BlueStone Jewellery and Lifestyle (BLUESTONE) Q3 25/26 earnings summary

Executive summary

• Standalone Q3 revenue rose 27.4% YoY to ₹7,479.00m; consolidated revenue was ₹7,486.47m and PAT was ₹688.46m, versus a ₹268.75m loss a year earlier.

• Standalone PAT was ₹714.55m, marking the first quarter of reported net profit; pre-Ind AS EBITDA excluding inventory gains was ₹902.7m at a 12.1% margin.

• Revenue momentum strengthened after a softer November and early December; December exit growth was ~35% YoY and January growth was trending above ~35%.

• Management attributed margin expansion chiefly to operating leverage from higher store productivity and revenue growth against a relatively stable cost base.

Financial highlights

• Standalone 9M FY26 revenue reached ₹17,535.70m, up 34.0% YoY; gross profit was ₹7,432.4m, up 50.6%.

• Q3 gross profit rose 55.0% YoY to ₹3,381.5m; gross margin expanded 804 bps to 45.2%.

• Q3 adjusted EBITDA was ₹1,907.9m, up 169.7% YoY, with a 25.5% margin; reported EBITDA was ₹1,666.4m.

• Q3 cash PAT was ₹1,225.0m versus ₹149.2m a year earlier; 9M cash PAT was ₹1,460.5m versus a loss of ₹746.6m.

• Q3 contribution margin excluding inventory gains was 33.3%, up 333 bps YoY; A&P was 5.7% of sales, down ~129 bps YoY.

Outlook and guidance

• Q4 revenue was indicated at ₹620–630 crore if the current ~35% growth trend versus Q4 last year continued; management described this as an illustrative calculation.

• Underlying revenue growth was 35%–40%; Q4 growth was trending better than Q3, with January revenue growth above ~35% YoY.

• FY store additions were expected near 70, with a ±5 range; FY27 network guidance was to follow after Q4.

• A&P spend was targeted at ~6% of revenue going forward, versus 6.8% YTD.

• Management cited further margin runway from cohort maturation and scale, with low-teens baseline business margins as broader cohort productivity rises to ₹10–11 crore per store.