Gaming
FIFS welcomes MIB’s advisories against illegal offshore betting platforms ads
Mumbai: The Federation of Indian Fantasy Sports (FIFS), the industry’s self-regulatory body, has welcomed the ministry of information and broadcasting (MIB) decision not to allow private television channels, digital news publishers, and OTT platforms to broadcast/show advertisements for online betting sites and surrogate ads. The federation lauds the ministry for the move that reiterates FIFS’ stand against this menace. FIFS said that it has previously emphasised the need for identification and prohibition of offshore business activities to ensure consumer interest safeguards.
FIFS DG Joy Bhattacharjya said, “We thank the ministry of information and broadcasting for this important step. As FIFS, we have been creating awareness about the need for demarcation between the legitimate and illegitimate players in the online gaming ecosystem to ensure unwarranted elements like offshore betting and gambling don’t see a rise and adversely impact consumer interests. This move from the ministry will ensure that Indian citizens are educated about the risks on these platforms and do not get lured or trapped by the same. We are hopeful that this initiative will lead to further stringent action on these players by other arms of the government as well.”
As a big and positive step towards consumer interest protection, on 3 October 2022, MIB issued an advisory to private television channels, digital news publishers, and OTT platforms to refrain from showing advertisements for online betting sites and surrogate advertisements for such sites.
In the advisories issued by the government, a clear stand has been taken by MIB against direct and surrogate advertisements of offshore betting platforms, saying that it may also invite penal action for the broadcasters. The advisories also stated that since betting and gambling are illegal in most parts of the country, advertisements for these betting platforms as well as their surrogates are also illegal and should not be shown to Indian consumers.
The ministry, in its advisory, clearly highlighted that such offshore betting websites use news as a surrogate product to advertise their betting platforms, especially in the digital medium. The advisories mentioned that in these cases, there is a striking resemblance between the logo of the news platform and the betting website. The advisories also clarified that since betting and gambling are illegal in most parts of India, so are their advertisements, direct or surrogate. MIB mentioned the Consumer Protection Act 2019, Cable TV Network Regulation Act 1995 and the IT Rules 2021 to issue the advisories.
FIFS added that it takes consumer interest protection very seriously and recently revised and strengthened its charter in order to promote innovation with responsible growth for the fantasy sports industry. The new charter emphasises the role of the Fantasy Sports Regulatory Authority (FSRA), an independent self-regulatory body committed to promoting standardised best practises in fantasy sports.
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.
