Zee Entertainment Enterprises (ZEEL) Q4 24/25 earnings summary

Executive summary

• Achieved significant progress on strategic priorities, including financial overhaul, margin improvement, and strong cash generation in FY25.

• Enhanced governance with a strengthened board, improved ESG score, and streamlined organization for faster decision-making.

• Continued investment in content quality and platform reach, with innovative offerings like Mini Series and successful digital premieres.

• Board approved audited standalone and consolidated results for Q4 and FY25, with unqualified audit opinions from statutory auditors.

• Positioned as a diversified media and entertainment platform with a strong presence in TV, OTT, music, and studios.

Financial highlights

• FY25 consolidated operating revenue was INR 84,175 million, with operating profit around INR 12 billion.

• EBITDA margin improved from 10.5% in FY24 to 14.4% in FY25, a 390 bps increase.

• ZEE5 EBITDA loss reduced by 50% year-over-year, from INR 11.1 billion in FY24 to INR 5.5 billion in FY25.

• Cash and cash equivalents increased 102% year-over-year to INR 24.1 billion as of March 31, 2025.

• Consolidated net profit for FY25 was INR 6,795 million, up from INR 1,414 million in FY24.

Outlook and guidance

• Targeting 8%-10% revenue growth and 18%-20% EBITDA margins in FY26, with growth expected from FTA re-entry, content innovation, and digital expansion.

• Management remains optimistic about ad revenue growth in FY26, expecting at least high single-digit growth.

• ZEE5 breakeven targeted within a three-year horizon from 2025, with further loss reduction to be driven by revenue growth.

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

• Arbitration with Star India over ICC rights ongoing; company confident in legal position and expects no material impact.