Jewelers working in a factory at night.
Investors IvyCap Ventures, Accel, and 360 ONE have offloaded a significant portion of their stakes in the omnichannel jewelry brand BlueStone, executing multiple open-market transactions valued at ₹242.8 crore. The divestment occurred yesterday, with investors capitalizing on recent gains in the company’s stock.
According to data from the BSE, IvyCap Ventures led the exits, selling 26.04 lakh shares at ₹524.97 each, realizing ₹136.7 crore. 360 ONE, through its 360 One Special Opportunities Fund, divested 10.6 lakh shares, generating ₹55.1 crore. Early-stage investor Accel also participated in the sell-off, offloading 9.8 lakh shares at ₹522.08 per share, bringing in ₹51 crore.
The shares offloaded by these investors were largely acquired by Nippon India Mutual Fund, which purchased 25 lakh shares at ₹522.05 each for a total investment of ₹130.5 crore. The average selling price across these transactions was approximately ₹523.08 per share, representing a slight discount of 0.9% compared to BlueStone’s closing price on Tuesday.
This strategic exit by major investors comes as BlueStone’s stock has seen a notable increase, rising over 6.7% in the past week and more than 12.1% year-to-date. The stock’s upward trajectory is supported by the company’s recent financial performance. BlueStone reported a net profit of ₹31.2 crore for Q4 FY26, a significant turnaround from a net loss of ₹51.3 crore in the corresponding quarter of the previous fiscal year. Its operating revenue also saw a substantial jump of 48% year-on-year, reaching ₹681.5 crore in the same quarter.
BlueStone has projected ambitious growth, aiming for an annual revenue of ₹12,000 crore by FY30, which would be a five-fold increase from its FY26 revenue. This forecast is driven by an aggressive store expansion strategy and a target to improve its Pre-IndAS EBITDA margin to 14.7% by FY30, up from 7.4% in FY26.
Market analysts remain optimistic about BlueStone’s prospects. Brokerages like JM Financial have maintained a ‘Buy’ rating with a target price of ₹650, citing strong consumer demand and the effectiveness of the company’s technology-driven omnichannel model. Nuvama has also highlighted the expanding store network and improving unit economics as key growth drivers.
BlueStone’s shares closed at ₹528.35 on the BSE yesterday, reflecting a 3.64% decrease in the trading session.
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