Zee Entertainment Enterprises : Earnings Presentation (ZEEL Q4 FY26 Earnings Presentation)

Earnings Update for Q4 FY26 & FY26

19 May 2026

Zee Entertainment Enterprises Limited

Investing for long-term growth Maintaining healthy balance sheet

Rs 80,989 Mn

9.3%

Rs 27.6 Bn

FY26 Operating Revenue

Adjusted EBITDA Margin*;

FY26 Adjusted EBITDA* of Rs 7,547 Mn

Cash and Cash

Equivalent as of Mar'26

'Z' Network gains share across Hindi and

other language markets 'Z' Digital Business Delivered EBITDA (Adj.) Breakeven in FY26

17.4%

53%

127

FY26 All India TV Network Share; Up 60 bps YoY

ZEE5 YoY Revenue Growth; FY26 Revenue Rs 14,888 Mn

Shows and Movies (Incl. 34 Originals) Released in FY26

FY26 Key Performance Highlights

Key Highlights

FY26 revenue up 53% YoY

14,888

7,411

9,760

9,195

-490*

*Includes the change in estimates of movie rights inventory amortisation pattern

Excluding this impact, business delivered positive EBITDA

-11,052

-11,054

EBITDA** (Rs Mn)

-312

-5,480

-84*

FY23 FY24 FY25 FY26

Q3 FY26 Q4 FY26

564

Q2 FY26

3,108

• Registered highest ever Quarterly Revenue

• Stable usage and engagement metrics during the quarter

• 45 shows and movies released during the quarter including 11 originals

• Expect to sustain positive unit economics driven by growth and operating leverage

Q4 FY26 revenues up 71% YoY

Q4 FY26 Impact Releases

Q1 FY27 Slate

2,747 2,900

Q4 FY25 Q1 FY26

-753 -658

Total Revenue (Rs Mn

4,700

)

4,180

: Delivered Positive EBITDA (Adj.) in FY26

Industry TV Reach and Impressions

'Z' Network Share

Weekly Reach (Mn)

757 750 741

FY24 FY25 FY26

Weekly Impressions (Bn)

29.4 28.7 28.4

FY24 FY25 FY26

Total TV viewership remains stable

16.8% 17.1% 16.8% 17.4%

FY23 FY24 FY25 FY26

All 15+ (U)

17.5% 17.4%

16.6%

Q4 FY25 Q3 FY26 Q4 FY26

Key Launches in Q4 FY26

Invest & Grow

Strengthen & Monetize

Viewership Focus:

Zee TV, Zee Marathi and Zee Tamil

Monetization Focus:

Zee Kannada, Zee Bangla, Zee Sarthak, Zee Punjabi, Zee Telugu & Hindi movies/ Cinema

TV reach & Impression Source: BARC, All India 2+ Yrs, (U + R)

Lakshmi Nivas (Zee TV)

Vaagai Sooda Vaa (Zee Tamil)

Sanai Chaughade (Zee Marathi)

Comedy Khiladi Juniors

(Zee Kannada)

Kichi Sata Kichi Michha (Zee Sarthak)

Aata (Zee Telugu)

Domestic Linear: TV Landscape Remains Stable

'Z' Network Share Grew 80 bps YoY, aided by Hindi & Language markets

Hindi Movies

Distributed by Zee Studios

Produced & Distributed by

Zee Studios

Produced &

Digital Released (Zee5)

Distributed by

Zee Studios

Produced & Distributed by

Zee Studios

Distributed by

Other Language Movies

Zee Studios

Distributed by

Zee Studios

Produced & Distributed by Zee Studios

Produced & Distributed by Zee Studios

Produced & Distributed by Zee Studios

Produced & Digital Released (Zee5)

Produced & Distributed by Zee Studios

Produced & Distributed by Zee Studios

Produced & Distributed by Zee Studios

: 7 Hindi and 6 Other Language Movies Released During Q4 FY26

: Music Label with ~176 Mn Subscribers on YouTube

Q4 FY26 Key Catalogue Additions

All ZMC YouTube Channels Video Views & Subscribers Count

165

190

217

66

117

119

134 149

164 176

FY22 FY23 FY24 FY25 FY26

Total Subs count (Mn) Total video views during the year (Bn)

Language Wise Songs Released in FY26

Others , 35%

Hindi & Punjabi, 27%

Hindi	Other Languages	Singles / Albums
41	43	783

Tamil, 1%

Bengali, 3%

Telugu, 3%

Marathi, 13%

Bhojpuri, 18%

Strategic Initiatives Undertaken in FY26

Increased viewership share on the back of exciting content

Building specialised teams to cater to Retail/SME/MSME advertisers

• Growth through a strong lineup of fresh

  content (fiction and non-fiction)

• Re-entered FTA market

  'Z' Network Share at 3-Yrs high

  
  
  

  17.4%

  17.1%

  • 'Z' R.I.S.E (Results | Integration | Strategy | Engagement) initiative

'Z' Monthly Reach in Million

Transforming Content [TV Shows, Digital Shows, Movies]

into a cross-platform revenue engine

Omni Channel Unique Reach

800+

Upto Rs 1,160 Mn to be Invested in Phantom Digital Effects Limited (Phantom)

This investment shall significantly enhance Company's offering and content creation capabilities in the Animation, Visual Effects, Gaming & Comics (AVGC) segment.

aimed at transforming brand-building for advertisers

Enhanced focus on in-Show Brand Integration

• Zee launches 'Dilfluencer Moments' to push character-led brand

16.8%

16.8%

integrations

FY23 FY24 FY25 FY26

'Z' Business Initiatives

Micro Drama

(Short form video)

4.6+

Rated on both Google Play and App Store

10M+

Downloads since launch

Mobile-first audience Gen Z and millennials

Content across

7 Language

Standalone app and integrated directly within the ZEE5 ecosystem.

Focused on

children in the 6-16 age group

Designed as a safe,

"mom-approved"

digital space, it includes animated shows, movies, and educational content.

Content offered in

Multiple Languages

& More

Syndication Business

Monetising 'Z'

content library

ZI-IPR

• Monetising content across platforms and borders

• Obtained Multi-Channel Network license

12 Teams

The league featured 66 matches

120% growth

In UPKL Season 2

Television Reach.

Cumulative reach of 40 million across India (2+)

Broadcasted on

Language channel + Z5

& More

Rs 200 Mn to be invested in Culture of Real Experiences Private Limited (CORE)

Helps driving Live entertainment events etc.

A global content and technology powerhouse

'Z' New Initiatives

Key ESG Highlights:

S&P Global ESG Score Placed us in the 96th Percentile Across the Media, Movies & Entertainment;

NSE Sustainability Ratings & Analytics Rating Category Placed 'Z' as Leader

S&P Global ESG score in CSA

51

44 • 'Z' achieved a high score of 51 out of 100 S&P Global ESG Corporate Sustainability Assessment 2025 in

19 28 Media, Movies and Entertainment (M&E) sector.

• With this score 'Z' surpassed the industry average score of 22 and ranks among the top 5% of global

players in the sector.

Governance

• Suppliers ESG assessment: On site ESG assessments and engagement conducted for selected production houses

• Employee awareness on data privacy was promoted through Privacy Week activities, including quizzes, meme contests, and case study competitions

2022 2023 2024 2025

73

Rating Category : Leader

ESG Rating for FY25

Last Updated: 2nd Apr 2026

Environmental

• 'Z' initiated a global climate risk assessment in alignment with the Task Force on Climate-related Financial Disclosures (TCFD)

• Energy audits were carried out across 'Z's pan-India operations in line with the Energy Conservation Act, 2001

Social

• ESG and decarbonisation capacity building sessions were conducted for the value chain partners

• Employee engagement initiatives were undertaken through sports-based activities

'Z' ESG initiatives are Committed to People, Planet, and Progress

Zee Entertainment Enterprises Limited

11

FY26 & Q4 FY26 Financial Performance

(INR Million)	FY25	FY26	YoY
Operating Revenue	82,941	80,989	-2%
Expenditure	-70,979	-77,526	9%
EBITDA	11,962	3,463	-71%
EBITDA Margin	14.4%	4.3%
Adjusted EBITDA	11,962	7,547*	-37%
Adjusted EBITDA Margin	14.4%	9.3%
Other Income	1,234	1,461
Depreciation	-2,785	-2,172
Finance cost	-327	-448
Fair value through P&L	-159	-524
Exceptional Items/ JV & Associate	-982	-92
Profit Before Tax (PBT) from continuing operations	9,261	2,736	-70%
Provision for Tax	-2,387	-23
Profit after Tax (PAT) from continuing operations	6,874	2,713	-61%
Profit from discontinuing operations	-79	0
Profit for the period/year	6,795	2,713	-60%

Operating Revenue Breakup (Rs Mn)

Advertising Subscription Other Sales & Services

YoY

10% 4% 2%

32,243

7,950

FY26

35,911

7,769

FY25

Cost Breakup (Rs Mn)

48,594

6,257

FY26

45,172

5,075

FY25

Includes the change in estimates of movie rights inventory amortisation pattern and additional impairment

Operating

Personnel A&P Others

FY26 Adjusted EBITDA Margin at 9.3%; Weak Ad Environment & Higher A&P Impacts Profitability

(INR Million)	Q4 FY25	Q3 FY26	Q4 FY26	QoQ	YoY
Operating Revenue	21,841	22,801	20,248	-11%	-7%
Expenditure	-18,989	-20,396	-22,934	12%	21%
EBITDA	2,852	2,405	-2,686
EBITDA Margin	13.1%	10.5%	NA
Adjusted EBITDA	2,852	2,405	1,398*	-42%	-51%
Adjusted EBITDA Margin	13.1%	10.5%	6.9%
Other Income	362	184	763
Depreciation	-639	-537	-473
Finance cost	-81	-92	-149
Fair value through P&L	-125	-151	-138
Exceptional Items/ JV & Associate	1	-94	0
Profit Before Tax (PBT) from continuing operations	2,620	2,017	-2,407
Provision for Tax	-734	-469	1,370
Profit after Tax (PAT) from continuing operations	1,886	1,548	-1,037
Profit from discontinuing operations	-2	-	-
Profit for the period/year	1,884	1,548	-1,037

Operating Revenue Breakup (Rs Mn)

Advertising Subscription Other Sales & Services

QoQ

YoY

5% 2%

4% 4%

49%

47%

Q4 FY26

Q3 FY26

Q4 FY25

10,247

8,515

8,080

3,784

10,502

8,375

9,865

1,921

3,601

Q4 FY26

Q3 FY26

Q4 FY25

Cost Breakup (Rs Mn)

15,048

1,642

Includes the change in estimates of movie rights

13,056

1,695

inventory amortisation pattern and additional impairment

12,819

2,161

2,300

1,920

870

Operating Personnel A&P Others

Q4 FY26 Operating Revenue down 11% YoY; Ad Revenue Impacted by Middle East Crisis

Advertising

revenues

• Domestic advertising revenue witnessed healthy traction in Jan & Feb

• Impacted in March due to ongoing Middle East Crisis; overall revenue down 3% YoY

Subscription

revenues

• Growth aided by subscriber additions in digital & higher ARPU

Other Sales &

Services revenues

• Growth in syndication offset by studios business

Operating cost (Adj.)

• Decline in programming expenses was on account of lower movie production costs Y-o-Y

• Continue to selectively invest towards growth initiatives (such as KidZ, Bullet, Live, etc.)

A&P and Other

expenses

• Higher A&P spends due to increased content offering (Y-o-Y) on Z5, launch of KidZ and higher legal costs

Adjusted EBITDA

• Adjusted EBITDA for the quarter came at Rs 1,398 Mn

• Q4 FY26 Adjusted EBITDA Margin at 6.9%

International

revenue break-up

• Q4 FY26 Advertising revenue : Rs 506 Mn, Subscription revenue : Rs 999 Mn, Other Sales & Services : Rs 65 Mn

Q4 FY26: Continued momentum in Digital business

Assets (INR Million)	Mar'25	Mar'26
Non-Current Assets
Fixed assets	10,059	9,114
Investments	383	445
Other financial assets	1,145	547
Income tax & Deferred tax assets	7,335	9,385
Others Non-Current Assets	149	2,290
Current Assets
Inventories	67,748	65,123
Cash and other investments	24,063	27,595
Trade receivables	15,325	17,243
Others financial assets	3,405	4,695
Other current assets	7,636	5,507
Non-current assets - HFS	91	211
Total Assets	1,37,341	1,42,155

Liabilities (INR Million)	Mar'25	Mar'26
Equity Capital	1,15,224	1,17,281
Non-Current Liabilities
Lease Liab/Other borrowings	2,398	1,941
Provisions	1,579	1,413
Current Liabilities
Lease Liab/Other borrowings	811	710
Trade Payables	12,017	14,669
Other financial liabilities	2,235	2,084
Other current liabilities	2,747	3,661
Provisions	189	253
Income tax liabilities	114	115
Liabilities associated with assets- HFS	27	28
Total Equity & Liabilities	1,37,341	1,42,155

Condensed Balance Sheet

S.No Particulars (INR Million) Mar-26
Mutual Fund Investments (A)
1 HDFC Ultra Short-Term Fund - Direct Plan Growth	3,986
2 SBI Magnum Ultra Short Duration Fund - Direct Plan Growth	1,817
3 Tata Ultra Short-Term Fund- Direct Plan Growth	2,932
4 Aditya Birla Sun Life Savings Fund- Direct Plan- Growth	1,559
5 Aditya Birla Sun Life Liquid Fund- Direct Plan- Growth	603
6 Mirae Asset Liquid Fund - Direct Plan Growth	1,005
7 DSP Liquidity Fund - Direct Plan Growth	402
Total MF (A)	12,303
Fixed Deposits (B)
1 ICICI Bank	12
2 AU Small Finance Bank	980
3 HDFC Bank	12
Total (B)	1,003
FDs of other subsidiaries (C)	6,477
Total Investments (A+B+C)	19,783
Bank balance and other treasury investments (D)	7,812
Grand Total (A+B+C+D)	27,595

*The cash & treasury investments as of Mar'26 stood at Rs 27,595 Mn, including Mutual Fund of Rs 12,303 Mn, Bank FDs

of Rs 7,480 Mn and Cash balance and other treasury investments of Rs 7,812 Mn.

The Cash & Treasury Investments as of Mar'26 stood at Rs 27,595 Mn

Rs 67.6 Bn

Rs 70.5 Bn

Rs 72.5 Bn

Rs 74.2 Bn

Rs 79.6 Bn

Decreased by Rs 2.8 Bn

during FY26

72%

12%

11%

14%

8%

13%

14%

7%

16%

14%

4%

12%

13%

4%

13%

13%

Content Advances

64%

64%

64%

71%

Movies Production, Music & Others

Shows

Movies Rights

FY22 FY23 FY24 FY25 FY26

Content Inventory and Advances Declined in FY26

Yours Truly