iWorld
Jio Platforms, SES form JV for satellite-based broadband services in India
Mumbai: Indian digital service provider Jio Platforms Ltd (JPL) and SES, a Luxembourg-headquartered global satellite-based content connectivity solutions provider on Monday announced the formation of a joint venture – Jio Space Technology – to deliver the next generation scalable and affordable broadband services in India leveraging satellite technology. JPL and SES will own 51 per cent and 49 per cent equity stake in the joint venture, respectively.
“The joint venture will use multi-orbit space networks that are a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations, capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul, and retail customers across the length and breadth of India and neighbouring regions,” said the statement.
The joint venture will be the vehicle for providing SES’s satellite data and connectivity services in India, except for certain international aeronautical and maritime customers who may be served by SES. It will have availability of up to 100 Gbps capacity from SES and will leverage Jio’s premiere position and sales reach in India to unlock this market opportunity, the statement further said.
As part of the investment plan, the joint venture will develop extensive gateway infrastructure in India to provide services within the country. Jio, as an anchor customer of the joint venture, has entered into a multi-year capacity purchase agreement, based on certain milestones along with gateways and equipment purchases with a total contract value of circa $100 million.
“While we continue to expand our fibre-based connectivity and FTTH business and invest in 5G, this new joint venture with SES will further accelerate the growth of multigigabit broadband,” said Jio director Akash Ambani. “With additional coverage and capacity offered by satellite communications services, Jio will be able to connect the remotest towns and villages, enterprises, government establishments, and consumers to the new ‘Digital India’. We are excited about this new journey combining our massive reach and customer base with SES’s innovative leadership and expertise in the satellite industry.”
The joint venture will leverage SES-12, SES’s high-throughput GEO satellite serving India and O3b mPOWER, SES’s next-generation MEO constellation to extend and complement Jio’s terrestrial network, thereby increasing access to digital services and applications. Jio will offer managed services and gateway infrastructure operations services to the joint venture.
As Covid-19 has demonstrated, access to broadband is imperative for full participation in the new digital economy. This joint venture will be a catalyst for connecting the unconnected areas within India and the region to the full range of digital services, offering access to remote health, government services, and distance learning opportunities.
“This joint venture with JPL is a great example of how SES can complement even the most extensive terrestrial networks to deliver high-quality connectivity, and positively affect the lives of hundreds of millions of people. We look forward to this joint venture whereby we can play a role in promoting digital inclusion in India,” stated SES CEO Steve Collar.
The joint venture also aligns with the prime minister’s ‘Gati Shakti: National Master Plan for Multi-modal Connectivity’ initiative to provide integrated and seamless connectivity by implementing diverse infrastructure. It will also accelerate the achievement of the ‘Connect India’ goals in the 2018 National Digital Communications Policy as well as the Digital India programme by expanding broadband connectivity to Indian citizens across Indian geography.
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.
