Bluestone Jewellery posted robust revenue growth of 40% in FY25, reaching ₹1,830 crore, driven by its blended online and offline sales strategy. However, despite this strong top-line performance, the company faces significant risks, including persistent net losses which expanded to ₹221.8 crore in FY25 and a reliance on debt, reflected in a net debt-to-equity ratio of 0.66.
At the upper price band, the issue is valued at an EV/EBITDA of 114.3x and a price-to-sales ratio of 4.3x (based on FY25 figures). Arihant Capital has recommended a ‘Subscribe for Long Term’ rating for the issue in its note.BlueStone Jewellery IPO anchor book
Ahead of the issue opening, the company raised ₹693.29 crore from anchor investors.
Some of the marquee institutions that participated in the anchor book include Amansa Holdings, SBI Life Insurance, Nippon India Mutual Fund, Goldman Sachs, Aditya Birla Sun Life MF, HDFC Life Insurance Co, Société Générale, Mirae Asset Small Cap Fund, DSP India MF, Amundi Funds New Silk Road, PGIM India MF, ACM Global Fund VCC, Axis Mutual Fund, and Motilal Oswal MF.
BlueStone Jewellery IPO GMP and other details
Shares of BlueStone Jewellery are quoting a premium of ₹9 in the unlisted market today, indicating an upside of nearly 2% over the issue price.
The public offer comprises a fresh issue of shares worth ₹820 crore and an OFS of up to 1.39 crore shares by selling shareholders, including Accel India III (Mauritius), Saama Capital II, Kalaari Capital Partners, Iron Pillar Funds, and Hero Enterprise’s Sunil Kant Munjal.The offer is being made through the book-building process, with 75% of the net offer reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and the remaining 10% for retail individual investors.
Proceeds from the fresh issue will primarily be used to fund working capital requirements (₹750 crore) and for general corporate purposes.
Company overview
Founded in 2011, BlueStone specialises in gold, diamond, gemstone, and platinum jewellery, operating with an in-house design, manufacturing, and retail model. It delivers through both online platforms and physical stores, offering over 8,000 unique designs.
As of 2025, BlueStone has expanded its retail footprint to 275 outlets across 117 cities.
The company’s revenue grew at a CAGR of nearly 52% over the past three fiscal years, rising from ₹771 crore in FY23 to ₹1,770 crore in FY25. However, it reported a net loss of ₹222 crore in FY25, widening from ₹14 crore in the previous year, due to expansion and marketing expenses. Gross margins improved to 37.94% in FY25 from 31.87% in FY23.
On the losses, the business has seen tremendous amount of growth, said Complicated Dugar, CFO of BlueStone Jewellery & Lifestyle. “We have been investing quite aggressively in the business to build scale. As you can see, we have almost 275 stores, and we are at a point in time if you look at our EBITDA margins, our EBITDA margins are already close to 7% and lot of the capital investment has gone in in the last two to three years. Thus, we are coming to a market at a time where a lot of the investments have gone the growth is still very high. So, there is tremendous amount of operating leverage that is flowing in the business.”
Axis Capital, IIFL Capital Services (formerly IIFL Securities), and Kotak Mahindra Capital Company are the book-running lead managers, while KFin Technologies is the registrar to the offer.
The allotment for the BlueStone Jewellery IPO is expected to be finalised on August 14, with the company’s shares likely to list on the BSE and NSE on August 19.
