Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Oct - Saregama India Limited has informed about Copy of Newspaper Publication regarding special window for re-lodgement of transfer requests of physical shares.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 05:58 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)
Technical timing lens
Trend score and candlestick chart
79BullishSMA20 +1.1% / mo · MACD + · sector +14.1pp vs Nifty 500 (3M)
Stock trend: 66
Sector RS: 100
Sector 3M: +8.5% vs Nifty 500 -5.6%
Media FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
SAREGAMAD candles · FIT view+41.9%Latest close ₹510.40 on 2026-10-21
Bar
+0.7%
RSI
55
MACD hist
1.74
52W pos
76%
2026-10-21O ₹507.00H ₹514.50L ₹501.05C ₹510.40Vol 3.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SAREGAMANifty MediaNifty 500
- SAREGAMA
- -1.1%
- Nifty 500
- -6.5%
- Nifty Media
- +5.7%
- Vs Nifty 500
- +5.4 pp
Chart stats
21 Oct 2026- From 52W high
- -11.2%
- 52W range position
- 76%
- ATR (14)
- 3.5%
- Volume vs 20D
- 1.19x
- Avg traded value
- ₹16 Cr
- 20D price channel
- ₹473 - ₹518.7
₹574.5
₹307.1 - ₹574.5
₹17.8
Latest completed session
20-session average
32.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST37
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +27.5% · PAT +40.5% YoY
Technical
Bullish79
Price trend and sector-relative-strength timing.
Valuation
Legacy model-64.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust77
medium confidence · 4/10 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +28% YoY · PAT +41% YoY · margin expansion · operating leverage
Filed 04 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 42.80
- P/B
- 5.79
- EV/EBITDA
- 21.32
- Market Cap
- 9776.00Cr
Profitability
- ROE
- 12.70%
- ROCE
- 17.30%
- ROA
- 9.53%
- Dividend Y
- 0.88%
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
- 75%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 264-8.0% vs prev
Net Profit
₹ CrLatest: 52.0-29.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 55.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 11% off 52W high · 66% 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.
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 37 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth11/25
Quality6/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
37
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
37/100 · legacy band WATCHLIST
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 -64.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
42.8
PB
5.8
EV/EBITDA
21.3
ROE
12.7%
ROCE
17.3%
FCF Yield
—
Debt/Equity
0.0
MoS
-64.2%
Score movement
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.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
37
Previous: 37
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-64.2%
Previous: -64.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
37
37
37
37
37
37
37
37
37
37
37
37
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹150.79
-238.5% MoS
Growth-justified P/E
27.0
Growth-justified Value
₹310.77
-64.2% MoS
PEG
4.55
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TIPSMUSIC
Micro
Tips Music Limited
Media & Entertainment
match 86
56
41.8
87.6%
-87%
FAIR VALUE
PVRINOX
Large
PVR INOX Limited
Media & Entertainment
match 62
37
42.7
4.9%
-39%
WATCHLIST
AMAGI
Small
Amagi Media Labs Limited
Media & Entertainment
match 57
29
123.0
10.3%
-360%
OVERVALUED
NPST
Small
Network People Services Technologies Limited
Media & Entertainment
match 53
48
85.6
15.0%
-254%
FAIR VALUE
IMAGICAA
Small
Imagicaaworld Entertainment Limited
Media & Entertainment
match 53
32
226.0
-0.1%
-684%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T08:11:56.552Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Music83.0%
Video11.0%
Live Events6.0%
Growth engines
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.
Capacity and 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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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%.
Management forward view
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.
Thesis monitor
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
cash flow improvementnot yet verifiablequantified
Saregama plans to completely exit its own produced films over the next 3 to 5 quarters, releasing Rs. 150-175 crores of working capital.
Timeframe: Next 3-5 quartersDirection: upConfidence: high
"over the next three to five quarters we will completely get out of our own produced films"
margin outlookdeliveredquantified
The investment in Bhansali Productions is expected to be EPS accretive for Saregama by FY27, improving margins in both video and music segments.
Timeframe: By FY27Direction: upConfidence: medium
"expected to be EPS accretive for Saregama by FY27"
Outcome check: OPM moved from 35.0% to average 42.0% (+7.0 pp).
order inflowdeliveredquantified
Saregama anticipates that around 30% to 40% of all its Hindi film music content will come from the Bhansali Productions deal.
Timeframe: FutureDirection: upConfidence: medium
"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).
project executionnot yet verifiablequantified
Bhansali Productions' pipeline of 10 movies is expected to be released over the next 3 to 4 years.
Timeframe: Next 3-4 yearsDirection: neutralConfidence: medium
"These 10 movies are expected to be released over next 3-4 years"
project executionnot yet verifiablequantified
Saregama retains the right to increase its stake in Bhansali Productions to 51% after March 2030.
Timeframe: After March 2030Direction: upConfidence: high
"right to increase the stake to 51% after March 2030"
project executionnot yet verifiablequantified
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.
Timeframe: October 2028Direction: neutralConfidence: high
"convert into equity in October ‘28"
project executionnot yet verifiablequantified
Bhansali Productions is targeting a minimum of five films to be released over a two-year period.
Timeframe: Next 2 yearsDirection: upConfidence: medium
"We are looking at minimum five films in two years"
order inflownot yet verifiable
Bhansali Productions will exclusively sell all its future film music to Saregama based on a pre-agreed formula, eliminating competitive bidding.
Timeframe: FutureDirection: upConfidence: high
"exclusively sell all its future film music to Saregama only"
Trust Score
77Healthy Trust · medium confidenceClaim-tested Trust
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.
Computed 22 Oct 2026
management-trust-v1
54 extracted concalls · 4/10 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
83rd percentile
overall median 67 · Media: 94th pctile, median 63 · Large: 65th pctile, median 73
Evidence depth
Early sample
4/10 claims checked. Use as directional, not final.
Claim delivery
75% delivered or partly delivered
4/10 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
45
watch · quarterly consistency
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%.
Continue researching Saregama India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 30 Sep - The Nomination and Remuneration Committee (''NRC'') has approved grant of 10,50,000 Options, to an eligible employee of the Company.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Intimation regarding participation of company in forthcoming conference to be held on 8th September, 2026.
Source: Bse
Annual reportSep 2026
Sep 2026 · Notice Of 79TH Annual General Meeting To Be Held On 15TH September, 2026. 24 Aug - 79th AGM on 15 September 2026; annual report issued for FY2025-26.
Source: Bse
Annual reportSep 2026
Sep 2026 · Letter To The Members Providing Web-Link For Accessing The Integrated Annual Report For The Financial Year 2025-26. 24 Aug - Saregama sends FY26 annual report and AGM notice; AGM on 15 September 2026 via VC/OAVM.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Saregama management will participate in EMKAY Confluence 2026 Investor Conference on 14 August 2026 in Mumbai.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Saregama India Limited has informed about Copy of Newspaper Publication regarding dispatch of electronic copies of Integrated Annual Report along with the Notice of the …
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 24 Aug - Saregama filed its FY2025-26 BRSR as part of the Integrated Annual Report.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper Publication Advertisement - Notice of the 79th Annual General Meeting through Video Conferencing/Other Audio Visual Means.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 5 Aug - Saregama India Limited has informed about Copy of Newspaper Publication regarding special window for re-lodgement of transfer requests of physical shares
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.