Operates India's Hindi general entertainment TV channels, the ZEE5 OTT streaming platform, a film production and licensing business, and a music catalog of 20,000 songs. Zee TV, the flagship Hindi GEC, delivered 40% YoY GRP growth in Q4 FY26, lifting network viewership share to 17.4% (up 80 basis points). ZEE5 reached monthly unique users of 800 million across platforms and posted Q4 digital revenue of Rs 4,700 million (up 71% YoY), turning EBITDA-positive for FY26 after a Rs 5,480 million loss in FY25. Revenue comes from advertising (down 4% YoY in Q4, with the Middle East conflict hitting March), subscription (up 4% YoY, driven by digital) and movie-related income. The movie amortization policy was revised to front-load 50% of rights costs into the first two years, triggering a Rs 4,084 million one-off charge in Q4. The company is investing in VFX via Phantom Digital Effects (up to Rs 116 crore) and live events via CORE (Rs 20 crore). Content and programming materials are the dominant cost at 60% of revenue, with employee costs at 10.4% and other operating expenses at 24.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Advertising, Subscription, Movies. Cyclical, content-heavy broadcaster with linear TV and OTT streaming; ad-sensitive to macro and geopolitical events.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,189 | 8,088 | 8,637 | 8,294 | 8,099 |
| EBITDA (ex other income) | 1,585 | 771 | 633 | 1,114 | 389 |
| margin % | 19.4 | 9.5 | 7.3 | 13.4 | 4.8 |
| Owners' profit | 965 | 48 | 141 | 680 | 273 |
| EPS, as reported (₹) | 10.04 | 0.50 | 1.47 | 7.08 | 2.82 |
| ROE % · ROCE % | 8.8 · 13.3 | 0.4 · 4.9 | 1.3 · 4.0 | 5.9 · 8.0 | 2.3 · 2.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 |
| Cash from operations | 272 | 129 | 714 | 1,186 | 708 |
| Capex | (83) | (128) | (76) | (85) | (136) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,001 | 1,979 | 2,184 | 1,825 | 3,794 | 2,280 | 2,025 | 1,907 |
| Profit before tax | 286 | 198 | 262 | 197 | 312 | 202 | (241) | 74 |
| Net profit | 209 | 164 | 188 | 144 | 220 | 155 | (104) | 74 |
| EPS (₹) | 2.18 | 1.70 | 1.96 | 1.50 | 2.29 | 1.62 | (1.08) | 0.79 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 18,725 | 12.2 | 1.48 | 6.8 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD ◆ | 7,669 | 21.9 | 0.65 | 13.2 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,814 | 24.4 | 0.41 | 4.3 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,283 | 8.6 | 0.34 | 4.2 | 4.3 | 5.4 | (5.7) |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · ZEEL clarifies on news of 6 percent share price fall, no undisclosed info | regulatory legal | high | — | — |
| 7 Sept 2026 · NSE seeks clarification from ZEEL on 6 percent share price drop | compliance | medium | — | — |
| 1 Sept 2026 · Zee promoter group Sunbright acquires 2.4 crore warrants, holding rises to 19.56% | ownership changes | high | — | — |
| 31 Aug 2026 · Correction to preferential warrant allotment disclosure | fund raising | medium | — | — |
| 31 Aug 2026 · Auditor confirms receipt of warrant consideration from promoter group entity | compliance | minimal | — | — |
| 27 Aug 2026 · ZEEL allots 2.4 crore convertible warrants to promoter group entity | fund raising | high | — | — |
| 27 Aug 2026 · SAT grants one-day extension for Zee Entertainment warrant issuance | regulatory legal | high | — | — |
| 26 Aug 2026 · Zee announces 44th AGM and e-voting dates | compliance | minimal | — | — |
| 26 Aug 2026 · Zee FY26 Annual Report: ZEE5 EBITDA breakeven, revenue Rs 80,989 mn | investor communications | medium | — | — |
| 26 Aug 2026 · Zee promoter arm Sunbright Mauritius gets 17.9pct stake via warrants | ownership changes | high | — | — |
| 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 |
| 28.0 |
| NDTV LTD | 809 | — | 6.26 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| GTPL HATHWAY LIMITED | 678 | 90.0 | 0.54 | 2.0 | 1.0 | 1.0 | 8.6 | 10.8 |
| TV TODAY NETWORK LTD | 656 | 38.0 | 0.74 | 10.4 | 1.6 | 3.3 | 0.6 | 10.8 |
| AQYLON NEXUS LIMITED | 546 | — | — | — | 212.8 | 245.0 | — | (1048.4) |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 13.4 | 7 of 11 | 40% |
| P/B | 0.7 | 0.7 | 7 of 14 | 54% |
| ROCE | 2.3 | 2.3 | 9 of 17 | 50% |
| ROE | 2.3 | 1.3 | 5 of 16 | 73% |
| Debt / Equity | 0.0 | 0.0 | 9 of 16 | 47% |
| EBITDA margin | 6.9 | 9.4 | 11 of 17 | 38% |
| Revenue growth | 4.5 | 4.5 | 9 of 16 | 47% |
| Profit growth | (48.3) | (28.2) | 11 of 16 | 33% |
| Market cap | 7669 | 488 | 2 of 17 | 94% |
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| 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 |
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