Bluestone
appears to be defying sceptics. Last year, critics had described the jewellery brand’s IPO as too expensive and loss-making. Today, the stock is steadier, the business is profitable, and many analysts are changing their view. So what has changed?
From Doubt To Discipline: When BlueStone listed in August 2025, it debuted at a discount amid widening FY25 losses. But instead of chasing a dramatic turnaround, the company spent the year proving that its model could scale profitably.
This shift showed up in FY26 as operating revenue rose 38% YoY to ₹2,441 Cr. Costs also rose slower than the top line during the fiscal and this gap finally turned into a full-year profit of ₹26 Cr.
The Compounding Scale: CEO Gaurav Singh Kushwaha attributes this fiscal pivot to operating leverage rather than aggressive cost-cutting. The omnichannel brand clocked a stellar 34% YoY same-store sales growth in Q4, showing that its older, maturing retail outlets are actively compounding earnings rather than just costing money.
The Lifestyle Flywheel: The bigger strategic story is the market itself. While legacy jewellery players remain chained to episodic wedding demand, BlueStone is banking on recurring lifestyle and self-expression purchases. BlueStone has spent years building around this category with its omnichannel model, in-house manufacturing and rapid design-to-shelf cycle.
Analysts Warm Up: Brokerages too seem to be changing their tunes. JM Financial recently reiterated a Buy rating on the stock, citing BlueStone’s strong foothold in the lifestyle jewellery segment. Nuvama also echoed a positive outlook and pointed to the company’s store expansion and improving unit economics as key growth drivers.
The listed brand’s story now appears less about whether it can survive and more about how far it can go. But can BlueStone keep compounding as competition, gold prices and consumer demand continue to evolve? Let’s find out…
As digital experiences evolve, static screens are giving way to immersive and interactive environments. Yet, creating 3D experiences remains complex, expensive and hardware-intensive for most businesses. Ctruh is trying to simplify this shift.
An Immersive Experience: Founded in 2023, Ctruh helps enterprises create 3D and AR-driven digital experiences. Its offerings include 3D walkthroughs, product configurators, AR demos, and high-quality renders, enabling brands to engage customers in more interactive ways.
A Low-Code Engine: At the core of its platform is a proprietary low-code 3D engine that allows immersive content to run seamlessly across devices. Crucially, users do not need to download apps or invest in specialised hardware, lowering barriers to adoption for both businesses and consumers.
GenAI Meets 3D: Ctruh’s VersaAI uses generative AI to convert images, text, and videos into production-ready 3D assets, significantly reducing content creation time. Another product, Commverse Studio, enables brands to build interactive 3D shopping experiences without coding, bringing immersive commerce closer to the mainstream.
Serving sectors such as ecommerce, automotive, real estate and tourism, the startup is eyeing a piece of India’s extended reality (XR) market, which is projected to become a $66 Bn opportunity by 2034. As interest in spatial computing rises, can Ctruh power how businesses deliver next-generation digital experiences?
From boAt and Captain Fresh to Atomberg and Furlenco, a new generation of consumer brands is preparing for the public markets. So, which D2C startup will be the next big IPO success story?
Source: Inc42 - Startups
