IPO · Commerce & Consumer Brands

BlueStone reports maiden profit after public market debut

By Startup Enthusiast · 24 July 2026

What they do

BlueStone operates an online-first omnichannel fine jewellery brand with over 275 stores across more than 117 cities in India

The company raised Rs 1,540 crore through an initial public offering in August 2025 on the NSE and BSE

The business posted its first full-year net profit of Rs 13.18 crore in FY26 alongside Rs 2,436 crore in revenue

Online-first jewellery retailer BlueStone listed on the NSE and BSE in August 2025 after raising Rs 1,540 crore through a public share sale.
The initial public offering included Rs 693 crore secured from anchor investors with an issue price set at Rs 517 per share.
The stock debuted at Rs 510, marking a slight discount that analysts initially characterised as a soft market opening.
A year following its stock market debut, the company reported its first full-year net profit of Rs 13.18 crore for FY26.
Annual revenue for FY26 climbed by approximately 34% year-over-year to reach Rs 2,436 crore.
The profitability milestone was driven by maturing retail stores and disciplined cost management across its manufacturing and distribution network.

The public listing followed years of rapid top-line growth accompanied by net losses as the brand aggressively scaled its physical retail footprint.
The successful turnaround in FY26 helped lift the company market valuation past Rs 10,800 crore.
The brand operates in a competitive Indian jewellery market alongside legacy houses and digital-native competitors.

BlueStone offers over 7,000 certified fine jewellery designs including rings, earrings, pendants, necklaces, and bangles.
The company uses an omnichannel model where digital platforms drive customer discovery while physical retail locations complete transactions.
Over 93% of final purchases occur inside physical retail outlets despite the majority of customer research happening online.
The company maintains in-house manufacturing units located in Mumbai and Jaipur to retain control over production costs and inventory.
Customer policies include certified pieces with BIS Hallmark, lifetime exchange guarantees, buyback options, and home try-on services.
The retail footprint expanded to include more than 275 stores across 117 cities as of March 2025.

Expand the physical store network to 500 locations by 2028 with a focus on Tier 2 and Tier 3 cities.
Grow international shipments targeting Indian buyers residing in markets such as the United States and the United Arab Emirates.