Saregama India Limited · NSE:SAREGAMA
Saregama India — Q2 FY26 Earnings Presentation
33 slides from Saregama India's earnings presentation, November 2025
Slide 1: Saregama India Limited Quarterly Presentation Q2 FY26
QUARTERLY PRESENTATION | Q2 FY26 SAREGAMA INDIA LIMITED | QUARTERLY PRESENTATION | Q2 FY26
Slide 2: Saregama Strengths
QUARTERLY PRESENTATION | Q2 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 3: Key Financial Metrics
QUARTERLY PRESENTATION | Q2 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 4: Strategic Overview
QUARTERLY PRESENTATION | Q2 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 MUSIC DEVOTIONAL DIRECT TO CUST
Slide 5: Global Industry Highlights
QUARTERLY PRESENTATION | Q2 FY26 GLOBAL INDUSTRY HIGHLIGHTS 5
Slide 6: The Growth of Global Music Industry Continues
QUARTERLY PRESENTATION | Q2 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 7: India's Subscription Story: Untapped Potential Ahead
QUARTERLY PRESENTATION | Q2 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 8: Indian Media & Entertainment Sector Expected to Grow at 7% PA
QUARTERLY PRESENTATION | Q2 FY26 INDIAN MEDIA & ENTERTAINMENT SECTOR IS EXPECTED TO GROW AT 7% PA ON THE BACK OF DIGITISATION; 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 si
Slide 9: Company Overview
QUARTERLY PRESENTATION | Q2 FY26 COMPANY OVERVIEW 9
Slide 10: Segmental Growth
QUARTERLY PRESENTATION | Q2 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 11: Our Licensing Partners
QUARTERLY PRESENTATION | Q2 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 Music + Series 11
Slide 12: AI for Today and Tomorrow
QUARTERLY PRESENTATION | Q2 FY26 AI FOR TODAY AND TOMORROW Leveraging AI to transform content creation with enhanced efficiency, ~70% cost savings, and up to 80% faster execution. 12
Slide 13: Operational Highlights
QUARTERLY PRESENTATION | Q2 FY26 OPERATIONAL HIGHLIGHTS 13
Slide 14: Music: Licensing + Artiste Management Revenue per Quarter
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING + ARTISTE MANAGEMENT REVENUE PER QUARTER (INR MN) 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 1,028 992 927 882 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25
Slide 15: Music: Licensing
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING • OTT: Progressive shift seen as paid subscription picks pace. Strong revenue growth in medium to long-term • Brand Licenses: Hero, Flipkart, Aldo, Britannia, Titan, etc. • Broadcasting: Sun Neo, MMTV, ETV • Digital Content Licenses: Aap Jaisa Koi (
Slide 16: Investment in New Content (INR Mn)
QUARTERLY PRESENTATION | Q2 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 17: Major Film Albums Released in H1 FY26 and Upcoming Releases
QUARTERLY PRESENTATION | Q2 FY26 MAJOR FILM ALBUMS RELEASED IN H1 FY26 - BUILDING IP FOR TOMORROW Film Language No. of Songs Production House Star Cast Box Office Collection (Rs. Cr) Hit: 3 Telugu 04 Wall Poster Cinema Nani, Srinidhi Shetty 120+ Thug Life Tamil 08 Raaj Kamal Films International Kama
Slide 18: Music: Licensing | Chartbusters of H1 FY26
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING | CHARTBUSTERS OF H1 FY26 HINDI MARATHI BENGALI Kokaina Tu Meri Poori Kahani Chaal Turu Turu Gaane Gaane
Slide 19: Music: Licensing | Chartbusters of H1 FY26
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING | CHARTBUSTERS OF H1 FY26 TAMIL TELUGU MALAYALAM Jinguchaa Muththa Mazhai Thanu Onam Mood
Slide 20: Music: Licensing | Content Creation: Film Music
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING I CONTENT CREATION Film Music HINDI MALAYALAM TAMIL TELUGU Dhurandhar- Title Track Loading Bazooka (Bazooka) Enna Sugam Thanu (Dhurandhar) (Idli Kadai) (Hit: 3) Mere Murshid Mere Yaara Kondal Vedan Muththa Mazhai The Paradise Theme OST (Sarzameen) (
Slide 21: Music: Licensing | Content Creation: Non-Film Music
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : LICENSING I CONTENT CREATION Non-Film Music HINDI GUJARATI BHOJPURI DEVOTIONAL PUNJABI Sanedo Kamariya Mein Peer Sawan Song Goli Maro- Remix Mashooqa (Jhoom Jhoom ke Sawan) HARYANVI Rootha Mera Ishq Bhayada Na Dil Licensee Shri Krishna Govind Hare Confuse Dar
Slide 22: Music: Artiste Management
QUARTERLY PRESENTATION | Q2 FY26 MUSIC : ARTISTE MANAGEMENT Maahi Mermaid Scales RJ Karishma Pranitha Subhash Amit Bhadana Dr. Kumar Vishwas Tony Kakkar 21.4 Mn Followers 15.3 Mn Followers 6.9 Mn Followers 44.4 Mn Followers 18.5 Mn Followers 12.6 Mn Followers Added during the quarter Pragati Nagpal
Slide 23: Retail
QUARTERLY PRESENTATION | Q2 FY26 RETAIL • Transition from sales through distribution channel to sales Carvaan Sales (Units '000s) only through E-commerce and Modern Retail outlets 142 • Reduction in number of SKUs 108 111 88 • Manpower restructuring exercise carried out 73 59 • While the volumes and
Slide 24: Video: Films, TV, Digital Series & Short-Format
QUARTERLY PRESENTATION | Q2 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT Upcoming releases • Released Jeethu Joseph’s A. Films “Mirage” (Malayalam) starring Asif Ali • Upcoming releases include “Paradise” in Telugu and “Devil” in Kannada Paradise Devil (Telugu) (Kannada) Mirage • Battle of
Slide 25: Video: Digital Series & Short-Format
QUARTERLY PRESENTATION | Q2 FY26 VIDEO : FILMS, TV, DIGITAL SERIES & SHORT-FORMAT 22M+ 8M+ Followers & Subscribers 6M+ Followers & Subscribers 2M+ Followers & Subscribers Followers & Subscribers C. Digital Series D. Short-Format
Slide 26: Live Events
QUARTERLY PRESENTATION | Q2 FY26 LIVE EVENTS • Aura Tour by Diljit Dosanjh staged in Malaysia and Hong Kong; upcoming shows in Australia, New Zealand • CAP-MANIA Tour 2025 with Himesh Reshammiya kicked off in Mumbai, followed by two shows in Delhi • Comedy vertical strengthened with the Assisted Dat
Slide 27: Financial Highlights Consolidated
QUARTERLY PRESENTATION | Q2 FY26 FINANCIAL HIGHLIGHTS CONSOLIDATED 27
Slide 28: Quarterly Financial Summary
QUARTERLY PRESENTATION | Q2 FY26 QUARTERLY FINANCIAL SUMMARY Particulars (INR Mn) Q2 FY26 Q1 FY26 QoQ Q2 FY25 YoY Revenue from Operations •Music : Licensing + Artiste Management 1,653 1,490 11% 1,480 12% •Retail 207 170 22% 212 (2%) •Video 218 357 (39%) 720 (70%) •Events 222 51 - 6 - Revenue from Op
Slide 29: Adjusted EBITDA to PAT
QUARTERLY PRESENTATION | Q2 FY26 ADJUSTED EBITDA TO PAT Particulars (INR Mn) Q2 FY26 Q1 FY26 QoQ Q2 FY25 YoY FY25 Revenue from Operation (A) 2,300 2,068 11% 2,418 (5%) 11,713 Total Expenses (B) 1,453 1,404 4% 1,576 (8%) 8,147 Adjusted EBITDA (C=A-B) 847 664 27% 842 1% 3,566 Adjusted EBITDA Margin 37
Slide 30: Balance Sheet
QUARTERLY PRESENTATION | Q2 FY26 BALANCE SHEET Equity and Liabilities (INR Mn) As at 30th As at 31st As at 30th As at 31st Sep-25 Mar-25 Assets (INR Mn) Sep-25 Mar-25 Shareholder's fund Non-current assets (a) Equity share capital 193 193 (a) Property, plant and equipment 2,213 2,222 (b) Other equity
Slide 31: Cash Flow Statement
QUARTERLY PRESENTATION | Q2 FY26 CASH FLOW STATEMENT Particulars (INR Mn) H1 FY26 FY25 Pre-Tax Profit 1,111 2,761 Change in other operating activities ( including non-cash Items) 171 17 Change in Working capital (162) 1,882 Taxes Paid (297) (806) Net cash (used in)/generated from Operating Activitie
Slide 32: Financial Charts (Consolidated)
QUARTERLY PRESENTATION | Q2 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 33: Disclaimer
QUARTERLY PRESENTATION | Q2 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