Customer viewing jewellery in a modern retail store
Jewellery brand BlueStone appears to be turning a corner, reporting a profitable fiscal year 2026 after facing skepticism regarding its initial public offering (IPO) in August 2025. The company’s stock has stabilized, and its business has achieved profitability, prompting a reassessment of its market position by analysts.
In fiscal year 2026, BlueStone saw its operating revenue increase by 38% year-over-year, reaching ₹2,441 Crore. This growth was accompanied by a slower rise in costs, culminating in a full-year profit of ₹26 Crore. This financial pivot is attributed by CEO Gaurav Singh Kushwaha to operating leverage rather than aggressive cost-cutting measures.
The company’s omnichannel strategy is showing results, with a reported 34% year-over-year same-store sales growth in the fourth quarter. This indicates that established retail outlets are contributing to earnings growth. BlueStone’s strategic focus on recurring lifestyle and self-expression purchases, rather than solely relying on seasonal wedding demand, is a key differentiator from traditional jewellery players.
Brokerage firms are taking note, with JM Financial reiterating a ‘Buy’ rating and Nuvama highlighting the company’s store expansion and improving unit economics as drivers for future growth. As BlueStone navigates evolving competition, gold prices, and consumer demand, its ability to sustain this growth trajectory will be closely watched.
In other market news, Flipkart faced controversy after videos emerged of influencers scrambling for gift hampers at its ‘Glamp Up Fest 2026’ creator event, highlighting issues with event logistics and promised deliverables. Separately, the Indian startup ecosystem saw a significant increase in funding, with $426 million raised across 19 deals in the past week, led by the AI sector.
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