Gaming
GEMS | Monetisation, improved experiences required to level-up e-gaming in India: Dhaval Ponda
NEW DELHI: Gaming and e-sports is swiftly going mainstream in India and for the industry, it’s only onward and upwards from here. PUBG ban not withstanding, the sector is giving stiff competition to major sporting events while simultaneously attracting broadcasters, aggregators, players, and viewers – all the markers of a robust ecosystem of growth and success.
However, there are still certain areas that need work in order to fully tap into the industry’s potential. At the first Gaming, E-sports, and More Summit (GEMS), presented by indiantelevision.com and AnimationXpress.com, co-powered by Tata Communications, this hot-button issue was taken up and thoroughly examined by industry experts.
Opening the two-day-long virtual summit with his keynote address, Tata Communications global head media and entertainment Dhaval Ponda shed light on the emerging trends, growth drivers, and barriers impacting the Indian e-sports and gaming industry.
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While the Indian gaming crowd is growing at a faster click than the global community, it is still not getting the right monetisation and publishing support within the country, says Ponda. Indian gamers today make for 15 per cent of the global total but the domestic market size is less than 1 per cent in value. Indian game publishers are only 3 per cent of the global value.
Though he insisted that things have started improving since 2018, there is still a lot of work that needs to be done in the sector of broadcasting and monetisation.
“We are seeing that e-sports gaming content is now being treated by these broadcasters as good as tier-1 traditional sports, and is being watched by millions of viewers. So, you (broadcasters) are also going to attract the same rights-holding fee that you would charge from tier-1 sports, like cricket and football,” stated Ponda.
Broadcasts will not only be crucial to gauge interest and get tongues wagging about e-sports,but also sustain andreinforce the community, he explained.
He added that the platforms also need to consider what else they can do beside streaming e-sports live to grab eyeballs, and make it an wholesome experience for viewers as well as the gaming community. “If you are investing, try and understand how you can be unique in your content. Ask yourself if you can have content outside of just gaming,” said Ponda. To drive his point home, he added: “For example, the way you document the NBA champions. Everyone knows where the player was born, what their history is.”
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Ponda insisted that a similar culture needs to be developed for players in e-sports and gaming categories too. “People want to know who they (the players) are and where they are coming from. It is the sort of content that also sustains engagement and active viewership.”
User-experience is also going to be a crucial factor in promoting and supporting the community. “The digital infrastructure needs to grow leaps and bounds in terms of broadband and mobile internet availability. Furthermore, a sound cloud architecture, transcoding infrastructure and CDN infrastructure is required to have a good viewing experience,” he said.
Artistic and technical talent for the game development side is quite crucial too, Ponda pointed out, and suggested that the industry take inspiration from gaming studios in LA, London, and south Korea to finetune the culture within India.
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.
