India’s lifestyle jewellery market is about to witness one of its most talked-about public issues. BlueStone Jewellery and Lifestyle, a design-led, digital-first jewellery brand, is hitting the public markets with an IPO worth over INR 1,500 crore.
With over 275 stores and a strong online presence, BlueStone has established itself in the premium jewellery space. But where does it stands against the leading players like Titan, Kalyan, Senco, Thangamayil, and PC Jeweller? This article offers a data-driven peer comparison — with a particular focus on BlueStone vs Kalyan & others — to assess where the brand stands in this competitive landscape.
1. BlueStone Jewellery IPO Snapshot
| Detail | Information |
|---|---|
| IPO Dates | 11–13 August 2025 |
| Price Band | INR 492 – 517 per share |
| Issue Size | INR 1,505.80 – 1,540.65 crore |
| Fresh Issue | INR 820 crore |
| Offer for Sale (OFS) | 1.39 crore shares (INR 685.80 – 720.65 crore) |
| Retail Allocation | 10% |
| Listing Exchanges | NSE, BSE |
| Minimum Bid Lot | 29 shares (INR ~14,993) |
| Listing Date | 19 August 2025 |
2. Business Model Snapshot
Founded in 2011, BlueStone started as a direct-to-consumer (DTC) brand and quickly evolved into India’s second-largest omni-channel jewellery retailer by revenue (FY24). The company targets modern Indian consumers (age 25–45), offering contemporary gold, diamond, and studded jewellery.
Key Pillars of BlueStone’s business Model:
- Omni-channel Retail: 275 stores across 117 cities combined with a powerful e-commerce platform.
- Design-Led Innovation: 7,400+ SKUs across 91 curated collections, backed by 23 in-house designers.
- Manufacturing Integration: 75% of products made in-house across Mumbai, Jaipur, and Surat.
- Tech-Driven Merchandising: AI/ML used to optimize inventory, forecast demand, and personalize offerings.
With 68% of FY25 revenue coming from studded jewellery and over 29.8 crore unique online sessions, BlueStone sits at the intersection of premium design and scalable retail.
Read Also: How BlueStone Jewellery Becomes India’s 2nd Largest Omni‑Channel Brand
3. Bluestone Jewellery Peer Comparison & Valuation:
To understand the IPO’s pricing and long-term investment potential, it’s essential to compare BlueStone vs Kalyan & Others. While raw numbers offer one view, deeper analysis reveals how the brand is positioned — not just in terms of financial performance, but also valuation multiples.
📊 BlueStone vs Kalyan, Senco & Others
| Metric | BlueStone | Titan | Kalyan | Senco | Thangamayil | PC Jeweller |
|---|---|---|---|---|---|---|
| PAT Margin (%) | -12.53 | 5.52 | 2.85 | 2.52 | 2.42 | 25.74 |
| EBITDA Margin (%) | 4.13 | 9.42 | 6.06 | 5.81 | 4.46 | 17.62 |
| EPS (INR) | -79.74 | 37.61 | 6.93 | 10.08 | 34.70 | 1.03 |
| ROCE (%) | (3.67) | 19.1 | 14.3 | 10.0 | 13.7 | 6.53 |
| P/E Ratio | NA | 88.14 | 84.10 | 31.17 | 56.20 | 15.7 |
| Price to Sales (P/S) | 4.42 | 5.02 | 2.40 | 0.88 | 1.16 | 3.56 |
| Price to Book (P/B) | 7.72 | 26.2 | 12.5 | 2.75 | 5.51 | 1.41 |
| Current Ratio | 1.25 | 1.28 | 1.29 | 1.70 | 1.72 | 3.30 |
📌 Bluestone Jewellery Peer Comparison: What The Numbers Reveal
BlueStone’s performance metrics reflect a brand in the middle of an ambitious growth phase. The company’s gross margin of 37.94% — the highest in its peer set — stands out as a testament to its premium, design-led product positioning. With nearly 68% of revenue from studded jewellery and a vertically integrated manufacturing setup, this margin profile suggests high product differentiation and pricing power.
At the same time, BlueStone’s EBITDA margin of 4.13% is currently lower than that of some established players, indicating that operational efficiencies are still stabilizing — a common phase for scaling consumer brands. The company’s PAT margin of (12.53)% and EPS of INR (79.74) reflect the costs associated with aggressive retail expansion and technology investments, both of which are expected to yield results in the medium term.
When viewed from a valuation perspective, the P/S ratio of 4.42 and P/B ratio of 7.72 may appear elevated compared to some peers. However, such premiums are not unusual for high-growth, brand-led companies aiming to disrupt legacy structures — particularly when compared with innovation-centric retail or DTC models in other sectors.
BlueStone’s current ratio of 1.25 points to a balanced liquidity profile, indicating that short-term obligations are comfortably covered. While it’s slightly lower than that of PC Jeweller or Senco, it remains within a healthy range for retail businesses.
“In essence, BlueStone’s metrics reflect a transitional stage — from high-growth disruptor to sustainable scale player. While it may not yet match the profitability of larger incumbents, its strong gross margins, differentiated positioning, and modern retail strategy provide a compelling narrative for long-term investors looking beyond near-term earnings.“
4. Operational Drivers: Behind the Numbers
Beyond financial metrics, BlueStone’s operations highlight the mechanics of a modern, scalable omni-channel jewellery brand. While profitability remains a work-in-progress, the business exhibits strong foundational levers that can drive sustainable performance in the future.
🛍️ Retail Network Expansion
BlueStone has expanded from 155 stores in FY23 to 275 in FY25, across 117 cities. Notably, 75% of these stores achieve operational break-even within just 3 months—a remarkable efficiency metric in a capital-intensive sector like jewellery retail.
This fast breakeven cycle is enabled by:
- Data-driven store selection: Locations are chosen based on digital demand signals (online cart additions, ZIP code analytics).
- Hybrid format: Mix of company-owned and franchisee-operated stores, with operations managed centrally.
- Digital-first brand discovery: Online to offline (O2O) transition improves conversion rates and reduces customer acquisition cost.
📈 Same Store Sales Growth (SSSG)
| Fiscal Year | SSSG (%) |
|---|---|
| FY2023 | 72.06 |
| FY2024 | 51.16 |
| FY2025 | 32.14 |
While the SSSG rate is moderating, it remains robust. This tapering reflects a natural base effect rather than weakening demand, especially after two years of hyper-growth.
5. Customer Retention and Brand Loyalty
One of BlueStone’s key differentiators lies in its ability to build long-term customer relationships, which many traditional jewellers have struggled to digitize.
🔄 Repeat Revenue Trends
| Fiscal Year | Repeat Revenue Share (%) |
| FY2023 | 34.67 |
| FY2024 | 39.83 |
| FY2025 | 44.61 |
A near 10% increase in repeat revenue share over two years underscores increasing customer loyalty. This retention strength is driven by:
- Lifetime exchange & buy-back programs: Reduce purchase hesitation and build post-sale trust.
- Big Gold Upgrade scheme: Enables customers to trade old jewellery for higher-carat BlueStone designs.
- Personalized digital marketing: AI-driven CRM tools identify repeat purchase triggers and customize outreach.
These programs ensure that BlueStone not only acquires customers, but grows their lifetime value systematically.
Final Verdict
Despite near-term losses, BlueStone’s fundamentals reflect a company investing deeply in brand, design, technology, and network — pillars that define high-growth consumer businesses. Its superior gross margins, rapid retail scaling, and digital loyalty engine show a clear roadmap to sustainable profitability.
Investors should evaluate Bluestone Jewellery peer comparison not merely as a snapshot of today’s profits, but as a forward-looking bet on India’s evolving jewellery consumption:
- Younger demographics prefer lightweight, design-rich jewellery.
- Omni-channel models are replacing purely offline retail.
- Brand trust and convenience are becoming key decision factors.
“BlueStone Jewellery offers a high-growth retail opportunity backed by a differentiated product and tech-led execution. For investors aligned with longer horizons, this could be more than just a jewellery company — it’s a modern lifestyle brand in the making.“
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.
Disclaimer: ‘BlueStone vs Kalyan, Senco & Others’ is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before investing in any IPO.