One Year After Its Discounted IPO, Why Is The Market Cheering For BlueStone?

A year after listing at a discount, BlueStone has turned profitable, outperformed the BSE Consumer Discretionary Index and won over analysts who were once sceptical of its valuation and business model

The jewellery retailer posted its first full-year profit in FY26, with management attributing the milestone to operating leverage, maturing stores and years of investment in its omnichannel business rather than a dramatic turnaround

As India's jewellery market shifts towards lifestyle and self-expression-led consumption, BlueStone's data-driven omnichannel model, in-house manufacturing capabilities and expanding store network are increasingly being viewed as key competitive advantages

Added to Saved Stories in Login VIEW SAVED STORIES .inc42-toggle-item-popup { display: none; position: relative; } .toggle-item-close { text-align: end; padding: 8px 12px 0px 10px; position: absolute; right: 0; cursor: pointer; } .toggle-items-content-main { display: block; position: relative; top: 27px; left: -204px; border-radius: 12px; background: #FFF; box-shadow: 0px 4px 24px 0px rgba(100, 100, 100, 0.25); width: 435px; height: 115px; } .toggle-items-content { display: flex; align-items: baseline; justify-content: center; padding-top: 22px; } .toggle-items-content .items-content-text .h4-saved-story{ color: #000; font-size: 20px; font-style: normal; font-weight: 700; line-height: normal; text-transform: capitalize; margin: 2px 0 10px 6px; } .toggle-items-content .items-content-text .myInc42-plus-dark { width: 100px !important; } .toggle-items-content .items-content-text .myInc42-light { width: 80px !important; } .toggle-items-content .items-content-text img{ height: 22px; } .view-my-feed-btn { width: 100%; text-align: center; display: flex; justify-content: center; } .view-my-feed-btn a { width: auto !important; } .view-my-feed-btn button { border-radius: 4px; background: linear-gradient(180deg, #DA1B4D 0%, #E23026 100%); color: #fff; font-size: 12px; display: inline-block !important; min-width: 162px; width: 162px !important; height: 34px !important; font-style: normal; font-weight: 700; line-height: normal; padding: 10px; cursor: pointer; } .CustomIconStyled { position: absolute; right: 180px; top: -80px; } .SubDropdownModelShare .sub-arrow-icon { width: 76px; height: 80px; position: relative; overflow: hidden; box-shadow: none; } @media (max-width:767px) { .toggle-items-content .items-content-text .h4-saved-story{ margin: 4px 0 10px 6px; font-size: 18px; } .toggle-items-content { align-items: center; } }

When Bluestone launched its IPO in August 2025, many market analysts said that it was overpriced. This was because they were sceptical of both the company and the broader jewellery sector. The reasoning was fairly straightforward. Margins across the industry were shrinking, and while BlueStone enjoyed strong brand recall, its inventory levels and lofty valuation made it difficult to justify as a long-term investment.

Despite being in the industry for more than 14 years, the omnichannel jewellery brand had yet to turn a........

© Inc42