Key Financial Results (Standalone)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹20,638 million (vs ₹18,478 million in Q2 FY26)
  • Other income: ₹2,089 million
  • Total income: ₹22,727 million
  • Total expenses: ₹20,552 million
  • Profit before tax: ₹2,175 million (vs ₹1,088 million in Q2 FY26)
  • Tax expense: ₹77 million
  • Net profit: ₹2,008 million (vs ₹783 million in Q2 FY26)
  • EPS: ₹2.18 (basic and diluted)

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹38,447 million (vs ₹35,317 million in H1 FY26)
  • Other income: ₹2,310 million
  • Total income: ₹40,757 million
  • Total expenses: ₹37,905 million
  • Profit before tax: ₹2,852 million (vs ₹2,635 million in H1 FY26)
  • Tax expense: ₹281 million
  • Net profit: ₹2,571 million (vs ₹1,898 million in H1 FY26)
  • EPS: ₹2.68 (basic and diluted)

Balance Sheet (Standalone as of September 30, 2026)

  • Total assets: ₹135,067 million (vs ₹129,013 million as of March 31, 2026)
  • Equity share capital: ₹961 million
  • Other equity: ₹112,316 million (vs ₹104,671 million)
  • Total equity: ₹113,277 million
  • Total liabilities: ₹21,790 million

Key Financial Results (Consolidated)

Quarterly Performance (Q2 FY27)

  • Revenue from operations: ₹22,246 million
  • Advertisement revenue: ₹8,030 million
  • Subscription revenue: ₹13,324 million
  • Other sales and services: ₹892 million
  • Other income: ₹226 million
  • Total income: ₹22,472 million
  • Net profit: ₹478 million attributable to shareholders
  • EPS: ₹0.50 (basic and diluted)

Half-Yearly Performance (H1 FY27)

  • Revenue from operations: ₹41,319 million
  • Advertisement revenue: ₹14,744 million
  • Subscription revenue: ₹24,693 million
  • Other sales and services: ₹1,882 million
  • Other income: ₹538 million
  • Total income: ₹41,857 million
  • Net profit: ₹1,241 million attributable to shareholders
  • EPS: ₹1.29 (basic and diluted)

Significant Events and Developments

JioStar Arbitration

  • Ongoing arbitration with JioStar India Private Limited before London Court of International Arbitration
  • JioStar claims damages of USD 1,097 million (approximately ₹8,200 crore) plus costs and interest
  • Company has filed counterclaim of USD 8.06 million plus interest
  • Final evidentiary hearing completed in Q2 FY27
  • Post-hearing briefs filed by both parties
  • Management believes claims are unfounded and has strong defense

SEBI Matters

  • SEBI passed order dated July 31, 2026 imposing ₹3 million penalty on company
  • Company restrained from accessing securities market for two months
  • Company filed appeal before SAT which granted partial stay for warrant issuance
  • Multiple show cause notices from SEBI regarding various alleged violations
  • Company filed settlement applications which were rejected
  • Management believes no material adverse impact on financial results

Preferential Warrant Issue

  • Board approved issuance of up to 249.485 million warrants to promoter group
  • Warrant issue price: ₹126 each (₹31.5 subscription price + ₹94.5 exercise price)
  • Total potential proceeds: ₹31,435 million
  • Received ₹7,355 million as 25% subscription price in Q2 FY27
  • Allotted 233.507 million warrants
  • Warrants convertible within 18 months from allotment

ESOP Plan

  • Approved grant of 37.422 million stock options to eligible employees
  • Shareholders approved in EGM on July 31, 2026

FCCB Redemption

  • Redeemed outstanding FCCBs of USD 23.90 million (₹2,000 million)
  • Cancelled unutilized commitment of USD 215.1 million

Investments

  • Invested ₹1,157 million in Phantom Digital Effects Limited (CCDs)
  • Invested ₹100 million in Culture of Real Experiences Private Limited (33.33% stake)

Business Restructuring

  • Transferred content syndication business to wholly-owned subsidiary ZI-IPR Enterprises Limited via slump sale
  • Net assets transferred: ₹4,902 million

Legal Proceedings

  • IDBI Bank filed insolvency application under Section 7 of IBC against company
  • Company believes it has strong case for dismissal
  • GST demand notice of ₹1,736 million (including interest & penalty) under dispute
  • Subsidiary Zee Studios Limited involved in land lease dispute with RIICO in Rajasthan
  • Put Option agreement dispute with Yes Bank regarding ATL Media Limited

Auditor's Emphasis of Matter

  • Statutory auditors highlighted uncertainties regarding SEBI investigations and JioStar arbitration
  • Management does not expect material adverse impact on financial results
  • Review conclusion not modified

Board Meeting Details

  • Meeting held on October 30, 2026
  • Commenced at 12:30 p.m., concluded at 3:15 p.m.