Brands
Recode Studios targets 2,000 MBOs after crossing Rs 81 crore revenue mark
Expansion push into Tier II, III cities to fuel next phase of growth
MUMBAI: Recode Studios is doubling down on its grassroots growth model, announcing plans to expand its network of Micro Business Operators from 1,000 to 2,000 following a strong financial performance in FY2025-26.
The company reported revenue exceeding Rs 81 crore for the fiscal, a milestone that has prompted it to accelerate its presence in emerging markets, particularly across Tier II and Tier III cities where demand has been steadily rising.
At the heart of this growth is Recode Studios’ Micro Business Operator model, which allows individuals to partner with the brand as entrepreneurs. The approach has not only driven revenue but also helped build a wide network of local business owners, giving the company both reach and resilience.
Recode Studios chairman and managing director Dheeraj Bansal stated, “While reaching a revenue milestone of Rs 81 crores is important for us as a company, what really matters for us is the impact we are able to create at the grassroots level. We have always envisioned our impact as empowering people to become entrepreneurs. Taking our MBOs to 2,000 is a step towards achieving our vision.”
The company now plans to invest further in strengthening its operational capabilities and digital infrastructure to support this scale-up. It is also looking to deepen engagement with its MBO network, ensuring partners have the tools and resources needed to grow sustainably.
With its hybrid model of commerce and entrepreneurship gaining traction, Recode Studios is positioning itself not just as a business, but as a platform for economic participation. As it scales, the company’s focus remains clear: growth that is both commercially strong and locally rooted.
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.
