Zee Entertainment Enterprises Limited has informed the Exchange about Transcript of the conference call
ZEEL · price
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Awaiting price reaction for this filing.
Zee Entertainment reported FY'25 results with advertising revenue down 11% YoY due to weak macro and consumption environment, while subscription revenue grew 7% aided by NTO 3.0 implementation and digital growth. Operating costs declined 8%, driving a 390 basis point EBITDA margin expansion to 14.4%, with FY'25 profit after tax at INR 687 crore. ZEE5 EBITDA loss was halved to INR 550 crore from INR 1,110 crore YoY, with management indicating a roughly 3-year breakeven horizon. Cash and treasury investments stood strong at INR 24.1 billion as of March 2025, and content inventory declined by INR 370 crore YoY. Management reiterated its FY'26 exit guidance of 18-20% EBITDA margin and 8-10% revenue growth, supported by re-entry into the FTA space and language-led monetisation on ZEE5.
Margin improvement story is intact and is the key positive, while ad revenue softness and delayed ZEE5 breakeven remain near-term concerns. The transcript reinforces the turnaround narrative but leaves open the pace of recovery in advertising and subscription, which will drive stock reaction.