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BlueStone Jewellery IPO
Price Band
₹492.0–517.0
Issue Size
₹1540.65 Cr
Lot Size
29 shares
Min Investment
₹14,993
GMP
+₹2.0 (0.39%)
Issue Price
₹517.0
BlueStone Jewellery IPO AI Summary
- BlueStone Jewellery IPO is listed on BSE, NSE in the Gems, Jewellery And Watches sector.
- Price band: ₹492.0–₹517.0 per share, lot size 29 shares (min. investment ₹14,993).
- Subscription window: 11 Aug–13 Aug 2025, listing on 19 Aug 2025.
- Current GMP is +₹2.0 (0.39%), an estimated listing price of ₹519 — unofficial and can change daily.
BlueStone Jewellery is a prominent player in the Indian jewellery market, focusing on a digital-first approach with a wide range of products. The company is seeking to raise funds through its IPO to enhance working capital and cover expenses, amidst a backdrop of improving revenues but ongoing losses.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
BlueStone Jewellery IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Aug 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
BlueStone Jewellery IPO Grey Market Premium (GMP) Today
GMP
+₹2.0
GMP %
+0.39%
Est. Listing
₹519.0
Updated: 25 Jul 2026 14:13
About the Company
BlueStone Jewellery and Lifestyle Limited manufactures and provides diamond, gold, platinum and studded jewellery under our flagship brand, BlueStone. The company has a pan-India presence with 275 stores across 117 cities in 26 States and Union Territories in India, as of March 31, 2025, servicing over 12,600 PIN codes across India. As of March 31, 2025, the company's network of stores comprised 200 company-owned stores (“Company Stores”) and 75 franchisee stores (“Franchisee Stores”) with an aggregate area of over 605,000 square feet. The company offers a wide range of product offerings including rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains that cater to diverse customer segments and are retailed at varied price points. As of March 31, 2025, BlueStone had 91 collections (defined as a set of jewellery designs created with a specific theme) of jewellery products. Competitive Strength: Leading digital-first jewellery brand in India offering an omni-channel retail experience. In-house Technology Architecture Driving End-to-End Business Operations. Differentiated Approach to Product and Design. Advanced Manufacturing Capabilities with Vertically Integrated Operations. Pan-India Presence Across Tier-I, Tier-II and Tier-III Cities with Healthy Unit Economics. Founder-led Company Supported by an Experienced and Professional Management Team and backed by Marquee Investors.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 3,532.28 | 2,453.49 | 1,255.49 |
| Total Income | 1,830.04 | 1,303.49 | 787.89 |
| Profit After Tax | -221.84 | -142.24 | -167.24 |
| EBITDA | 73.16 | 53.05 | -56.03 |
| Reserves and Surplus | 877.12 | 346.28 | -81.06 |
| Total Borrowing | 728.62 | 430.43 | 228.42 |
Key Ratios
NAV
₹257.35
ROE
-34.53%
ROCE
-3.67%
RoNW
-24.45%
P/B Value
2.01
Market Cap
₹7823.26 Cr
PAT Margin
-12.53%
Debt/Equity
0.80
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| PC Jeweller | 9.46 | 9.33% | 22.7 | 1.13 | 0.66 |
| Thangamayil Jewellery | 354.66 | 11.07% | 45.47 | 42 | 42 |
| Senco Gold | 120.37 | 8.09% | 31.17 | 10.09 | 10.08 |
| Kalyan Jewellers India | 46.57 | 14.87% | 84.1 | 6.93 | 6.93 |
| Titan Company | 130.93 | 28.71% | 88.14 | 37.62 | 37.61 |
| Bluestone Jewellery and Lifestyle This IPO | 66.94 | -24.45% | — | -79.74 | -79.74 |
Promoters
Gaurav Singh Kushwaha
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding working capital requirements 750.00 2 General Corporate Purposes 20.75 3 Issue Expenses 92.55 Total 863.30
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹787.89 Cr in the period ending 31 Mar 2023, rising to ₹1,303.49 Cr by 31 Mar 2024, and further increasing to ₹1,830.04 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the reported periods.
Profit Trend
Profit After Tax was -₹167.24 Cr in the period ending 31 Mar 2023, improving to -₹142.24 Cr by 31 Mar 2024, and further to -₹221.84 Cr by 31 Mar 2025. Though there was an improvement in the loss from 31 Mar 2023 to 31 Mar 2024, the loss increased again by 31 Mar 2025.
Valuation
At the issue price of ₹517.0, BlueStone's implied P/E ratio is not directly calculable due to negative earnings. However, peers in the jewellery sector are trading at P/E ratios ranging from 22.7 to 88.14.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of the expected listing price of an IPO. A positive GMP suggests that the stock may list at a higher price than the issue price, while a negative GMP indicates the opposite. Investors often look at GMP to gauge market sentiment.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment strategy. It's important to consider the company's financial health and market position before making a decision.
Who May Want to Wait
Investors who are risk-averse or uncomfortable with companies showing significant losses and negative profit margins may want to avoid this IPO. Additionally, those seeking stable and profitable investments might find this offering less appealing.
IPO Timeline, Explained
The IPO opens for subscription on August 11, 2025, and closes on August 13, 2025. Allotment of shares will be done on August 14, 2025, with the listing expected on August 19, 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when an IPO lists at a higher price than the issue price. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from BlueStone Jewellery's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is BlueStone Jewellery IPO GMP today?
BlueStone Jewellery IPO GMP today is +₹2.0 (0.39%), indicating an estimated listing price of ₹519. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of BlueStone Jewellery IPO?
The price band of BlueStone Jewellery IPO is ₹492.0–₹517.0 per share.
When does BlueStone Jewellery IPO open and close?
BlueStone Jewellery IPO opens on 11 August 2025 and closes on 13 August 2025.
When does BlueStone Jewellery IPO list on the stock exchange?
BlueStone Jewellery IPO listed on 19 August 2025 at ₹519.0.
What is the lot size for BlueStone Jewellery IPO?
The lot size for BlueStone Jewellery IPO is 29 shares, requiring a minimum investment of ₹14,993.
What is the issue price of BlueStone Jewellery's IPO?
The issue price is ₹517.0 per share.
What is the minimum investment required?
The minimum investment required is ₹14,993.0.
What is the lot size for the IPO?
The lot size is 29 shares.
What are the dates for the IPO subscription?
The IPO opens on August 11, 2025, and closes on August 13, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO in the grey market.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Aug 2025
Close
13 Aug 2025
Allotment
14 Aug 2025
Listing
19 Aug 2025
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