[Dilip Davda] BJLL is engaged in offering contemporary lifestyle jewellery under its flagship brand “BlueStone”. While it posted growth in its top lines, it continued to mark losses for the reported periods. Management attributes losses for adjustments on ESOP, finance cost and other provisions. Considering losses, the issue appears priced at a negative P/E. It is operating in a highly competitive and fragmented segment. There is no harm in skipping this pricey and dicey, negatively priced issue. Read detail review...

BlueStone Jewellery IPO Peer Comparison

BlueStone Jewellery & Lifestyle Ltd. peer comparison with similar listed entities. (As on March 31, 2025)

Company Name	EPS (Basic)	EPS (Diluted)	NAV (per share) (Rs)	P/E (x)	RoNW (%)	P/BV Ratio	Financial statements
Bluestone Jewellery and Lifestyle	-79.74	-79.74	66.94		-24.45
Titan Company	37.62	37.61	130.93	88.14	28.71	25.50	Consolidated
Kalyan Jewellers India	6.93	6.93	46.57	84.10	14.87	12.65	Consolidated
Senco Gold	10.09	10.08	120.37	31.17	8.09	2.62	Standalone
Thangamayil Jewellery	42.00	42.00	354.66	45.47	11.07	5.39	Standalone
PC Jeweller	1.13	0.66	9.46	22.70	9.33	1.67	Standalone

Notes:

All the financial information for listed industry peers is on a consolidated basis and is sourced from the financial information of such listed industry peers available on the website of the stock exchanges, as of and for the year ended March 31, 2025.
P/E Ratio for the listed industry peer has been computed based on the closing market price of equity shares, on BSE for Indian peers, as of August 1, 2025, divided by the diluted EPS for the year ended March 31, 2025.
Return on Net worth attributable to the owners of the company (%) = Profit After Tax for the year ended March 31, 2025 / Net worth asofn March 31, 2025. Return on Net worth attributable to the owners of the company is a non-GAAP measure.
Net Asset Value per Equity Share represents Net worth at the end of the year divided by a number of Equity Shares outstanding at the end of the year/period.
EBITDA = Profit/(Loss )before Tax + Finance Cost + Depreciation - Other Income.
Net Worth = Equity Share Capital plus Other Equity.

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