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Bluestone Jewellery IPO
Bluestone Jewellery & Lifestyle Ltd
₹14,268 /29 sharesMinimum Investment
Bluestone Jewellery IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹517.00 | ₹510.00 | -₹7.00 (1.35%) |
Bluestone Jewellery IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 11 Aug ‘25 - 13 Aug ‘25 | ₹14,268 | 29 | ₹492 - ₹517 |
| Issue Size | IPO Doc |
|---|---|
| 1540.65Cr | RHP PDF |
Subscription rate
As of 13 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 4.09x |
| Non-Institutional Investor | 0.53x |
| Retail Individual Investor | 1.22x |
| Total | 2.57x |
About Bluestone Jewellery
Founded in
2011
Managing director
Mr Gaurav Singh Kushwaha
Parent organisation
Bluestone Jewellery & Lifestyle Ltd
Bluestone Jewellery & Lifestyle Ltd IPO
https://www.youtube.com/watch?v=C-kV7g9ocS4
Strengths & Financials of Bluestone Jewellery
Strengths
Risks
BlueStone claims to be the second-largest digital-first, omnichannel jewellery brand in India by revenue as of FY24. Its omnichannel approach integrates its website, mobile application, and a network of physical stores, offering customers the flexibility to browse, compare, and purchase products across various touchpoints. The company further states that this seamless experience helps drive repeat sales and enhances brand loyalty, with a notable repeat revenue ratio (calculated as revenue generated by sales to repeat customers) of 44.61 percent in FY25, 39.83 percent in FY24, and 34.67 percent in FY23.
BlueStone claims to have developed a fully integrated in-house technology stack that powers its omnichannel operations. Its technology system includes artificial intelligence (AI)-driven merchandising, inventory management, and personalised customer experiences across both online and offline channels. This tech stack enables real-time inventory replenishment and efficient product placement, contributing to faster inventory turns and improved gross margins, with the company reporting a 37.94 percent gross margin in FY25, up from 31.87 percent in FY23.
BlueStone claims to have a unique product and design approach, targeting customers who prefer modern, unconventional jewellery. With over 7,400 designs and 91 collections, the company consistently introduces new jewellery collections that cater to evolving customer preferences. The company further claims that its in-house design studios and use of proprietary algorithms allow it to stay ahead of market trends, offering designs that appeal to individuals seeking individuality and self-expression.
BlueStone claims to have established a vertically integrated manufacturing process, controlling key stages from raw material procurement to design, production, and sales. It leverages advanced technologies like 3D printing and computer numerical control (CNC) to produce intricate designs with precision and speed, significantly reducing lead times and human error. The company further claims that its in-house capabilities enable cost-effective production, rapid design-to-store turnaround, and consistent quality, all of which support its ability to meet growing customer demand.
BlueStone claims to have a widespread pan-India presence, with 275 stores across 117 cities in 26 states and Union Territories as of FY25. Its store network, comprising both company-owned and franchisee stores, provides customers with the opportunity to experience its products in person, complementing the online shopping experience. The company leverages customer insights at the PIN code level to guide store expansion, ensuring it caters to a diverse range of customer segments across different regions.
The company has reported a consistent increase in revenue from operations. It increased from Rs 770.73 crore (standalone) in FY23 to Rs 1,265.84 crore (standalone) in FY24 and Rs 1,770.00 crore (consolidated) in FY25.
The company has not been profitable since its inception. It has incurred a consistent loss amounting to Rs 221.84 crore (consolidated) in FY25, Rs 142.24 crore (standalone) in FY24, and Rs 167.24 crore (standalone) in FY23. Additionally, it reported a negative total equity, amounting to Rs 71.83 crore in FY23. Any further continuation of such losses or negative total equity in future periods could adversely affect the company’s operations and financial conditions.
Revenue from repeat customers accounted for Rs 789.60 crore (44.61 percent) of the company’s total revenue in FY25, Rs 504.18 crore (39.83 percent) in FY24, and Rs 267.21 crore (34.67 percent) in FY23. Any failure to convert existing customers into repeat customers or attract new customers may limit revenue growth and adversely affect the company’s profitability.
The company reported negative cash flow from operating activities amounting to Rs 665.83 crore in FY25 and Rs 181.16 crore in FY24. Negative cash flow in FY24 was largely due to the expansion of the company’s operations and store network, resulting in an increase in inventories at its existing stores and the opening of new stores with higher levels of merchandise. In FY25, the company opened 83 stores, where higher inventory levels were maintained to meet anticipated customer demand. However, if cash outflows continue to exceed inflows for extended periods of time, the company may face liquidity challenges.
The company’s business is impacted by seasonality, with higher sales volumes during the first and fourth quarters of each fiscal year, which witness holidays such as Dhanteras and Akshay Tritiya. Any inability to address this fluctuation in demand could adversely affect its business and financial condition.
BlueStone relies on third-party logistics companies for the transportation of raw materials and finished products. Any disruptions in transportation, such as theft, damage, or delays, whether due to weather, accidents, or natural disasters, could adversely affect the company’s business.
Cost of materials consumed accounted for Rs 1,098.49 crore (53.59 percent) of the company’s total expenses in FY25, Rs 754.34 crore (52.18 percent) in FY24, and Rs 525.12 crore (54.98 percent) in FY23. Any sudden increase in material costs without a corresponding increase in the company’s product prices could hurt its profitability and financial condition.
The cost of gold bullion, diamonds, and other precious and semi-precious stones accounted for Rs 1,751.43 crore (101.74 percent) of the company’s total cost of materials consumed in FY25, Rs 1,350.19 crore (109.36 percent) in FY24, and Rs 753.34 crore (104.98 percent) in FY23. The company purchases precious and semi-precious stones from vendors in India depending on demand, and does not have any long-term agreements with them. Accordingly, the business is impacted by the availability, cost and quality of these raw materials available. A sudden fall in the price of these raw materials can negatively impact the company’s ability to recover its procurement cost, thus hurting the business.
A substantial portion of the company’s revenue is derived from the northern region. It accounted for Rs 698.70 crore (39.47 percent) of the company’s revenue in FY25, Rs 477.78 crore (37.74 percent) in FY24, and Rs 221.85 crore (28.78 percent) in FY23. Any disruption in the business environment of this region could negatively impact the company’s revenue.
The company, its promoter, and director are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of May 31, 2025, the company had outstanding financial indebtedness of Rs 980.67 crore. Any failure to service or repay these loans on time could harm the company’s operations and financial position.
Bluestone Jewellery Financials
*All values are in Rs. Cr
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Application Details of Bluestone Jewellery IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹492 - 517 | ₹2 Lakh |
| High Networth Individual | ₹492 - 517 | ₹2 - 5 Lakh |
For Bluestone Jewellery IPO, eligible investors can apply as Regular.