BlueStone Jewellery & Lifestyle Limited

BlueStone Jewellery & Lifestyle Limited offers contemporary lifestyle diamond, gold, platinum and studded jewellery under the flagship brand, BlueStone. They are a digital first direct-to-consumer ('DTC') brand focussed on ensuring a seamless omnichannel experience for customers and are the second largest digital-first omni-channel jewellery brand in India, in terms of revenues in Fiscal 2024. They retail the products through the website www.bluestone.com and the mobile application available on iOS and Google Play Store, in addition to the pan-India network of stores. They have 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. Company's wide range of product offerings includes rings, earrings, necklaces, pendants, solitaires, bangles, bracelets and chains cater to diverse customer segments and are retailed at varied price points. As of March 31, 2025, they had 91 collections (defined as a set of jewellery designs created with a specific theme) of jewellery products. Company operates three manufacturing facilities located in Mumbai, Maharashtra, Jaipur, Rajasthan and at Surat, Gujarat. They have been growing the manufacturing capacity over the years to cater to increase in volumes and demand for the products and currently an additional manufacturing facility in Jaipur, Rajasthan is under-construction. Capacity utilization for the Mumbai, Maharashtra facility was 98.57%, 78.19% and 83.91% in Fiscal 2025, 2024 and 2023, respectively. Further, capacity utilization for the Jaipur, Rajasthan facility was 81.72%, 80.34% and 31.75% in Fiscal 2025, 2024 and 2023, respectively. Capacity utilization for the Surat, Gujarat facility that commenced operations in May 2024 was 68.25% in Fiscal 2025. As per financial performance, BlueStone Jewellery & Lifestyle Limited has posted total income / net profits of Rs 787.89 Cr / (167.10) Cr (FY23), Rs 1,303.49 Cr / Rs (141.26) Cr (FY24) and Rs 1,830.04 Cr / (222.65) Cr (FY25). So as per previous financials data, company has shown good sales growth. Company has an average EPS of Rs (81.35) and average RoNW of NA for last three fiscals. Issue is priced at a P/BV of 7.72 as per NAV of Rs 66.94/- as on 31.03.25. Company is making consistent losses, so P/E not available. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Axis Capital Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited (three) are associated with this IPO, and have handled 113 IPOs in last three fiscal years. ( As on 06.08.25 ) As per financials, BlueStone Jewellery & Lifestyle Limited has shown good growth, RoNW is (24.45)% and P/E is not available as company is making losses. So issue looks aggressively priced. Company is in jewellery business, which is highly competitive business segment. So, we give AVOID rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Gaurav Singh Kushwaha