MAM
Carat India CEO Meenakshi Madhvani to bid adieu to her charge
MUMBAI: Meenakshi Madhvani, designated CEO, Carat Media Services India, is moving on. There is no information on Madhvani’s future moves but sources claim that she is heading abroad. Unconfirmed reports at the time of writing are that she may be even higher up in the Carat Media hierarchy.
Indian media independent Carat is believed to have a turnover of Rs 3 billion and its sister agency Carat Integra (a joint venture which handles the business of Percept Advertising) has a turnover of Rs 1.5 billion.
Carat Asia Pacific CEO David Liu briefed the Carat India team about this new development today. Sulina Menon, who is currently heading the Delhi office, has been appointed as CEO with immediate effect. Pratibha (Pat) Vinayak and Gita Ram have been promoted as general managers in charge of the Mumbai office. Recently, Shripad Kulkarni who owns M:Ideas was appointed as CEO of Carat Integra.
Madhvani was appointed head of Carat when it started operations in India in 1997. She assumed charge of Carat at a time when the concept of media specialist agencies was very new in India. Very few ad agencies, leave alone advertisers, had an understanding of the functioning of a media specialist major.
The fiesty Madhvani, however, took this environment as a challenge. She nurtured the startup, Carat, gradually creating awareness and educating the media and advertising community on outsourcing media planning and selling to and independent agency. She not only ensured that the agency managed to stay afloat but that it also grew at a scorching pace.
Her varied experience stood her in good stead. Initially, with Lintas as part of the account management team on Hindustan Lever Limited – one of the savviest users of media. She later hopped on to the media side at Zee Telefilms. There she headed the fledgling but rapidly growing network’s ad sales.
In 1999, Madhvani was elevated to Carat’s Asia Pacific Executive committee, an exclusive 12-member team which is responsible for steering the agency.
In India, Carat handles clients such as Cadburys, Asian Paints amongst others. Carat Asia Pacific is amongst the top ten largest media specialist network in Asia Pacific.
Brands
Sapphire Foods FY26 revenue rises to Rs 3,125 crore, posts loss
Q4 revenue at Rs 792 crore, FY26 loss at Rs 32 crore amid cost pressures.
MUMBAI: If growth is on the menu, profitability seems to have taken a brief detour. Sapphire Foods India reported a steady rise in topline for FY26, even as rising costs weighed on profitability. Revenue from operations grew to Rs 3,125 crore for the year ended March 31, 2026, up from Rs 2,882 crore in FY25. However, the company swung to a loss, reporting a net loss of Rs 32 crore for FY26, compared to a profit of Rs 17 crore in the previous year. Total income for the year stood at Rs 3,153 crore, while total expenses climbed to Rs 3,167 crore, reflecting pressure across key cost heads.
In the March quarter, revenue came in at Rs 792 crore, compared to Rs 711 crore in the same period last year. The company reported a quarterly net loss of Rs 13 crore, against a profit of Rs 2 crore a year earlier.
Cost pressures remained visible across operations. Material costs rose to Rs 995 crore for FY26, while employee expenses increased to Rs 428 crore. Other expenses, the largest component, stood at Rs 1,229 crore, underscoring the impact of store operations and expansion-related spends.
Depreciation and amortisation expenses also climbed to Rs 392 crore for the year, reflecting continued investments in store infrastructure and growth.
At the operating level, the company reported a loss before tax of Rs 37 crore for FY26, compared to a profit of Rs 23 crore in FY25. Exceptional items added Rs 24 crore to the cost burden during the year.
On the balance sheet, total assets rose to Rs 3,256 crore as of March 31, 2026, up from Rs 3,041 crore a year earlier, indicating ongoing expansion. Net worth stood at Rs 1,389 crore.
Despite profitability pressures, operating cash flow remained resilient at Rs 507 crore, highlighting underlying business strength and demand stability.
The numbers paint a familiar picture in the quick-service restaurant space, growth continues to be served hot, but margins are still finding their footing.
