Financial Performance Overview

Zee Media Corporation Limited reported financial results for the quarter and half year ended September 30, 2026 (Q2FY27 and H1FY27).

Revenue Performance:

  • Operating Revenue for H1FY27: ₹3,723 million vs ₹3,611 million in H1FY26 (3.11% growth)
  • Like-for-like operating revenue growth (excluding content sales): 19.9% to ₹3,723 million from ₹3,105 million
  • Linear television advertising revenue: ₹2,654 million in H1FY27 vs ₹2,049 million in H1FY26 (29.5% YoY growth)
  • Digital advertising revenue: ₹888 million (2.9% growth)

Quarterly Revenue Breakdown (₹ million):

| Revenue Category | Q2FY27 | Q1FY27 | Q2FY26 | Y-O-Y Growth | Q-O-Q Growth |

| Advertising Revenue | 1,745 | 1,797 | 1,696 | 2.9% | -3.01% |

| Subscription Revenue | 68 | 111 | 91 | -25.4% | -38.88% |

| Other sales and services | 1 | 0 | 0 | 0.0% | 0.00% |

| Total Revenue | 1,814 | 1,909 | 1,787 | 1.5% | -5.04% |

Half-Yearly Revenue (₹ million):

| Revenue Category | H1FY27 | H1FY26 | Growth |

| Advertising Revenue | 3,542 | 2,913 | 21.62% |

| Subscription Revenue | 179 | 193 | -6.83% |

| Other sales and services | 1 | 506 | -99.78% |

| Total Revenue | 3,723 | 3,611 | 3.11% |

Expenditure Analysis (₹ million):

| Expense Category | Q2FY27 | Q1FY27 | Q2FY26 | Y-O-Y Growth | Q-O-Q Growth | H1FY27 | H1FY26 | Growth |

| Operating Costs | 468 | 512 | 351 | 33.4% | -8.49% | 980 | 690 | 42.07% |

| Employee Benefits | 606 | 664 | 642 | -5.5% | -8.67% | 1,270 | 1,302 | -2.46% |

| Other Expenses | 694 | 570 | 623 | 11.5% | 21.7% | 1,265 | 1,250 | 1.07% |

| Total Expenses | 1,769 | 1,746 | 1,616 | 9.5% | 1.30% | 3,515 | 3,242 | 8.42% |

Profitability Metrics:

  • Operating Profit (EBITDA) Q2FY27: ₹45 million
  • Operating Profit (EBITDA) Q1FY27: ₹163 million
  • Operating Profit (EBITDA) H1FY27: ₹208 million vs ₹369 million in H1FY26 (-43.58% decline)
  • Q2FY27 EBITDA declined 73.5% YoY and 72.03% QoQ

Business Highlights and Strategic Initiatives

Brand Repositioning:

  • Zee Bharat relaunched with new positioning targeting younger and more aspirational audiences
  • Focus on evolving brand propositions to align with changing audience preferences and consumption habits

Advertising Strategy:

  • Sharpened focus on high-growth advertising categories including automobiles and lifestyle
  • Expanded focus on B2B sectors: defence technology, space technology, and IT
  • Opportunities for specialized content partnerships and focused industry conversations

Event Portfolio Development:

  • Strengthened event portfolio for brand reinforcement and stakeholder engagement
  • Marquee properties include Architects of Viksit Bharat with distinguished speakers and industry leaders
  • Samriddhi Samwaad platform for Chief Minister-led engagements around state-level growth and development

Global Expansion (WION):

  • Expanded content proposition with new shows focused on defence and tokenisation
  • Marquee IP portfolio includes: Iconic Travel and Tourism Summit & Awards, WION Health Pulse, Bond Tokenisation Summit, WION World Is One Golf Invitational
  • Launched WION World Conferences series: India-EU FTA Summit and Digital Sri Lanka Summit in Colombo
  • Strengthening role in international dialogue and thought leadership

Digital Transformation:

  • URL standardisation across digital properties to improve consistency and discoverability
  • AI-powered tools deployed across newsrooms to accelerate editorial turnaround and streamline workflows
  • Focus on operational efficiency and enhanced storytelling capabilities

Channel Portfolio:

  • Global News Channel: WION
  • National News Channels: Zee News, Zee Business, Zee Bharat
  • Regional News Channels: Zee 24 Ghanta, Zee 24 Taas, Zee 24 Kalak, Zee Tamil, and other regional language channels

Management Commentary:

CEO Raktim Das stated: "The H1 performance reflects the growing strength of our core business and the strategic steps we are taking to unlock Zee Media's full potential. The 29.5% growth in linear television advertising and nearly 20% like-for-like revenue growth demonstrate the enduring strength of our brands, editorial capabilities and the value we create for advertisers."

He added: "We are sharpening our brand propositions, deepening advertiser engagement and creating differentiated platforms that connect businesses, policymakers and influential voices. Our focus on high-growth advertising categories, emerging technology-led sectors and scalable event properties is aimed at unlocking revenue opportunities beyond conventional advertising. We are also embracing technology and AI to build a more agile, responsive and future-ready organisation."