Saregama India (SAREGAMA) Q4 2025 earnings summary

Executive summary

• FY25 consolidated revenue reached INR 11,713 crore, up 46% year-over-year, with EBITDA at INR 356 crore (+18%) and PBT at INR 276 crore (+2%).

• PAT increased 3% to INR 2,043 Mn, with diluted EPS at 10.61 and net profit at INR 20,424 lakhs.

• Aggressive investment in content and catalogue expansion, with IP portfolio exceeding 170K songs, 70+ films, and 45+ digital series.

• Digital footprint expanded to over 350 million across YouTube, Instagram, and Facebook.

• Group expanded its stake in Pocket Aces Pictures Private Limited (PAPPL) to 90.37%.

Financial highlights

• Q4 FY25 revenue from operations was INR 2,408 Mn, with Q4 PBT at INR 81.6 crore and PAT at INR 599 Mn, up 11% year-over-year.

• Full-year music revenues grew 13% YoY, despite a flattish Q4 due to closure of free streaming platforms.

• Paid OTT and YouTube revenues grew at a high double-digit rate, offsetting declines from free platforms.

• Adjusted EBITDA margin for FY25 was 38%, with PAT margin at 25% in Q4 FY25.

• ROE for FY25 was 13%, and the company maintained a debt-free balance sheet.

Outlook and guidance

• Music licensing and artist management expected to grow at 22%-23% per annum; video vertical at 25% CAGR over the medium term.

• PBT projected to double over the next 3-4 years, with both music and video contributing.

• Paid subscription seen as the next major growth driver, with inflection expected in 4-5 quarters.

• Focus remains on content investment, catalogue acquisition, and unlocking value from existing IP.

• Management performed an impairment assessment on PAPPL due to changes in its future business outlook, resulting in a goodwill write-down.