Omnichannel jewellery retailer BlueStone swung to a profit of Rs 31.2 crore in the fourth quarter of FY26, January-March 2026, versus a loss of Rs 51.3 crore a year earlier.
Revenue from operations rose 47.7% to Rs 681.7 crore from Rs 461.3 crore in the same period. On a standalone basis, adjusted EBITDA climbed to Rs 143.78 crore from Rs 41.88 crore a year earlier, with margins expanding to 21.4% from 9.3%. Growth in the quarter was driven by continued store additions and a broader customer push, including into men's and kids' jewellery. Average order value increased by over 50% YoY to Rs 75,000, helped by higher gold prices and greater focus on premium products.
At the same time, the company also introduced more affordable styles to cover demand gaps created by the rise in gold prices. BlueStone launched 17 new retail stores during the quarter, taking its overall network to 340 across 134 cities with no closures. Nearly half the network, or 48%, is in tier-2 and tier-3 cities. Same-store sales growth stood at 34% in Q4 FY26, suggesting that existing outlets are delivering strong numbers and the company is not solely dependent on a boost from new stores.
The company's customer base expanded 22% YoY to 9.44 lakh. Of the 340 retail locations, 67 are franchisees, a format the company now plans to phase out as the five-year contracts come up for renewal. "FY27 and FY28 are going to see a substantial drop in terms of the franchisee-owned company-operated stores," BlueStone co-founder and CEO Gaurav Singh Kushwaha said on the earnings call, adding that the structure no longer made economic sense at the company's current scale and capital position. That moderation also shows up in the pace of expansion.
In its IPO prospectus, BlueStone had said that it would open 290 new outlets across FY26 and FY27. In the year ending March 2026, however, it added 65 outlets. Addressing the slower rollout, Kushwaha said: "We need to make sure that we had enough conviction from a demand behaviour perspective as to how the demand is going to react to such a sharp increase in gold price." From FY27, the company expects to increase its store count at an annual rate of about 20%, with the new outlets larger in size. BlueStone's ESOP costs rose 25.5% to Rs 18.64 crore in Q4 FY26, although management indicated that these expenses could decline from FY27 onwards and reflect positively on EBITDA and PAT. BlueStone's share price closed at Rs 546.3 on Friday, April 24, up over 5% from its 2025 IPO price of Rs 517. It has a current market capitalisation of Rs 8,342 crore.
BlueStone, founded in 2011, targets younger adults seeking premium-ish everyday pieces, distinguishing itself from jewellery players selling bridal and fast-fashion collections. These daily-wear products typically carry gross margins of 25-40% and also see stronger repeat buying. Major competitors include Giva, Kalyan Jewellers and Tata-owned brands Tanishq, Mia, Zoya and CaratLane. In the third quarter of FY26, CaratLane reported revenue from operations of Rs 1,537 crore, up 42.3% from a year earlier. Tanishq, Mia and Zoya together reported revenue of Rs 19,921 crore, a YoY increase of 40.4%. By the end of December 2025, Tanishq ran 545 stores across 307 cities, including international markets, while CaratLane had 366 retail locations across 155 cities.
At the same time, the company also introduced more affordable styles to cover demand gaps created by the rise in gold prices. BlueStone launched 17 new retail stores during the quarter, taking its overall network to 340 across 134 cities with no closures. Nearly half the network, or 48%, is in tier-2 and tier-3 cities. Same-store sales growth stood at 34% in Q4 FY26, suggesting that existing outlets are delivering strong numbers and the company is not solely dependent on a boost from new stores.
The company's customer base expanded 22% YoY to 9.44 lakh. Of the 340 retail locations, 67 are franchisees, a format the company now plans to phase out as the five-year contracts come up for renewal. "FY27 and FY28 are going to see a substantial drop in terms of the franchisee-owned company-operated stores," BlueStone co-founder and CEO Gaurav Singh Kushwaha said on the earnings call, adding that the structure no longer made economic sense at the company's current scale and capital position. That moderation also shows up in the pace of expansion.
In its IPO prospectus, BlueStone had said that it would open 290 new outlets across FY26 and FY27. In the year ending March 2026, however, it added 65 outlets. Addressing the slower rollout, Kushwaha said: "We need to make sure that we had enough conviction from a demand behaviour perspective as to how the demand is going to react to such a sharp increase in gold price." From FY27, the company expects to increase its store count at an annual rate of about 20%, with the new outlets larger in size. BlueStone's ESOP costs rose 25.5% to Rs 18.64 crore in Q4 FY26, although management indicated that these expenses could decline from FY27 onwards and reflect positively on EBITDA and PAT. BlueStone's share price closed at Rs 546.3 on Friday, April 24, up over 5% from its 2025 IPO price of Rs 517. It has a current market capitalisation of Rs 8,342 crore.
BlueStone, founded in 2011, targets younger adults seeking premium-ish everyday pieces, distinguishing itself from jewellery players selling bridal and fast-fashion collections. These daily-wear products typically carry gross margins of 25-40% and also see stronger repeat buying. Major competitors include Giva, Kalyan Jewellers and Tata-owned brands Tanishq, Mia, Zoya and CaratLane. In the third quarter of FY26, CaratLane reported revenue from operations of Rs 1,537 crore, up 42.3% from a year earlier. Tanishq, Mia and Zoya together reported revenue of Rs 19,921 crore, a YoY increase of 40.4%. By the end of December 2025, Tanishq ran 545 stores across 307 cities, including international markets, while CaratLane had 366 retail locations across 155 cities.