Saregama India (SAREGAMA) Q3 2025 earnings summary

Executive summary

• Q3 FY25 operating revenue reached INR 4,834 Mn, more than doubling year-over-year, driven by robust live events and music licensing performance.

• Adjusted EBITDA for Q3 FY25 was INR 1,030 Mn with a 21% margin; PAT stood at INR 623 Mn, up 19% year-over-year.

• Aggressive investment in new content continues, with INR 2,350 Mn spent in nine months and full-year spend expected to exceed INR 3,000 Mn.

• The company is expanding its IP portfolio, digital presence, and influencer marketing capabilities.

• Interim dividend of INR 4.50 per share declared.

Financial highlights

• Q3 FY25 revenue from operations: INR 4,834 Mn (100% sequential growth, 137% YoY); PAT: INR 623 Mn; Diluted EPS: 3.23.

• Adjusted EBITDA margin dropped to 21% due to high share of live events; excluding events, margin is 40%.

• Events segment revenue surged to INR 2,789 Mn, up from INR 57 Mn in Q3 FY24.

• Retail revenue from Carvaan dropped 39% year-over-year to INR 220 Mn.

• Digital footprint increased to 324 million followers across major platforms.

Outlook and guidance

• Medium- to long-term music vertical growth projected at 22%-23% CAGR; video vertical at 25% CAGR.

• Saregama plans to invest over INR 10,000 Mn in new content by FY27, with INR 5,000 Mn already secured.

• Five-year payback period targeted for new content investments.

• Consolidated PBT expected to double in 3-4 years; annual Adjusted EBITDA guidance maintained at 32%-33% (excluding live events volatility).

• Indian media & entertainment sector expected to grow at 10% annually, with music and influencer marketing showing double-digit growth.