Saregama India (SAREGAMA) Q3 25/26 earnings summary

Executive summary

• Operating revenue for Q3 FY26 was INR 2,604 Mn, up 13% QoQ and 29% YoY, driven by music licensing, artist management, and digital content expansion.

• Maintained leadership in music IP with 180K+ songs, 70+ films, and 55+ digital series, leveraging AI and data analytics for content acquisition and protection.

• Strategic investment in Bhansali Productions secured exclusive access to marquee Hindi film music, with performance-linked valuation.

• Expanded live events and comedy verticals, with marquee tours and new artist additions, enhancing experiential offerings.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved by the Board.

Financial highlights

• Q3 FY26 consolidated revenue from operations was ₹26,038 lakhs, up from ₹23,003 lakhs in Q2 FY26 and ₹24,150 lakhs in Q3 FY25.

• Adjusted EBITDA for Q3 FY26 was INR 1,210 Mn, up 43% QoQ and 18% YoY, with a margin of 46%.

• PAT for Q3 FY26 was INR 512 Mn, up 17% QoQ; PAT margin at 20%.

• EPS (consolidated, basic) for Q3 FY26 was ₹2.67.

• Interim dividend of ₹4.5 per share (₹8,676 lakhs) paid during the quarter.

Outlook and guidance

• Music segment expected to grow at 21%-23% annually in the medium to long term, with adjusted EBITDA guidance at 32%-33%.

• Focus on quality-led film production and strategic partnerships to ensure predictable content costs and margin stability.

• Plans to expand live events portfolio and invest in new content, targeting ~INR 10,000 Mn investment by FY27.

• Results for the quarter and nine months ended 31 December 2025 include the impact of recent acquisitions and are not directly comparable with previous periods.