Key Quantitative Figures (Standalone - Q1 FY27)

  • Revenue from operations: ₹17,809 million (Q1 FY26: ₹16,820 million)
  • Other income: ₹21 million (Q1 FY26: ₹187 million)
  • Total income: ₹18,030 million (Q1 FY26: ₹17,026 million)
  • Total expenses: ₹17,353 million (Q1 FY26: ₹15,479 million)
  • Profit before tax: ₹677 million (Q1 FY26: ₹1,547 million)
  • Tax expense: ₹204 million
  • Profit for the period: ₹473 million (Q1 FY26: ₹1,115 million)
  • Earnings per share (Basic & Diluted): ₹0.49 (Q1 FY26: ₹1.16)
  • Paid-up equity share capital: ₹961 million

Key Quantitative Figures (Consolidated - Q1 FY27)

  • Revenue from operations: ₹19,074 million, comprising:
  • Advertisement revenue: ₹6,714 million
  • Subscription revenue: ₹11,369 million
  • Other sales and services: ₹990 million
  • Other income: ₹312 million
  • Total income: ₹19,385 million
  • Profit for the period attributable to shareholders: ₹763 million
  • Earnings per share (Basic & Diluted): ₹0.79 (Q1 FY26: ₹1.50)

Board Meeting Outcomes (August 10, 2026)

The Board of Directors approved the following items:

1. The unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026.

2. Convening of the 44th Annual General Meeting (AGM) on Thursday, September 17, 2026, via video conference/audio-visual means.

3. Re-appointment of Vaibhav P Joshi & Associates, Cost Accountants (Firm Registration No. 101329) as Cost Auditors for FY 2026-27. Their remuneration is subject to shareholder ratification at the AGM.

4. Re-appointment of MGB & Co. LLP, Chartered Accountants and CKSP & Co, Chartered Accountants as the Internal Auditor for FY 2026-27.

5. Re-appointment of Ms. Deepu Bansal (DIN: 09497525) as an Independent Director for a second term of five years, from October 13, 2026, to October 12, 2031, subject to shareholder approval.

6. Re-appointment of Mr. Uttam Prakash Agarwal (DIN: 00272983) as an Independent Director for a second term of five years, from December 17, 2026, to December 16, 2031, subject to shareholder approval.

7. Re-appointment of Dr. Venkata Ramana Murthy Pinisetti (DIN: 03483544) as an Independent Director for a second term of five years, from December 17, 2026, to December 16, 2031, subject to shareholder approval.

8. Re-appointment of Mr. Shishir Babubhai Desai (DIN: 01453410) as an Independent Director for a second term of five years, from December 17, 2026, to December 16, 2031, subject to shareholder approval.

Mr. Uttam Prakash Agarwal, Independent Director and Chairperson of the Audit Committee, was authorized to sign the Financial Results per Regulation 33(2)(b) of the LODR Regulations.

The Board Meeting commenced at 1:45 p.m. and concluded at 4:15 p.m.

Regulatory and Legal Proceedings

SEBI Matters

  • The company is subject to an ongoing investigation by the Ministry of Corporate Affairs (MCA) under Section 206(5) of the Companies Act, 2013, concerning certain transactions with vendors. An Independent Investigation Committee concluded that the transactions were part of the normal course of business with no material irregularities.
  • The company has received various Show Cause Notices (SCNs) from SEBI alleging irregularities in certain transactions.
  • SCN dated 07 August 2025: Alleged violations relating to a lien created over a company property in FY 2018-19. The settlement application for this SCN was rejected during the current quarter.
  • Post-quarter event (31 July 2026): SEBI passed an order on the above matter, imposing a penalty of ₹3 million on the company and restraining it from accessing the securities market/dealing in securities for two months from the date of the order. The company filed an appeal with the Securities Appellate Tribunal (SAT) on August 1, 2026, contesting the order and seeking a stay and interim relief. The company has also sought clarification from SEBI regarding this order's impact on a warrant issuance approved by shareholders on July 31, 2026.
  • SCN dated 16 January 2026: Alleged violations relating to investments in inter-corporate deposits (fully provided for in earlier years).
  • SCN dated 12 February 2026: Alleged violations concerning film advances, related party transactions, and disclosure/control issues from earlier periods.
  • The company has denied all allegations in its responses to SEBI and has filed settlement applications for certain matters, which are under consideration. Based on legal assessment, management does not expect any material adverse impact on the financial results.

Arbitration with JioStar India Private Limited

  • The dispute concerns an Alliance Agreement for broadcasting rights of ICC men's global events.
  • JioStar has claimed damages of USD 1,097 million (increased from USD 940 million), plus costs and interest.
  • The company has filed a Statement of Defence and a counterclaim for USD 8.06 million plus interest.
  • The final evidentiary hearing before the London Court of International Arbitration (LCIA) was completed after the quarter-end. Both parties are now required to file post-hearing briefs.
  • Management, based on legal advice, believes the claims are unfounded and expects no material adverse impact.

Other Legal Matters

  • IDBI Bank Insolvency Petition: IDBI Bank filed an application under Section 7 of the IBC on September 6, 2025, against the company. The company has filed a reply seeking dismissal and believes it has a strong case.
  • Yes Bank Letter of Comfort: A suit filed by Yes Bank in the Bombay High Court concerning a Letter of Comfort provided to ATL Media Limited is ongoing. The court refused ad-interim relief to the bank. Management does not consider the LOC a financial guarantee.
  • GST Demand: The company received a show cause cum demand notice for inadmissible input tax credit of ₹1,736 million (inclusive of interest & penalty). Appeals have been filed against orders upholding the demand.
  • RIICO Land Lease Cancellation: A subsidiary, Zee Studios Limited, is challenging the cancellation of a land lease in Jaipur by RIICO. A writ petition is filed in the Rajasthan High Court.

Investments and Transactions

  • The company invested ₹1,157 million to subscribe to 5,408,481 Compulsorily Convertible Debentures (CCDs) in Phantom Digital Effects Limited.
  • The company invested ₹100 million to acquire a 33.33% stake in Culture of Real Experiences Private Limited.
  • The company sold its content syndication/licensing business to its wholly-owned subsidiary, ZI-IPR Enterprises Limited, via a slump sale effective April 1, 2026, for ₹4,902 million in net assets.

Capital Structure and Fundraising

  • The Board had previously approved the issuance of FCCBs worth USD 239 million. Only USD 23.90 million was issued.
  • On March 26, 2026, the Board approved the redemption of the outstanding FCCBs (USD 23.90 million) and cancellation of the unutilized commitment (USD 215.1 million). Redemption was completed post-quarter with regulatory approval.
  • On July 1, 2026, the Board approved issuing up to 24,94,85,563 warrants convertible into equity shares at ₹126 each (including a subscription price of ₹31.5 and an exercise price of ₹94.5) to a Promoter Group entity, aggregating ₹31,435 million.
  • The Board also approved an ESOP plan to grant 37,422,835 stock options to eligible employees.
  • Shareholders approved the warrant issuance and ESOP plan in an Extraordinary General Meeting held on July 31, 2026.

Auditor's Review

  • The statutory auditors, Walker Chandiok & Co LLP, issued an unmodified limited review report on the financial results.
  • The review report draws attention to the notes concerning the SEBI investigations and the JioStar arbitration but does not modify its conclusion.