Saregama India Limited · NSE:SAREGAMA
Saregama India — Q4 FY26 Earnings Presentation
39 slides from Saregama India's earnings presentation
Slide 1: Saregama India Limited Quarterly Presentation Q4 FY26
QUARTERLY PRESENTATION | Q4 FY26 SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q4 FY26
Slide 2: Saregama Strengths
QUARTERLY PRESENTATION | Q4 FY26 SAREGAMA STRENGTHS India’s only entertainment company with IP offerings across media channels (music, live events, films, digital series, TV serials, and short-format), delivery platforms (digital and physical) and business models (licensing, advertising and retail)
Slide 3: Key Financial Metrics
QUARTERLY PRESENTATION | Q4 FY26 KEY FINANCIAL METRICS Revenue from Operations (INR Mn) Adjusted EBITDA (INR Mn) Content Charge (INR Mn) Operational PBT (INR Mn) 23% 51% 14% 17% CAGR CAGR CAGR CAGR 2,926 4,047 1,399 2,708 2,711 3,566 1,282 11,713 2,481 3,029 9,846 2,712 2,044 8,030 864 2,230 7,366 6
Slide 4: Strategic Overview
QUARTERLY PRESENTATION | Q4 FY26 STRATEGIC OVERVIEW OPERATING ACROSS FOCUSSING ON MONETISING THROUGH 3 SEGMENTS 4 GENRES 3 STREAMS BUSINESS GENRES REVENUE SEGMENTS MODELS CONTENT LIVE ARTISTE MUSIC PLATFORM/ CREATION EVENTS MANAGEMENT 3rd PARTY MUSIC MUSIC DEVOTIONAL DIRECT TO FILMS DEVOTIONAL CUSTO
Slide 5: Global Industry Highlights
QUARTERLY PRESENTATION | Q4 FY26 GLOBAL INDUSTRY HIGHLIGHTS 5
Slide 6: The Growth of Global Music Industry Continues
QUARTERLY PRESENTATION | Q4 FY26 THE GROWTH OF GLOBAL MUSIC INDUSTRY CONTINUES Global recorded music revenue grew 6.7% to reach USD 31.7 Bn in 2025 0.6 0.7 2.9 0.6 0.8 2.9 2.8 0.6 0.8 0.9 0.5 2.5 0.6 2.3 0.9 0.7 1.1 0.4 0.7 0.9 0.4 2.2 0.3 0.9 0.9 1.0 0.4 2.4 1.2 0.1 1.8 1.1 22.0 0.4 2.5 0.1 1.2 1.4
Slide 7: India's Subscription Story: Untapped Potential Ahead
QUARTERLY PRESENTATION | Q4 FY26 INDIA’S SUBSCRIPTION STORY : UNTAPPED POTENTIAL AHEAD Growth Potential in terms of Subscribers Growth Potential in terms of ARPU 67% 57% 50% Emerging Markets 41% 19% 18% Average Global Penetration ~3% Emerging Markets Developed Markets Sweden USA UK Germany Brazil Ch
Slide 8: India's Subscription Story: Untapped Potential Ahead
QUARTERLY PRESENTATION | Q4 FY26 INDIA’S SUBSCRIPTION STORY : UNTAPPED POTENTIAL AHEAD Out of the FREE music streaming customers, 64% Were willing to pay if their free music streaming service became fully paid FREE users would be willing to pay for: Subject to: 42% 38% 21% 40% 33% 31% The price bein
Slide 9: Indian Media & Entertainment Sector Expected to Grow at 6% PA
QUARTERLY PRESENTATION | Q4 FY26 INDIAN MEDIA & ENTERTAINMENT SECTOR IS EXPECTED TO GROW AT 6% PA Saregama Has A Play In Multiple Verticals Of The Sector VIDEO LIVE EVENTS ARTISTE MANAGEMENT MUSIC Industry size (2025): INR 59,000 Mn Film industry size (2025): Industry size (2025): INR 1,45,000 Mn In
Slide 10: Company Overview
QUARTERLY PRESENTATION | Q4 FY26 COMPANY OVERVIEW 10
Slide 11: Digital Footprint 650 Mn+
QUARTERLY PRESENTATION | Q4 FY26 DIGITAL FOOTPRINT 650 M+ Music / Video Saregama’s Moat for 200 Mn+ IP Acquisition and 40 Mn+ IP Promotion 370 Mn+ 40 Mn+ 11
Slide 12: Segmental Growth
QUARTERLY PRESENTATION | Q4 FY26 SEGMENTAL GROWTH 1,920 8,144 1,085 1,159 1,084 11% 1,024 6,737 6,941 702 521 5,708 6% 4,423 4,641 3,700 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY26 B. Video : Films, Digital Series, TV Series, Revenue and Short-Format INR 9,846 Mn 2,852 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Slide 13: Our Licensing Partners
QUARTERLY PRESENTATION | Q4 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 13
Slide 14: AI for Today and Tomorrow
QUARTERLY PRESENTATION | Q4 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 14
Slide 15: Operational Highlights
QUARTERLY PRESENTATION | Q4 FY26 OPERATIONAL HIGHLIGHTS 15
Slide 16: Music: Revenue, EBITDA, Net Margin (INR Mn)
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : REVENUE, EBITDA, NET MARGIN (INR MN) Music Revenue Music EBITDA & Music EBITDA % Music Net Margin & Music Net Margin % Music Net Margin is Music EBITDA less content charge 1,653 1,324 68% 68% 55% 2,429 50% 62% 62% 62% 46% 59% 60% 2,195 44% 1,271 1,366 43% 54%
Slide 17: Music: Next 3-5 Years
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : NEXT 3-5 YEARS Base Case: Ride India’s Digital Growth New Content Investment Story: 20-25% of all new Music • Growth in Digital Content MUSIC CATALOGUE Users; Music Revenue growth 180K+ Songs • More consumption 20-23% pa 200 Mn+ YouTube subscribers per User;
Slide 18: Music: Licensing
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : LICENSING • OTT: Progressive shift seen as paid subscription picks pace. Strong revenue growth in medium to long-term • Brand Licenses: Open AI, The Coca Cola Company, Hero Motocorp, Astrotalk, Skoda, Mahindra, etc. • Broadcasting: Media Corp, Republic TV, In
Slide 19: Investment in Content (INR Mn)
QUARTERLY PRESENTATION | Q4 FY26 INVESTMENT IN CONTENT (INR MN) 3,000 –3,500 3,160 1,047 2,354 1,949 1,192 1,095 324 151 195 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27E Organic Inorganic Investment in Content = Cost of Content + Marketing
Slide 20: Major Film Albums Released in FY26
QUARTERLY PRESENTATION | Q4 FY26 MAJOR FILM ALBUMS RELEASED IN FY26 - BUILDING IP FOR TOMORROW No. of Songs Production House Star Cast Box Office Collection* Film Language (Rs. Cr) Dhurandhar Hindi 11 Jio Studios, B62 Films Ranveer Singh, Akshaye Khanna, R.Madhavan, Arjun Rampal, Sanjay Dutt, Sara A
Slide 21: Music: Licensing | Content Creation
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : LICENSING I CONTENT CREATION Non-Film Music HINDI TAMIL BHOJPURI DEVOTIONAL PUNJABI Shambhunath Kaudi Ghutt Mai Tere Ishq Mein 2.0 Mainaru Vetti Katti - EDM Lahanga Jhalkauwa HARYANVI Chura Liya Last Bencher Paisa Na Ta Power Chahi Meethe Ras Se Bharyo Ri Kai
Slide 22: Music: Licensing - Weekly Top Albums
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : LICENSING 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 FY26
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : LICENSING | CHARTBUSTERS OF FY26 HINDI BHOJPURI TELUGU Tu Meri main Tera Kokaina Nathuniya 2 Aaya Sher
Slide 24: Music: Licensing | Chartbusters of FY26
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : LICENSING | CHARTBUSTERS OF FY26 TAMIL MALAYALAM Muththa Mazhai Jinguchaa Aura 10/10 Onam Mood
Slide 25: Music: Licensing | Content Creation
QUARTERLY PRESENTATION | Q4 FY26 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
Slide 26: Music: Artiste Management
QUARTERLY PRESENTATION | Q4 FY26 MUSIC : ARTISTE MANAGEMENT Maahi Mermaid Scales RJ Karishma Paradox Amit Bhadana Awez Darbar 21.4 Mn Followers 15.5 Mn Followers 8.5 Mn Followers 44.4 Mn Followers 43.1 Mn Followers Pragati Nagpal Marquee Artistes added in FY26 Pranitha Subhash Rehaan Roy Pal Manicka
Slide 27: Retail
QUARTERLY PRESENTATION | Q4 FY26 RETAIL Carvaan Sales (Units '000s) • Transition from sales through distribution channel to sales only through E-commerce and Modern Retail outlets 111 88 • Reduction in number of SKUs 73 59 55 • Manpower restructuring exercise carried out 50 • While the volumes and t
Slide 28: Live Events
QUARTERLY PRESENTATION | Q4 FY26 LIVE EVENTS • CAP-MANIA Tour 2025 with Himesh Reshammiya kicked off in Mumbai, followed by shows in Delhi, Ahmedabad, Pune and Dubai • Aura Tour by Diljit Dosanjh staged in Malaysia, Hong Kong, Australia, New Zealand • Comedy vertical strengthened with Viraj Ghelani‘
Slide 29: Live Events: Music Festival
QUARTERLY PRESENTATION | Q4 FY26 LIVE EVENTS : MUSIC FESTIVAL • 2-day multi-genre festival, “UN40”, held in Bengaluru in March 2026 • Great Response from Brands & Customers for its unique GenZ positioning • Featured 25+ artists including marquee artists like Talwiinder, Himesh Reshammiya, Aditya Rik
Slide 30: Video: Films, TV, Digital Series & Short-Format
QUARTERLY PRESENTATION | Q4 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT 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 predic
Slide 31: Upcoming Releases
QUARTERLY PRESENTATION | Q4 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT Upcoming Releases • Released Prakash Veer’s A. Films “The Devil” (Kannada) starring Superstar Darshan • Upcoming Releases: “Badhu Alright Che” in Gujarati, “Vishwambhara” in Telugu Badhu Alright Che Vishwambhara The De
Slide 32: Digital Series and Short-Format
QUARTERLY PRESENTATION | Q4 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT 32 Mn+ 8 Mn+ Followers & Subscribers Followers & Subscribers C. Digital Series D. Short-Format
Slide 33: Financial Highlights Consolidated
QUARTERLY PRESENTATION | Q4 FY26 FINANCIAL HIGHLIGHTS CONSOLIDATED 33
Slide 34: Quarterly Financial Summary
QUARTERLY PRESENTATION | Q4 FY26 QUARTERLY FINANCIAL SUMMARY Particulars (INR Mn) Q4 FY26 Q3 FY26 QoQ Q4 FY25 YoY FY26 FY25 YoY Revenue from Operations •Music : Licensing + Artiste Management 2,267 2,038 11% 1,715 32% 7,449 6,104 22% •Music : Retail 162 157 3% 154 5% 695 837 (17%) •Video 322 187 72%
Slide 35: Adjusted EBITDA to PAT
QUARTERLY PRESENTATION | Q4 FY26 ADJUSTED EBITDA TO PAT Particulars (INR Mn) Q4 FY26 Q3 FY26 QoQ Q4 FY25 YoY FY26 FY25 YoY Revenue from Operation (A) 2,874 2,604 10% 2,408 19% 9,846 11,713 (16%) Total Expenses (B) 1,547 1,394 11% 1,392 11% 5,799 8,147 (29%) Adjusted EBITDA (C=A-B) 1,327 1,210 10% 1,
Slide 36: Balance Sheet
QUARTERLY PRESENTATION | Q4 FY26 BALANCE SHEET As at 31st As at 31st As at 31st As at 31st Equity and Liabilities (INR Mn) Assets (INR Mn) Mar-26 Mar-25 Mar-26 Mar-25 Shareholder's fund Non-current assets (a) Equity share capital 193 193 (a) Property, plant and equipment 2,220 2,222 (b) Other equity
Slide 37: Cash Flow Statement
QUARTERLY PRESENTATION | Q4 FY26 CASH FLOW STATEMENT Particulars (INR Mn) FY26 FY25 Pre-Tax Profit 2,841 2,761 Change in other operating activities (Including non-cash Items) 520 17 Change in Working capital (1,168) 1,882 Taxes Paid (640) (806) Net cash (Used in) / Generated from Operating Activitie
Slide 38: Financial Charts (Consolidated)
QUARTERLY PRESENTATION | Q4 FY26 FINANCIAL CHARTS (CONSOLIDATED) Revenue from Operations* Revenue from Music Content Charge PAT (INR Mn) (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 39: Disclaimer
QUARTERLY PRESENTATION | Q4 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