NSE: SAREGAMA · BSE: 532163
SAREGAMA INDIA LIMITED
Owns and licenses a music catalogue of over 1,80,000 songs and produces new film and non-film music, earning revenue from streaming platforms, radio, films, and advertising. The Music segment contributed 82.9% of segment revenue (₹679.96 crore) at a 54.0% EBIT margin in FY26; management groups music licensing, artist management (300+ artists, 400 Mn+ digital followers) and music retail under this vertical, which totalled ₹814 crore in FY26 at 22% YoY EBITDA growth. The Video segment (10.9% of segment revenue, ₹89.59 crore) runs through subsidiary Pocket Aces Pictures (95.76% holding, FY25-26 turnover ₹142.18 crore), which operates digital brands Filter Copy, Dice Media, Nutshell and Gobble; Pocket Aces reached breakeven in FY26. The Events segment (6.2%, ₹51.09 crore) ran an EBIT loss and includes the newly launched UN40 music festival (12,000 footfalls, 8 sponsors in season 1). A strategic investment in Bhansali Productions secures Hindi film music rights for 24-30 months, and the company guides ₹300-350 crore of new content spend in FY27. Costs are dominated by other operating expenses (54.7% of revenue) and employee costs (11.1%); capital expenditure was 21.7% of revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Music (83%), Video (11%), Events (6%). Asset-light, content-driven media business with a long-tail music catalogue and growing digital/live verticals
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 581 | 737 | 803 | 1,171 | 985 |
| EBITDA (ex other income) | 187 | 221 | 247 | 282 | 329 |
| margin % | 32.2 | 30.0 | 30.7 | 24.1 | 33.4 |
| Owners' profit | 153 | 185 | 198 | 204 | 207 |
| EPS, as reported (₹) | 8.43 | 9.63 | 10.27 | 10.62 | 10.73 |
| ROE % · ROCE % | 11.1 · 14.5 | 13.8 · 18.2 | 13.4 · 15.8 | 12.9 · 16.8 | 12.2 · 16.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | 94 | 93 | 93 | 331 | 100 |
| Capex | (73) | (103) | (92) | (162) | (214) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 242 | 483 | 241 | 207 | 230 | 260 | 287 | 264 |
| Profit before tax | 59 | 84 | 82 | 51 | 60 | 70 | 103 | 72 |
| Net profit | 45 | 62 | 60 | 37 | 44 | 51 | 74 | 52 |
| EPS (₹) | 2.33 | 3.24 | 3.11 | 1.90 | 2.28 | 2.67 | 3.86 | 2.69 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Music | 684 | 69.4 |
| Artist Management | 131 | 13.3 |
| Video | 108 | 11.0 |
| Events | 62 | 6.3 |
| Total, before eliminations | 985 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAREGAMA INDIA LIMITED ◆ | 9,868 | 44.5 | 5.82 | 26.7 | 12.2 | 15.7 | 17.4 | 37.0 |
| TIPS MUSIC LIMITED | 9,510 | 44.3 | 36.58 | — | 83.4 | 110.1 | — | 55.7 |
| NETWORK18 MEDIA & INV LTD | 3,687 | — | 0.74 | 35.8 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. | 1,033 | — | 1.66 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. | 408 | — | 0.54 | 5.5 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 284 | — | 1.06 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED | 184 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 62 | 13.4 | 0.20 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 44.5 | 23.0 | 5 of 5 | 0% |
| P/B | 5.8 | 0.9 | 10 of 11 | 10% |
| ROCE | 15.7 | (3.1) | 3 of 12 | 82% |
| ROE | 12.2 | (1.2) | 2 of 11 | 90% |
| Debt / Equity | 0.0 | 0.0 | 8 of 11 | 30% |
| EBITDA margin | 37.0 | 12.4 | 4 of 13 | 75% |
| Revenue growth | 27.5 | (2.8) | 3 of 11 | 80% |
| Profit growth | 42.1 | 56.4 | 7 of 12 | 46% |
| Market cap | 9868 | 184 | 1 of 13 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Saregama schedules Q2 FY27 analyst and investor conference call | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board Meeting on 4 Nov 2026 to consider Q2 FY26 results | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine compliance certificate for Q2 FY27 dematerialisation activities | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper notice on special window for physical share re-lodgement | compliance | minimal | — | — |
| 30 Sept 2026 · ESOP grant of 10.5 lakh options to eligible employee | capital market events | medium | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 15 Sept 2026 · All 4 resolutions passed at Saregama India 79th AGM with high approval | board shareholder meetings | low | — | — |
| 15 Sept 2026 · 79th AGM: All four resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Saregama to participate in investor roadshow in UAE on Sept 8-9 | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Saregama 79th AGM notice published, e-voting details shared | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.