India, June 22 -- BlueStone Finds Its Sparkle

BlueStone appears to be defying sceptics. Last year, critics had described the jewellery brand's IPO as too expensive and loss-making. Today, the stock is steadier, the business is profitable, and many analysts are changing their view. So what has changed?

From Doubt To Discipline: When BlueStone listed in August 2025, it debuted at a discount amid widening FY25 losses. But instead of chasing a dramatic turnaround, the company spent the year proving that its model could scale profitably.

This shift showed up in FY26 as operating revenue rose 38% YoY to Rs.2,441 Cr. Costs also rose slower than the top line during the fiscal and this gap finally turned into a full-year profit of Rs.26 Cr.

Th...