Monitoring Agency Report on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended September 30, 2025.
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CARE Ratings, the Monitoring Agency, has filed its first report on how BlueStone Jewellery and Lifestyle Limited is using the Rs. 820 crore it raised through its IPO in August 2025. There is no deviation from the stated objects. Of the total, Rs. 750 crore was earmarked for working capital, Rs. 20.75 crore for general corporate purposes, and Rs. 49.25 crore for issue expenses. During Q2 FY26, the company utilised Rs. 190.65 crore, primarily for purchasing gold and diamonds (Rs. 27 crore) and creating fixed deposits of Rs. 161.93 crore placed as margin with Axis Bank and HDFC Bank to avail metal gold loans. The remaining Rs. 629.35 crore is parked in fixed deposits with Axis Bank (Rs. 505 crore), AU Small Finance Bank (Rs. 100 crore), Yes Bank (Rs. 5 crore), and Rs. 19.35 crore in the public offer account. The MA also flagged that the company has reported net losses for three consecutive years (FY23: Rs. -167.24 crore, FY24: Rs. -142.24 crore, FY25: Rs. -219.21 crore) and continued with a loss of Rs. -34.75 crore in Q1 FY26.
The report confirms IPO funds are being used as disclosed, with most unutilised money parked safely in bank FDs earning 5.90%-7.05% returns. However, the persistent net losses highlighted by the monitoring agency remain a key concern for shareholders, indicating the company is still in a cash-burn phase as it scales.