MAM
DDB Mudra south & east appoints Rajat Ray as associate vice president
MUMBAI: DDB Mudra south & east has roped in Rajat Ray as its associate vice president. Based out of the agency’s Bengaluru office, he will be reporting to DDB Mudra south & east executive vice president Sujay Ghosh. .
Ray joins DDB Mudra, fresh from a five year stint at Ogilvy & Mather, where he was last designated client services director and led the consolidated advertising team on the IBM account. Before that, he was associated with prominent agencies like Euro RSCG, Ogilvy (earlier stint) and Fountainhead.
Ray has had extensive experience across sectors both B2C and B2B, including but not limited to FMCG, consumer durables, real estate, healthcare, lifestyle, BFSI and IT and brings to the table, a high degree of proficiency in digital marketing.
Ray said, “I’m extremely excited about my new assignment at DDB Mudra and look forward to navigate through the unique opportunities and challenges that the alco-bev category presents. In the short span while I’ve been here, I’ve been struck by the overall levels of energy and enthusiasm. I am impressed with some of the work emanating from this office clearly indicative of the high level of strategic thinking and creative talent it has at its disposal.”
Cherian added, “I am happy to welcome Rajat to the DDB family. Rajat brings with him strong creative agency experience handling global brands & businesses. He is an excellent people’s person and demonstrates strong leadership skills.”
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.
