Bluestone IPO vs Kalyan Jewellers.
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Bluestone is an aggressive, tech-savvy player showing compelling growth and margins—but it still needs to prove profitability and efficient execution of its expansion plan. Kalyan, in contrast, is a safer bet with stability and track record—but its IPO price in 2021 was arguably steep relative to fuRead more
Bluestone is an aggressive, tech-savvy player showing compelling growth and margins—but it still needs to prove profitability and efficient execution of its expansion plan.
Kalyan, in contrast, is a safer bet with stability and track record—but its IPO price in 2021 was arguably steep relative to fundamentals.
Depending on your investment preference:
Go for Bluestone if you’re willing to back growth and digital transformation, willing to take on execution and liquidity risk.
Prefer Kalyan if you prioritize stability, brand strength, and profitability.
See lessDates and structure: Bluestone’s IPO is open for subscription from August 11 to August 13, 2025, with allotment around August 18 and a likely listing on August 19. Size & pricing: Total issue size is ₹14,000–15,000). Valuation: Implies a valuation of roughly ₹7,800–₹7,823 crore. Use of proceeds:Read more
Dates and structure: Bluestone’s IPO is open for subscription from August 11 to August 13, 2025, with allotment around August 18 and a likely listing on August 19.
Size & pricing: Total issue size is ₹14,000–15,000).
Valuation: Implies a valuation of roughly ₹7,800–₹7,823 crore.
Use of proceeds: ₹750 crore for working capital and remaining for general corporate purposes.
See lessBluestone’s strengths? Rapid growth: Revenue soared ~52% per annum from FY23 to FY25. Healthy gross margins: Strong margin around 38%, among the highest in its peer group. Omni-channel reach: Operates 275 stores across 117 cities, plus online and mobile platforms. Inventory efficiency: In-house techRead more
Bluestone’s strengths?
Rapid growth: Revenue soared ~52% per annum from FY23 to FY25.
Healthy gross margins: Strong margin around 38%, among the highest in its peer group.
Omni-channel reach: Operates 275 stores across 117 cities, plus online and mobile platforms.
Inventory efficiency: In-house tech systems aid faster stock turnover (1.34x in FY25).
Repeat customers & brand loyalty: Repeat revenue ratio ~44–45%.
See lessBluestone’s weaknesses and risks? Loss-making entity: Operating & net losses persist (e.g., net loss ₹222 cr in FY25), with negative ROE (–13%). High inventory intensity: Inventory cycle ~300 days—capital gets tied up, and styling risks exist. Aggressive expansion costs: Rapid offline expansionRead more
Bluestone’s weaknesses and risks?
Loss-making entity: Operating & net losses persist (e.g., net loss ₹222 cr in FY25), with negative ROE (–13%).
High inventory intensity: Inventory cycle ~300 days—capital gets tied up, and styling risks exist.
Aggressive expansion costs: Rapid offline expansion may pressure cash flows until new stores mature.
Valuation concerns: P/B of ~4.5x compared to peer average ~9.7x—but earnings multiples aren’t comparable due to losses.
See lessKalyan Jewellers compare? Established scale & profitability: Kalyan is a big, profitable firm with long-standing brand recognition. IPO track record: Kalyan's IPO in 2021 came at elevated valuations (~P/E of ~51x), drawing some criticism: low growth over 3 years and thin margins. Peer comparisonRead more
Kalyan Jewellers compare?
Established scale & profitability: Kalyan is a big, profitable firm with long-standing brand recognition.
IPO track record: Kalyan’s IPO in 2021 came at elevated valuations (~P/E of ~51x), drawing some criticism: low growth over 3 years and thin margins.
Peer comparison: At that time, Kalyan’s valuation was seen as overly optimistic compared to peers like TBZ (P/E ~13x).
See less