Saregama India (SAREGAMA) Q3 2025 earnings summary

Executive summary

• Q3 FY25 operating revenue reached INR 4,834 Mn (₹48,343 lakhs), more than doubling year-over-year, driven by robust event and music licensing performance.

• Adjusted EBITDA rose 22% sequentially and 25% year-over-year to INR 1,030 Mn, with a margin of 21%. PAT increased 39% sequentially and 19% year-over-year to INR 623 Mn.

• 58% of quarterly revenue came from live events, a lower-margin business, impacting Adjusted EBITDA margin to 21%; excluding events, Adjusted EBITDA remains at 40%.

• Aggressive investment in new content continues, with INR 235 crore spent in nine months and full-year content spend expected to exceed INR 300 crore.

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

Financial highlights

• Q3 FY25 revenue from operations: INR 4,834 Mn (100% sequential growth, 137% YoY).

• Adjusted EBITDA: INR 1,030 Mn (22% sequential growth, 25% YoY), margin at 21%.

• PAT: INR 623 Mn (39% sequential growth, 19% YoY), PAT margin at 13%.

• Events segment revenue for Q3 FY25 was INR 2,789 Mn (₹27,889 lakhs), a significant increase from INR 6 Mn in Q2 FY25 and INR 101 Mn in Q3 FY24.

• Diluted EPS for Q3 FY25: 3.23; FY24: 10.27.

Outlook and guidance

• Music vertical expected to grow at 22%-23% CAGR medium to long term; video vertical at 25% CAGR.

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

• Over INR 10,000 Mn to be invested in new music content between FY25-FY27, with INR 5,000 Mn already secured.

• Five-year payback period targeted for new content investments, with 55-75 years of returns expected.