Saregama India Limited (SAREGAMA)
₹504.00 +2.30% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Saregama India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Saregama India's revenue was ₹264 Cr (+27.5% year on year, -8.3% on the previous quarter), and net profit ₹51.9 Cr (+42.1% year on year); the operating margin was 35.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹264 | +27.5% | -8.3% |
| Operating profit | ₹93.3 | +68.8% | -22.8% |
| Net profit | ₹51.9 | +42.1% | -30.0% |
| EPS (₹) | 2.69 | +41.6% | -30.3% |
| Operating margin | 35.4% | — | — |
SAREGAMA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.27% of the SAREGAMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.52%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 39.7% · 44.5% · 39.6% · 46.1% · 41.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Saregama India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. Issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd., the certificate confirms that all securities received for dematerialisation during the period were duly verified, accepted or rejected, and listed on stock exchanges within prescribed timelines. This is a standard regulatory submission with no financial or operational impact.
- Regulation 74(5) certificate submitted for the quarter ended 30th September, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October, 2026
- Company filing submitted to BSE and NSE on 8th October, 2026
- Confirmation that received security certificates were mutilated, cancelled, and listed as per regulations
Saregama India announced the voting results and proceedings of its 79th Annual General Meeting held on September 15, 2026. All four ordinary resolutions—including the adoption of FY26 financial statements, confirmation of interim dividend, re-appointment of director Vikram Mehra, and cost auditor remuneration ratification—were passed with requisite majorities. Overall shareholder voter turnout was approximately 75.75% across 14.60 crore votes polled out of 19.28 crore total shares. The e-voting results reflect overwhelming approval, with over 99.9% votes in favor across items.
- All 4 ordinary resolutions approved by shareholders at the 79th AGM held on September 15, 2026
- Overall voter participation reached 75.75%, representing 14,60,43,713 votes polled out of 19,28,09,490 total shares
- Director Vikram Mehra's re-appointment passed with 99.928% votes in favor (14,59,38,533 votes)
- Adoption of FY26 financial statements and confirmation of interim dividend passed with 99.999% approval
Saregama India Limited has informed the exchanges of its upcoming participation in an investor conference. The company's management is scheduled to attend a Non-Deal Roadshow (NDR) in the United Arab Emirates on September 8 and 9, 2026. This is a standard investor interaction intimation pursuant to Regulation 30 of SEBI Listing Regulations, with no material commercial transaction announced.
- Management participating in Non-Deal Roadshow (NDR) in UAE
- Scheduled event dates: 8th - 9th September, 2026
- Intimation filed under Regulation 30 of SEBI LODR Regulations
- No unpublished price sensitive information (UPSI) or commercial deal announced
Saregama India Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Integrated Annual Report. The filing outlines key operational metrics, showing Music Licensing contributed 74.47% of standalone turnover, followed by Films/Series (10.94%) and Music Retails (8.39%). Exports accounted for 42.75% of standalone turnover of ₹820.64 crore. The company reported zero pending shareholder or consumer complaints at year-end, with customer complaints (mostly retail product defects) declining to 50,363 from 69,839 in FY25.
- Music Licensing forms the core business, contributing 74.47% of total turnover, followed by Films & Series at 10.94%
- Exports and international monetisation contributed 42.75% of total entity turnover
- Standalone turnover reported at ₹82,063.51 Lakhs (₹820.64 cr) with a net worth of ₹1,69,180.24 Lakhs (₹1,691.80 cr)
- Permanent employee turnover improved significantly to 28.1% in FY26 from 41.0% in FY25 across 279 permanent staff
- Resolved 100% of 50,363 consumer product complaints received during the year
Saregama India Limited has issued an intimation regarding the dispatch of letters containing web links to the FY 2025-26 Integrated Annual Report and AGM Notice. This dispatch complies with SEBI LODR Regulation 36(1)(b) for shareholders whose email IDs are not registered with the company or depositories. The 79th Annual General Meeting is scheduled to be held virtually on September 15, 2026, at 12:30 PM IST. The cut-off date used for sending these physical communications was August 14, 2026.
- 79th Annual General Meeting scheduled for Tuesday, September 15, 2026, at 12:30 PM IST via VC/OAVM
- Cut-off date for dispatch of physical communication to unregistered email holders was Friday, August 14, 2026
- Compliance letter dispatched under SEBI LODR Regulation 36(1)(b) providing direct weblinks to the FY 2025-26 Integrated Annual Report
- Mandatory reminder to physical security holders to update PAN, KYC, bank details, and nominations
Saregama India Limited has issued the notice for its 79th Annual General Meeting (AGM), scheduled to be held via Video Conferencing on September 15, 2026, alongside the release of its Integrated Annual Report for FY26. The cut-off date for determining member voting eligibility is September 8, 2026, with remote e-voting active from September 12 to September 14, 2026. The annual report highlights the company's entertainment flywheel strategy spanning its 1,80,000+ song music library, 300+ managed artistes reaching 410 Mn+ digital followers, video production, and live events. In FY26, Saregama reported consolidated revenue of ₹754.59 crore and a net profit of ₹161.89 crore.
- 79th AGM scheduled for Tuesday, September 15, 2026, at 12:30 PM IST via VC/OAVM
- Record/Cut-off date for voting eligibility fixed as Tuesday, September 8, 2026
- Remote e-voting window opens September 12, 2026 (9:00 AM) and closes September 14, 2026 (5:00 PM)
- Annual Report outlines catalogue of 1,80,000+ songs and management of 300+ artistes with 410 Mn+ combined digital reach
Saregama has announced a structured leadership transition at its material subsidiary, Pocket Aces. Effective October 1, 2026, current CEO and co-founder Aditi Shrivastava will move to a strategic Board role, while Vinay Pillai, the current Chief Business Officer, will be elevated to CEO. This transition is critical as Pocket Aces is a key driver for Saregama's digital growth strategy, managing a massive social media footprint and a large roster of artistes.
- Leadership transition at material subsidiary Pocket Aces to take effect on October 1, 2026
- Incoming CEO Vinay Pillai has a 6-year track record within the company, specifically in the Clout vertical
- Pocket Aces manages a digital footprint of 400 million followers across major social platforms
- The subsidiary's talent management vertical now handles 230+ artistes
- The transition follows the 2023 acquisition of Pocket Aces by Saregama to bolster its digital IP
Saregama reported a strong Q1 FY27 with consolidated revenue growing 27% YoY to ₹263.6 crore, led by a 39% surge in the core music vertical. Adjusted EBITDA rose 69% YoY to ₹112.4 crore, reflecting the transition of content bought 2-3 years ago into a positive margin phase. Management maintained its music vertical revenue growth guidance of 20-23% and plans to invest ₹300-₹350 crore in new content this year. Notably, 60% of FY26 music revenue now comes from post-2000 content, signaling a successful shift from a legacy-only catalog to a new-age IP company.
- Q1 FY27 revenue from operations reached ₹263.6 crore, a 27% year-on-year increase.
- Music vertical EBITDA grew 36% YoY to ₹139.8 crore, with net margins at ₹99.6 crore.
- Planned investment of ₹300 crore to ₹350 crore in new music content for the current financial year.
- Artiste Management vertical now represents 309 artists with a combined 440 million followers.
- Video vertical revenue declined 52% to ₹17 crore as part of a strategic shift toward Bhansali Productions.
Saregama reported a strong Q1 FY27 with revenue from operations reaching Rs 263.6 Cr, a 27% YoY increase. Adjusted EBITDA saw a significant jump of 69% YoY to Rs 112.4 Cr, while the core music vertical grew 39% YoY to Rs 230.6 Cr. Management highlighted a strategic shift where 60% of FY26 music revenue came from content released post-2000, signaling a transition to a new-age IP company. The company has committed to spending Rs 300-350 Cr on new music content in FY27 to sustain its 20-23% growth guidance for the music vertical.
- Q1 FY27 Revenue from operations grew 27% YoY to Rs 263.6 Cr
- Adjusted EBITDA increased 69% YoY to Rs 112.4 Cr, reflecting margin expansion as older content hits profitability
- Planned investment of Rs 300-350 Cr in new music content for FY27, mostly already committed
- 60% of FY26 music revenue was generated from content released after the year 2000
- Music vertical EBITDA reached Rs 139.8 Cr for the quarter, a 36% YoY growth
Saregama India Limited has released the audio recording of its Q1FY27 analyst conference call held on August 4, 2026. The call follows the company's FY26 performance where it reported a revenue of ‡754.59 Cr and a healthy operating margin of 35.5%. Investors can access the recording to gain insights into management's strategy for achieving its 30% CAGR target in non-Carvaan revenue and the progress of its artiste management vertical, which now handles over 230 artistes. This disclosure is a standard regulatory requirement following quarterly results.
- Earnings conference call for Q1FY27 held on August 4, 2026, at 03:00 P.M. IST
- Company maintains a strategic growth target of 30% CAGR in non-Carvaan revenue streams
- Artiste management vertical has expanded to include 230+ artistes as of the latest reporting period
- FY26 annual revenue stood at ‡754.59 Cr with a net profit of ‡161.89 Cr
Saregama reported a strong year-on-year performance for Q1 FY27, with consolidated revenue growing 27.5% to ₹263.60 Cr compared to ₹206.77 Cr in Q1 FY26. Net profit surged 42.1% YoY to ₹51.88 Cr, driven by robust growth in the Music and Artist Management segments. However, on a sequential basis, revenue and profit declined from Q4 FY26 levels of ₹287.44 Cr and ₹74.14 Cr respectively. The company also increased its stake in Pocket Aces (PAPPL) to 95.76% in July 2026, signaling further consolidation of its digital media assets.
- Consolidated Revenue from operations reached ₹263.60 Cr in Q1 FY27, up 27.5% from ₹206.77 Cr YoY.
- Net Profit for the period stood at ₹51.88 Cr, a 42.1% increase over the ₹36.51 Cr reported in Q1 FY26.
- Artist Management segment revenue grew 102% YoY to ₹46.02 Cr from ₹22.74 Cr.
- Post-quarter, the company increased its shareholding in Pocket Aces Pictures Private Limited to 95.76% on July 24, 2026.
- Music segment remains the primary driver, contributing ₹184.60 Cr (70%) to the total revenue.
Saregama reported a strong start to FY27 with Q1 revenue at ₹263.6 Cr, up 27% YoY. The growth was led by the core Music segment (up 39% YoY) and a 214% surge in Live Events revenue to ₹16 Cr. Adjusted EBITDA grew significantly faster than revenue at 69% YoY, reaching ₹112.4 Cr, reflecting high operating leverage in the music licensing business. The company continues to expand its 'Entertainment Flywheel' with a roster of 309 artistes and a digital reach of 680 million followers.
- Music segment revenue grew 39% YoY to ₹230.6 Cr, contributing 87.5% of total quarterly revenue.
- Adjusted EBITDA reached ₹112.4 Cr, a 69% YoY increase, with margins expanding to 42.6%.
- Artiste management roster expanded to 309 artistes, adding 33 new artistes during the quarter.
- Released 750+ tracks across 10+ languages, generating 250 Mn+ streams and views on Spotify and YouTube.
- Digital footprint across owned channels reached 680 Mn+ followers/subscribers across YouTube, Instagram, and Facebook.
Saregama reported a strong start to FY27 with consolidated revenue growing 27% YoY to ₹263.6 Cr. The core Music segment, which accounts for ~87% of revenue, grew 39% YoY to ₹230.6 Cr, while Adjusted EBITDA saw a significant jump of 69% YoY to ₹112.4 Cr. Live Events revenue surged 214% YoY to ₹16 Cr, though the Video segment saw a decline as the company pivots its strategy toward external production investments. The company maintained a healthy digital footprint with over 680 million followers across social platforms.
- Music segment revenue grew 39% YoY to ₹230.6 Cr with an EBITDA margin of 61%.
- Adjusted EBITDA increased 69% YoY to ₹112.4 Cr, reflecting strong operating leverage in IP licensing.
- Live Events revenue surged 214% YoY to ₹16 Cr, driven by devotional and stand-up comedy formats.
- Added 33 new artistes in Q1 FY27, expanding the total managed roster to 309 artistes.
- Released 750+ tracks across multiple languages, generating over 250 million streams on Spotify and YouTube.
Saregama reported a strong year-on-year performance for Q1 FY27, with consolidated revenue from operations rising 27.5% to ₹263.60 Cr compared to ₹206.77 Cr in Q1 FY26. Net profit (PAT) grew 42% YoY to ₹51.88 Cr, driven primarily by the core Music segment which contributed 70% of total revenue. However, on a sequential basis, revenue and PAT declined by 8.3% and 30% respectively from Q4 FY26. The company also increased its stake in Pocket Aces Pictures to 95.76% in July 2026, further consolidating its digital content footprint.
- Revenue from operations increased 27.5% YoY to ₹263.60 Cr in Q1 FY27.
- Net Profit (PAT) rose 42% YoY to ₹51.88 Cr, though it fell 30% sequentially from ₹74.14 Cr in Q4 FY26.
- Music segment revenue grew to ₹184.60 Cr from ₹143.28 Cr YoY, maintaining a high segment profit of ₹94.87 Cr.
- Increased stake in Pocket Aces Pictures Private Limited from 90.93% to 95.76% on July 24, 2026.
- Land revaluation during the quarter resulted in an incremental value of ₹12.63 Cr recognized in Other Comprehensive Income.
Saregama India Limited has issued a revised invitation for its Q1FY27 earnings conference call, now scheduled for August 4, 2026, at 3:00 PM IST. The revision was necessary due to a technical glitch in the link provided in the previous intimation dated July 28, 2026. Top management, including the Managing Director and CFO, will discuss the company's financial and operational performance. This follows a strong FY26 where the company reported a revenue of ₹754.59 crore and a PAT of ₹161.89 crore.
- Conference call scheduled for August 4, 2026, at 15:00 IST to discuss Q1FY27 results.
- Management participants include MD Vikram Mehra, CFO Abhishek Kapoor, and ED Pankaj Kedia.
- The filing corrects a technical glitch from a previous intimation sent on July 28, 2026.
- Company reported TTM revenue of ₹755 crore and TTM PAT of ₹162 crore as of the latest financial context.
- Saregama maintains a target of 30% CAGR in non-Carvaan revenue.
Financial Performance
Revenue Growth by Segment
Revenue from Operations reached INR 230 Cr (Rs. 2,300 Mn) in Q2 FY26, representing an 11% QoQ growth. The music segment provides steady growth through daily streaming on platforms like Spotify and YouTube, while the video/films segment is lumpy with revenue booked upon release. The company targets a 30% CAGR for revenue (excluding Carvaan) between FY24 and FY27.
Geographic Revenue Split
Not disclosed in available documents, though the company notes significant activity in South Indian language markets and maintains a national presence through its Kolkata headquarters and Mumbai corporate office.
Profitability Margins
Profit Before Tax (PBT) rose to INR 60.1 Cr (Rs. 601 Mn) in Q2 FY26, a growth of 18% QoQ. The company maintains an annual adjusted EBITDA margin guidance of 32% to 33%. The video business is currently operating at a break-even level to support lower-cost music acquisition.
EBITDA Margin
Adjusted EBITDA margin is guided at 32% to 33% for the full year. This high margin is sustained by the high-margin licensing of the company's legacy music IP, which offsets the lower-margin video and Carvaan hardware segments.
Capital Expenditure
The company utilizes surplus funds and internal accruals for new content creation in films and TV serials. While specific INR Cr for FY26 is not stated, the company previously raised funds through a QIP in FY22 (allotting 18,50,937 shares) to fuel content acquisition and expansion.
Credit Rating & Borrowing
CARE Ratings reaffirmed a 'CARE AA-; Stable' rating for long-term bank facilities (INR 101.50 Cr) and 'CARE A1+' for short-term facilities (INR 3.50 Cr) as of August 2025. The rating reflects a robust capital structure and strong debt coverage indicators.
Operational Drivers
Raw Materials
Music rights acquisition costs (100% of content cost), which are managed under a strict 5-year payback period policy to ensure Return on Assets (ROA).
Import Sources
Content is sourced domestically across various Indian languages, with specific mention of volatility in South Indian language rights pricing.
Key Suppliers
Film producers and independent music creators; the company also produces its own films to acquire music rights at a 'much lower price' compared to market rates.
Capacity Expansion
Digital footprint expanded to 400 million followers/subscribers across YouTube, Instagram, and Facebook. Artiste management vertical now handles 230+ artistes, adding 18 new artistes in the recent period.
Raw Material Costs
Acquisition costs for music rights vary by language; one South Indian language recently saw costs 'go up very high' before falling. The company refuses to acquire content if the projected payback exceeds 5 years.
Manufacturing Efficiency
Not applicable; however, the video business is used as a strategic tool to secure music IP at lower costs, effectively acting as a vertical integration efficiency.
Logistics & Distribution
Distribution is primarily digital via streaming platforms, minimizing physical logistics costs except for the Carvaan hardware segment.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be driven by a 30% CAGR in non-Carvaan revenue through aggressive investment in new music content, expansion of the artiste management vertical (now 230+ artistes), and the 100% acquisition of Finnet Media to capture the influencer marketing space. The company is also leveraging its 'video-to-music' strategy where producing in-house films secures music IP at lower costs.
Products & Services
Music licensing (digital and broadcast), Carvaan (portable audio players), TV serials (primarily Tamil), Films and Web Series (Yoodlee Films), and Artiste/Influencer Management.
Brand Portfolio
Saregama, Carvaan, Yoodlee Films, Pocket Aces, Finnet Media.
New Products/Services
Expansion into influencer management via Finnet Media, which is expected to contribute 'handsomely' to revenue and profit within 12 months of the November 2025 acquisition.
Market Expansion
Aggressive investment in South Indian music markets and digital platforms to capture new customers joining the digital ecosystem.
Market Share & Ranking
India's leading Entertainment IP company with the largest music archives in the country dating back to 1902.
Strategic Alliances
Partnerships with global streaming giants like Netflix for film/series distribution and Spotify/YouTube for music streaming.
External Factors
Industry Trends
The industry is shifting toward 100% digital consumption. Saregama is positioning itself as a 'content-IP' company rather than a music label, diversifying into influencer management to capture the shift in brand advertising toward social media creators.
Competitive Landscape
Competes with other major music labels and film production houses for rights; maintains an advantage by producing its own films to secure music IP cheaply.
Competitive Moat
The moat is built on a massive library of 100+ years of music IP (since 1902) which cannot be replicated. This is sustained by a disciplined 5-year payback rule for new acquisitions, ensuring the library remains profitable and growing.
Macro Economic Sensitivity
Highly sensitive to digital data penetration and smartphone adoption in India, which drives the consumption of music and video content.
Consumer Behavior
Increasing trend of 'social media music usage' and influencer-led marketing, prompting the acquisition of Finnet Media.
Regulatory & Governance
Industry Regulations
Compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015 and the Companies Act 2013. Revenue recognition is subject to complex contractual terms for license fees, requiring strict audit oversight.
Legal Contingencies
The company has disclosed the impact of pending litigations as of March 31, 2025, in Note 36 of its financial statements. No material foreseeable losses were reported on long-term or derivative contracts.
Risk Analysis
Key Uncertainties
Obsolescence risk of distribution formats and the threat of piracy/copyright infringement which can impact IP valuation by an undisclosed percentage.
Geographic Concentration Risk
Heavy reliance on the Indian market, particularly the regional language film industries for new content acquisition.
Third Party Dependencies
High dependency on digital platforms (YouTube, Spotify, Instagram) for content monetization and reach.
Technology Obsolescence Risk
Risk associated with hardware products like Carvaan as consumer preferences shift entirely to smartphone-based streaming.
Credit & Counterparty Risk
The company maintains strong receivables quality, with auditors testing revenue recognition from license fees against third-party customer information.
