Saregama India Limited · NSE:SAREGAMA
Saregama India — Investor Day (September 2025)
50 slides from Saregama India's investor day presentation, Sep 6, 2025
Slide 1: Exchange filing cover letter for Investor Presentation
Date: 6th September, 2025 The Manager, The General Manager Listing Department, 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 Symbo
Slide 2: Saregama India Limited RPSG Investor Day September 2025
SA R EG A M A I N D I A L I M I T E D RPSG Investor Day | September 2025
Slide 3: RPSG Group: Building a diversified conglomerate
RPSG Group: Building a diversified conglomerate Power Group turnover ₹ 42,100 Cr. IT-Enabled Services (~ US$ 5 Bn) Chemicals EBITDA Asset base ₹ 67,700 Cr. Media & Entertainment ₹ 7,900 Cr. (~US$ 930 Mn) (US$ 8 Bn) FMCG Over 1.2 Million Shareholders Consumer & Retail ▪ One of India’s New-age And fas
Slide 4: RPSG Group: Key Businesses at a Glance
RPSG Group: Key Businesses at a Glance India’s first fully integrated utility company, Aiming for 3.2GW renewable energy capacity serving 4.8 Mn Consumers across 7 locations. by FY29 and scale it up to 10GW by FY32. A global leader in BPS- delivering transformative, LSG is a premier IPL franchisee f
Slide 5: RPSG Group: Delivering Sustainable Growth
RPSG Group: Delivering Sustainable Growth 2.5x 11% CAGR 24% CAGR Setting up Scaling of existing Foray into new Driving Efficiencies Cost focus Innovation Value Addition Capital Allocation leadership team businesses businesses Amt in Rs Cr. 4
Slide 6: India's leading and only entertainment company with diversified business
INDIA’S LEADING AND ONLY ENTERTAINMENT COMPANY WITH DIVERSIFIED BUSINESS First recording of an Indian RPG Group acquired the TV Serial production Started investing in Acquired digital entertainment song by Gauhar Jaan. company started Carvaan launched non-film music Company 1902 1946 1986 2000 2001
Slide 7: Key Financial Metrics
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 2,185 511 389 237 159 FY17 FY18 FY19 FY20 FY21 FY22 FY2
Slide 8: Business Segments
BUSINESS SEGMENTS 6,104 5,441 1,920 4,410 3,585 2,839 16% 1,024 1,085 1,159 2,361 702 521 FY20 FY21 FY22 FY23 FY24 FY25 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 52% Revenue C. Video : Films, Digita
Slide 9: Future Outlook (FY30)
FUTURE OUTLOOK (FY30) FY26 Growth Drivers : Industry | Saregama FY30 Revenue Revenue • Higher Spending on Events by Indians • Govt. focus on Events 25-30% Events CAGR • Deeper relationships with Artistes • Ability to cross collateralise across Digital • Early move on IP properties • Increase in Disc
Slide 10: Digitisation Driving Growth
DIGITISATION DRIVING GROWTH Digital Increase Increase in Boom in in App Demand for Increase in Revenue India Usage Content Music Streaming ~750M smartphones Music Spotify / Gaana 22M connected TVs Films SVoD Social Media Cheap data Web series Netflix / JioHotstar YouTube / Facebook Anti-piracy laws
Slide 11: Strategic Overview
STRATEGIC OVERVIEW To be a Pure Play Content Company capitalising on the global content consumption boom driven by the ever-increasing Digitisation Through licensing to EVERY 3rd party Digital (music, video, social) and TV platform Monetisation of Existing IP Through artiste management, wherein arti
Slide 12: Music Segment: Licensing & Artiste Management
MUSIC SEGMENT LICENSING & ARTISTE MANAGEMENT
Slide 13: Saregama's Music Library: 175000+ Songs
SAREGAMA’S MUSIC LIBRARY 175000+ Songs Covering multiple Indian languages and genres HINDI BENGALI TAMIL MARATHI 54000+ 31200+ 19000+ 8300+ TELUGU MALAYALAM PUNJABI KANNADA 12800+ 9200+ 10000+ 4500+ DEVOTIONAL CLASSICAL GHAZAL FOLK 25000+ 9000+ 1200+ 4700+ 12
Slide 14: Growing Licensing & Artiste Management
GROWING LICENSING & ARTISTE MANAGEMENT CATALOGUE NEW MUSIC ARTISTE MANAGEMENT • 175K+ Songs • ~Rs. 10,000 Mn • By-product of New Investment over next 3 yrs Music • Originals / Derivatives • 4-5yr payback / ~26% IRR • No upfront Investment • 10-12% annual growth over medium to long • 60-80 yrs of use
Slide 15: Subscription business is growing globally
SUBSCRIPTION BUSINESS IS GROWING GLOBALLY Spotify reports consistent growth in premium subscriber base 18% 17% 15% 22% 12% 21% 21% 13% 21% 25% 21% 26% 27% 28% 28% 36% 35% 39% 37% 38% CY20 CY21 CY22 CY23 CY24 Europe North America Latin America Rest of World Source: Derived from Spotify published resu
Slide 16: Path to leadership position in the music ecosystem
PATH TO LEADERSHIP POSITION IN THE MUSIC ECOSYSTEM Acquisition of Enhanced Disproportionate Small & Mid size Capability driven share across Hindi & Regional Languages + Music Catalogues to scale content depth + by a combination of evergreen catalogue and new-age content On the back of Amplifying con
Slide 17: Music | Licensing: Creation
MUSIC | LICENSING : CREATION Saregama is changing from a Catalogue Label to a New Age one Share of Licensing Revenue from 21st century songs growing (56% in FY25 Vs 52% in FY24) Era wise Breakup 2021-2024 16% 40% 2001-2020 21% 16% 1981-2000 24% 18% 1961-1980 23% 23% Till 1960 16% 3% Count of Songs R
Slide 18: Music | Licensing: Investment in Content
MUSIC | LICENSING : INVESTMENT IN CONTENT (INR MN) ~10,000 Mn Investment in Content includes marketing costs on new content
Slide 19: Music | Licensing: YouTube Chartbusters
MUSIC | LICENSING : YOUTUBE CHARTBUSTERS 120M+ 170M+ 190M+ 720M+ 140M+ 140M+ 210M+ 510M+ 130M+ 1800M+ 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 Maki
Slide 20: Music | Licensing: Upcoming Releases
MUSIC | LICENSING : UPCOMING RELEASES HINDI Movie Name : Dhurandhar Movie Name : Naagzilla Movie Name : Shri Radha Movie Name : Love & War Movie Name : Tu Meri Main Tera Cast : Ranveer Singh, Sanjay Cast : Kartik Aryan Raman Cast : Ranbir Kapoor, Alia Bhatt, Main Tera Tu Meri Dutt, Akshaye Khanna, A
Slide 21: Music | Licensing: Upcoming Releases
MUSIC | LICENSING : UPCOMING RELEASES TELUGU TAMIL Aakasam Lo Oka Tara Paradise Premante Train Idly Kadai Parasakthi MALAYALAM MARATHI Karam Udumbanchola Sahasam Khashaba Mahaparinirvaan Kirr Katta Kirr Vision
Slide 22: Music | Licensing: Investment in Content
MUSIC | LICENSING : INVESTMENT IN CONTENT An Illustration Revenue generation for 60-80 yrs Content charged in P&L in 10 years Payback in 5 years 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 71% 74% 69% 66% 62% 59% 54% 54% 32% 15% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total Revenue of New Con
Slide 23: Music | Licensing: Inorganic Catalogue Acquisition
MUSIC | LICENSING : INORGANIC CATALOGUE ACQUISITION Saregama Acquires the Biggest and Most Popular Haryanvi Music Catalogue: NAV Records 24 Mn+ Subscribers Coco Cola Parvati Boli Shankar Se 900 Mn+ views 500 Mn+ views 6,500+ songs 5+ Languages Loot Liya Kaale Kagaz 400 Mn+ views 190 Mn+ views
Slide 24: Music | Licensing: Monetisation
MUSIC | LICENSING : MONETISATION Audio OTT Video OTT Film Music Publishing Create Artiste Music Monetise Sponsorships (&market) Catalogue Societies Derivatives Market using Live Events Pocket Aces Artiste Mgt.
Slide 25: Music | Licensing: Monetisation, Audio OTT
MUSIC | LICENSING : MONETISATION A. Audio OTT • Saregama’s Music is licensed to multiple Global Platforms Free vs Paid • Saregama earns every time a customer listens to Saregama owned song on any OTT app • The growth is driven by both increasing number of users • Free Revenue under pressure from (gr
Slide 26: Music | Licensing: Monetisation
MUSIC | LICENSING : MONETISATION B. Publishing : Films and Digital Series C. Publishing : TV Channels • Saregama licenses its music to television channels for use in • We license our music to various Video OTT platforms like various TV serials, reality shows etc. Netflix, JioHotstar, Amazon, MX Play
Slide 27: Music | Licensing: Monetisation
MUSIC | LICENSING : MONETISATION D. Video OTT F. Brand Partnerships • Saregama’s music channels on YouTube have • Licenses to Brands for use of songs in their ad jingles. a cumulative subscriber base of 160 Mn+ subscribers Fixed fee for limited period & mediums • Share of Advertising & Subscription
Slide 28: Music | Artiste Management
MUSIC | ARTISTE MANAGEMENT
Slide 29: Music | Artiste Management: Roster
MUSIC | ARTISTE MANAGEMENT : ROSTER Maahi Mermaid Scales RJ Karishma Rehaan Roy Dr. Kumar Vishwas Tony Kakkar Paradox 21.4 Mn Followers 15.3 Mn Followers 6.8 Mn Followers 18.5 Mn Followers 12.6 Mn Followers 4.5 Mn Followers Pragati Nagpal BeYouNick Komal Pandey Viraj Ghelani The Tabla Guy Lash Curry
Slide 30: Events
EVENTS
Slide 31: Capturing India's Live Event Momentum
CAPTURING INDIA'S LIVE EVENT MOMENTUM Leveraging existing music IP and deep + + Tapping into Rising Catering to Experiential Spending a Youth-Driven artiste relationships to build unique, Market high-impact live event experiences for Older Segment Music Festivals, Shows Adopting a test-learn- around
Slide 32: Events
EVENTS Saregama Live Artist Shows IP – Musicals Stand UP Comedy Indian International Diljit Dosanjh Disco Dancer Viraj Ghelani Himesh Reshamiya Say Cheese Grandpa Satinder Sartaj Ye Shaam Mastani Divine Music Festival
Slide 33: Retail
RETAIL
Slide 34: Retail
RETAIL • Transition from sales through distribution channel 9.1 to sales only through E-commerce and Modern 7.4 Retail outlets 6.9 5.6 • Reduction in number of SKUs 4 4.3 3.9 3.5 • Manpower restructuring exercise carried out • While the volumes and topline have shrunk, profitability margins improved
Slide 35: Video Segment
VIDEO SEGMENT FILMS, DIGITAL SERIES, TV, & SHORT FORMAT
Slide 36: Our Growth Strategy in Video Segment
OUR GROWTH STRATEGY IN VIDEO SEGMENT 1min – 22mins – 45mins – 120mins Pick Films and Cast Pick Series basis primarily basis recoveries from Digital and TV licensing + pre-licensing approval from a VoD/ TV platform + Build Communities of Gen Z across social media Generate Brand + Sponsorship Retain I
Slide 37: Video: Films, Digital Series, TV, & Short Format
VIDEO : FILMS, DIGITAL SERIES, TV, & SHORT FORMAT Production house focussed on creating content for theatrical releases and 3rd party digital platforms & TV Pocket Aces, through its studio Dice Media, creates premium web-series content for OTT platforms TV content creation for both National & Region
Slide 38: Video: Content Portfolio
VIDEO : CONTENT PORTFOLIO FILMS DIGITAL SERIES TV SHORT FORMAT Ni Main Sass Kuttni 2 Bazooka Teen Yaar Twisted Hunter: Season 2 Ilakkiya Malli (Punjabi) (Malayalam) Pyaar (Hindi) (Hindi) 800+ Episodes 380+ Episodes White Salt vs Pink Salt Devil The Paradise Sevanthi Aadukalam (Kannada) (Telugu) High
Slide 39: Tech-Driven IP Owning Company
A Tech-Driven Individual Agnostic IP Owning Company that wants to ride on Digital & Live Entertainment Growth Story of South-East Asia
Slide 40: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 41: Historical Consolidated Financial Summary
Historical Consolidated Financial Summary Particulars (INR Mn) FY25 FY24 YoY Growth FY23* Revenue from Operations (A) 11,713 8,030 46% 7,366 Total Expenses (B) 8,147 5,001 63% 4,654 Adjusted EBIDTA (C= A-B) 3,566 3,030 18% 2,712 Adjusted EBIDTA Margin (%) 30% 38% 37% Content Charge (D) 1,282 864 48%
Slide 42: Consolidated Balance Sheet
Consolidated Balance Sheet Equity and Liabilities (INR Mn) FY25 FY24 FY23* Assets (INR Mn) FY25 FY24 FY23* Non-current assets Shareholder's fund (a) Property, plant and equipment 2,222 2,238 2,207 (a) Equity share capital 193 193 193 (b) Right-of-use assets 21 34 7 (b) Other equity 15,641 14,498 13,
Slide 43: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (INR Mn) FY25 FY24 FY23 # Pre-Tax Profit 2,761 2,708 2,481 Change in other operating activities ( including non-cash Items) 17 (400) (432) Change in Working capital 1,882 (348) 116 Taxes Paid (806) (514) (669) Net cash generated from Operating Activities
Slide 44: Consolidated Financial Charts
Consolidated Financial Charts 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 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY
Slide 45: Quarterly Financial Summary
Quarterly Financial Summary Particulars (INR Mn) Q1 FY26 Q4 FY25 QoQ Q1 FY25 YoY Revenue from Operations •Music : Licensing + Artiste Management 1,490 1,714 -13% 1,331 12% •Retail 170 154 10% 247 -31% •Video 357 492 -28% 465 -23% •Events 51 48 6% 10 410% Revenue from Operations 2,068 2,408 -14% 2,05
Slide 46: Adjusted EBITDA to PAT
ADJUSTED EBITDA TO PAT Particulars (INR Mn) Q1 FY26 Q4 FY25 QoQ Q1 FY25 YoY FY25 Revenue from Operation (A) 2,068 2,408 -14% 2,053 1% 11,713 Total Expenses (B) 1,404 1,392 1% 1,373 2% 8,147 Adjusted EBITDA (C=A-B) 664 1,016 -35% 680 -2% 3,566 Adjusted EBITDA Margin 32% 42% 33% 30% Content Charging C
Slide 47: Balance Sheet
Balance Sheet *Borrowings represent temporary use of WC limits
Slide 48: Cashflow Statement
Cashflow Statement @ Represents amount invested in acquiring/producing Music IPs # Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 4,966 Mn ( FY25 INR 5,911 Mn)
Slide 49: Disclaimer
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 performance. These non-GAAP financial
Slide 50: Thank You
THANK YOU