iWorld
Idea is to get one star in the next three years from ‘The Dharavi Project’: Devraj Sanyal
MUMBAI: Universal Music Group and multi channel network Qyuki recently launched the ‘Dharavi Project’ as part of their corporate social responsibility (CSR). With the initiative, the music group will fund the expansion of the project that was helmed by Qyuki.
Speaking to Indiatelevision.com about the school, Universal Music Group India and South Asia managing director Devraj Sanyal says that the idea is to get at least one star out in the next three years who is able to cross international markets. “All the money that comes out of it will go back to the artiste while the administration fees will go back to the project. We will not retain a single rupee,” says Sanyal.
He further added that the company, which has a strong global footprint on CSR, was very clear from day one to have a single initiative that would be large, impactful and actually effect change.
The school currently is a 25 feet by 25 feet room but plans are afoot to upgrade it over the next 30 days. It will have 5-D cameras, Apple Mac machines, a recording facility and engineers to help the students set up and record. “It will be like a mini Berkley. We have spent close to two per cent of our net revenue on the project,” Sanyal informs.
As of now, 35 to 40 children will avail facilities at the school and the target is to reach out to more than 300 children. On an average, some of these kids would earn a paltry sum of Rs 4000 a month by undertaking ‘Slumdog’ tours. Queried as to how the project will move ahead, Sanyal says, “This would not have been possible without two things – a deep intent and real money. When these two came together, the Dharavi Project was born.”
As part of its tie up with Qyuki, content which is created by Universal in the South Asia region, will be available on the network. Outlining some trends in the music industry in India, Sanyal concludes by saying, “Digital clearly is the future. Bollywood continues to be a very strong player. Independent, regional and international music is also growing from current share because the population share is increasing.”
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.
