Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL) / Equity Capital Markets

Bluestone Jewellery and Lifestyle Ltd (BJL)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle</a> (BJL) is planning to raise about US$176m in its upcoming India IPO.</li>
<li>BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO.
BJL offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand. It is a digital-first direct-to-consumer (DTC) brand.
We have looked at the past performance in our previous note. In this note, we talk about the IPO pricing.


Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), <a href="https://www.smartkarma.com/entities/bluestone-jewellery-and-lifestyle-ltd-ltd-bjl" target="_blank" data-smartkarma-citation="entities:44176:1" rel="noopener">Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN)</a> is an omni-channel jewellery brand in India.</li>
<li>Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.</li>
<li>Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.</li>
</ul>


Founded by Gaurav Singh Kushwaha, who holds 18% stake (Pre-IPO), Bluestone Jewellery and Lifestyle Ltd Ltd (BJL) (0124165D IN) is an omni-channel jewellery brand in India.
Company experienced losses since its inception, which is attributed to its growth and expansion strategy. As of March 31, 2025, the company had accumulated losses amounting to INR 24,583.31 million.
Bluestone is valued at market cap of INR 78230 million,which is 4.4x FY25 revenue.Given ongoing losses, negative cash flows,promoter share pledge, and aggressive expansion, we believe it’s a steep ask.


Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Dr Agarwal's Health Care Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.</li>
<li>Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.</li>
<li>With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.
Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.
With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.


The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

Thematic (Sector/Industry)

<ul>
<li>Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.</li>
<li>Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> , with digital channels and franchising gaining momentum across the board.</li>
<li>With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.</li>
</ul>


Organised jewellery players delivered strong revenue growth despite a 30% YoY gold price spike, driven by festive demand, ticket-size expansion, and formalisation.
Q1 trends highlight a shift toward lightweight, low-carat designs reiterated by Titan Co Ltd (TTAN IN) , with digital channels and franchising gaining momentum across the board.
With retail expansion and working capital discipline in focus, the players like Sky Gold appears poised for multi-format growth, aided by regulatory tailwinds and rising consumer trust.


Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

India

Thanga Mayil Jewellery Ltd. designs and manufactures jewels. The Company distributes and sells gold and silver necklaces, bangles, earrings, rings, chains, and anklets, as well as vessels, sculptures, tumblers, and other gifts. Thanga Mayil Jewellery serves customers worldwide.

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Thanga Mayil Jewellery (TJL IN)

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria,CFA

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...

Nimish Maheshwari

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bluestone Jewellery IPO - Moving from Online to Offline. Thoughts on Valuation

Bluestone Jewellery and Lifestyle (BJL) is planning to raise about US$176m in its upcoming India IPO. In this note we talk about RHP updates and...

Sumeet Singh

Bluestone Jewellery and Lifestyle IPO – All That Glitters Is Not Gold

​Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Sreemant Dudhoria,CFA

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

Dr Agarwal’s Health Care (DAH) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.

Akshat Shah

The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery

​Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...

Nimish Maheshwari

Jewellery Q1FY26 Report: Winners and Themes Amidst ₹1 Lakh Gold

​Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...

Nimish Maheshwari

Bluestone Jewellery, founded by Gaurav Singh Kushwaha, faces challenges with losses, negative cash flows, and aggressive expansion, making its...

Legacy brand P N Gadgil Jewellers is transforming into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion...

Organised jewellery players see strong revenue growth despite gold price spike, focusing on lightweight designs and digital channels for future...