Financial Performance Highlights

Half Year FY27 Performance (H1 FY27):

  • Operating Revenue: ₹41,319 million, up 9% YoY from ₹37,940 million in H1 FY26
  • EBITDA: ₹1,497 million, down 60% YoY from ₹3,744 million
  • EBITDA Margin: 3.6% compared to 9.9% in H1 FY26
  • Profit After Tax (PAT): ₹1,199 million, down 46% YoY from ₹2,202 million
  • Revenue Breakdown: Advertising ₹24,693 million (up 23% YoY), Subscription ₹14,744 million (up 6% YoY), Other Sales & Services ₹1,882 million
  • Cost Breakdown: Operating Personnel ₹22,564 million, A&P ₹4,103 million, Others ₹10,178 million

Quarter 2 FY27 Performance (Q2 FY27):

  • Operating Revenue: ₹22,246 million, up 13% YoY from ₹19,692 million and up 17% QoQ from ₹19,073 million
  • EBITDA: ₹708 million, down 52% YoY from ₹1,464 million and down 10% QoQ from ₹789 million
  • EBITDA Margin: 3.2% compared to 7.4% in Q2 FY26 and 4.1% in Q1 FY27
  • Profit After Tax (PAT): ₹456 million, down 40% YoY from ₹765 million and down 39% QoQ from ₹743 million
  • Other Income: ₹226 million
  • Depreciation: ₹428 million
  • Finance Cost: ₹25 million
  • Provision for Tax: ₹175 million

Operational Highlights

Revenue Drivers:

  • Digital business growth momentum continued, driving overall revenue increase
  • FIFA 2026 coverage significantly contributed to digital revenue growth
  • Domestic advertising revenue was flat, aided by FIFA and marquee shows including Sa Re Ga Ma Pa
  • Subscription revenue growth driven by FIFA 2026 and strong content pipeline
  • Other Sales & Services revenues lower due to reduced number of movies produced and released

Cost Structure:

  • Increase in programming expenses due to FIFA 2026 and expanded content offering
  • Continued selective investments in growth initiatives (KidZ, Bullet, Live, etc.)
  • Higher A&P spends due to FIFA 2026 and investments in other initiatives (Bullet & Music)
  • Middle East crisis impacted advertising environment

International Business:

  • Q2 FY27 Advertising revenue: ₹447 million
  • Q2 FY27 Subscription revenue: ₹1,189 million
  • Q2 FY27 Other Sales & Services: ₹151 million

Content and Viewership Performance

FIFA 2026 Achievements:

  • 50 billion minutes watch time across platforms
  • 83% of FIFA watch time from LIVE matches on ZEE5
  • 400+ million reach (Live + Non-Live)
  • 73% of Indian viewers feel highly positive about Zee as a brand for bringing FIFA World Cup
  • 38% growth in social mentions with 33 million total mentions
  • Z network achieved highest viewership share in over 7 years in Week 24 of 2026

Content Launches in Q2 FY27:

  • Sa Re Ga Ma Pa (Zee TV)
  • Dadagiri Unlimited S11 (Zee Sarthak)
  • Dilon Ki Ram Leela (Zee TV)
  • Halli Power Reloaded (Zee Kannada)
  • Home Minister (Zee Marathi)
  • Samanthi (Zee Tamil)

Movie Releases:

  • 1 Hindi and 5 other language movies released during Q2 FY27
  • Distributed by Zee Studios

Balance Sheet Position

Assets as of September 2026:

  • Total Assets: ₹146,789 million
  • Non-Current Assets: ₹23,725 million (Fixed assets ₹8,765 million, Investments ₹1,673 million, Other financial assets ₹607 million, Income tax & Deferred tax assets ₹9,653 million, Others ₹3,027 million)
  • Current Assets: ₹123,038 million (Inventories ₹66,335 million, Cash and other investments ₹25,694 million, Trade receivables ₹19,126 million, Others financial assets ₹4,760 million, Other current assets ₹7,123 million)

Liabilities as of September 2026:

  • Total Equity: ₹123,993 million
  • Non-Current Liabilities: ₹1,896 million (Lease Liab/Other borrowings ₹427 million, Provisions ₹1,469 million)
  • Current Liabilities: ₹21,102 million (Lease Liab/Other borrowings ₹221 million, Trade Payables ₹14,990 million, Other financial liabilities ₹1,635 million, Other current liabilities ₹3,552 million, Provisions ₹233 million, Income tax liabilities ₹241 million)

Cash and Treasury Position

As of September 2026:

  • Total Cash & Treasury Investments: ₹25,694 million
  • Mutual Fund Investments: ₹9,377 million (Tata Ultra Short Term Fund ₹3,042 million, SBI Magnum Ultra Short Duration Fund ₹1,879 million, Aditya Birla Sun Life Savings Fund ₹1,614 million, HDFC Ultra Short Term Fund ₹1,158 million, ICICI Prudential Ultra Short Term Fund ₹619 million, Tata Liquid Fund ₹558 million, ICICI Prudential Liquid Fund ₹507 million)
  • Fixed Deposits: ₹7,642 million (ICICI Bank ₹3,007 million, HDFC Bank ₹2,512 million, AU Small Finance Bank ₹2,123 million)
  • FDs & other investments of other subsidiaries: ₹3,371 million
  • Bank balance: ₹5,305 million

ESG Performance

S&P Global ESG Score:

  • Score: 51 out of 100 in Media, Movies and Entertainment sector
  • Placed in 96th percentile, surpassing industry average of 22
  • Rating Category: Leader

Environmental Performance:

  • GHG emission intensity: 31 tCO₂e per FTE
  • 5.4% reduction in Scope 2 emissions
  • 13.2% increase in waste recycled
  • Preliminary Climate Risk & Opportunity Assessment Completed
  • 700+ ESG Learning Hours Delivered

Social Performance:

  • 20.5% women representation across workforce
  • 137,011 total learning hours delivered
  • 95.4% employee retention rate
  • 32% open positions filled through internal mobility (iGrow)
  • 30,182 total CSR beneficiaries impacted

Governance Performance:

  • 98% Local procurement across supply chain
  • 100% workforce trained on compliance, data privacy and cybersecurity
  • 28.6% women independent directors on the Board
  • Committed to responsible and transparent Tax practices

Strategic Focus Areas

  • Viewership Focus: Zee TV, Zee Marathi and Zee Tamil
  • Monetization Focus: Zee Kannada, Zee Bangla, Zee Sarthak, Zee Punjabi, Zee Telugu & Hindi movies/Cinema
  • Music Business: ~179 million subscribers on YouTube
  • FIFA Rights: Zee to showcase key FIFA events for 8 consecutive years (2026 to 2034)