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Zee Entertainment Enterprises (ZEEL) investor relations material
Zee Entertainment Enterprises Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Digital business achieved its first positive EBITDA, driven by a 73% year-on-year revenue increase to INR 4,180 million, aided by new content and revised pricing on Zee5.
Broadcast business maintained a strong position as India's number two TV network, with network share rising to 17.5% and notable gains in regional markets.
Music business saw over 51 billion video views and 175 million YouTube subscribers, with healthy profitability and catalog diversification.
Q3 FY26 operating revenue rose 15% year-over-year to Rs 22,801 Mn, with consolidated revenue at ₹22,985 million.
Cash and treasury investments stood at Rs 21.8 billion as of December 2025.
Financial highlights
Digital revenue grew 73% year-on-year, reaching its highest quarterly level.
EBITDA margin improved by 310 basis points quarter-on-quarter to 10.5%, with Q3 FY26 EBITDA at Rs 2,405 million.
Profit after tax doubled sequentially to INR 1,548 million, with net profit at ₹1,553 million.
Subscription revenue increased 7% year-on-year, led by digital and broadcast contract renewals.
Other sales and services grew sevenfold year-on-year, supported by movie rights acquisitions and syndication.
Outlook and guidance
Optimism for gradual recovery in advertising revenue, with expectations of an inflection point in the coming quarters.
No specific guidance for FY27 margins or growth rates, but margin improvement remains a top priority.
Management does not expect any material adverse impact from ongoing regulatory investigations or legal disputes.
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