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The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38%

EntrackrEntrackr · 5d ago
The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38%
Medial

The Souled Store nears Rs 500 Cr revenue in FY25; profits decline 38% After recording over 50% year on year growth in FY24, direct to consumer pop culture brand The Souled Store maintained its growth pace in FY25 and posted a 37% rise in operating revenue. However, profitability slipped marginally during the year as costs increased. The Souled Store’s revenue from operations grew to Rs 492 crore in FY25 from Rs 360 crore in FY24, according to its annual financial statements sourced from the Registrar of Companies RoC. Founded in 2014, The Souled Store designs, manufactures, and sells pop culture inspired apparel, drawing from themes across superheroes, movies, and television shows. Over the years, the company has expanded its product portfolio to include footwear, books, mobile covers, notebooks, mugs, and other lifestyle merchandise, sold through both online and offline channels. Income from the sale of products across physical stores and online platforms accounted for 98.5% of the company’s operating revenue and rose 36.8% to Rs 485 crore in FY25. The remaining operating income was derived from membership fees. On the cost side, procurement remained the largest expense for the brand and accounted for a significant portion of total expenditure. With the company scaling its operations, procurement costs increased 40.8% year on year to Rs 210 crore in FY25. Employee benefit expenses and marketing spends stood at Rs 54 crore and Rs 57 crore respectively during the year. Marketplace commissions, rent, transportation, and other overheads further pushed total expenditure up by 36% to Rs 487 crore in FY25 compared to Rs 358 crore in FY24. Despite posting healthy top line growth, rising costs particularly higher employee benefits and marketing spends impacted profitability. As a result, profit declined by 37.6% to Rs 11 crore in FY25 from Rs 17.67 crore in FY24. From a margin perspective, The Souled Store reported positive ROCE and EBITDA margins of 7% and 9.7% respectively. On a unit economics basis, the company spent Rs 0.99 to earn every rupee of operating revenue during FY25. The Souled Store has raised nearly $30 million in funding to date. This includes a $16 million round led by Xponentia Capital in 2023 and a $10 million round led by Elevation Capital in 2021. According to startup data intelligence platform TheKredible, Elevation Capital remains the company’s largest external stakeholder followed by Xponentia Capital. Within the wider competitive set, The Souled Store faces competition from brands like Rare Rabbit, which posted Rs 636 crore in revenue with a Rs 76 crore profit in FY24 and has not yet filed for FY25. Bewakoof reported revenue of Rs 173 crore in FY25, while Virat Kohli-backed Wrogn recorded a 9% year on year decline in revenue to Rs 223 crore in FY25. The drop in friction in the manufacturing and distribution chain, an outcome of the efficiencies that have crept in over the past few years, means competition can come from pretty much anywhere now, from Instagram influencers to pop up stores that can deliver products at the same or even lower cost. This places a special premium on getting the ideas right, sourcing right, and building the buzz to sustain sales enough to pay for the duds. Innovations like collectibles will matter at some stage, as will the ability to strike and protect interesting licensing deals.

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Foxtale’s revenue nears Rs 200 Cr in FY25; losses jump 38%

EntrackrEntrackr · 12d ago
Foxtale’s revenue nears Rs 200 Cr in FY25; losses jump 38%
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Foxtale, a direct-to-consumer skincare and beauty brand, continued its strong growth momentum in FY25 as it scaled up aggressively. However, the Mumbai-based company remained in the red due to a sharp rise in expenses. Foxtale’s revenue from operations grew 2.4x to Rs 199 crore in FY25 from Rs 83 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC). Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The sale of skin and beauty products was Foxtale's sole source of revenue in the fiscal year. Including other income of Rs 7 crore, the company’s total income stood at Rs 206 crore during FY25. On the spending side, advertising cost accounted for 38% of the total expense. To the tune of scale, this cost more than doubled to Rs 106 crore in FY25 from Rs 50 crore in FY24. Cost of material also doubled to Rs 74 crore in FY25 from Rs 34 crore in FY24. Employee benefit expense increased by 55% to Rs 31 crore in the same period. Overall, Foxtale’s total expenses more than doubled to Rs 279 crore in FY25 from Rs 139 crore in FY24. The company’s net loss increased by 38% to Rs 73 crore in FY25 from Rs 55 crore in FY24. Its ROCE and EBITDA margin improved to -26.87% and -39.20% respectively. On a unit basis, Foxtale spent Rs 1.40 to earn a rupee of operating revenue in FY25, improving from Rs 1.67 in the previous fiscal year. Its cash and bank balance increased to Rs 166 crore in FY25 from Rs 43 crore in FY24, while current assets grew to Rs 316 crore. According to TheKredible, Foxtale has raised a total of $52 million of funding till date, having Matrix Partners and Kae Capital as its lead investors. The company’s Founder and CEO, Romita Mazumdar owns 34% of the company. Foxtale recently said that about 50% of purchases through its D2C website are from repeat customers. It also claimed that it is on track to end the year with an Annual Recurring Revenue (ARR) of over Rs 700 crore in GMV and expects to achieve profitability next year.

Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr

EntrackrEntrackr · 3m ago
Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr
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Gameskraft crosses Rs 4,000 Cr revenue in FY25; PAT nears Rs 1,000 Cr Gameskraft’s FY25 numbers reflect strong performance before the RMG ban. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. The Indian government’s recent ban on real-money gaming formats has disrupted the sector overnight, but Gameskraft’s FY25 numbers reflect strong performance before the clampdown. The firm reported double-digit revenue growth and maintained profitability during the fiscal year. Gameskraft’s revenue from operations grew 12% to Rs 3,896 crore in FY25 from Rs 3,475 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Gameskraft operated popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) came from platform fee or commission charged as a percentage of the buy-in fees users invest in games, which contributed Rs 3,882 crore (99.6% of operating revenue), registering a 12.2% growth. Its real estate business added Rs 11 crore, while other income sources contributed Rs 3 crore in FY25. The Bengaluru-based company made an additional Rs 113 crore from non-operating sources which pushed its total revenue to Rs 4,009 crore in FY25. On the cost side, promotional spending emerged as the single largest expense and accounted for 75% of total burn. To the tune of scale, this cost surged 58% to Rs 2,072 crore in FY25 from Rs 1,315 crore in FY24. Employee benefits, on the other hand, saw a decline of 11% to Rs 410 crore, while legal and professional fees fell 22.8% to Rs 112 crore in FY25. Overall, the company’s total expenses shot up 24% to Rs 2,766 crore in FY25 as against Rs 2,232 crore in FY24. See TheKredible for the detailed cost breakdown during the last fiscal year. Despite the jump in ad spend, Gameskraft managed to sustain profitability on the back of its strong topline and controlled costs in other areas. Its net profit stood at Rs 976 crore in FY25, slightly higher than the Rs 947 crore posted in FY24. It's worth noting that we have excluded exceptional items worth Rs 270.5 crore in the calculation of net profit of the company. Gameskraft's ROCE and EBITDA margin stood at 58.40% and 31.63%, respectively. On a unit basis, Gameskraft spent Rs 0.71 to earn a rupee of operating revenue in FY25. The company recorded current assets worth Rs 2,232 crore in FY25 which includes Rs 253 crore in cash and bank balances and Rs 1,319 crore invested in mutual funds. While Gameskraft’s FY25 numbers were unaffected, the Indian government’s new gaming law effective August 2025 has forced the company to halt its real-money operations, including shutting down “Add Cash” features and discontinuing its flagship rummy platform RummyCulture, alongside pausing its poker venture Pocket52 earlier in the year. The move, mandated by the Promotion and Regulation of Online Gaming Act, has also led Gameskraft to publicly state it will not pursue a legal challenge, instead opting for full compliance. Given that real-money gaming contributed nearly all of Gameskraft’s FY25 revenue, the ban is expected to significantly impact its business model, revenue streams, and growth trajectory going forward.

PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples

EntrackrEntrackr · 7m ago
PB Fintech crosses Rs 1,508 Cr revenue in Q4 FY25; profit triples
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PB Fintech, the parent company of online insurance aggregator and brokerage platform PolicyBazaar, has released its financial results for the fourth quarter of the ongoing fiscal year (Q4 FY25). The company reported a 38% growth in scale, while its year-on-year (YoY) profits increased by 2.85X during the same period. PolicyBazaar’s revenue from operations surged 38% to Rs 1,508 crore in Q4 FY25 in contrast to Rs 1,089 crore in Q4 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), PolicyBazaar’s operating revenue increased 33% to Rs 4,977 crore in FY25 from Rs 3,738 crore in FY24. The Gurugram-based company generated the largest share (87%) of its operating revenue from insurance broker services, which rose to Rs 1,322 crore in Q4 FY25 from Rs 915 crore in Q4 FY24. For the full fiscal year, it accounted for 86% of the revenue at Rs 4,298 crore. Besides operating revenue, the firm also earned Rs 101 crore via interest and gains from financial assets during the quarter which took its total topline to Rs 1,609 crore in the quarter ending March 2025. Meanwhile, for the full fiscal year, total income crossed the Rs 5,000 crore mark at Rs 5,385 crore. PolicyBazaar has not provided a detailed breakdown of expenses in its quarterly financial statements. However, employee benefits expenses rose by 15% YoY to Rs 508 crore. Overall, the company's total costs grew 29% to Rs 1,437 crore in Q4 FY25 compared to Rs 1,114 crore in Q4 FY24. For the full financial year ending March 2025, the firm’s total expenses rose to Rs 5,039 crore as against Rs 3,739 crore in FY24. In the end, PolicyBazaar's net profits surged 2.85X to Rs 171 crore in Q4 FY25 from Rs 60 crore in Q4 FY24. On a fiscal basis, its net profit spiked 5.5X to Rs 353 crore in FY25 from Rs 64 crore in FY24. PolicyBazaar is currently trading at Rs 1,796 with a total market capitalization of Rs 82,500 crore.

Healthkart’s revenue nears Rs 1,400 Cr in FY25; profit triples

EntrackrEntrackr · 1m ago
Healthkart’s revenue nears Rs 1,400 Cr in FY25; profit triples
Medial

Healthkart’s revenue nears Rs 1,400 Cr in FY25; profit triples HealthKart, a nutrition and supplement e-commerce platform, recorded a 3X year-on-year jump in profit after turning profitable in FY24. The Gurugram-based company’s sharp profit growth was steered by strong sales momentum and a controlled cost structure. Healthkart’s operating revenue grew 29% to Rs 1,313 crore in FY25 from Rs 1,021 crore in FY24, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). HealthKart owns and manufactures eight nutritional brands including popular supplement brands like MuscleBlaze, The Protein Zone, TrueBasics, HKVitals, bGreen, Nouriza, and Gritzo. Sales of products formed 97% of total revenue which rose by 29% to Rs 1,277 crore in FY25. Collections from services also increased by 16% to Rs 36 crore. Notably, non-operating revenue increased to Rs 55 crore in the last fiscal year from Rs 48 crore in FY24. The cost of materials accounted for the largest share of the company’s expenditure at 49%. To the tune of scale, this cost rose 26% to Rs 623 crore in FY25 from Rs 495 crore in FY25. Advertising spend saw a sharper rise of 39% to Rs 263 crore, while commission expenses increased 22% to Rs 82 crore. In contrast, employee benefit costs declined 5% to Rs 115 crore. Overall, Healthkart managed to keep its cost growth below revenue expansion. Its total expenses rose 23% to Rs 1,273 crore in FY25 from Rs 1,032 crore in FY24. The company’s profit surged over 3X to Rs 120 crore in FY25, while its ROCE and EBITDA margin improved to 5.45% and 6.02%, respectively. On a unit basis, Healthkart spent Re 0.97 to earn a rupee of operating revenue in FY25, compared to Rs 1.01 in FY24. As of FY25, its current assets stood at Rs 971 crore including Rs 73 crore in cash and bank balances. According to startup data intelligence platform TheKredible, Healthkart has raised a total of $382 million of funding till date, having Peak XV Partners, Temasek and Sofina as its lead investors. The company’s founder and CEO, Sameer Maheshwari owns 12% of the company.

Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue

EntrackrEntrackr · 8m ago
Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue
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Fashion brand Libas profit falls 64% in FY24, nears Rs 500 Cr revenue Libas, a direct-to-consumer brand specializing in ethnic and fusion wear, approached Rs 500 crore in revenue during the fiscal year ending March 2024. However, increased spending on advertising and employee benefits resulted in a 64% fall in profits during the same period. Libas’ revenue from operations increased by 38% to Rs 487 crore in FY24, from Rs 352 crore in FY23, as per its financial statement sourced from the Registrar of Companies (RoC). Libas is a digital-first women’s ethnic wear brand offering kurtis, salwar suits, dresses, and bottoms in fabrics like cotton, silk, and georgette. The sale of these products was the sole source of income for the company in FY24. The growth in scale came with a sharp increase in expenses across the board. Total expenses rose 45% to Rs 483 crore in FY24 from Rs 334 crore in FY23. When it comes to expenses, Libas’s material costs remained its largest expense, making up over 61% of total costs, which rose 41% to Rs 296 crore. Advertising expenses surged 121% to Rs 42 crore, and employee benefits increased 56% to Rs 28 crore, while shipping costs totaled Rs 49 crore. The sharp spike in advertising and employee costs led to a 64% decline in profit, falling to Rs 5 crore in FY24 from Rs 14 crore in FY23. The company reported a Return on Capital Employed (ROCE) of 26.32% and an EBITDA margin of 3.06%. On a per-unit basis, Libas spent Re 0.99 to earn every rupee in revenue. As of March 2024, the Delhi-based company reported current assets of Rs 269 crore, with inventory alone accounting for Rs 154 crore. Significantly, its cash and bank balance stood at just Rs 30 lakh. According to startup data intelligence platform TheKredible, Libas has raised $18 million of funding from India Advantage Fund. The company’s co-founders, Sidhant Keshwani and Sunil Keshwan, own 84% of the company. Women’s ethnic wear is a crowded market at the best of times, and Libas has done well to get close to Rs 500 crores. But every milestone in the segment takes a lot of effort with ever changing trends for a fickly consumer. Libas has its work cut out if it wants to regain better margins, and quite simply, there is no easy way to get there. Be it exports, an offline play, or a cutback on advertising, the brand faces tough choices ahead to ensure it does not flare out like so many fashion brands. The good news is that contrary to opinion you might hear, ethnic wear is not going anywhere soon, as the strength in even saree sales indicates. If anything, the top brands have moved to a premiumisation model after building a strong reputation for quality. With its online focused approach, Libas will not find that easy to do, hence our belief that the brand is set to make some tough calls soon.

Healthians posts Rs 263 Cr revenue in FY25; nears breakeven

EntrackrEntrackr · 1m ago
Healthians posts Rs 263 Cr revenue in FY25; nears breakeven
Medial

Healthians posts Rs 263 Cr revenue in FY25; nears breakeven Healthians didn't manage notable growth in the fiscal year ending March 2025. However, the WestBridge-backed company narrowed its losses by 89% year on year and neared break-even during the same period. The firm’s operating revenue increased 8% year-on-year to Rs 263 crore in FY25, up from Rs 243 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Including non-operating income of Rs 7 crore, the company’s total income grew 7% to Rs 270 crore during the year. Cost optimisation played a key role in supporting the company’s financial recovery. Total expenses declined 8% to Rs 275 crore in FY25, compared to Rs 298 crore last year. Among the major cost heads, employee benefits, the largest expense category, dropped 13% year-on-year to Rs 104 crore in FY25 from Rs 120 crore in FY24. Cost of materials contracted 7% to Rs 54 crore. Advertising costs rose 10% to Rs 43 crore. Meanwhile, depreciation and finance costs remained stable at Rs 29 crore and Rs 15 crore, respectively. The improvement in revenue and control of key expenses helped Healthians bring down its losses sharply by 89% to Rs 5 crore in FY25 from Rs 45 crore in FY24. The firm posted positive EBITDA of Rs 32 crore in FY25 with EBITDA margin of 12.17%. Its ROCE stood at 2.73% in the same period. On a unit basis, the company spent Rs 1.05 to earn a rupee of operating revenue in FY25. The firm’s current assets increased slightly to Rs 170 crore including cash and bank balances worth Rs 49 crore in the fiscal. According to startup data intelligence platform TheKredible, Healthians has raised a total of $75 million of funding till date, having WestBridge, BEENEXT, DG Ventures and Youwecan as its lead investors. The company’s founder and CEO, Deepak Sahni owns 6.5% of the company.

Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses

EntrackrEntrackr · 5m ago
Tata 1mg revenue nears Rs 2,400 Cr in FY25, trims losses
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Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses. Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year. Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25. The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25. On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore. In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Tata Digital acquired a 55% stake in 1mg in June 2021 but has since gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg, which was last valued at 1.25 billion. Tata Digital reported a standalone revenue of Rs 546.9 crore and a loss of Rs 827.5 crore in FY25, indicating continued investment in its digital commerce bets including 1mg and other verticals such as BigBasket, Cult.fit, and the recently launched Tata Neu.

Pee Safe reports Rs 82 Cr revenue in FY25, nears breakeven

EntrackrEntrackr · 1d ago
Pee Safe reports Rs 82 Cr revenue in FY25, nears breakeven
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Pee Safe improved its financial performance in FY25 as the company continued to scale while tightening its cost structure. The Gurugram-based firm reduced its losses by nearly 70% during the fiscal year ending March 2025. Pee Safe’s revenue from operations grew 46% to Rs 82 crore in FY25 from Rs 56 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC). Launched in 2013 by Vikas Bagaria and Srijana Bagaria, Pee Safe generates revenue primarily from sales of sanitary, personal hygiene, and intimate care products across online marketplaces, offline retail, and its direct-to-consumer channels. Revenue from these products was the sole source of revenue for the company. Cost of materials remained the largest cost component for the company, forming around 31% of total expenditure. This cost rose 29% to Rs 27 crore in FY25. Advertising and promotional spending, the second largest cost head, increased 16% to Rs 26 crore. Employee benefit expenses went up 18% to Rs 13 crore, while commission and freight costs stood at Rs 5 crore each. Overall, Pee Safe’s total expense increased 24% to Rs 86.5 crore in FY25 from Rs 70 crore in FY24. With the company’s revenue growth outpacing expense growth, Pee Safe managed to curb its losses by 69% to Rs 4 crore in FY25 from Rs 13 crore in FY24. Its ROCE and EBITDA margin stood at -46.25% and -4.15% respectively. On a unit level, the company spent Rs 1.05 to earn a rupee of operating revenue in FY25, improving from Rs 1.25 in FY24. Pee Safe’s current assets stood at Rs 24 crore, while cash and bank balances were reported at Rs 2 crore during FY25. According to TheKredible, Pee Safe has raised $13.55 million in funding to date, with Alkemi Partners as its lead investor. Its founder & CEO, Vikas Bagaria, owns 11.20% of the company. Either way, the firm is not just close to breakeven, but close to key milestones like the Rs 100 crore mark, profitability and possibly much more, if it can stay focused and deliver on its core promise.

Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even

EntrackrEntrackr · 1m ago
Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even
Medial

Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even Mosaic Wellness, the parent company of digital-first health and wellness brands Man Matters and Bodywise, continued its growth trajectory in FY25, more than doubling its scale while significantly narrowing its losses in the fiscal year ending March 2025. The company’s operating revenue spiked 2.2X to Rs 736 crore in FY25 from Rs 333 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Mosaic Wellness is a digital-first consumer health platform that runs separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. The company has not disclosed the revenue from its brands separately but the sale of health and wellness products was the only source of income for Mosaic Wellness in FY25. It also added Rs 13 crore from the interest on deposits and gain on sale on investments which brought its total revenue to Rs 749 crore in the last fiscal year. The company’s advertising expense remained its largest cost centre, accounting for 35% of the total spend. This cost nearly doubled to Rs 267 crore in FY25 from Rs 138 crore. The cost of materials also grew sharply to Rs 193 crore, forming over 25% of the expenditure. Meanwhile, the company’s employee benefit expense remained stable at Rs 63 crore in FY25. Overall, Mosaic Wellness’ total expense doubled to Rs 758 crore in FY25 from Rs 380 crore in FY24. With the company’s revenue outpacing expense growth, the company managed to bring down its net loss by 69%, narrowing it to Rs 12 crore in FY25 from Rs 39 crore in FY24. Its ROCE and EBITDA margin stood at -6.55% and -2.79%, respectively. Mosaic Wellness spent Rs 1.03 to earn a rupee of operating revenue in FY25, an improvement from Rs 1.14 in the previous year. The firm closed the fiscal with Rs 49 crore in cash and bank balances, while its current assets nearly doubled to Rs 325 crore. According to TheKredible, the company has raised a total of $63 million of funding till date, having Elevation Capital, Peak XV Partners and Matrix Partners as its lead investors. The company’s co-founders Revant Bhate and Dhyanesh Shah own around 35% of the company.

Bluestone controls losses by 41% in Q1 FY26; revenue nears Rs 500 Cr

EntrackrEntrackr · 4m ago
Bluestone controls losses by 41% in Q1 FY26; revenue nears Rs 500 Cr
Medial

Fintrackr Bluestone controls losses by 41% in Q1 FY26; revenue nears Rs 500 Cr Bluestone, recently listed on stock exchange, announced its financial results for the first quarter of the ongoing fiscal year (Q1 FY26) on Thursday. The firm’s revenue grew by 42% over the period, while its losses reduced by 41%. On a quarter-on-quarter basis, Bluestone’s operating revenue remained flat Rs 493 crore in Q1 FY26 from Rs 461 crore in Q4 FY25. The company's sole revenue stream was the sale of diamond, gold, platinum, gemstone, and pearl jewelry; however, the firm did not provide a detailed revenue breakdown for the quarter. The company made Rs 12 crore from non-operating sources which took Bluestone’s total revenue to Rs 505 crore in the first quarter. On the expense front, the cost of material remained the largest cost center for Bluestone, accounting for 54% of its total expenditure. This expense increased by 37% year-on-year, rising to Rs 290 crore in Q1 FY26 from Rs 211 crore in Q1 FY25. Employee benefit rose 50% to Rs 63 crore in Q1 FY26. Overall, Bluestone's total costs grew by approximately 29%, reaching Rs 538 crore in Q1 FY26. With the help of revenue outpacing expense growth, the company managed to cut its losses by 41% to Rs 35 crore in Q1 FY26 from Rs 59 crore in Q1 FY25. However, the company reported a positive EBITDA of Rs 67 crore in the same period. Bluestone launched its initial public offering (IPO) in August 2025, with a price band set between Rs 492 and Rs 517 per share. The stock made its market debut on 19 August 2025 at Rs 510, reflecting a slight 1.3% discount from its issue price of Rs 517 and raised Rs 1,500 crore overall, which included Rs 693 crore garnered from anchor investors earlier that month. At the end of today’s trading session, Bluestone’s share traded at Rs 564, with a 1.4% increase in its share price. The company’s total market capitalization stood at Rs 8,534 crore (approx $1 billion).

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