Zee Entertainment Enterprises Limited (ZEEL)
₹71.85 -1.29% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Zee Entertainment's revenue was ₹2,025 Cr (-7.3% year on year, -11.2% on the previous quarter), and net profit ₹-104 Cr (against a profit a year earlier); the operating margin was -12.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2,025 | -7.3% | -11.2% |
| Operating profit | ₹-255 | to loss | to loss |
| Net profit | ₹-104 | to loss | to loss |
| EPS (₹) | -1.08 | to loss | to loss |
| Operating margin | -12.6% | — | — |
ZEEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 25.26% of the ZEEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 31.38%. That is lower than usual for this stock. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 24.6% · 25.3% · 29.5% · 29.0% · 25.3%
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
Zee Entertainment Enterprises Limited (ZEEL) submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate received from registrar MUFG Intime India confirms that securities received for dematerialisation were processed and confirmed to depositories within prescribed timelines. This is a purely administrative filing with zero impact on ZEEL's operating performance or financials (TTM revenue of Rs 8,099 Cr).
- Quarter ended: September 30, 2026
- Registrar certificate dated October 7, 2026, from MUFG Intime India Private Limited
- Filing submitted to BSE and NSE on October 14, 2026
Zee Entertainment Enterprises Limited (ZEEL) received a notice on October 5, 2026, from the Ministry of Corporate Affairs (MCA) under Section 210(1)(a) & (c) of the Companies Act, 2013, seeking further information. This action is a continuation of an ongoing inspection previously conducted under Section 206(5). The company stated it has already furnished prior required information and will provide the additional clarifications requested. No monetary impact has been quantified at this stage.
- Notice received from MCA Regional Director, Western Region - II on October 5, 2026
- Action initiated under Section 210(1)(a) & (c) following ongoing inspection under Section 206(5) of Companies Act, 2013
- Company states it has submitted required information and will provide further requested details
- Financial or operational impact is reported as 'Not Applicable' at this stage
Zee Entertainment Enterprises Limited (ZEEL) concluded its 44th Annual General Meeting on September 17, 2026, passing all eight ordinary and special resolutions. Key approvals include the declaration of a Rs 2 per equity share dividend for FY26 and the adoption of audited financial statements. Additionally, shareholders approved the re-appointment of Independent Directors Ms. Deepu Bansal, Mr. Uttam Prakash Agarwal, Dr. Venkata Ramana Murthy Pinisetti, and Mr. Shishir Desai, alongside director Mr. Saurav Adhikari. While resolutions passed with the requisite majority, independent director re-appointments for Dr. Pinisetti and Mr. Desai faced notable dissent, with ~21.5% of votes cast against each.
- Shareholders approved an ordinary dividend of Rs. 2/- per equity share for FY26
- All 8 resolutions passed with requisite majority at the 44th AGM held on September 17, 2026
- Special resolutions to re-appoint Dr. Venkata Ramana Murthy Pinisetti and Mr. Shishir Desai passed with 78.52% approval, facing ~21.48% votes against
- Re-appointment of Ms. Deepu Bansal and Mr. Uttam Prakash Agarwal passed with 92.95% approval each
- Total registered shareholders on the cut-off date (September 10, 2026) stood at 6,37,473
Zee Entertainment Enterprises Limited (ZEEL) submitted a clarification to BSE and NSE on September 7, 2026, regarding a media report titled 'ZEE Entertainment shares fell 6% today; here's why'. The company affirmed that it has no undisclosed material information or pending disclosures under SEBI LODR Regulations that would impact its operations or financials. With a market capitalization of ₹8,196 Cr and TTM revenue of ₹8,099 Cr, this filing confirms the intraday price decline was not linked to undisclosed company-specific events.
- Clarification submitted on September 7, 2026, to BSE and NSE surveillance queries
- Addressed media article captioned 'ZEE Entertainment shares fell 6% today; here\'s why'
- Company confirmed compliance with SEBI LODR and absence of undisclosed price-sensitive events
Zee Entertainment Enterprises Limited (ZEEL) has issued a clarification regarding its August 27, 2026 disclosure on the preferential allotment of fully convertible warrants. The company clarified that the post-conversion shareholding of the proposed allottee on a fully diluted basis is 2.01%, instead of the 1.40% stated earlier. All other details and terms of the proposed warrant allotment remain unchanged.
- Clarification issued on preferential allotment disclosure originally submitted on August 27, 2026
- Post-conversion shareholding of proposed allottee corrected to 2.01% on a fully diluted basis
- Previously reported post-conversion shareholding figure was 1.40%
- All other terms and disclosures from the August 27, 2026 filing remain unchanged
Zee Entertainment Enterprises Limited has submitted a compliance certificate issued by its statutory auditors, M/s. Walker Chandiok & Co LLP. The filing was made pursuant to Regulation 169(5) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, certifying adherence to Regulation 169(4). This is a routine procedural compliance filing verifying regulatory conditions, with no financial details or commercial impact disclosed.
- Statutory auditor M/s. Walker Chandiok & Co LLP issued certificate under SEBI ICDR Regulation 169(5)
- Certificate validates compliance with Regulation 169(4) of SEBI ICDR Regulations
- Intimation submitted to the National Stock Exchange on August 31, 2026
Zee Entertainment Enterprises Limited (ZEEL) has allotted 2,40,59,266 fully convertible warrants at an issue price of ₹126 per warrant on a preferential basis to promoter group entity Sunbright Mauritius Investments Limited. The company received 25% upfront subscription money amounting to ₹75.79 Cr (₹31.50 per warrant), with the total potential fundraise standing at ₹303.15 Cr upon full conversion. The warrants carry an exercise window of up to 18 months, requiring payment of the remaining ₹94.50 per warrant. Post-conversion, this specific tranche will represent 1.40% of the fully diluted equity base.
- Allotted 2,40,59,266 fully convertible warrants at ₹126 each to promoter entity Sunbright Mauritius Investments Limited
- Received 25% upfront subscription amount of ₹75,78,66,879 (₹31.50 per warrant)
- Remaining 75% exercise price of ₹94.50 per warrant payable within 18 months of allotment
- Total capital raised/committed amounts to ₹303.15 Cr, representing ~3.0% of current market cap (₹10,032 Cr)
- Post-conversion dilution from this tranche stands at 1.40% on a fully diluted basis
The Securities Appellate Tribunal (SAT) has granted Zee Entertainment Enterprises Limited (ZEEL) a one-working-day extension to issue 2,40,59,266 warrants to a promoter group entity. Out of a total 24,94,85,563 warrants, 20,94,47,805 warrants were already subscribed within the original deadline, while 1,59,78,492 warrants remain unsubscribed. The extension was granted because the consideration for the 2.41 crore warrants was deposited on time but credited the following day due to technical clearance timings.
- SAT granted an extension of 1 working day for the issuance of 2,40,59,266 warrants.
- A total of 20,94,47,805 warrants have already been subscribed within the tribunal-permitted timeline.
- Out of 24,94,85,563 total warrants, 1,59,78,492 warrants remain unsubscribed.
- SAT observed the delay was a banking technicality as funds were remitted within the deadline.
Zee Entertainment Enterprises Limited (ZEEL) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 as part of its Annual Report filings. The report carries an independent reasonable assurance statement from TUV SUD South Asia Pvt. Ltd. Disclosures confirm a total headcount of 3,007 employees (2,159 permanent), FY26 consolidated turnover of Rs 8,098.9 crore, and total verified GHG emissions of 71,799.71 mt CO2e. As a routine statutory compliance filing under SEBI LODR, it carries no immediate financial or earnings implications.
- Published mandatory FY26 BRSR with reasonable assurance from TUV SUD South Asia Pvt. Ltd.
- Total workforce stood at 3,007 employees (2,159 permanent, 848 non-permanent) with a 15% permanent turnover rate.
- Total GHG emissions verified at 71,799.71 mt CO2e (Scope 1 & 2 at 14,615.00 mt CO2e; Scope 3 at 57,184.71 mt CO2e).
- Reported FY26 consolidated turnover of Rs 8,098.9 crore and consolidated net worth of Rs 11,728.1 crore.
Zee Entertainment Enterprises Limited (ZEEL) has published the notice convening its 44th Annual General Meeting (AGM) on September 17, 2026, along with its Integrated Annual Report for FY26. For FY26, the company reported operating revenue of ₹80,989 million (₹8,098.9 crore) and an Adjusted EBITDA of ₹7,547 million (9.3% margin). Key operational milestones highlighted include 53% YoY revenue growth and Adjusted EBITDA breakeven in ZEE5, alongside an all-India TV network market share of 17.4% (up 60 bps YoY). The AGM agenda includes the re-appointment of four independent directors for a second five-year term.
- 44th Annual General Meeting scheduled for September 17, 2026, via audio-visual means
- FY26 operating revenue stood at ₹80,989 million with Adjusted EBITDA of ₹7,547 million (9.3% margin)
- ZEE5 digital business achieved Adjusted EBITDA breakeven with 53% YoY revenue growth
- All-India TV network share rose by 60 bps YoY to reach 17.4%
- Proposed five-year term re-appointments for four Independent Directors on the Board
Zee Entertainment Enterprises Limited (ZEEL) has submitted a compliance certificate from its statutory auditors, M/s. Walker Chandiok & Co LLP, pursuant to Regulation 169(5) of the SEBI ICDR Regulations, 2018. The certificate confirms the company's compliance with Regulation 169(4) regarding applicable preferential issue provisions. This is a standard procedural filing and has no operational or financial impact on ZEEL's reported figures.
- Submitted auditor compliance certificate under Regulation 169(5) of SEBI ICDR Regulations, 2018
- Issued by statutory auditors M/s. Walker Chandiok & Co LLP (Firm Reg No: 001076N/N500013)
- Certifies compliance with Regulation 169(4) governing preferential allotment requirements
- Filing executed and signed on August 24, 2026
Zee Entertainment Enterprises Limited has fixed Thursday, September 10, 2026, as the record date to determine shareholder eligibility for a final dividend of Rs 2 per equity share (face value Re 1 each) for FY26. This follows the initial board recommendation made on May 19, 2026. At the current market price of Rs 105.4, the dividend represents a yield of approximately 1.90%. The total payout represents a substantial distribution relative to the FY26 PAT of Rs 270.7 Cr.
- Final dividend fixed at Rs 2 per equity share of face value Re 1 each for FY26
- Record date determined as Thursday, September 10, 2026
- Dividend payout represents ~1.90% yield based on the CMP of Rs 105.4
- Follows initial Board recommendation previously intimated on May 19, 2026
Zee Entertainment Enterprises has allotted 20,94,47,805 fully convertible warrants at ₹126 per warrant to promoter group entity Sunbright Mauritius Investments Limited. The company received the upfront 25% subscription price amounting to ₹659.76 crore, with the remaining 75% (₹1,979.28 crore) payable within 18 months upon conversion. The total fundraise of ~₹2,639 crore represents ~25.8% of ZEEL's market cap (₹10,243 crore) and was issued at a premium to the current market price of ₹107.50, potentially increasing the promoter group entity's holding to 17.90% on a fully diluted basis.
- Allotted 20,94,47,805 fully convertible warrants at an issue price of ₹126 per warrant.
- Received 25% subscription amount of ₹659.76 crore on allotment.
- Balance ₹94.50 per warrant (75%) payable within an 18-month conversion window.
- Post-conversion, the allottee will hold 17.90% of the company on a fully diluted basis.
Zee Entertainment Enterprises Limited (ZEEL) has appointed Mr. Ashish Mishra as Chief Marketing Officer (CMO) and Senior Management Personnel, effective August 17, 2026. Mr. Mishra brings over two decades of marketing experience, including a nearly 14-year stint at HSBC and most recently serving as CMO at ACKO. He will report directly to MD & CEO Punit Goenka, while predecessor Kartik Mahadev transitions to a new internal role. The appointment comes as ZEEL aims to bolster its brand positioning and digital engagement amid soft advertising market conditions (TTM revenue of ₹8,099 Cr).
- Appointment of Mr. Ashish Mishra as Chief Marketing Officer designated as Senior Management Personnel effective August 17, 2026
- Mr. Mishra brings over 20 years (two decades) of experience across brand strategy, digital transformation, and consumer marketing
- Previously spent nearly 14 years at HSBC across leadership roles in India, Dubai, and London, and served as CMO at ACKO
- Will lead the marketing and brand agenda across ZEEL's global network spanning over 190 countries and 1.4 billion reach
The Securities Appellate Tribunal (SAT) on August 14, 2026, granted a partial stay on SEBI's debarment order dated July 31, 2026, against Zee Entertainment Enterprises Ltd (ZEEL) and Punit Goenka. The stay applies strictly for the limited purpose of completing the issuance of fully convertible warrants to the promoter group on a preferential basis. To avail this relief, both appellants must deposit the full penalty amount with SEBI within one week. General debarment from accessing the securities market continues in all other respects, though ZEEL is permitted daily mutual fund operations for ordinary business needs.
- SAT granted a partial stay on SEBI's July 31, 2026 debarment order vide order dated August 14, 2026
- Stay applies specifically to complete the issuance of fully convertible warrants to promoter group entities
- Time to execute warrant issuance extended by 1 week from August 14, 2026
- Both ZEEL and Punit Goenka must deposit the full penalty amount within one week into an interest-bearing account
- General securities market debarment remains in force, with routine day-to-day mutual fund transactions allowed
Financial Performance
Revenue Growth by Segment
In H1 FY26, Advertising revenue was INR 20,490 Mn (declined 8% YoY), Subscription revenue was INR 15,648 Mn (grew 14% YoY), and Other Sales & Services was INR 4,343 Mn (grew 2% YoY). The decline in advertising is driven by a 12% YoY drop in domestic advertising due to a slowdown in FMCG spending, while subscription growth is fueled by both linear and digital (ZEE5) gains.
Geographic Revenue Split
ZEEL operates a domestic portfolio of 49 channels and an international portfolio of 35 channels reaching 170+ countries. While specific regional % splits for FY26 are not fully detailed, international revenue includes Advertising (INR 510 Mn), Subscription (INR 919 Mn), and Other Sales (INR 144 Mn) for Q2 FY26.
Profitability Margins
Net Profit for Q2 FY26 was INR 76.5 Cr (INR 765 Mn), representing a 63% YoY decline from INR 209.5 Cr. Profitability was squeezed by a 9% YoY increase in operating costs and a 38% surge in A&P expenses (INR 224.5 Cr in H1 FY26) related to new channel launches.
EBITDA Margin
Q2 FY26 EBITDA margin stood at 7.4% (INR 146.4 Cr), down from 10.8% in Q2 FY25. H1 FY26 EBITDA margin was 9.9% (INR 397.9 Cr). The margin compression is attributed to higher programming costs for non-fiction content and a soft advertising environment.
Capital Expenditure
Not explicitly disclosed as a single 'planned' figure, but content inventory and advances (a form of operational CAPEX) stood at INR 6,990 Cr as of September 2025, reflecting a strategic reduction of INR 60 Cr since March 2025 to optimize cash flow.
Credit Rating & Borrowing
Brickwork Ratings (BWR) maintains a 'Negative' outlook due to financial performance deterioration and legal battles. The company has a repayment obligation for preference shares amounting to INR 403.39 Cr. Liquidity is rated 'Superior' with cash/treasury investments of INR 2,114.7 Cr.
Operational Drivers
Raw Materials
Content (Programming and Film Rights) is the primary 'raw material,' accounting for approximately 64% of the content inventory in the form of Movie Rights and 12% in Shows as of Sept '25.
Import Sources
Content is primarily sourced domestically from Indian production houses and internal studios (Zee Studios), with international rights acquired for global distribution across 170 countries.
Key Suppliers
Not specifically named as individual vendors, but involves a network of independent production houses, movie producers, and music labels for content and music rights acquisition.
Capacity Expansion
Current broadcasting capacity includes 49 domestic and 35 international channels. Recent expansion includes the launch of two new GEC channels in the Kannada and Bangla markets in Q2 FY26 to capture regional viewership share.
Raw Material Costs
Operating costs (primarily content) rose 11% YoY to INR 2,004.7 Cr in H1 FY26. Programming costs specifically increased 9% YoY due to the launch of high-cost non-fiction shows like 'Chhoriyan Chali Gaon'.
Manufacturing Efficiency
TV Network Share improved by 100 bps QoQ to 17.8% in Q2 FY26, indicating high efficiency in content-to-viewership conversion despite a soft market.
Logistics & Distribution
Distribution is handled via satellite broadcasting and the ZEE5 digital platform. ZEE5 revenue grew 32% YoY to INR 310.8 Cr in Q2 FY26, showing a shift toward digital distribution efficiency.
Strategic Growth
Expected Growth Rate
18-20%
Growth Strategy
Growth is targeted through a pivot to digital (ZEE5), where revenue grew 32% YoY, and by expanding regional footprints (new Kannada/Bangla channels). The company is also implementing a 15% workforce reduction to improve operating leverage and targeting an 18-20% exit EBITDA margin through cost optimization.
Products & Services
Satellite TV channels (Zee TV, Zee Cinema), ZEE5 OTT subscriptions, movie production and distribution (Zee Studios), and music label services (Zee Music).
Brand Portfolio
Zee TV, ZEE5, Zee Cinema, Zee Studios, Zee Music, Zee Cafe, Zee Marathi, Zee Bangla.
New Products/Services
Released 26 shows and movies in Q2 FY26, including 7 originals. Launched two new GEC channels in regional markets to drive long-term viewership growth.
Market Expansion
Focusing on regional Indian markets (Kannada, Bangla) and digital global expansion via ZEE5, which currently has 101.9mn MAUs.
Market Share & Ranking
All India TV Network Share is 17.8% as of Q2 FY26, ranking as one of India's leading television networks.
Strategic Alliances
Proposed merger with Sony Pictures Networks India (SPNI) where Sony would hold 50.86% and ZEEL promoters 3.99%; however, recent documents focus on standalone recalibration.
External Factors
Industry Trends
The industry is shifting from linear TV to OTT (Digital). ZEE5's 32% revenue growth and the reduction of its EBITDA loss by INR 127.6 Cr YoY show ZEEL is positioning itself for this digital transition while maintaining a 17.8% TV market share.
Competitive Landscape
Competes with major broadcasters and global OTT giants (Netflix, Amazon, Disney+ Hotstar). ZEEL is responding by launching 7 originals in a single quarter.
Competitive Moat
Moat is built on a 270,000+ hour content library and a massive reach of 1bn+ people. This is sustainable due to high entry barriers in satellite broadcasting and established brand equity in regional markets.
Macro Economic Sensitivity
Highly sensitive to GDP and FMCG sector health; a soft macro environment led to an 8% YoY decline in H1 FY26 advertising revenue.
Consumer Behavior
Shift toward regional content and digital consumption; ZEEL responded by launching Kannada/Bangla channels and 7-language ZEE5 subscription plans.
Geopolitical Risks
International broadcast portfolio of 35 channels is subject to local regulatory and geopolitical stability in 170 countries.
Regulatory & Governance
Industry Regulations
Subject to Ministry of Corporate Affairs (MCA) inspection under Section 206(5) of the Companies Act and Income Tax Department surveys. Compliance with SEBI LODR is maintained.
Environmental Compliance
Zee scored 51/100 in S&P Global CSA 2025, ranking in the top 5% globally in the media sector for ESG.
Taxation Policy Impact
Effective tax rate for Q2 FY26 was approximately 33.7% (INR 38.9 Cr tax on INR 115.4 Cr PBT).
Legal Contingencies
Pending legal battles and court cases (Delhi High Court, NCLT) are cited as key rating sensitivities. Repayment of preference shares (INR 403.39 Cr) is a critical financial obligation.
Risk Analysis
Key Uncertainties
Soft advertising environment (8% H1 revenue decline), outcome of MCA/Income Tax inspections, and the success of the digital transition for ZEE5.
Geographic Concentration Risk
Heavy concentration in the Indian domestic market, though international presence spans 170 countries.
Third Party Dependencies
Dependency on FMCG advertisers for revenue and independent production houses for content creation.
Technology Obsolescence Risk
Risk of linear TV decline; mitigated by ZEE5 digital platform which saw 32% revenue growth in Q2 FY26.
Credit & Counterparty Risk
High receivables from related parties with weak financial profiles remain a significant concern and a 'Credit Weakness' per rating agencies.
