Brands
Sony tunes out of the home entertainment game
TOKYO & SHENZEN: Sony is admitting what the market already knew: it can’t hack it in televisions anymore. The Japanese firm has signed a memorandum of understanding with TCL Electronics to hive off its entire home entertainment business into a joint venture. TCL, China’s TV titan, gets 51 per cent. Sony keeps 49 per cent and its dignity—just about.
The new outfit will peddle screens and soundbars globally under the Bravia brand, handling everything from design to delivery. Sony brings its vaunted picture-processing wizardry and the sort of brand cachet you can’t buy (though TCL is essentially doing just that). TCL contributes manufacturing muscle, vertical supply chains and the kind of cost-cutting that makes accountants weep with joy.
The pair hope to ink binding agreements by the end of March 2026 and switch on operations in April 2027, assuming regulators and assorted conditions don’t scupper things. Sony president and chief executive Kimio Maki pledges “captivating audio and visual experiences”. TCL chairperson Du Juan promises “superior products” and “greater scale”. Corporate-speak aside, the subtext is clear: Sony’s bowing out whilst keeping a foot in the door.
The television market keeps ballooning—bigger screens, sharper pixels, streaming platforms galore. Sony reckons combining forces will let it chase this growth without shouldering the full burden. TCL, meanwhile, gets a shortcut to premium credibility.
It’s a tidy bit of dealmaking. Everyone saves face. Sony offloads a business it couldn’t profitably run. Its share of the global television market has shrivelled to less than two per cent, battered by Korean behemoths and Chinese price-cutters. The company now wants to focus on what it does best: films, music and gaming. Why wrestle with razor-thin margins on flatscreens when you can sell Spider-Man sequels?
For TCL, it’s a coup. The Shenzhen-based manufacturer has spent years perfecting display tech and slashing costs, but lacked the cachet to crack the premium market. Now it gets Sony’s revered image processing, supply-chain nous and, crucially, that four-letter name that still means something in living rooms from London to Los Angeles.
But make no mistake: this is retreat dressed up as strategy. Sony once defined home entertainment. Now it’s splitting the bill.
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.
