Audio recording of conference call for the fourth quarter and financial year ended March 31, 2026
ZEEL · price
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Zee Entertainment Enterprises (ZEEL) reported FY26 operating revenue of Rs 80,989 Mn (down 2% YoY) and adjusted EBITDA of Rs 7,547 Mn (down 37% YoY). The adjusted EBITDA margin contracted sharply to 9.3% from 14.4% in FY25, primarily due to a weak advertising environment and higher advertising & promotion (A&P) costs. Q4 FY26 was particularly weak with operating revenue of Rs 20,248 Mn (down 7% YoY, down 11% QoQ) and adjusted EBITDA margin at just 6.9%. The digital business ZEE5 delivered strong 53% YoY revenue growth at Rs 14,888 Mn and achieved EBITDA breakeven, partially offsetting TV segment pressures. The company maintained a healthy cash position of Rs 27.6 billion as of March 2026. Advertising revenue was impacted in March due to the ongoing Middle East crisis.
The sharp contraction in EBITDA margins reflects structural pressure from weak ad revenues and elevated content costs, weighing on near-term profitability despite strong growth in the digital segment. The company's strong cash reserves provide a buffer, but the declining TV ad revenues remain a concern for shareholders.