Zee Entertainment Enterprises (ZEEL) Q1 26/27 earnings summary

Executive summary

• Navigated subdued macroeconomic and inflationary pressures, maintaining resilience and focus on long-term growth levers, with continued investment in strategic initiatives and a healthy balance sheet.

• Expanded into sports with the launch of United 8 Sports channels and secured exclusive FIFA broadcasting rights for 2026–2034, reaching over 400 million viewers in India.

• Achieved record digital and linear reach, with ZEE5 delivering profitable growth for the third consecutive quarter and a 58% year-on-year revenue increase.

• Network share across Hindi and other language markets increased, achieving the highest TV viewership share in over 7 years.

• Board approved unaudited financial results for Q1 FY27 and convening the 44th AGM, with statutory auditors issuing an unmodified review conclusion.

Financial highlights

• Digital revenue grew 58% year-on-year in Q1 to INR 4,571 million, with EBITDA of INR 44 million.

• Q1 FY27 EBITDA was INR 789 million, with an EBITDA margin of 4.1%.

• PAT for the quarter stood at INR 743 million, compared to a loss of INR 1,037 million in Q4 FY26.

• Cash and treasury investments as of June 26th totaled INR 22.1 billion.

• Operating revenue for Q1 FY27 reached INR 19,073 million, up 5% year-on-year.

Outlook and guidance

• Cautiously optimistic for the rest of FY 2027 as West Asia uncertainty eases and festive season approaches.

• Expect continued digital growth momentum and improved advertising traction in Q2, especially from FIFA and new sports properties.

• Continued investment in content and digital initiatives, including multilingual content and sports rights.

• Management does not expect any material adverse impact from ongoing regulatory and legal matters on financial results.