Synopsis:Jewellery shares jumped 16 percent after Q1 FY27 results showed a strong turnaround, with revenue rising 49 percent YoY to Rs 733 crore and profitability improving on strong sales growth.
The share of this company, which s India’s second-largest digital-first omni-channel fine jewellery retailer, offeringunique designs in gold, diamond, platinum, and gemstones gained focus after posting Q1 result
With a market capitalization of Rs 10,663 crore, Bluestone Jewellery & Lifestyle Ltd’s share on Tuesday made a day high of Rs 705.45 per share, up by 15.9 percent from its previous day’s close of Rs 608.45 per share. The share of the company gave a return of 28 percent since listing in August 2025.
QoQ View
the revenue from operations grew by 8.13 percent to Rs 736.85 crore in Q1 FY27 from Rs 681.47 crore in Q4 FY26. Profit before tax declined by 80.88 percent to Rs 5.96 crore in Q1 FY27 from Rs 31.18 crore in Q4 FY26. This was accompanied by a profit for the period decrease of 80.88 percent to Rs 5.96 crore in Q1 FY27 from Rs 31.18 crore in Q4 FY26.
YoY View
The revenue from operations grew by 49.56 percent YoY to Rs 736.85 crore in Q1 FY27 from Rs 492.68 crore in Q1 FY26. Profit before tax stood at Rs 5.96 crore in Q1 FY27 compared to a loss before tax of Rs 34.75 crore in Q1 FY26. This was accompanied by a profit for the period of Rs 5.96 crore in Q1 FY27, turning around from a loss for the period of Rs 34.75 crore in Q1 FY26.
Q1 Buinsess Performance
Bluestone reported a robust Q1 FY27 performance with revenue rising 49 percent YoY to INR 733.2 crore, supported by healthy business growth and higher customer demand. The company reported a same-store sales growth (SSSG) of 39 percent YoY during the quarter. Revenue was recognised on a secondary sales basis, including franchise stores, reflecting the actual sales movement across its network.
EBITDA increased 94.8 percent YoY to INR 110.2 crore, with EBITDA margin expanding by 354 bps YoY to 15 percent. The quarter included an inventory gain of INR 24.8 crore. Excluding this impact, pre-Ind AS EBITDA grew 134.6 percent YoY to INR 54.8 crore, while the margin improved by 273 bps YoY to 7.5 percent.
The company continued to expand its retail presence, increasing its store count by 12 stores QoQ to 352 stores as of June 30, 2026. The repeat revenue ratio stood at 59.7 percent during Q1 FY27, indicating strong customer retention and continued engagement with existing customers. Adjusted PAT for the quarter stood at INR 13.8 crore, with a margin of 1.9 percent.
What led to the YoY turnaround?
Strong revenue growth: The company witnessed a sharp YoY turnaround, supported by strong top-line growth. Revenue from operations increased 48.8 percent YoY to Rs 733.19 crore in Q1 FY27 from Rs 492.58 crore in Q1 FY26, driven by improved sales momentum across its network.
Healthy same-store sales performance: Organic growth remained strong during the quarter, with the company reporting a 39 percent same-store sales growth (SSSG). The improvement highlights better performance from existing stores and stronger customer demand without relying only on new store additions.
Improved profitability and higher order value: The company delivered a strong improvement in operating performance, with EBITDA rising 94.8 percent YoY to Rs 110.20 crore. EBITDA margin expanded by 354 bps YoY to 15 percent, supported by improved operating efficiency. The Average Order Value (AOV) also increased 40.7 percent YoY to Rs 74,816, reflecting higher customer spending.
Stronger customer retention: Customer engagement improved during Q1 FY27, with the Repeat Revenue Ratio increasing by 900 bps YoY to 59.7 percent. The rise indicates higher repeat purchases and stronger customer loyalty, supporting sustainable revenue growth.
Conclusion: Bluestone Jewellery delivered a strong Q1 FY27 performance, driven by robust revenue growth, healthy same-store sales growth, improved margins, and higher customer retention. The company’s turnaround from a loss in Q1 FY26 to profitability highlights improving business momentum, while continued store expansion and strong demand support its future growth prospects.
About the Company
Bluestone Jewellery & Lifestyle Ltd is India’s second-largest digital-first omni-channel fine jewellery retailer, offering unique designs in gold, diamond, platinum, and gemstones. Established in 2011 and headquartered in Bengaluru, the public company operates both an extensive online platform and a wide physical retail store network across India.
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