BlueStone’s September-quarter revenue reached Rs.745 crore as its network expanded to 379 stores and repeat customers contributed more than half of sales, though debt, cash flow and gold-price volatility remain concerns.
BlueStone Jewellery and Lifestyle said revenue surged in the September quarter as its omnichannel strategy and expanding store network continued to support sales, even as the company remained under pressure from costs and a volatile gold market. The jewellery retailer reported that quarterly revenue rose about 45% year on year to Rs.745 crore, while its consolidated net loss narrowed sharply to Rs.4.4 crore from Rs.52.1 crore a year earlier.
The latest figures point to a business that is scaling quickly across both digital and physical channels. BlueStone describes itself as a digital-first, direct-to-consumer brand with a nationwide store network and more than 8,000 designs across diamond, gold, platinum and studded jewellery. The company said it ended the quarter with 379 stores in 146 cities, after adding 27 locations during the period.
Customer engagement also strengthened. BlueStone said it crossed the one-million-customer mark during the quarter, with repeat buyers contributing 56.3% of revenue, up from 51.4% a year earlier. That shift matters because returning customers typically support steadier sales and lower the cost of acquisition over time, especially in a category where trust and brand recognition weigh heavily on purchasing decisions.
Management has pointed to the resilience of the model despite a tricky operating backdrop. Gaurav Singh Kushwaha, BlueStone’s co-founder and chief executive, said the company posted standalone revenue growth of 43.9% in the quarter and 46.3% in the first half of fiscal 2027, attributing the performance to the strength of its business model even as gold prices remained volatile and the festive season shifted into the December quarter. External analysis of the results suggested operating leverage improved, although it also flagged rising debt, weak free cash flow and losses at some subsidiaries as areas investors will continue to watch.
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