BlueStone Jewellery and Lifestyle (BLUESTONE) Q2 25/26 earnings summary

Executive summary

• Standalone Q2 FY26 revenue rose 37.4% YoY to ₹5,130.9mn; adjusted EBITDA was ₹713.6mn at a 13.9% margin.

• The network reached 311 stores across 127 cities, with 19 Q2 openings; customer count grew 31% YoY to 858,457.

• Q2 consolidated revenue was INR 5,136.27mn and net loss was INR 521.02mn; FY25 comparatives were standalone.

Financial highlights

• H1 FY26 standalone revenue grew 39.4% YoY to ₹10,056.7mn; adjusted EBITDA was ₹1,543.1mn versus ₹164.2mn in H1 FY25.

• Standalone Q2 EBITDA was ₹427.4mn versus a ₹44.1mn loss YoY; EBITDA margin was 8.3% versus -1.2%.

• Q2 cash PAT was ₹61.5mn versus a ₹535.8mn loss YoY; H1 cash PAT was ₹235.5mn versus a ₹895.8mn loss.

• Q2 consolidated loss before tax was INR 505.59mn, including INR 15.43mn share of associate loss; net loss was INR 521.02mn.

• Q2 consolidated revenue was INR 5,136.27mn versus INR 3,733.64mn in Q2 FY25; the prior-year comparator is standalone.

Segment performance

• Same-store sales grew 11.1% YoY; mature store cohorts grew broadly in line with blended SSSG.

• Studded jewellery represented 62% of Q2 revenue; studded margins were described as significantly higher than plain gold, with no category margin split provided.

• Repeat revenue ratio was 51.4%; repeat buyers typically purchase higher-value items as familiarity with the brand increases.