. Consolidated profit for the half was ₹1.59 crore, against a loss of ₹86.8 crore in H1 last year.

Why profit and loss both show up

The gap between the two bottom lines is small in rupee terms. The consolidated numbers include a ₹1.40 crore share of loss from an associate and the results of a subsidiary, Ethereal House. So the “profitable” label is a standalone one. Worth knowing which set of accounts a headline is quoting.

The bigger story is the year-on-year turnaround. A year ago the quarter’s loss was around ₹50 crore on either basis. That has nearly vanished. Costs below EBITDA are still heavy, though. Standalone finance costs were ₹57.6 crore and depreciation ₹62.3 crore in the quarter, which is why a ₹97 crore EBITDA turns into a profit of under ₹2 crore.

Customers, stores and margins

BlueStone crossed one million customers, with 10,24,220 at the end of September, up 19.3% from 8,58,457 a year earlier. Repeat customers brought in 56.3% of the quarter’s revenue, up from 51.4%. The average order value rose to ₹77,290 from ₹59,907, roughly 29% higher.

The store count went to 379 across 146 cities, up from 311 stores in 127 cities a year ago. All seven cities added this quarter were Tier 2 and Tier 3 markets, the company said. Advertising and marketing spend fell to 6.0% of revenue from 8.2%.

Not every line moved the right way. Standalone gross margin fell to 36.6% from 39.5% a year earlier and 40.7% in Q1. Same-store sales growth was 28.0% in Q2, down from 39.0% in the June quarter, though still strong. The share of studded jewellery in revenue slipped to 55.7% from 62.0%. Net debt rose to ₹539.5 crore at the end of September from ₹453.6 crore at the end of June, and gross debt stood at ₹891.9 crore. New stores and gold inventory eat working capital.

What to watch next

Founder and CEO Gaurav Singh Kushwaha called the one-million-customer mark the milestone he was proudest of. The company also noted the festive calendar shifted into Q3 this year. That makes the December quarter the real test of whether the gross margin dip was a one-off.

If you track results like these, our guide on how to analyse a company’s quarterly results explains why standalone and consolidated figures can differ. BlueStone also books sizeable ESOP costs, ₹13.9 crore this quarter, so our explainer on ESOP dilution is useful background. The full filings are on the NSE BlueStone page.

Source: BlueStone Jewellery and Lifestyle results, management commentary and press release filed with NSE on October 22, 2026. Rupee figures are converted from ₹ million to ₹ crore, and the average order value change is our own calculation from the company’s numbers.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.