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Online-to-offline jewelry retailer selling diamond and gold jewelry via its website and physical showrooms.
Online-to-offline jewelry retailer selling diamond and gold jewelry via its website and physical showrooms.
Sells jewellery directly to customers, mostly through its own stores, with the website drawing shoppers and showrooms letting them try pieces on, so spend on stores and marketing comes before returns. Gold price swings feed through to selling prices and inventory costs. It listed in 2025.
In one line: India's Blue Nile, but with physical stores too.
Moat: narrow (brand, data). Early mover in omnichannel online jewelry retail with a growing physical store network.
Headquarters: Gurugram, India · Founded: 2011 · Employees: 2,576
Size Bluestone Jewellery and Lifestyle (BLUESTONE.NS) is an India Consumer Discretionary company (Specialty Stores) with a market value of $1.15B, the 553rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹710.85 on 6 Nov 2026.
Performance Over six months the shares gained 41.4%, against -7.6% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 37.6% over the last twelve months (peer median +4.7%); the operating margin is 8.9% (peer median 4.2%).
Valuation It trades at 132.9× forward earnings against a peer median of 14.6× (most expensive of 18).
Capital Return on invested capital runs 6.0 points below its cost of capital (11.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹29.1B | ₹24.4B | ₹17.7B | ₹12.7B | ₹7.71B |
| Revenue growth | — | +38% | +40% | +64% | — |
| Gross profit | ₹6.85B | ₹4.57B | ₹1.90B | ₹1.86B | ₹450M |
| EBITDA | ₹4.95B | ₹3.93B | ₹776M | ₹538M | -₹554M |
| Net income | ₹1.05B | ₹148M | -₹2.22B | -₹1.42B | -₹1.67B |
| Free cash flow | n/a | -₹3.04B | -₹8.89B | -₹5.79B | -₹2.39B |
| Capital expenditure | n/a | ₹990M | ₹1.67B | ₹989M | ₹901M |
| Total debt | ₹23.7B | ₹24.0B | ₹19.1B | ₹13.6B | ₹8.23B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | $1.15B | +41% | +38% | 9% | 132.9× | n/a |
| Titan TITAN.NS | $46.9B | +16% | +45% | 9% | 68.6× | n/a |
| Kalyan Jewellers India KALYANKJIL.NS | $6.47B | +44% | +46% | 6% | 37.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLUESTONE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.5% | +2.5% | 2nd lowest of 21 |
| 6-month return | +41.4% | -7.6% | 2nd highest of 21 |
| Distance from 52-week high | -26.7% | -25.2% | 11th highest of 21 |
| Revenue growth (TTM) | +37.6% | +4.7% | 3rd highest of 21 |
| Operating margin | 8.9% | 4.2% | 6th highest of 20 |
| Forward P/E | 132.9× | 14.6× | most expensive of 18 |
| ROIC minus cost of capital | -6.0 pp | +4.0 pp | 3rd lowest of 19 |
| EV / EBITDA | 25.7× | 7.0× | most expensive of 13 |
| Net debt / EBITDA | 3.8× | 1.2× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bluestone Jewellery and Lifestyle BLUESTONE.NS | India | $1.15B | +41% | +38% | 9% | 132.9× | n/a | n/a |
| Sinomach Automobile 600335.SS | China | $1.16B | -14% | -11% | 2% | n/a | -10.9% | -4.2% |
| MarineMax HZO | United States | $1.16B | +21% | -6% | 2% | 32.8× | n/a | n/a |
| TUHU Car 9690.HK | Hong Kong | $1.14B | -13% | +16% | 0% | 21.3× | -17.8% | +12.7% |
| Chow Sang Sang Holdings International 0116.HK | Hong Kong | $1.13B | +7% | +16% | 20% | 3.1× | n/a | n/a |
| Apotea APOTEA.ST | Sweden | $1.11B | +42% | +9% | 4% | 37.2× | 7.9% | +9.4% |
| Kidswant Digital Technology 301078.SZ | China | $1.24B | -25% | +5% | 5% | 21.8× | -0.6% | +4.2% |
| Nextage 3186.T | Japan | $1.25B | -26% | +24% | 4% | 11.2× | -0.1% | +22.0% |
| Chengdu Fusen Noble-House Industrial 002818.SZ | China | $1.26B | -8% | -22% | 42% | 11.2× | -2.7% | -1.0% |
| FIYTA Precision Technology 000026.SZ | China | $1.05B | +1% | +2% | n/a | 52.4× | 5.3% | -3.8% |
| Rusta RUSTA.ST | Sweden | $1.28B | -17% | +8% | 8% | 18.7× | 2.5% | +7.3% |
| Pet Valu PET.TO | Canada | $1.03B | +6% | +6% | 16% | 13.0× | -3.5% | +12.6% |
| SILICON 2 257720.KS | South Korea | $1.30B | -39% | +55% | 19% | 7.2× | -14.8% | +62.2% |
| Douglas DOU.DE | Germany | $976M | -7% | +1% | 4% | 6.7× | -1.1% | +7.6% |
| Bilia BILI-A.ST | Sweden | $1.37B | +9% | +1% | 3% | 14.6× | 0.9% | +6.0% |
| Sun Art Retail 6808.HK | Hong Kong | $1.37B | -24% | -10% | 0% | n/a | 1.6% | -9.4% |
| Itochu Enex 8133.T | Japan | $1.41B | +3% | +2% | 3% | n/a | -7.1% | +2.9% |
| National Vision EYE | United States | $1.42B | -22% | +8% | 4% | 16.3× | 15.6% | +3.0% |
| CEWE Stiftung & Co. KGaA CWC.DE | Germany | $926M | +11% | +4% | 11% | 10.1× | -2.3% | +3.5% |
| Leon's Furniture LNF.TO | Canada | $1.43B | +16% | 0% | 8% | 13.3× | -3.3% | +3.0% |
| P N Gadgil Jewellers PNGJL.NS | India | $919M | -17% | +51% | 6% | 15.9× | n/a | n/a |