Type of Event: Q1 FY27 Earnings Conference Call, hosted by Emkay Global Financial Services Limited, including a question-and-answer session.
Date and Time: The call was held on Tuesday, 4th August 2026 at 3:00 P.M. IST.
Purpose: Discussion of quarterly results (Q1 FY27 ended 30th June 2026) and strategic business updates.
Management Participants: Mr. Vikram Mehra (Managing Director), Mr. Abhishek Kapoor (Chief Financial Officer), and Mr. Pankaj Kedia (Executive Director - Investor Relations).
Availability of Transcript: The full transcript of the earnings call was filed with the exchanges on 11th August 2026 and is available on the company's website (www.saregama.com).
UPSI Statement: The company did not include any specific compliance language stating that no Unpublished Price Sensitive Information (UPSI) would be shared.
Financial and Operational Highlights Discussed
Financial Performance: Q1 FY27 Revenue from Operations was Rs. 263.6 Crores (27% YoY growth). Adjusted EBITDA was Rs. 112.4 Crores (69% YoY growth). Operational PBT was Rs. 70.5 Crores (38% YoY growth).
Music Vertical Performance: Revenue of Rs. 230.6 Crores (39% YoY growth), EBITDA of Rs. 139.8 Crores (36% YoY growth), and Net Margin of Rs. 99.6 Crores (31% YoY growth) for the quarter. The company reiterated its medium-term guidance for the music vertical: 20-23% revenue growth and 60-65% EBITDA margins.
Content Investment: The company plans to spend Rs. 300-350 Crores on new music content in FY27, with major albums lined up (e.g., Love and War, Dharman, Paradise, Naagzilla).
AI Initiatives: The company has two dedicated AI teams: one for creating ancillary content (podcasts, new music videos) and another for internal process optimization. Experiments are underway, with impact expected by year-end.
Business Vertical Updates:
Video Vertical: Revenue declined 52% YoY to ~Rs. 17 Crores, in line with the strategic decision to wind down the films business. Focus remains on short-form content (FilterCopy) and TV/web shows.
Live Events: The vertical was expanded into multiple formats (Carvaan Live, devotional shows, diaspora tours). 23 Carvaan Live shows, 22 devotional shows, and 48 standard packs were produced in Q1.
Artiste Management: Represents 309 artists with a combined social media footprint of over 440 million. Contributed ~17% of music vertical revenue in the quarter.
Brand Partnerships: A new vertical focused on monetizing brands across music, live events, and short-format video. Partnered with brands like Hindustan Unilever, Godrej, and Lux.
Subsidiaries: Pocket Aces reached breakeven in FY26 and is moving towards profitability. Bhansali Productions had no releases in Q1; next releases are planned for Q4 FY27.
Market Outlook: Management expressed a bullish long-term outlook on paid music subscription growth in India, citing significant under-penetration (3% vs. 67% in Sweden) and potential for 100 million subscribers.
Additional Notes Section
Attachment: The regulatory filing enclosed the full transcript of the earnings conference call.
Financial Data: This announcement itself did not contain the complete financial statements but summarized key figures discussed in the call. The detailed presentation was referenced.
Logistics: Dial-in numbers and access codes were not included in this disclosure; they were part of the original event invite.
