Saregama India (SAREGAMA) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue from operations reached INR 287 crore, up 19% year-over-year, with adjusted EBITDA at INR 133 crore (+31% YoY) and operational PBT at INR 105 crore (+37% YoY).

• FY26 music segment revenue grew 17% to INR 814 crore, with annual EBITDA up 22% and net margin up 27% year-over-year, driven by licensing and artist management.

• PAT for FY26 stood at INR 2,062 Mn, with a PAT margin of 21% and diluted EPS of 10.73.

• Growth rebounded in H2 FY26 (26% YoY) after content release delays and the exit from free platform cycles.

• Strategic investment in Bhansali Productions secures marquee Hindi film music for the next 24–30 months.

Financial highlights

• Q4 FY26 revenue: INR 287 crore (+19% YoY); adjusted EBITDA: INR 133 crore (+31% YoY); operational PBT: INR 105 crore (+37% YoY).

• FY26 music vertical revenue: INR 814 crore (+17% YoY); EBITDA: INR 517 crore (+22% YoY); net margin: INR 377 crore (+27% YoY).

• Live events vertical revenue: INR 62 crore, lower YoY due to a one-off event in FY25; video vertical annual revenue declined 43% to INR 108 crore.

• Adjusted EBITDA margin improved to 41% in FY26 from 30% in FY25.

• Consolidated revenue from operations for FY26 was ₹1,17,136 lakhs, up from ₹1,02,689 lakhs year-over-year.

Outlook and guidance

• Medium-term guidance for music vertical: 21%-23% revenue growth, 20%-23% CAGR, and annual EBITDA margin of 60%-65%.

• Content investment budget for FY27 projected at INR 300–350 crore, with future increases expected to be linear.

• Expectation of 300–500 bps improvement in music net margins over 3–5 years, driven by digital footprint and marketing efficiencies.

• Focus on digital user growth, higher content consumption, and increased advertising share.