Gaming
Startup Mahakumbh panel unravels growth of Indian gaming
New Delhi: India’s gaming industry has hit the jackpot while the rest of the world seems to be playing on easy mode. At this week’s Startup Mahakumbh, the crème de la crème of India’s digital entertainment world gathered to spill the beans on what’s turning the country into a gaming colossus.
The star-studded panel—featuring Bookmyshow fonder & CEO Ashish Hemrajani, Games24/7, founder & CEO Bhavin Pandya, Dream11 cofounder & CEO Harsh Jain and Bitkraft partner Anuj Tandon—didn’t mince words about the sector’s explosive trajectory. The discussion, masterfully refereed by JetSynthesys founder & CEO Rajan Navani, revealed that while global gaming revenues have hit pause, India’s gaming scene is charging ahead at a blistering 20 per cent annual clip.
“The gaming and digital entertainment industry in India is at an inflection point,” declared Navani. “With the right mix of innovation, investment, and responsible regulation, India can become a global powerhouse.” No small talk there.
The once-questioned spending power of Indian gamers has been dramatically upended by UPI and one-click payment solutions. In-app purchases alone are projected to rake in a whopping $4.3 billion within four years—enough to make even the most hardened venture capitalist’s mouth water.
The gold rush hasn’t gone unnoticed across borders. Executives from gaming giants Sega and Tencent were spotted prowling the event, eyeing up the burgeoning market with barely disguised avarice.
A separate session on investment strategies laid bare the brutal realities facing founders. Investors confessed to maintaining watchlists of 200-300 promising entrepreneurs, tracking them well before products even see the light of day. Common pitfalls for startups include the seductive but dangerous trap of over-raising at sky-high valuations and the cardinal sin of delaying monetisation.
“Early revenue generation isn’t just nice to have—it’s essential,” one panelist quipped, cutting through the typical startup waffle like a hot knife through butter.
Government initiatives like Startup India are hailed as crucial catalysts, while investors stressed that the days of chasing unicorn status at all costs are well and truly over. The new mantra? Sustainable business models that actually turn a profit—revolutionary concept, that.
The second edition of Startup Mahakumbh follows last year’s blinding success, which saw over 48,581 visitors and 1,306 exhibitors descend upon the event like bees to honey.
As India’s gaming ecosystem continues its meteoric rise, one thing is crystal clear: in the digital playground of entertainment, India is no longer merely a player—it’s becoming the house. And as any gambler worth their salt knows, the house always wins.
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.
