Gaming
India boasts 442 million online gamers: Thornton Bharat & E-Gaming Federation report
Mumbai: A report by Thornton Bharat and the E-Gaming Federation, titled “Guardians of Safe Play: Ethical Gaming for Vibrant Bharat,” revealed that India now boasts 442 million online gamers, making it the second-largest gaming market globally, just behind China. The industry is anticipated to grow by 20 per cent by FY25, reaching Rs 253 billion. This report showcased the importance of a strong code of conduct and self-regulation for the sustainable development of the gaming sector.
The real money gaming (RMG) segment is highlighted as a major revenue driver, with users spending an average of 8.5 hours per week in FY22. Despite facing challenges in 2023 due to the government’s 28 per cent GST implementation, investor sentiment in the RMG sector remains positive.
The report mainly dug deeper into the regulatory framework governing the real money gaming (RMG) sector, clearly distinguishing between games of skill and games of chance. It offers an overview of key legislative milestones, such as the Public Gambling Act and the Information Technology (Intermediary Guidelines and Digital Media Ethics Code), which have influenced current RMG policies. This highlights the pressing need to update laws and create clear, cohesive guidelines to effectively manage the complexities of the RMG sector.
Despite the challenges faced by the government’s implementation of a 28 per cent GST, which resulted in the closure of several niche gaming startups last year, the gaming industry has experienced significant growth. To understand the reasons behind this surge, Indiantelevision.com reached out to STAN CEO & founder Parth Chadha who provided detailed insights.
He explained, “The Indian gaming industry has stood firm despite the challenges posed by the 28 per cent GST on the real money gaming sector. Several factors contribute to this boom:
Digital infrastructure expansion in India: India has witnessed rapid expansion of digital infrastructure, including widespread access to smartphones that has significantly bolstered the growth of the Indian Gaming industry providing people the flexibility and ease of playing games on their phones like never before. It has significantly increased growth & engagement.
Advent of gaming communities: The presence of vibrant gaming communities has always been a true game changer for the industry. For example, STAN, the fastest-growing community startup in India provides a chance to hang out, watch videos together, play games, and win rewards at STAN clubs. These social communities foster rapid growth and expansion by appealing to a broad audience.
Government support: Government Initiatives like Digital India to transform India into a digitally empowered society & knowledge economy have been an instrumental part of the industry growth. Additionally, as per the Invest India Report, The Indian government allows 100% FDI in the online gaming sector, making it an attractive proposition for investors. This support is crucial for the industry’s development and expansion.
With these factors in play, India holds significant potential to become a hub for developing and providing platforms for online gaming.”
He further elaborated, “We at Stan fully support the recent Thornton Bharat and EGF report, which highlights the importance of regulatory mechanisms to protect players from cyber threats, fraud, and other unfair practices. In the gaming sector, ensuring player protection and upholding consumer rights are the most important factors to the integrity and future growth of the gaming industry. With 442 million online gamers, India now stands as the second largest country with such a massive gaming user base. It is truly a proud moment for all the gaming community stakeholders. We are on the path of rapid expansion, and implementing a code of conduct and self-regulation becomes paramount for the gaming industry. We believe that gaming communities in India are the key driving factor to further bolster India’s gaming system altogether at a new extent.
Gaming in India has become one of the popular sources of income for youth that was considered as a mere timepass earlier. Gaming communities foster a sense of belonging among players, enhancing social interactions, and encouraging collaboration and competition. We are proud to share that our platform has recorded an impressive 10 million+ downloads of the STAN app within just two years, making STAN India’s fastest-growing gaming community startup in India,” he concluded.
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.
