Key Financial Metrics

FY26 Financial Performance (Consolidated, INR Mn)

  • Revenue from Operations: ₹9,846 (down 16% from FY25 ₹11,713)
  • Total Expenses: ₹5,799 (down 29% from FY25 ₹8,147)
  • Adjusted EBITDA: ₹4,047 (up 13% from FY25 ₹3,566)
  • Adjusted EBITDA Margin: 41% (vs 30% in FY25)
  • Content Charging Cost: ₹1,399 (up 9% from FY25 ₹1,282)
  • Depreciation: ₹97 (flat vs FY25)
  • Finance Cost: ₹54 (vs ₹57 in FY25)
  • Other Income: ₹423 (down 27% from FY25 ₹581)
  • Share of Net Profit of Associates: ₹6
  • Operational PBT: ₹2,926 (up 8% from FY25 ₹2,711)
  • Exceptional Item: (₹85) related to impact of new labour code
  • PBT: ₹2,841 (up 3% from FY25 ₹2,761)
  • Tax: ₹779
  • PAT: ₹2,062 (up 1% from FY25 ₹2,043)
  • PAT Margin: 21% (vs 18% in FY25)
  • Diluted EPS: ₹10.73 (vs ₹10.61 in FY25)

Balance Sheet Position (FY26, INR Mn)

  • Share Capital: ₹193
  • Other Equity: ₹16,734
  • Net Worth: ₹16,927
  • Non-current Borrowings: ₹95
  • Current Borrowings: ₹609 (represents temporary use of WC limits)
  • Cash & Cash Equivalents: ₹282
  • Bank Balances (other): ₹1,211
  • Total Investments: ₹3,785 (Non-current ₹3,107 + Current ₹678)
  • Intangible Assets: ₹5,115 (Goodwill ₹2,939 + Other Intangible Assets ₹5,115)
  • Net Debt Position: NIL

Cash Flow Statement (FY26, INR Mn)

  • Net Cash from Operating Activities: (₹2,653)
  • Cash Spent on New Content: (₹3,361)
  • Net Cash from Investing Activities: (₹116)
  • Net Cash from Financing Activities: (₹314)
  • Dividend Paid: (₹868)

Business Segments and Market Opportunity

Market Sizes and Growth Rates

  • Music: ₹59,000 Mn market, +8% CAGR (3 years)
  • Live Events: ₹1,45,000 Mn market, +11% CAGR (3 years)
  • Video: ₹2,05,000 Mn market, +7% CAGR (3 years)
  • Artiste Management: ₹22,000 Mn market, +24% growth (2 years)

Competitive Advantages

  • Proprietary IP: 180,000+ songs owned in perpetuity with global territory rights
  • Content Library: 70+ films, 55+ digital series, 10K+ hours of TV content across 14+ Indian languages
  • Digital Footprint: 650 Mn+ subscribers and followers across portfolio
  • YouTube Reach: 206 Mn music channel subscribers (FY26) growing from 44 Mn in FY21

Music Business Strategy

  • New Content Acquisition: Targeting 25-30% share of all new Indian music content
  • Data-Driven Approach: Using AI and predictive analytics for content acquisition
  • Bhansali Partnership: Exclusive access to marquee Hindi film music via significant minority investment in Bhansali Productions
  • Revenue Streams: Audio OTT, Video OTT, Broadcasting, Sync, Brands, Societies
  • Catalogue Composition: 54,000+ Hindi, 31,000+ Bengali, 19,000+ Tamil, 12,500+ Telugu, 25,000+ Devotional songs
  • Unit Economics: 5-year payback period, then ~90% margins in perpetuity

FY26 Music Performance

  • 60% of licensing revenue from songs released after 2000
  • Multiple #1 positions on Spotify language charts across Hindi, Tamil, Telugu, Malayalam, Bhojpuri
  • 5 languages charting on weekly Top Albums Spotify India

Artiste Management

  • 300+ artistes under management
  • 410 Mn+ digital footprint of Saregama artistes
  • Cross-ecosystem monetization through music, video, live events, and brand endorsements

Live Events Business

  • Multi-format strategy: Concerts, Festivals, Experiential, Devotional, Standup Comedy
  • Asset light model with risk hedging approach
  • Key IPs: UN40, FilterCopy Comedy, Carvaan Live, Krishna events

Video Business

  • Films: Strategic investment in Bhansali Productions for exclusive Hindi film music
  • Digital Series: Producers of India's biggest Gen Z series (Little Things, What The Folks, Ghar Waapsi, Hunter)
  • TV Series: Largest Tamil TV producer (Chandralekha 2,300+ eps, Valli 1,950+ eps, Roja 1,300+ eps)
  • Short-format: FilterCopy brand with community scale across YouTube & Instagram

Outlook and Growth Drivers

Base Case for Next 3-5 Years

  • Growth in digital users and consumption per user
  • Higher ad share moving to digital
  • Assured Hindi film music at lower cost via Bhansali Productions
  • Marketing muscle at lower cost via Pocket Aces
  • Potential upside from audio subscription growth and short-format apps paying advertising share

Key Performance Indicators

  • Return on Equity: 13.3% (FY26)
  • Net Worth: ₹16,927 Mn (FY26)
  • Net Debt: NIL

Appendices Included

  • Appendix 1: Music Licensing Chartbusters of 2025 and FY26 across languages
  • Appendix 2: Detailed list of Live Events
  • Appendix 3: Video content details including FilterCopy short-format examples