Zee Entertainment Enterprises (ZEEL) Q3 25/26 earnings summary

Executive summary

• Digital business achieved its first positive EBITDA, driven by a 73% year-on-year revenue increase to INR 4,180 million, aided by new content and revised pricing on Zee5.

• Broadcast business maintained a strong position as India's number two TV network, with network share rising to 17.5% and notable gains in regional markets.

• Music business saw over 51 billion video views and 175 million YouTube subscribers, with healthy profitability and catalog diversification.

• Q3 FY26 operating revenue rose 15% year-over-year to Rs 22,801 Mn, with consolidated revenue at ₹22,985 million.

• Cash and treasury investments stood at Rs 21.8 billion as of December 2025.

Financial highlights

• Digital revenue grew 73% year-on-year, reaching its highest quarterly level.

• EBITDA margin improved by 310 basis points quarter-on-quarter to 10.5%, with Q3 FY26 EBITDA at Rs 2,405 million.

• Profit after tax doubled sequentially to INR 1,548 million, with net profit at ₹1,553 million.

• Subscription revenue increased 7% year-on-year, led by digital and broadcast contract renewals.

• Other sales and services grew sevenfold year-on-year, supported by movie rights acquisitions and syndication.

Outlook and guidance

• Optimism for gradual recovery in advertising revenue, with expectations of an inflection point in the coming quarters.

• No specific guidance for FY27 margins or growth rates, but margin improvement remains a top priority.

• Management does not expect any material adverse impact from ongoing regulatory investigations or legal disputes.