Synopsis:
Nikhil and Nithin Kamath emerged in Bluestone’s September 2025 shareholding pattern, with Kamath Associates holding 1.1 percent and their entity NKSquared holding another 1.1 percent.
Shares of a leading direct-to-consumer jewellery brand offering diamond, gold, platinum and studded jewellery and India’s second-largest ‘digital first’ omni-channel jewellery player are in focus on the stock exchanges, in which Nikhil and Nithin Kamath’s names appeared in the shareholding data of September 2025.
With a market cap of Rs. 8,553 crores, shares of Bluestone Jewellery and Lifestyle Limited were trading at Rs. 565.2 on BSE, as against its previous closing price of Rs. 571.2. The stock hit its 52-week high at Rs. 793 on 9th October 2025, and is trading at a discount of around 29 percent from its current price levels.
BlueStone Jewellery shares made a subdued listing on 19th August, opening at Rs. 510 on the NSE – about 1.35 percent below its issue price of Rs. 517. On the BSE, the stock debuted at Rs. 508.8, marking a 1.59 percent discount to its IPO price.
Shareholding Structure
As per the September 2025 shareholding pattern, the Promoters hold a 16.36 percent stake in the company, while Foreign Institutional Investors (FIIs) hold a 35.24 percent stake. Retail Investors and Domestic Institutional Investors (DII) hold a 15.9 percent and 32.49 percent stake in Bluestone Jewellery, respectively.
In September 2025, Nikhil and Nithin Kamath’s names appeared in Bluestone Jewellery and Lifestyle Limited’s shareholding pattern via Kamath Associates, which held a 1.1 percent stake amounting to around 16.59 lakh equity shares. Separately, NKSquared – the duo’s investment entity – already holds an additional 1.1 percent stake in the company.
Financials & More
Bluestone Jewellery reported a significant growth in its revenue from operations, showing a year-on-year increase of around 38 percent from Rs. 373 crores in Q2 FY25 to Rs. 514 crores in Q2 FY26. During the same period, its net loss reduced from Rs. 84 crores to Rs. 52 crores, representing a decline in net losses by nearly 38 percent YoY.
BlueStone Jewellery and Lifestyle Limited is engaged in the business of designing, manufacturing and selling fine jewellery, under the brand name of “BlueStone”. Positioned as a contemporary lifestyle jewellery label, the company offers an extensive range of diamond, gold, platinum and studded jewellery with a strong design-led approach.
As of FY25, the company commands a market share of 28-32 percent among omni-channel jewellery players, supported by a broad product portfolio that includes rings, earrings, necklaces, bangles, solitaires and more. It also operates advanced manufacturing facilities to support its expanding scale and product range.
As of March 2025, BlueStone maintains a strong pan-India footprint, operating 275 stores across 117 towns and cities, spanning Tier-I, Tier-II and Tier-III markets, and servicing over 12,600 pin codes.
Written by Shivani Singh
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