iWorld
OTT piracy hits Rs 8,000–11,000 crore annually in 2025
Illegal feeds drain broadcasters as MIB task force moves slowly; OTT now main piracy source with 63 per cent share.
MUMBAI: India’s TV screens are leaking money faster than a pirate’s ship because when signals get stolen, the only thing sinking is the industry’s bottom line. DTH signal piracy has escalated into a multi-billion-rupee crisis for India’s broadcast sector, with illegal feeds causing an estimated Rs 22,400 crore loss in 2023 alone. Industry estimates show roughly 90 million users accessed pirated video content outside India in 2024, inflicting $1.2 billion (≈ Rs 10,000 crore) in notional losses equivalent to about 10 per cent of the legal video market. Without stronger intervention, projections warn this could balloon to 158 million users and $2.4 billion in losses by 2029.
Broadcasters and distributors report piracy now eats over 30 per cent of their revenues, crippling reinvestment in content and infrastructure. The shift is stark, while DTH once dominated pay TV, active subscribers fell to around 56.92 million in early 2025 amid subscriber churn to OTT platforms, which now boast over 547 million video streamers. Yet piracy has followed the audience OTT has become the primary source for illegal content, accounting for 63 per cent of such access and driving Rs 8,000–11,000 crore in annual losses for the streaming market.
The industry has repeatedly urged the Ministry of Information & Broadcasting (MIB) to mandate forensic watermarking technology that embeds invisible identifiers in video streams to trace unauthorised feeds back to their source. Other proposed measures include physical verification for set-top box activations and location-based services. MIB established a task force to tackle the issue, and a nationwide consultation began in late 2025, but stakeholders say progress remains slow and the mandate too narrow, still excluding full coverage of cable and satellite networks.
The broader media and entertainment sector valued at Rs 2.5 trillion in 2024 faces mounting headwinds from piracy’s evolution. Cross-border enforcement remains complex, consumer preference for free content persists, and technological countermeasures spark an ongoing arms race. Without faster regulatory teeth and wider safeguards, broadcasters warn, the projected doubling of losses by 2029 could choke innovation and global competitiveness.
For an industry already squeezed by OTT migration, signal theft isn’t just theft, it’s a slow bleed threatening the very content that keeps viewers hooked. The question now isn’t whether piracy hurts; it’s how long the legitimate players can keep the lights on while the pirates keep the party going for free.
Gaming
Bluestone FY26 revenue rises to Rs 2,436 crore, turns profitable
Q4 profit at Rs 31 crore, full-year profit at Rs 13 crore vs loss last year.
MUMBAI: From sparkle to numbers, Bluestone seems to be polishing more than just jewellery this year. Bluestone Jewellery and Lifestyle Limited reported a sharp turnaround in FY26, with revenue from operations rising to Rs 2,436 crore (Rs 24,364 million), up from Rs 1,770 crore (Rs 17,700 million) in FY25. The company posted a full-year profit of Rs 13 crore (Rs 131.79 million), a significant recovery from a loss of Rs 222 crore (Rs 2,218 million) a year ago.
Total income for the year stood at Rs 2,486 crore (Rs 24,860 million), compared to Rs 1,830 crore (Rs 18,300 million) in the previous year, reflecting both topline growth and improved operational momentum.
The March quarter, however, told a more nuanced story. Revenue from operations came in at Rs 681 crore (Rs 6,814 million), down from Rs 748 crore (Rs 7,486 million) in the year-ago period, though higher than Rs 461 crore (Rs 4,613 million) in the preceding December quarter. Net profit for Q4 stood at Rs 31 crore (Rs 311.81 million), compared to Rs 68 crore (Rs 688 million) a year earlier, but a clear reversal from a loss of Rs 51 crore (Rs 512 million) in Q3.
Margins were shaped by higher input costs, with raw material consumption rising to Rs 2,204 crore (Rs 22,043 million) for the full year, alongside employee benefit expenses of Rs 282 crore (Rs 2,824 million) and finance costs of Rs 210 crore (Rs 2,104 million). Other expenses came in at Rs 371 crore (Rs 3,715 million), slightly lower than Rs 393 crore (Rs 3,938 million) in FY25.
On the balance sheet front, total assets expanded to Rs 4,961 crore (Rs 49,610 million) as of March 31, 2026, from Rs 3,532 crore (Rs 35,322 million) a year earlier, driven largely by a surge in inventories to Rs 2,672 crore (Rs 26,718 million). Equity also strengthened to Rs 1,803 crore (Rs 18,030 million), nearly doubling from Rs 911 crore (Rs 9,107 million).
Cash flows reflected the cost of growth. Net cash used in operating activities stood at Rs 199 crore (Rs 1,990 million), while investing activities saw an outflow of Rs 239 crore (Rs 2,392 million). Financing activities, however, generated Rs 497 crore (Rs 4,971 million), helping the company end the year with cash and cash equivalents of Rs 108 crore (Rs 1,075 million), up from Rs 49 crore (Rs 487 million).
Earnings per share for FY26 came in at Rs 1.10, a sharp improvement from a negative Rs 79.74 in FY25, underlining the shift from losses to profitability.
With revenue scaling up, costs still glittering on the higher side, and profitability finally back in the black, BlueStone’s FY26 performance suggests a business mid-transition less about shine alone, and more about sustaining it.
