ZEEL Q1 FY27: Revenue up 5% YoY, EBITDA margin drops to 4.1%
ZEEL · price
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On the reaction day the stock moved 2.6 pts less than Nifty Smallcap 250 and 2.1 pts less than its TV Broadcasting & Software Production peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Operating revenue grew 5% YoY to Rs 19,073 Mn. However, EBITDA fell to Rs 789 Mn from Rs 2,280 Mn, with margin compressing to 4.1% from 12.5%. PAT declined 48% to Rs 743 Mn. Weak advertising due to Middle East crisis and cricket hurt performance, partially offset by FIFA acquisition. ZEE5 revenue surged 58% YoY to Rs 4,571 Mn and delivered first positive EBITDA of Rs 44 Mn. TV network share rose to 17.9%. Cash position healthy at Rs 22.1 Bn.
Sharp EBITDA margin compression shows weak ad environment pressure on profitability; ZEE5 turning profitable is a positive structural development.