Saregama India Limited (SAREGAMA)
Large CapMedia stocks · Large cap · NSE
Saregama India Ltd., part of the RPSG Group, is India’s leading Entertainment IP company with a legacy dating back to 1902. Its diverse portfolio includes film and non-film music, digital series, television content, film production, short-format content, artiste and influencer management, live events, and retail products like Carvaan.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 4/10 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +28% YoY · PAT +41% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹264 Cr | +27.5% | -8.0% |
| EBITDA | ₹92 Cr | +67.3% | -24.0% |
| Operating margin | 35.0% | +800 bps | -700 bps |
| PAT | ₹52 Cr | +40.5% | -29.7% |
| PAT margin | 19.7% | +183 bps | -608 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Saregama posts highest ever quarterly EBITDA of Rs. 1,327 Mn in Q4 FY26, recording a YoY growth of 31%, with quarterly Revenue from Operations growing at 19%
Core music licensing and artiste management segments show robust growth and profitability, supported by strategic IP investments and digital expansion. However, overall revenue growth is masked by significant de-growth in Live Events and Video, raising questions about portfolio diversification efficacy.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Music Licensing & Artiste Management
Music annual revenue grew 17% YoY and EBITDA 22% YoY in FY26, indicating strong core business performance.
New Content Investment
Combined investment in New Music (Rs. 2,354 Mn) and Catalogue Purchase (Rs. 1,047 Mn) was the highest ever in FY26.
Digital Growth Story
Management expects 20-23% p.a. music revenue growth, driven by increasing digital users, consumption, and advertising.
AI for Content Creation
Leveraging Generative AI to transform video content creation with ~70% cost savings and up to 80% faster execution.
Artiste Roster Expansion
Added 33 artistes in Q4 FY26, taking the total count to 300+ with an aggregate digital reach of over 410 million.
New Music Releases
Released 1,200+ films & non-films tracks spanning across Hindi, Bhojpuri, Punjabi, Tamil, Telugu, Malayalam, Kannada languages in Q4 FY26.
Strategic Investment in IP
Invested in Bhansali Productions for exclusive access to marquee Hindi film music, ensuring a predictable, high-quality new music pipeline.
Untapped Music Subscription Potential
India’s music subscription penetration is among the lowest globally (~3%), with significant growth headroom compared to developed markets.
Indian M&E Sector Growth
The Indian Media & Entertainment sector is expected to grow at 6% p.a., with Live Events growing by 44% to reach INR 145 Bn in 2025.
Digital Payments & Data Affordability
Expanding digital payments, affordable data, and premium content adoption are expected to drive a subscription-led monetization boom.
Live Events De-growth
Live Events annual Revenue registered de-growth of 78% in FY26, primarily due to FY25 having revenue from Diljit Dosanjh’s India tour.
Video Business Scale-down
Company consciously scaled down its Films Production business, impacting overall Video annual Revenue.
Carvaan Sales Decline
Carvaan sales volumes and topline shrunk due to transition to e-commerce/modern retail and reduction in SKUs, despite improved profitability margins.
Dependence on large event cycles
Live Events revenue is highly volatile, significantly impacted by specific large tours, as seen with the 78% de-growth post Diljit Dosanjh's tour.
Execution risk in new ventures
Scaling down film production and investing in Bhansali Productions shifts the risk profile, requiring effective financial oversight.
Retail segment restructuring
The decline in Carvaan sales volumes indicates challenges in adapting the distribution strategy to e-commerce and modern retail.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Quarterly results show sequential momentum (QoQ) in core music and overall revenue, while annual (YoY) comparisons highlight sustained growth in the music segment and profitability, but also significant de-growth in other segments.
Music annual Revenue
Rs. 8,144 Mn registered 17% YoY growth in FY26.
Music annual EBITDA
Rs. 5,167 Mn registered 22% YoY growth in FY26.
Music annual Net Margin
Rs. 3,768 Mn registered 28% YoY growth in FY26.
Q4 FY26 Revenue from Operations
Rs. 2,874 Mn with YoY growth of 19%.
Highest Ever EBITDA
Vice Chairperson Avarna Jain stated FY26 was 'another path breaking year for Saregama with highest ever EBITDA, driven by clear strategy of aggressive investments and diversification of IP monetization'.
Balanced Outlook
Avarna Jain noted, 'The company stands in a strong position with its balanced outlook towards investment and profitability'.
Music Net Margin Improvement
Management expects Music Net Margins to improve by 3-5% in the next 3-5 years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Music Revenue Growth | 17% YoY (FY26) | Sustained 20-23% p.a. growth as per management's base case, driven by digital monetization. |
| Live Events Revenue | Rs. 618 Mn (78% de-growth YoY in FY26) | Stabilization and growth from new IPs like UN40 and expansion in comedy/devotional verticals. |
| Music Net Margin | 55% (Q4 FY26) | Improvement by 3-5% as per management's target in the next 3-5 years. |
| Content Investment Efficiency | Rs. 3,401 Mn (FY26) | Demonstrated return on investment from new music and strategic stakes like Bhansali Productions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Saregama plans to completely exit its own produced films over the next 3 to 5 quarters, releasing Rs. 150-175 crores of working capital.
"over the next three to five quarters we will completely get out of our own produced films"
The investment in Bhansali Productions is expected to be EPS accretive for Saregama by FY27, improving margins in both video and music segments.
"expected to be EPS accretive for Saregama by FY27"
Outcome check: OPM moved from 35.0% to average 42.0% (+7.0 pp).
Saregama anticipates that around 30% to 40% of all its Hindi film music content will come from the Bhansali Productions deal.
"around 30% of all its Hindi film music content is now going to be coming"
Outcome check: PAT YoY averaged 23.3% across 1 later quarter(s).
Bhansali Productions' pipeline of 10 movies is expected to be released over the next 3 to 4 years.
"These 10 movies are expected to be released over next 3-4 years"
Saregama retains the right to increase its stake in Bhansali Productions to 51% after March 2030.
"right to increase the stake to 51% after March 2030"
CCPS investment in Bhansali Productions will convert into equity in October 2028, resulting in a 28% to 49.9% stake based on performance over the next 3 years.
"convert into equity in October ‘28"
Bhansali Productions is targeting a minimum of five films to be released over a two-year period.
"We are looking at minimum five films in two years"
Bhansali Productions will exclusively sell all its future film music to Saregama based on a pre-agreed formula, eliminating competitive bidding.
"exclusively sell all its future film music to Saregama only"
Trend score and candlestick chart
46NeutralMACD −
Technical chart
SAREGAMAdaily · 1Y · AUTO+50.2%Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 47 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 60% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 18.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.8%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -67.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 75% delivered/partly-delivered outcomes on 4 checked claims, with 1 adverse claim outcome. It ranks around the 83rd percentile of the scored universe and 94th percentile within Media. Main check: results consistency is weak at 45/100.
High Trust: 4/10 extracted management claims have outcome checks; 75% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Media: 94th pctile, median 62 · Large: 65th pctile, median 73
4/10 claims checked. Use as directional, not final.
4/10 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 60.8%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.2%.
- ▸6 years of positive FCF.
Trust risks
- ▸OPM spread across recent quarters is 25%.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 41.60
- P/B
- 5.62
- EV/EBITDA
- 20.72
- Market Cap
- 9501.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 17.30%
- ROA
- 9.53%
- Dividend Y
- 0.91%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 53.43×
- Altman Z
- 8.25
- Book Value
- 87.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 100.00 Cr
- EPS TTM
- 11.51
Shareholding
- Promoter Hold
- 60.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.