iWorld
Punit Garg exits Reliance Comms board as part of clean corporate break
MUMBAI: It’s curtains for Punit Garg at Reliance Communications. The seasoned executive has officially stepped down from the board of the beleaguered telecom firm, marking yet another departure from the company’s vanishing leadership deck. The resignation, effective 1 April 2025, was submitted in a formal letter dated the same day, with Garg citing, “in line with his resignation from all the board positions in all the companies.”
While the exit lacked fireworks or drama, it signals a final unplugging from a company that once aimed to be the crown jewel of Indian telecom but is now knee-deep in insolvency proceedings.
Reliance Communications, under the corporate insolvency resolution process since June 2019, confirmed the development in a filing with the BSE and NSE. Company secretary Rakesh Gupta signed off on the disclosure, attaching Garg’s resignation letter and noting compliance under Regulation 30 of SEBI’s listing obligations.
Garg’s exit adds to the list of top-level resignations over the years as RCom continues its struggle to stay afloat under the oversight of resolution professional Anish Niranjan Nanavaty, appointed by the NCLT Mumbai Bench.
The resignation itself doesn’t raise eyebrows, but in an industry known for boardroom battles and opaque exits, a clean-cut ‘no other reason’ departure is almost… refreshing.
Garg, who has held prominent roles across the Reliance Group over the years, exits at a time when Reliance Communications is more of a cautionary tale than a market mover. The company has not been in active telecom operations since it shut down its wireless business in 2017 and has been tangled in debt and legal knots since.
With his board seat now vacated and no lingering drama in sight, this might just be one of the quieter exits in India Inc. But in the telecom saga that is RCom, even silence speaks volumes.
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.
