Consolidated adjusted net loss narrowed to Rs 3.23 crore from Rs 51.75 crore a year earlier. However, the company swung to a loss from an adjusted net profit of Rs 6.96 crore in Q1 FY27.

Pre-tax loss stood at Rs 4.37 crore, compared with a profit of Rs 5.96 crore in Q1 FY27, but narrowed from a loss of Rs 52.1 crore in Q2 FY26.

Total expenditure rose 36.41% year on year to Rs 714.01 crore. Raw material consumption increased 33.65% to Rs 588.02 crore, while employee expenses declined 2.09% to Rs 70.58 crore. Interest expenses rose 11.37% to Rs 58.38 crore, and depreciation increased 24.07% to Rs 63.87 crore.

Customer base crosses one million

BlueStone’s customer base crossed one million during the quarter, reaching 10,24,220 customers at the end of September, up 19.3% year on year.

Founder and CEO Gaurav Singh Kushwaha said more than half of the jewellery sold during the quarter went to returning customers. He said the company continued to grow ahead of the category while reducing marketing spend as a share of revenue.

The company said it had honoured its money-back policy since its first sale and that its jewellery was designed and manufactured in-house. Its retail presence extended across 146 cities, and it opened stores in seven new cities during the quarter. BlueStone also opened its Park Street flagship store, featuring a handcrafted and antique range.

Founded in 2011 as a digital-first, direct-to-consumer brand, BlueStone sells diamond, gold, platinum and studded jewellery through its website, mobile app and retail stores. Its portfolio includes rings, earrings, necklaces, bangles and solitaires. The company also operates manufacturing facilities to support its product range and expansion.

Following th result, BlueStone Jewellery and Lifestyle shares dropped 7.12% to Rs 706.30 on Friday, 23 October 2026.