Saregama India Limited · NSE:SAREGAMA
Saregama India — Investor Presentation (July 2026)
58 slides from Saregama India's investor presentation, Jul 24, 2026
Slide 1: Exchange filing cover letter for Corporate Presentation
Date: 24th July, 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 Symb
Slide 2: Corporate Presentation
A 1902 gramophone label, transformed into a digital IP powerhouse. INDIA Corporate Presentation LIMITED
Slide 3: The Investment Case: Own the IP in perpetuity, then compound
SAREGAMA INDIA LTD THE INVESTMENT CASE OWN THE IP IN PERPETUITY. 1,80,000+ 650MN+ THEN COMPOUND Songs Owned Owned Audience IT ACROSS EVERY Master & underlying works, Subscribers & followers in perpetuity, global across the portfolio FORMAT THAT INDIA’S DIGITAL BOOM OPENS UP. ₹4,047MN 26% Adjusted EB
Slide 4: FY26: All time high Adjusted EBITDA
SAREGAMA INDIA LTD THE INVESTMENT CASE FY26 : All time high Adjusted EBITDA, headline revenue up excluding one-off live-events base KEY FINANCIAL METRICS Revenue from Operations Adjusted EBITDA Music Content Charge Operational PBT (INR Mn) (INR Mn) (INR Mn) (INR Mn) 2,926 Live Events business is lum
Slide 5: From a 1902 gramophone label to a Digital IP Powerhouse
SAREGAMA INDIA LTD HERITAGE · 120+ YEARS From a 1902 gramophone label to a Digital IP Powerhouse : Reinvented Every Era, Every Format. First recording of an Indian song Started investing in by Gauhar Jaan. new Film Music again 2025 2023 Company incorporated as The Gramophone Carvaan 2022 Company (In
Slide 6: India's digital boom compounding content consumption and monetisation
SAREGAMA INDIA LTD THE OPPORTUNITY India's digital boom is compounding both content consumption and monetisation. Saregama wants to ride that wave, as a pure play Content IP company. 01 Digital boom 750 Mn+ active screens, cheap data, tightening anti-piracy Digital Boom Increase in App — the base ke
Slide 7: Four verticals in a growing Indian entertainment market
SAREGAMA INDIA LTD THE OPPORTUNITY Four verticals — each in a structurally growing Indian entertainment market. MUSIC LIVE EVENTS VIDEO ARTISTE MGMT. ₹59,000 Mn ₹1,45,000 Mn ₹2,05,000 Mn ₹22,000 Mn +8% CAGR · 3 yrs +11% CAGR · 3 yrs +7% CAGR · 3 yrs +24% · 2 yrs Growth in digital users and Rising di
Slide 8: Competitive Moats: owned catalogue and owned audience
SAREGAMA INDIA LTD COMPETITIVE MOATS Two moats that compound: an owned catalogue in perpetuity, and a large owned audience. PROPRIETARY IP DIGITAL FANBASE 1,80,000+ 650 Mn+ Songs owned — master & underlying works, in Subscribers & followers — a direct, owned audience perpetuity, global territory. ac
Slide 9: Diversified across segments, partners and revenue sources
SAREGAMA INDIA LTD BUSINESS MODEL Diversified across segments, partners and revenue sources — no single point of dependence. 83% MUSIC 6% LIVE EVENTS 11% VIDEO Licensing | Artiste Mgt. | Retail (Carvaan, Vinyl) Concerts | Festivals | Devotional | Film (Bhansali) | TV & digital series | Stand-up Come
Slide 10: The Flywheel: one engine, four businesses
SAREGAMA INDIA LTD THE FLYWHEEL One engine turns four businesses into compounding value. MUSIC LIVE EVENTS AI BRAND PARTNERSHIP PERFORMANCE MARKETING ARTISTE VIDEO MANAGEMENT
Slide 11: Segment 01: 83% of revenue
SEGMENT 01 : 83% OF REVENUE Licensing · Artiste Management · Retail
Slide 12: Global recorded-music market keeps compounding
SAREGAMA INDIA LTD MUSIC · INDUSTRY The global recorded-music market keeps compounding — and streaming leads it. +6.4% $31.7 Bn ~70% 2025 growth 2025 revenue revenue from streaming Global recorded music Global recorded music 837 Mn paid users globally Why it matters for Saregama Streaming has turned
Slide 13: India's music-subscription penetration among the lowest globally
SAREGAMA INDIA LTD MUSIC · OPPORTUNITY India's music-subscription penetration is among the lowest globally — the subscriber & ARPU headroom is the thesis. Paid-subscription penetration (%) India 3 ARPU* headroom China Brazil 18 19 ~8 USD Emerging-markets average label-share ARPU today Germany 41 UK
Slide 14: One music catalogue, six revenue streams
SAREGAMA INDIA LTD MUSIC · LICENSING One music catalogue, monetised across six revenue streams — with owned YouTube reach scaling fast. Audio OTT Video OTT Sync Per-stream + share of subscription fees from Advertising & subscription revenue from our Music licensing to third-party films & web- global
Slide 15: Driving catalogue value growth and new content acquisition
SAREGAMA INDIA LTD MUSIC · LICENSING Driving growth in catalogue value, while future-proofing the company through data-driven new content acquisition CATALOGUE VALUE Market through Pocket AI Content Refresh Recreations Retail Products: GROWTH Aces’ 400Mn+ Digital Carvaan & Vinyl followers Acquire 25
Slide 16: Biggest multi-language Indian catalogue: 180,000+ songs
SAREGAMA INDIA LTD MUSIC · CATALOGUE The biggest multi-language Indian catalogue: 180,000+ songs, all major Indian languages and genres 54,000+ 31,000+ 19,000+ 12,500+ Hindi Bengali Tamil Telugu 10,000+ 9,000+ 8,000+ 4,500+ Punjabi Malayalam Marathi Kannada 25,000+ 9,000+ 4,500+ 1,000+ Devotional Cl
Slide 17: Focus on growing revenues from older songs
SAREGAMA INDIA LTD MUSIC · CATALOGUE Focus on growing revenues from older songs Maula Mere Maula (INR Mn) Jaadu Teri Nazar (INR Mn) Ho Gaya Hai Tujhko To Pyar Sajna 6M (INR Mn) 3M 2M 5M 4M 2M 3M 2M 1M 3M 737K 866K 486K 539K 399K FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 F
Slide 18: From a catalogue label to a new-age content company
SAREGAMA INDIA LTD MUSIC · NEW CONTENT From a catalogue label to a new-age content company — and investing behind it. Song Share by Decade of Release Investment in New Content (INR Mn) 45% 1,047 3,160 23% 2,354 21% 22% 21% 1,949 19% 17% 15% 15% FY24 FY25 FY26 2% Organic Inorganic 2021-26 2001-2020 S
Slide 19: Why owning IP compounds: 5-year payback, ~90% margin
SAREGAMA INDIA LTD MUSIC · UNIT ECONOMICS Why owning IP compounds: pay back in 5 years, then earn at ~90% margin for decades. 5 yrs 10 yrs 60–80 yrs ~26% Cash Payback Amortisation in P&L Revenue life IRR on new content investment content cost fully amortised an owned song keeps earning on new music
Slide 20: Data-driven acquisition landing hits across languages
SAREGAMA INDIA LTD MUSIC · FY26 OUTPUT Data-driven acquisition is landing hits — at industry scale, across languages. 150+ #1 position 5 Saregama songs on Charts Weekly Top Albums languages charting Across Spotify language charts in FY26 Spotify India (FY26) Hindi, Tamil, Telugu, Malayalam, Bhojpuri
Slide 21: Future slate secured: Hindi
SAREGAMA INDIA LTD MUSIC · FY27 SLATE Future slate secured — visibility on new music across Hindi and regional markets. HINDI Silaa Haunted 3D: Echoes of the Past Love & War Naagzilla
Slide 22: Future slate secured: Regional
SAREGAMA INDIA LTD MUSIC · FY27 SLATE Future slate secured — visibility on new music across Hindi and regional markets. REGIONAL Paradise Dharman Purushan (Telugu) (Tamil) (Tamil) Meesaya Murukku 2 Mango Pachcha (Tamil) (Kannada)
Slide 23: Future slate secured: Regional
SAREGAMA INDIA LTD MUSIC · FY27 SLATE Future slate secured — visibility on new music across Hindi and regional markets. REGIONAL Out of Syllabus Swapnasundari Rahul Dev Burman (Marathi) (Marathi) (Phire Esho Anuradha) Kirr Katta Kirr Shiuli (Bengali) (Marathi) (Bengali)
Slide 24: Artiste Management: build, grow and monetise talent
SAREGAMA INDIA LTD MUSIC · ARTISTE MANAGEMENT Build, grow and monetise talent across the whole content ecosystem. 300+ 410 Mn+ +24% Artistes Digital footprint of Saregama Astistes Market CAGR Artiste mgmt., 2 yrs Develop Monetise Cross-ecosystem Discover & onboard artistes and Live events, concerts,
Slide 25: Examples of growing and monetising talent
SAREGAMA INDIA LTD MUSIC · ARTISTE MANAGEMENT Examples of growing and monetising talent across the whole content ecosystem. Viraj Ghelani – Performances in Video (Badhu Alright Che), Live Events (That's So Viraj), and bookings through Artiste Management and brand endorsements. Danny Pandit – Created
Slide 26: Retail: Carvaan re-engineered, Vinyl scaled up
SAREGAMA INDIA LTD MUSIC · RETAIL Catering to super-fan demand; Carvaan re-engineered for profitability. Vinyl scaled up. Carvaan sales (units, ’000s) Revenue from Retail (INR Mn) 689 Margin over Volume 1,296 454 Carvaan shifted to e-commerce and modern trade, with SKU rationalisation 252 and a prem
Slide 27: The music engine: steady revenue growth and expanding margins
SAREGAMA INDIA LTD MUSIC · FINANCIALS The music engine: steady revenue growth and expanding margins. Music Revenue (₹ Mn) Music EBITDA (₹ Mn & %) Music Net Margin (₹ Mn & %) 3,768 5,167 8,144 3,004 2,951 63% 4,233 3,868 2,482 6,941 61% 6,737 3,164 46% 57% 45% 43% 43% 5,708 55% FY23 FY24 FY25 FY26 FY
Slide 28: Base case for the next 3-5 years
SAREGAMA INDIA LTD MUSIC · OUTLOOK Base case for the next 3–5 years: ride the digital growth story. 20–23% +3–5% 25–30% Music revenue growth p.a. Music net-margin improvement of all new Indian music content What drives it Growth in digital users and consumption per user | Higher ad share moving to d
Slide 29: Segment 02: 6% of revenue
SEGMENT 02 : 6% OF REVENUE Owned-IP & Artiste-concerts
Slide 30: Live Events: multi-format owned-IP model
SAREGAMA INDIA LTD LIVE EVENTS A multi-format, owned-IP model — proven at scale, built to be resilient. Multi-format strategy Focus on IP building Leveraging Artiste Relationships Gen Z | Millennial Concerts | Festivals | Experiential UN40 | FilterCopy Comedy Diljit Dosanjh | Himesh Reshammiya | Jav
Slide 31: Segment 03: 11% of revenue
SEGMENT 03 : 11% OF REVENUE Films · Digital & TV series · Short-format — 1 to 120 minutes
Slide 32: Retain IP across every runtime
SAREGAMA INDIA LTD VIDEO Retain IP across every runtime — from 1-minute FilterCopy to 120-minute films. Films Digital series Significant minority in Bhansali Productions Producers of India's biggest Gen Z series Exclusive marquee Hindi film music; creative control with Bhansali, Little Things · What
Slide 33: Slide 33
Slide 34: From Adjusted EBITDA to PAT
SAREGAMA INDIA LTD FINANCIALS From Adjusted EBITDA to PAT — margins expanding, one-off live-events base normalising. Particulars (INR Mn) FY26 FY25 YoY FY24 Revenue from Operation (A) 9,846 11,713 (16%) 8,030 Total Expenses (B) 5,799 8,147 (29%) 5,001 Adjusted EBITDA (C=A-B) 4,047 3,566 13% 3,029 Ad
Slide 35: Consolidated balance sheet
SAREGAMA INDIA LTD FINANCIALS Consolidated balance sheet Equity and Liabilities (INR Mn) FY26 FY25 FY24 Assets (INR Mn) FY26 FY25 FY24 Shareholder's fund Non-current assets (a) Equity share capital 193 193 193 (a) Property, plant and equipment 2,220 2,222 2,238 (b) Right-of-use assets 18 21 34 (b) O
Slide 36: Consolidated cash flow statement
SAREGAMA INDIA LTD FINANCIALS Consolidated cash flow statement Particulars (INR Mn) FY26 FY25 FY 24 Pre-Tax Profit 2,841 2,761 2,708 Change in other operating activities (Including non-cash Items) 520 17 (400) Change in Working capital (1,168) 1,882 (348) Taxes Paid (640) (806) (514) Net cash (Used
Slide 37: Rising margins, healthy returns, growing dividend, net debt-free
SAREGAMA INDIA LTD FINANCIALS Rising margins, healthy returns, growing dividend — and a net debt-free balance sheet. Adjusted EBITDA margin (%) 41% 13.3% ₹10.73 38% 38% 38% Return on equity (FY26) Diluted EPS (FY26) 37% FY22 FY23 *FY25 Adjusted EBITDA is excluding live events FY24 FY25* FY26 ₹16,927
Slide 38: The Investment Case, in one line
SAREGAMA INDIA LTD THE INVESTMENT CASE, IN ONE LINE Own the IP. Compound it across formats. Ride India's digital monetisation curve. 1,80,000+ ~26% / ~90% ₹4,047 Mn NIL Songs owned in perpetuity New-content IRR / steady margin Adj. EBITDA · 41% margin Net debt — self-funded growth
Slide 39: Supporting Detail: Song Release Performance
SUPPORTING DETAIL Song Release Performance
Slide 40: Music Licensing: Chartbusters of 2025 (Hindi)
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Chartbusters of 2025 Songs Released songs of Saregama HINDI Industry Saregama 11 entered Spotify Mumbai 1650+ 200+ local pulse chart #1 #17 Count of weeks on Spotify Mumbai Local Pulse weekly charts --- Songs ---- --- Weeks on chart --- Run Down The
Slide 41: Chartbusters of 2025: Telugu and Malayalam
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Chartbusters of 2025 TELUGU MALAYALAM songs of Songs Released songs of Saregama Songs Released Saregama entered Spotify Industry Saregama 19 Hyderabad local Industry Saregama 25 entered Spotify Kochi local 475+ 135+ pulse chart 400+ 150+ pulse chart
Slide 42: Chartbusters of 2025: Tamil and Bhojpuri
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Chartbusters of 2025 TAMIL BHOJPURI Songs Released songs of Songs Released songs of Saregama Saregama Industry Saregama 57 entered Spotify Industry Saregama 28 entered Spotify Chennai local Patna local 700+ 250+ pulse chart 1100+ 130+ pulse chart Cou
Slide 43: Chartbusters of FY26: Hindi, Bhojpuri, Telugu
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Chartbusters of FY26 HINDI BHOJPURI TELUGU Tu Meri main Tera Kokaina Nathuniya 2 Aaya Sher
Slide 44: Chartbusters of FY26: Tamil, Malayalam
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Chartbusters of FY26 TAMIL MALAYALAM Muththa Jinguchaa Aura 10/10 Onam Mood Mazhai
Slide 45: Music Licensing: Content Creation
SAREGAMA INDIA LTD APPENDIX 1 Music | Licensing : Content Creation Views from all versions of the song, including lyrical, uploaded on Saregama’s official YouTube channel. Does not include UGC views Data Mining based Predictive Models I De-centralised Decision Making I Partnership with Production ho
Slide 46: Supporting Detail: Event Formats
SUPPORTING DETAIL Event Formats
Slide 47: Live Events
SAREGAMA INDIA LTD APPENDIX 2 Live Events Stand-Up Concerts Musicals Festival Devotional Experiential Comedy Say Cheese Krishna Carvaan Live Diljit Dosanjh UN40 Manoj Muntashir Viraj Ghelani Grandpa Himesh Ye Shaam Backstage Carvaan Luxe Mastani Manhar Seth Reshammiya Siblings Satinder Sartaaj Disco
Slide 48: Live Events: Diljit Dosanjh
SAREGAMA INDIA LTD APPENDIX 2 Live Events: Building Formats & Scale DILJIT DOSANJH 75+ 40+ Shows Cities 8+ 1.2Mn Countries Audience A proven live powerhouse, Diljit Dosanjh has demonstrated sustained audience demand across multiple tours and geographies, with Dil-Luminati emerging as a landmark succ
Slide 49: Live Events: Devotional events
SAREGAMA INDIA LTD APPENDIX 2 Live Events : Building Formats & Scale Expanding our devotional events through curated experiences across audiences KRISHNA - RADHA SE BACKSTAGE SIBLINGS RANBHUMI TAK India Bhajan Jamming Manoj Muntashir 7+ 7+ 20+ 4+ Shows Cities Shows Cities 30k+ 20k+ Audience Audience
Slide 50: Live Events: Carvaan Live
SAREGAMA INDIA LTD APPENDIX 2 Live Events : Building Formats & Scale Carvaan Live An immersive live format, bringing together music, audience participation and shared memories in an intimate setting 20+ 3+ Shows Cities 4k+ Audience Carvaan Live reflects Saregama's ability to extend established Music
Slide 51: Live Events: Stand-up comedy
SAREGAMA INDIA LTD APPENDIX 2 Live Events : Building Formats & Scale Expanding Our Presence in Stand-Up Comedy Through Emerging Talent 20+ 9 80+ 35 Shows Cities Shows Cities 20k+ 20k+ Audience Audience VIRAJ GHELANI MANHAR SETH That’s So Viraj Main Shayar Toh Nahi
Slide 52: Live Events: UN40
SAREGAMA INDIA LTD APPENDIX 2 Live Events : Building Formats & Scale UN40 2-day multi-genre festival only for people under the age of 40, held in Bengaluru in March 2026 Expanded format beyond music through stand-up comedy, gaming zones and arena-style interactive experiences 25+ 7 Artistes Brand Pa
Slide 53: Supporting Detail: Video Formats
SUPPORTING DETAIL Video Formats
Slide 54: Video: Films
SAREGAMA INDIA LTD APPENDIX 3 Video : Films Film strategy led primarily 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 pre
Slide 55: Video: Digital Series
SAREGAMA INDIA LTD APPENDIX 3 Video : Digital Series Little Things What The Folks Ghar Waapsi Please Find Attached Producers of India’s Biggest Gen Z Series
Slide 56: Video: TV Series
SAREGAMA INDIA LTD APPENDIX 3 Video : Tv Series Chandralekha Valli Roja Athi Pookkal Anbevaa 2,300+ 1,950+ 1,300+ 1,250+ 1,050+ Episodes Episodes Episodes Episodes Episodes Biggest Tamil TV Series Producer
Slide 57: Video: Short Format: FilterCopy
SAREGAMA INDIA LTD APPENDIX 3 Video : Short Format : FilterCopy YOUTUBE INSTAGRAM If Mom-in-Law Could Hear Life of Every NEET Your Thoughts Aspirant Ishq at Love iRL Last Seen Campus S2 Reality of Being Unemployed Genz and Millenials Ke Beech Kalesh FilterCopy is the goto Content Brand for Indian’s
Slide 58: Disclaimer
SAREGAMA INDIA LTD Disclaimer This presentation uses non-GAAP measures (EBITDA, Adjusted EBITDA, margins, ROE, debt-to-equity) that are not defined under Ind AS and may not be comparable to similarly titled measures at other companies; they should be read in addition to, not as a substitute for, the