Saregama India Limited · NSE:SAREGAMA
Saregama India — Q2 FY27 Earnings Presentation
24 slides from Saregama India's earnings presentation, November 2026
Slide 1: Saregama India Limited Quarterly Presentation Q2 FY27
QUARTERLY PRESENTATION | Q2 FY27 SAREGAMA INDIA LIMITED QUARTERLY PRESENTATION Q2 FY27
Slide 2: Own the IP in Perpetuity. Then Compound It
QUARTERLY PRESENTATION | Q2 FY27 OWN THE IP IN PERPETUITY. 1,80,000+ 700MN+ Songs Owned Digital Fanbase THEN COMPOUND Master & underlying works, in perpetuity, global Subscribers & followers across the portfolio IT ACROSS EVERY FORMAT THAT INDIA’S DIGITAL BOOM OPENS UP. ₹4,047 MN 26% Adjusted EBITDA
Slide 3: FY26: All Time High Adjusted EBITDA, Key Financial Metrics
QUARTERLY PRESENTATION | Q2 FY27 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 lumpy 4,0
Slide 4: Diversified Across Segments, Partners and Revenue Sources
QUARTERLY PRESENTATION | Q2 FY27 Diversified Across Segments, Partners and Revenue Sources - No Single Point of Dependence. 83% MUSIC 6% LIVE EVENTS 11% VIDEO Licensing | Artiste Mgt. | Retail Concerts | Festivals | Devotional | Film (Bhansali) | TV & digital series | (Carvaan, Vinyl) Stand-up Comed
Slide 5: Two Moats That Compound: Owned Catalogue and Audience
QUARTERLY PRESENTATION | Q2 FY27 Two Moats That Compound: An Owned Catalogue in Perpetuity, and A Large Owned Audience. PROPRIETARY IP DIGITAL FANBASE 1,80,000+ 700 Mn+ Film (Bhansali) | TV & digital series | Short-form Songs owned - master & underlying works, in perpetuity, Subscribers & followers
Slide 6: FY27 Operational Highlights
QUARTERLY PRESENTATION | Q2 FY27 QUARTERLY PRESENTATION | Q2 FY27 OPERATIONAL HIGHLIGHTS 6
Slide 7: The Music Engine: Quarterly Performance
QUARTERLY PRESENTATION | Q2 FY27 The Music Engine: Steady Revenue Growth and Margins Quarterly Performance Music Revenue Music EBITDA Music Net Margin 1,324 2,513 1,653 2,429 1,540 2,306 1,165 2,195 1,366 1,398 1,271 996 1,802 1,869 1,860 927 1,110 1,123 884 1,693 1,660 798 1,005 1,025 793 762 61% 6
Slide 8: The Music Engine: Trailing 12 Months
QUARTERLY PRESENTATION | Q2 FY27 The Music Engine: Steady Revenue Growth and Margins Trailing 12 Months (TTM) Music Revenue Music EBITDA Music Net Margin 32% 31% Growth 33% Growth 9,443 5,957 8,790 Growth 4,369 5,540 8,144 5,167 4,002 7,584 4,785 3,768 7,191 4,529 3,280 3,371 46% 63% 46% 46% 63% 63%
Slide 9: One Music Catalogue, Monetised Across Multiple Revenue Streams
QUARTERLY PRESENTATION | Q2 FY27 One Music Catalogue, Monetised Across Multiple Revenue Streams Steady Subscriber Momentum YouTube Subscribers (Mn) 10+ 05+ 20+ 218 211 206 202 Digital Brand 194 Theatrical Content Sync Deals Sync Deals Sync Deals Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Healthy Long-T
Slide 10: New Music Across Hindi and Regional Markets
QUARTERLY PRESENTATION | Q2 FY27 New Music Across Hindi and Regional Markets 650+ Total Songs Released 250+ Film music. 400+ Non-film music. The Paradise Renigunta 2 Meesaya Murukku 2 (Telugu- Film album) (Tamil – Film album) (Tamil – Film album) 10+ Languages & Categories Hindi. Tamil. Bhojpuri. Pu
Slide 11: Data-driven acquisition is landing hits
QUARTERLY PRESENTATION | Q2 FY27 Data-driven acquisition is landing hits – at industry scale, across languages. Key Highlights for H1 FY27 #1 #1 Daily Top Music Trending Music Videos Global Videos India YouTube 10+ YouTube 70+ #1 India Superhits Top 50 JioSaavn #1 Telugu: India Superhits Top 50 JioS
Slide 12: Data-driven acquisition is landing hits
QUARTERLY PRESENTATION | Q2 FY27 Data-driven acquisition is landing hits – at industry scale, across languages. Key Highlights for H1 FY27 #5 #5 #8 Daily Top Music Top Song Trending Music Videos YouTube Hyderabad Spotify Videos India YouTube Anjaana Anjaani #3 Telugu: India Superhits #4 #8 India Sup
Slide 13: Build, Grow and Monetise Talent Across the Ecosystem
QUARTERLY PRESENTATION | Q2 FY27 Build, Grow and Monetise Talent Across The Whole Content Ecosystem. 54 340 450 100+ Mn+ Prominent Artistes added in Managed Digital footprint Brands in Q2 FY27 Artistes of Saregama Q2 FY27 Artistes Marquee Artistes Monali Thakur Palak Muchhal Danny Pandit Gurdeep Meh
Slide 14: Carvaan Re-Engineered for Profitability; Vinyl Being Built Up
QUARTERLY PRESENTATION | Q2 FY27 Catering to Super-Fan Demand; Carvaan Re-Engineered for Profitability. Vinyl being Built Up. Vinyl Sales (Units '000s) Carvaan Sales (Units '000s) Carvaan: Profitable Growth 9.1 88 • Sustained retail profitability with 8.2 7.2 7.1 improving volumes through a sharper
Slide 15: A Multi-Format Live Events Model
QUARTERLY PRESENTATION | Q2 FY27 A Multi-Format Live Events Model - Proven at Scale, Built to be Resilient. Concert Devotional Ilaiyaraaja – Celebrating the legacy of a legendary composer through a Manoj Muntashir. Jaya Kishori. Backstage Siblings. landmark international concert series “Raja 50” Kir
Slide 16: Video Content Across Every Runtime: Films and TV
QUARTERLY PRESENTATION | Q2 FY27 Video Content Across Every Runtime: From 1-Minute Filtercopy to 120-Minute Films. Upcoming Releases A. Films Badhu Alright Che Party Animals (Hindi) Vishwambhara (Telugu) • Launched new Tamil Show, “Siragugal” on Sun TV in July 2026 Future Outlook • “Malli” has cross
Slide 17: Video Content: Digital Series and Short-Format
QUARTERLY PRESENTATION | Q2 FY27 Video Content Across Every Runtime: From 1-Minute Filtercopy to 120-Minute Films. 120 Mn+ 30+ 33 Mn+ 9 Mn+ Followers & Subscribers Views generated by content released in Q2 FY27 Brand Collaborations in Q2 FY27 Followers & Subscribers C. Digital Series D. Short-Format
Slide 18: FY27 Financial Highlights Consolidated
QUARTERLY PRESENTATION | Q2 FY27 QUARTERLY PRESENTATION | Q2 FY27 FINANCIAL HIGHLIGHTS CONSOLIDATED 18
Slide 19: Quarterly Financial Summary
QUARTERLY PRESENTATION | Q2 FY27 Quarterly Financial Summary Particulars (INR Mn) Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY Revenue from Operations •Music : Licensing + Artiste Management 2,302 2,131 8% 1,653 39% •Music : Retail 211 175 21% 207 2% •Video 183 170 8% 218 (16%) •Live Events 447 160 179% 222 101%
Slide 20: Adjusted EBITDA to PAT
QUARTERLY PRESENTATION | Q2 FY27 Adjusted EBITDA to PAT Particulars (INR Mn) Q2 FY27 Q1 FY27 QoQ Q2 FY26 YoY FY26 Revenue from Operation (A) 3,143 2,636 19% 2,300 37% 9,846 Total Expenses (B) 1,963 1,512 30% 1,453 35% 5,799 Adjusted EBITDA (C=A-B) 1,180 1,124 5% 847 39% 4,047 Adjusted EBITDA Margin
Slide 21: Balance Sheet
QUARTERLY PRESENTATION | Q2 FY27 Balance Sheet Equity and Liabilities (INR Mn) As at 30th As at 31st As at 30th As at 31st Assets (INR Mn) Sep-26 Mar-26 Sep-26 Mar-26 Non-current assets Shareholder's fund 193 193 (a) Property, plant and equipment 2,342 2,220 (a) Equity share capital 18,014 16,734 (b
Slide 22: Cash Flow Statement
QUARTERLY PRESENTATION | Q2 FY27 Cash Flow Statement Particulars (INR Mn) H1 FY27 FY26 Pre-Tax Profit 1,563 2,841 Change in other operating activities (Including non-cash Items) 533 520 Change in Working capital 1,118 (1,168) Taxes Paid (357) (640) Net cash (Used in) / Generated from Operating Activ
Slide 23: Financial Charts (Consolidated)
QUARTERLY PRESENTATION | Q2 FY27 Financial Charts (Consolidated) Revenue from Revenue from Music Content Charge PAT (INR Mn) Operations* (INR Mn) (INR Mn) (INR Mn) 1,976 2,042 2,062 11,713 8,144 1,853 1,399 6,737 6,941 1,282 9,846 1,526 8,030 5,708 7,366 4,641 864 5,806 682 464 FY22 FY23 FY24 FY25 F
Slide 24: Disclaimer
QUARTERLY PRESENTATION | Q2 FY27 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