Investor Presentation - Q4 FY 2025-26
SAREGAMA · price
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Saregama India reported its highest ever quarterly EBITDA of Rs. 1,327 million in Q4 FY26, up 31% YoY, with quarterly revenue growing 19% to Rs. 2,874 million. For FY26 full year, Music segment revenue reached Rs. 8,144 million (up 17%), with EBITDA of Rs. 5,167 million (up 22%) and Net Margin of Rs. 3,768 million (up 28%). Live Events revenue declined 78% to Rs. 618 million due to FY25's high base from Diljit Dosanjh tour. Video segment posted revenue of Rs. 1,084 million. The company invested Rs. 2,354 million in new music and Rs. 1,047 million in catalogue purchases - both record highs. Management targets 20-23% annual Music revenue growth and 3-5% margin improvement over the next 3-5 years.
Strong margin expansion signals operational efficiency gains - Music EBITDA margin reached 55% in Q4 FY26 vs 37% a year ago. The company's strategic shift toward high-margin music licensing over film production is paying off. However, the sharp decline in Live Events revenue raises questions about scalability of that segment.