Gaming
88 Pictures launches its gaming division – 88 Games
Mumbai: 88 Pictures, an animation and VFX studio from India, has launched a new gaming division, 88 Games, entering the game development sector with a focus on high-quality indie games for PC and console audiences. 88 Games aims to blend visual quality with storytelling inspired by India’s rich history and culture.
Known for its animation work on shows like Trollhunters: Tales of Arcadia, Gremlins: Secret of Mogwai, Transformers: The Earth Spark, Kung Fu Panda: The Dragon Knight, and Fast & Furious: Spy Racers, 88 Pictures has made a mark in international markets. With 88 Games, the studio builds on its storytelling legacy to offer interactive experiences that entertain, educate, and inspire.
Led by industry veterans Milind D Shinde and Shiben Bhattacharjee, the team includes experienced professionals from global studios, all dedicated to creating games that showcase India’s cultural heritage.
88 Games founder & CEO Milind D Shinde said, “88 Games represents the next step in our journey at 88 Pictures. Our team is dedicated to producing premium games that are not only visually stunning but also deeply rooted in our cultural identity. India, being one of the oldest civilizations in the world, has legends, stories, cultures, and art that have existed for thousands of years, forming a unique kaleidoscope that needs to be showcased to the world. It is an exciting challenge to translate the heritage of India into this new medium, with our mission to narrate stories based on this immense cultural capital through video games for the global audience.”
88 Games plans to introduce titles that will give global gamers a unique glimpse into India’s folklore and history. Through intricately crafted art styles and immersive sound design, each game will present an authentic, engaging experience, drawing from classic Indian tales, legends, and mythological characters.
“At 88 Games, we see storytelling as a powerful bridge between cultures. Our mission is to create games that entertain while connecting players to India’s rich history and mythology. As India’s gaming market rapidly expands, there remains a significant gap in the availability of high-quality PC and console games that showcase the country’s unique cultural identity. 88 Games aims to fill that void, by providing an exceptional gameplay experience to immerse and contribute to the growth of the video gaming industry,” stated 88 Games’ game director Shiben Bhattacharjee.
88 Games has three games in development, with its first title—launching on Xbox and PlayStation—set for a reveal at the India Game Developers Conference (IGDC) 2024.
According to Lumikai’s recent Levelling Up: State of India Interactive Media & Gaming Research FY’24 report, India’s Animation/VFX industry was valued at $1.6 billion in FY 24. The gaming market also grew by 23 million new players, reaching a total of 590 million gamers and projected to exceed $9.2 billion by FY 29, with a 20 per cent five-year CAGR.
The union cabinet, under prime minister Narendra Modi, recently approved the National Centre of Excellence (NCoE) for AVGC-XR (animation, visual effects, gaming, comics, and extended reality). PM Modi also encouraged Indian game developers to make an international impact in his Independence Day address.
With 88 Pictures’ animation and VFX expertise, the launch of 88 Games is expected to further boost India’s role in the global AVGC-XR and gaming sectors.
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.
