NSE: ZEEL · BSE: 505537
ZEE ENTERTAINMENT ENT LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN TV NETWORK LIMITED | 24,827 | 16.2 | 1.96 | 9.1 | 11.4 | 15.4 | 6.4 | 62.5 |
| ZEE ENTERTAINMENT ENT LTD ◆ | 6,709 | 19.2 | 0.57 | 11.4 | 2.3 | 2.3 | 0.9 | 6.9 |
| HATHWAY CABLE & DATACOM | 1,634 | 22.0 | 0.37 | 3.8 | 1.8 | 2.4 | 4.4 | 19.1 |
| DEN NETWORKS LTD | 1,164 | 7.8 | 0.30 | 3.8 | 4.3 | 5.4 | (5.7) | 28.0 |
| NDTV LTD | 698 | — | 5.41 | — | (250.2) | (82.5) | 8.1 | (55.5) |
| GTPL HATHWAY LIMITED | 607 | 80.6 | 0.48 | 1.9 | 1.0 | 1.0 | 8.6 | 10.8 |
| TV TODAY NETWORK LTD | 607 | 35.2 | 0.68 | 9.6 | 1.6 | 3.3 | 0.6 | 10.8 |
| ZEE MEDIA CORPORATION LTD | 463 | — | 2.07 | 3.9 | 0.9 | (1.8) | 3.2 | 9.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.2 | 19.2 | 5 of 9 | 50% |
| P/B | 0.6 | 0.6 | 7 of 14 | 54% |
| ROCE | 2.3 | 2.3 | 8 of 15 | 50% |
| ROE | 2.3 | 1.3 | 4 of 14 | 77% |
| Debt / Equity | 0.0 | 0.0 | 7 of 14 | 54% |
| 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 | 6709 | 320 | 2 of 17 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 27 Oct 2026 · Board meeting set for October 30, 2026 results | results | low | — | — |
| 21 Oct 2026 · Zee Entertainment appoints Suraj Singh as Business Head of Zee Studios | management changes | medium | — | — |
| 14 Oct 2026 · Quarterly RTA certificate on dematerialisation of securities for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · MCA seeks information from ZEEL under Section 210 of Companies Act | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed for ZEEL from October 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · ZEEL 44th AGM: all 8 resolutions passed, Rs 2/share dividend approved | board shareholder meetings | low | — | — |
| 17 Sept 2026 · ZEEL 44th AGM 2026: All 8 resolutions passed, Rs 2 dividend declared | board shareholder meetings | medium | — | — |
| 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 | — | — |
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.