iWorld
Fan-tastic First: India Bags Maiden OTT Documentary Win at ATA 2025
MUMBAI: If devotion ever needed a documentary, India has just delivered a global winner. TV9 Network’s in-house unit, Studio9, has scripted history by securing India’s first-ever win in the OTT documentary programme category at the 30th Asian Television Awards 2025 in Singapore, all thanks to its gripping deep dive into the feverish world of South Indian fandom, Fanatics.
Commissioned by Docubay, the 55-minute documentary edged past six heavyweight contenders from China, Taiwan and India, including Bitter Sweet Ballad, Echoes of Life, Polar Alarm, and Modern Masters: SS Rajamouli. But Fanatics emerged the clear favourite, proving that stories rooted in India’s pop-cultural heartbeat can travel far beyond linguistic or regional borders.
Fanatics maps the emotional, sociological and sometimes extreme landscape of fan devotion across South India where admiration often transforms into worship, complete with temples built for stars, tattoos dedicated to idols, and massive celebrations that rival festivals during birthdays and film releases.
The film features candid voices from some of the region’s biggest stars Kichcha Sudeep, Allu Arjun, and Vijay Sethupathi alongside film historians, mental health specialists, cultural commentators and ordinary fans whose stories reveal the joys and darker shades of fervent adulation.
One such story follows a young man who found courage and self-worth through Allu Arjun’s on-screen presence after years of stigma for having a cleft palate, a reminder that fandom often runs deeper than entertainment.
The win marks a major milestone for Indian nonfiction storytelling on the global stage.
“This honour at the 30th Asian Television Awards is a defining moment,” said The EPIC Company MD Aditya Pittie. “As the first Indian OTT documentary to win in this category, Fanatics reaffirms our belief in culturally rooted narratives with universal resonance.”
For TV9 Network, it’s a creative high point. “We knew we had a winner from the word go,” saidTV9 Network MD & CEO Barun Das. “The subject was unique, the appeal universal. I thank DocuBay for trusting Studio9 to produce it.”
Studio9’s head, Arpita Chatterjee added: “This was my first major documentary project, and winning on a global stage is a huge validation of our team’s work across fiction, nonfiction and films.”
DocuBay’s CCO Samar Khan highlighted the complexity behind the narrative, “Fanatics demanded honesty and courage. The documentary explores a world where devotion often blurs into obsession. This win validates the creative risks we took and the sensitivity with which the team approached the subject.”
The award-winning film was powered by a strong Studio9 crew:
. Director: Aryan D. Roy
. Assistant Director: Debanjana Ghosh
. Show Runner: Santosh Raj
. Creative Consultant: Aniruddha Chakladar
. DOP: Akshay Kumar
. Editor: Paras Sharma
. Research Support: News9, consulting editor, Sudha Sadhanand
Their collective effort helped transform India’s most flamboyant subculture into a documentary that resonated across Asia.
For TV9 Network, this accolade signals more than an award, it marks a renewed commitment to elevating Indian nonfiction with home-grown talent, bold subjects and global storytelling ambition. As Studio9 continues to expand its creative footprint, Fanatics stands as proof that India’s stories, when told with authenticity and cinematic depth, can captivate audiences well beyond the fan clubs they depict.
India may have many fan armies but this time, it’s a documentary about them that has brought home the glory.
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.
