Bluestone’s losses surge 56% in FY25; online sales make up just 7%

Vertically integrated jewellery brand Bluestone has reduced the size of its IPO, as per its Red Herring Prospectus (RHP). The cut in both primary and secondary components comes amid a 56% year-on-year rise in losses, which outpaced revenue growth in the last fiscal year (FY25).

Bluestone’s revenue from operations increased by 40% year-on-year to Rs 1,770 crore in the fiscal year ending March 2025 from Rs 1,266 crore in FY24, according to its restated financial statement given in…