India, June 22 -- 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 profit. Its net loss stood at Rs.221.8 Cr in FY25, up 56% year-on-year.

Investors were visibly frowning on the day of listing, too, when BlueStone's shares debuted at a discount in August 2025, opening a...