Saregama India Limited · NSE:SAREGAMA
Saregama India — Q3 FY2026 Earnings Presentation
38 slides from Saregama India's earnings presentation, Feb 3, 2026
Slide 1: Regulation 30 update letter to stock exchanges
Date: 3rd February, 2026 The Manager, The General Manager, Listing Department, The Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Phiroze Jeejeebhoy Towers, Block G, Bandra – Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051 Mumbai – 400 001 S
Slide 2: Revenue from Operations stood at Rs. 2,604 Mn in Q3 FY26
Revenue from Operations stood at Rs. 2,604 Mn in Q3 FY26, recording a QoQ growth of 13%; Music Licensing plus Artiste Management up by 23% QoQ and 29% YOY Building IP for Tomorrow Mumbai, 3rd Feb 2026: Saregama, a RPSG Group company, announced its Financial Results for the quarter and nine-month end
Slide 3: Press release continued: operational highlights and About Saregama
the quarter was the use of our songs for “Jazz City” running on Sony Liv, “Filmfare 2025” on Zee, etc. The Company added 60 artistes during the period, taking the total roster to 270+ artistes with an aggregate digital reach of over 300 million, following the acquisition of Finnet by our subsidiar
Slide 4: Saregama India Limited
QUARTERLY PRESENTATION | Q3 FY26 SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q3 FY26
Slide 5: Saregama Strengths
QUARTERLY PRESENTATION | Q3 FY26 SAREGAMA STRENGTHS India’s only entertainment company with IP offerings across media channels (music, films, digital series, TV serials, and short-format), delivery platforms (digital and physical) and business models (licensing, advertising and retail) Large intelle
Slide 6: Key Financial Metrics
QUARTERLY PRESENTATION | Q3 FY26 SAREGAMA | KEY FINANCIAL METRICS Revenue from Operations (INR Mn) Adjusted EBITDA (INR Mn) PBT (INR Mn) 23% 40% 43% CAGR 11,713 CAGR CAGR 2,761 3,566 2,708 2,481 3,029 2,712 2,044 8,030 7,366 2,230 1,519 5,806 5,447 5,215 1,451 4,420 3,566 847 786 763 603 2,185 511 3
Slide 7: Strategic Overview
QUARTERLY PRESENTATION | Q3 FY26 SAREGAMA | STRATEGIC OVERVIEW OPERATING ACROSS FOCUSSING ON MONETISING THROUGH 3 SEGMENTS 4 GENRES 3 STREAMS BUSINESS GENRES REVENUE SEGMENTS MODELS CONTENT LIVE ARTISTE MUSIC PLATFORMS/ CREATION EVENTS MANAGEMENT 3RD PARTY MUSIC MUSIC DEVOTIONAL DIRECT TO CUSTOMERS
Slide 8: Global Industry Highlights
QUARTERLY PRESENTATION | Q3 FY26 GLOBAL INDUSTRY HIGHLIGHTS 5
Slide 9: The Growth of Global Music Industry Continues
QUARTERLY PRESENTATION | Q3 FY26 THE GROWTH OF GLOBAL MUSIC INDUSTRY CONTINUES Global recorded music revenue grew 4.8% to reach USD29.6 bn in 2024 0.6 0.6 2.9 0.6 2.7 0.8 0.5 0.9 2.5 2.3 0.9 0.6 0.7 0.4 1.1 0.4 0.7 0.9 2.2 0.3 0.8 0.4 0.9 0.9 2.4 0.4 1.2 1.8 1.1 2.5 0.1 1.2 0.3 1.4 20.4 2.5 0.3 0.3
Slide 10: India's Subscription Story: Untapped Potential Ahead
QUARTERLY PRESENTATION | Q3 FY26 INDIA’S SUBSCRIPTION STORY : UNTAPPED POTENTIAL AHEAD Growth Potential in terms of Subscribers Growth Potential in terms of ARPU 50% Emerging Markets 42% 38% 13% 13% Average Global Penetration 1% Sweden USA UK Brazil China India Emerging Markets Developed Markets Swe
Slide 11: Indian Media & Entertainment Sector Expected to Grow at 7% PA
QUARTERLY PRESENTATION | Q3 FY26 INDIAN MEDIA & ENTERTAINMENT SECTOR IS EXPECTED TO GROW AT 7% PA Saregama Has A Play In Multiple Verticals Of The Sector MUSIC VIDEO LIVE EVENTS ARTISTE MANAGEMENT Industry size (2024): INR 32,000 Mn Film industry size (2024): Industry size (2024) : INR 22,000 Mn Ind
Slide 12: Company Overview
QUARTERLY PRESENTATION | Q3 FY26 COMPANY OVERVIEW 9
Slide 13: Segmental Growth
QUARTERLY PRESENTATION | Q3 FY26 SEGMENTAL GROWTH 6,104 5,441 1,920 4,410 3,585 2,839 1,159 1,024 1,085 2,361 16% 702 521 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 * One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn in FY20 are excluded FY25 C. V
Slide 14: Our Licensing Partners
QUARTERLY PRESENTATION | Q3 FY26 OUR LICENSING PARTNERS Streaming Partners Broadcasting Partners Video Streaming Partners Music Music + Films & Series Music + Films & Series v Social Media Platforms Brand Partnerships Music + Films & Series 11
Slide 15: AI for Today and Tomorrow
QUARTERLY PRESENTATION | Q3 FY26 AI FOR TODAY AND TOMORROW Leveraging Generative AI to transform Video content creation with enhanced efficiency, ~70% cost savings, and up to 80% faster execution 12
Slide 16: Operational Highlights
QUARTERLY PRESENTATION | Q3 FY26 OPERATIONAL HIGHLIGHTS 13
Slide 17: Securing the Music IP Pipeline Through Strategic Investment
QUARTERLY PRESENTATION | Q3 FY26 SECURING THE MUSIC IP PIPELINE THROUGH STRATEGIC INVESTMENT IN Significant Minority Ownership basis valuation linked to next 3 years financial performance Exclusive access to marquee Hindi film music, ensuring a predictable, high-quality new music basis a predefined
Slide 18: Music: Licensing + Artiste Management Revenue per Quarter
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING + ARTISTE MANAGEMENT REVENUE PER QUARTER (INR MN) 2,038 1,707 1,716 1,653 1,577 1,480 1,490 1,319 1,331 1,178 1,198 1,217 1,125 1,079 992 1,028 882 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY
Slide 19: Music: Licensing
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING • OTT: Progressive shift seen as paid subscription picks pace. Strong revenue growth in medium to long-term • Brand Licenses: Open AI, Manyavar, Fogg, Greenlam, Carat Lane, etc. • Broadcasting: Media Corp • Digital Content Licenses: Jazz City (SonyL
Slide 20: Investment in New Content (INR Mn)
QUARTERLY PRESENTATION | Q3 FY26 INVESTMENT IN NEW CONTENT (INR MN) ~10,000 Mn 3,160 1,949 1,192 1,095 324 151 195 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY27E Investment in New Content = Cost of Content + Marketing
Slide 21: Major Film Albums Released in 9M FY26
QUARTERLY PRESENTATION | Q3 FY26 MAJOR FILM ALBUMS RELEASED IN 9M FY26 - BUILDING IP FOR TOMORROW Film Language No. of Songs Production House Star Cast Box Office Collection* (Rs. Cr) Dhurandhar Hindi 11 Jio Studios, B62 Films Ranveer Singh, Akshaye Khanna, R.Madhavan, Arjun Rampal, Sanjay Dutt, Sar
Slide 22: Creating History: A Signature Saregama Release
QUARTERLY PRESENTATION | Q3 FY26 CREATING HISTORY: A SIGNATURE SAREGAMA RELEASE #1 #17 Weekly Top Albums Weekly Top Albums Spotify - India Spotify - Global i All 11 Tracks From The Dhurandhar Charted On Spotify India Top 200 A Historic First For A Bollywood Album
Slide 23: Music: Licensing | Chartbusters of 9M FY26
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING | CHARTBUSTERS OF 9M FY26 HINDI BHOJPURI Tu Meri main Tera Kokaina Nathuniya 2
Slide 24: Music: Licensing | Chartbusters of 9M FY26
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING | CHARTBUSTERS OF 9M FY26 TAMIL MALAYALAM Muththa Mazhai Jinguchaa Onam Mood
Slide 25: Music: Licensing | Content Creation - Film Music
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING I CONTENT CREATION Film Music HINDI MALAYALAM TAMIL TELUGU Hum Dono Uyarnnu Vaa Enna Sugam Thanu (Tu Meri Main Tera Main Tera Tu Meri) (Karam) (Idli Kadai) (Hit: 3) Tu Meri Poori Kahani- Premavathi Jinguchaa Bella Bella Title Track (Athi Bheekara Ka
Slide 26: Music: Licensing | Content Creation - Non-Film Music
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : LICENSING I CONTENT CREATION Non-Film Music HINDI TAMIL BHOJPURI DEVOTIONAL PUNJABI Last Bencher Kamariya Mein Peer Sawan Song Kaudi Ghutt Mashooqa (Jhoom Jhoom ke Sawan) HARYANVI Pyaar Ki Talaash Vaadi Kanmani Dhamaka Shri Krishna Govind Hare Circle Murari M
Slide 27: Music: Artiste Management
QUARTERLY PRESENTATION | Q3 FY26 MUSIC : ARTISTE MANAGEMENT Maahi Mermaid Scales RJ Karishma Paradox Pranitha Subhash Amit Bhadana 21.4 Mn Followers 15.5 Mn Followers 8.5 Mn Followers 7.3 Mn Followers 44.4 Mn Followers Pragati Nagpal Marquee Artistes added in 9M FY26 Rehaan Roy Pal Manickam Lash Cur
Slide 28: Retail
QUARTERLY PRESENTATION | Q3 FY26 RETAIL • Transition from sales through distribution channel to sales Carvaan Sales (Units '000s) only through E-commerce and Modern Retail outlets • Reduction in number of SKUs 108 111 88 • Manpower restructuring exercise carried out 73 59 50 • While the volumes and
Slide 29: Video: Films, TV, Digital Series & Short-Format
QUARTERLY PRESENTATION | Q3 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT Upcoming release • Released Prakash Veer’s A. Films “The Devil” (Kannada) starring Superstar Darshan • Upcoming release: “Vishwambhara” in Telugu Vishwambhara The Devil (Telugu) • Battle of Bands International: In coll
Slide 30: Video: Digital Series and Short-Format
QUARTERLY PRESENTATION | Q3 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT 33 Mn+ 8 Mn+ Followers & Subscribers Followers & Subscribers C. Digital Series D. Short-Format
Slide 31: Live Events
QUARTERLY PRESENTATION | Q3 FY26 LIVE EVENTS • Aura Tour by Diljit Dosanjh staged in Malaysia, Hong Kong, Australia, New Zealand • CAP-MANIA Tour 2025 with Himesh Reshammiya kicked off in Mumbai, followed by shows in Delhi, Ahmedabad, and Dubai • Comedy vertical strengthened with Viraj Ghelani ‘s Th
Slide 32: Financial Highlights Consolidated
QUARTERLY PRESENTATION | Q3 FY26 FINANCIAL HIGHLIGHTS CONSOLIDATED 29
Slide 33: Quarterly Financial Summary
QUARTERLY PRESENTATION | Q3 FY26 QUARTERLY FINANCIAL SUMMARY Particulars (INR Mn) Q3 FY26 Q2 FY26 QoQ Q3 FY25 YoY Revenue from Operations •Music : Licensing + Artiste Management 2,038 1,653 23% 1,577 29% •Retail 157 207 (24%) 225 (30%) •Video 187 218 (14%) 243 (23%) •Events 222 222 0% 2,789 (92%) Re
Slide 34: Adjusted EBITDA to PAT
QUARTERLY PRESENTATION | Q3 FY26 ADJUSTED EBITDA TO PAT Particulars (INR Mn) Q3 FY26 Q2 FY26 QoQ Q3 FY25 YoY FY25 Revenue from Operation (A) 2,604 2,300 13% 4,834 (46%) 11,713 Total Expenses (B) 1,394 1,453 (4%) 3,805 (63%) 8,147 Adj. EBITDA (C=A-B) 1,210 847 43% 1,029 18% 3,566 Adj. EBITDA Margin 4
Slide 35: Balance Sheet
QUARTERLY PRESENTATION | Q3 FY26 BALANCE SHEET As at 31st As at 31st As at 31st As at 31st Equity and Liabilities (INR Mn) Assets (INR Mn) Dec-25 Mar-25 Dec-25 Mar-25 Shareholder's fund Non-current assets (a) Equity share capital 193 193 (a) Property, plant and equipment 2,212 2,222 (b) Other equity
Slide 36: Cash Flow Statement
QUARTERLY PRESENTATION | Q3 FY26 CASH FLOW STATEMENT Particulars (INR Mn) 9M FY26 FY25 Pre-Tax Profit 1,807 2,761 Change in other operating activities ( including non-cash Items) 343 17 Change in Working capital (378) 1,882 Taxes Paid (472) (806) Net cash (used in)/generated from Operating Activitie
Slide 37: Financial Charts (Consolidated)
QUARTERLY PRESENTATION | Q3 FY26 FINANCIAL CHARTS (CONSOLIDATED) Music: Licensing+ Content Charge Revenue from Operations Artist Mgmt. Revenue (INR Mn) PAT (INR Mn) (Turnover) (INR Mn) (INR Mn) 1,282 11,713 1,851 1976 2,042 6,104 5441 864 1,526 8030 679 1,135 7366 4410 463 5806 3585 4420 2839 179 FY
Slide 38: Disclaimer
QUARTERLY PRESENTATION | Q3 FY26 DISCLAIMER Saregama India Ltd. Disclaimer: In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio, Return on Equity, to review and assess our operating perf