Omnichannel jewellery retailer Bluestone reported its first-ever profit in the third quarter of FY26, supported by strong revenue growth and operating leverage from its expanding retail network.

The company posted an operating revenue of Rs 748.6 crore in Q3 FY26, marking a 27.5% year-on-year (YoY) increase from Rs 587 crore in the same quarter last year. During the quarter, Bluestone recorded a net profit of Rs 68.8 crore, compared with a net loss of Rs 26.8 crore a year earlier.

While the company’s expenses rose by 9% to Rs 688.9 crore in the December quarter, up from Rs 629.8 crore a year ago, revenue growth outpaced cost increases, enabling the company to turn profitable for the first time.

Commenting on the performance, Bluestone chief executive Gaurav Singh Kushwaha said the company’s omni-channel model involves front-loaded costs, but as store revenues scale over time, operating leverage begins to emerge. He added that there remains significant runway for further expansion.

According to its investor presentation, Bluestone held a 28–32% market share in the omni-channel jewellery segment in FY25. During the December quarter, the company added 12 new stores, taking its total retail footprint to 323 stores across India.

Bluestone listed on Indian stock exchanges in August last year, raising Rs 1,540 crore. Of this, Rs 750 crore was earmarked for working capital requirements, with Rs 525 crore utilised as of December 31, 2025.

Following the announcement of its Q3 results, Bluestone’s shares rose 11.96% to close at Rs 474.75 on the BSE on Thursday.