Zee Entertainment Enterprises Limited (ZEEL)

Large Cap

Media stocks · Large cap · NSE

Zee Entertainment Enterprises Limited (ZEEL) is a global content company operating across linear TV, digital platforms (ZEE5), movies (Zee Studios), and music (Zee Music Company). It focuses on content creation, distribution, and monetization across various Indian languages and genres.

₹73.13

+1.28 · +1.78%

Market cap ₹6,992 Cr

IndicesNifty 500

ThemesMedia, Entertainment & Gaming Telecom

Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am IST

Details

Quote21 Oct, 04:45 am IST

Base fundamentals16 Oct 2026 · screener

Latest result16 Aug, 12:56 am IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · Media P/E 15.0 (n=57)

Technical timing lens

Trend score and candlestick chart

54Neutral

full bear SMA stack · SMA20 -18.7% / mo · MACD + · near 52W low · sector +12.7pp vs Nifty 500 (3M)

Stock trend: 24

Sector RS: 100

Sector 3M: +7.1% vs Nifty 500 -5.6%

Media FPI tailwindBuilding

Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence

Compare peers →

Technical chart

ZEELD candles · FIT view-17.0%

Latest close ₹73.13 on 2026-10-19

Bar

+1.8%

RSI

MACD hist

0.88

52W pos

10%

2026-10-19O ₹71.85H ₹73.25L ₹70.92C ₹73.13Vol 1.2Cr 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

ZEELNifty MediaNifty 500

ZEEL: -31.9%
Nifty 500: -5.6%
Nifty Media: +7.0%
Vs Nifty 500: -26.3 pp

Chart stats

19 Oct 2026

From 52W high: -38.2%
52W range position: 10%
ATR (14): 4.0%
Volume vs 20D: 0.86x
Avg traded value: ₹95.5 Cr
20D price channel: ₹68.1 - ₹79.5

Quarter ended 30 Jun 2026

Bad · 0

PAT -49% YoY · margin compression · Rev +4% YoY

Revenue: ₹1,907 Cr; YoY +4.5%
PAT: ₹74 Cr; YoY -48.6%
Operating margin: 5.0%; QoQ +1800 bps
PAT margin: 3.9%; QoQ +902 bps

Filed 30 Jun 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 4 Downtrend

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 10; +2 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 4 Downtrend
Sector rotation: —; Fewer than five rank-eligible peers
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Above signal

Histogram +0.88

Volume participation

0.9x average

Versus 20-session average

20-session position

44% of range

₹68.1 low · ₹79.45 high

Relative performance

vs Nifty 500

1M: -3.5 pp; stock -7.0%
3M: -26.3 pp; stock -31.9%
6M: -12.9 pp; stock -16.5%
1Y: -22.6 pp; stock -29.6%

From 52W high

-38.2%

High ₹118.35

52W range position

10%

₹68 - ₹118.35

ATR (14)

4.0%

₹2.9

Avg traded value

₹95.5 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.

Suggested next step

Check latest quarters

Result consistency is weak; verify whether the thesis is improving or deteriorating.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Bad · 0/100

PAT -49% YoY · margin compression · Rev +4% YoY

Filed 30 Jun 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹1,907 Cr	+4.5%	-5.8%
EBITDA	₹100 Cr	-58.2%	+139.2%
Operating margin	5.0%	-800 bps	+1800 bps
PAT	₹74 Cr	-48.6%	NDF
PAT margin	3.9%	-401 bps	+902 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 33.40
P/B: 0.60
EV/EBITDA: 15.74
Market Cap: 6992.00Cr

Profitability

ROE: 2.40%
ROCE: 2.72%
ROA: 1.42%
Dividend Y: 2.75%

Growth (CAGR)

Revenue 5Y: 1.00%
EPS 5Y: -21.00%
Revenue 3Y: -1.79%
EPS 3Y: 95.00%

Balance Sheet

Debt/Equity: 0.02
Interest Coverage: 5.18×
Altman Z: 3.77
Book Value: 122.00

Cash Flow

FCF Yield: 5.96%
FCF Positive Y: 9/5
OCF: 708.00 Cr
EPS TTM: 2.11

Shareholding

Promoter Hold: 3.00%
Promoter Pledge: 0.00%
Momentum 52W: 10%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 7,567-1.9% vs prev

Net Profit

₹ Cr

Latest: 56.0-53.3% vs prev

Return on Equity

Latest: 0.5-53.1% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 40.

Price < SMA20 < SMA50 < SMA200 — full bearish stack.
Recent death cross (SMA50 crossed below SMA200).
SMA20 falling (~23.0% over last month) — short-term momentum negative.
RSI(14) at 40 — sideways, no extreme reading.
MACD above signal, histogram expanding — bullish momentum building.
38% off 52W high · 8% 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.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 4 Downtrend

1M return

-7.0%

3M return

-31.9%

6M return

-16.5%

1Y return

-28.9%

RS 1D

RS 20D

Sector rank

Industry rank

Stage evidence

Price is 20.2% below the 30-week proxy.
The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
Both 3-month and 6-month returns are negative.

50-DMA

price below

200-DMA

price below

Sector

unranked

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

261 observations

19 Oct 2026Value 66.96+2.84%

RS vs Nifty 50067

Valuation & peers

U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

OVERVALUED

Fundamental score breakdown

U band · OVERVALUED

Valuation3/30

Growth1/25

Quality0/20

Balance Sheet10/15

Cash Flow7/10

Piotroski

7/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

27/100 · legacy band OVERVALUED

Positive drivers

FCF yield is supportive at 6.0%.
Piotroski is strong at 7/9.
Cash flow contributes 7/10 to the score.

Main drags

Fair-value margin of safety is negative at -1413.5%.
Quality is weaker at 0/20; verify the latest quarterly trend.
Growth is weaker at 1/25; verify the latest quarterly trend.

Sector valuation model

Telecom valuation: EV/EBITDA against ARPU, debt, and capex

Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.

Telecom EV/EBITDA

Primary lens

EV/EBITDA and debt-adjusted cash generation.

Secondary checks

ARPU growth, subscriber quality, spectrum liabilities, capex intensity.

Main risk check

High EBITDA can still be weak equity value if debt and capex absorb cash.

33.4

0.6

EV/EBITDA

15.7

ROE

2.4%

ROCE

2.7%

FCF Yield

6.0%

Debt/Equity

0.0

MoS

-1413.5%

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: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 27

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-1413.5%

Previous: -1413.5%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

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

₹76.1

+3.9% MoS

Growth-justified P/E

2.3

Growth-justified Value

₹4.83

-1413.5% MoS

PEG

—

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.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

UNIVCABLES

Small

Universal Cables Limited

TVS Srichakra Limited

Media Matrix Worldwide Limited

Paramount Communications Limited

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 under stressReviewed 2026-06-03T18:57:19.467Z

Management commentary snapshot

ZEEL reports -2% YoY operating revenue decline for FY26 to Rs 80,989 Mn, with adjusted EBITDA margin contracting to 9.3% from 14.4%. Q4 FY26 operating revenue fell 7% YoY, impacted by a weak ad environment and Middle East crisis.

FY26 saw a significant drop in profitability with adjusted EBITDA margin nearly halved. Q4 FY26 continued the negative trend, with revenue and adjusted EBITDA declining YoY. While ZEE5 showed strong growth and achieved adjusted EBITDA breakeven, the core linear TV ad revenue remains challenged, impacting overall performance.

Current business mix

FY26 Operating Revenue Breakup

Latest issuer-disclosed distribution across 3 reported categories.

Advertising50.4%

Subscription48.5%

Other Sales & Services1.1%

Growth engines

ZEE5 Digital Business

Delivered positive EBITDA (Adj.) in FY26 with 53% YoY revenue growth, registered highest ever quarterly revenue in Q4 FY26.

Content Creation Capabilities

Investment of up to Rs 1,160 Mn in Phantom Digital Effects Limited to enhance AVGC segment offerings.

New Digital Initiatives

Launched Micro Drama app (10M+ downloads, 4.6+ rated) and KidZ app for children (6-16 age group) in multiple languages.

Content Monetization

Monetizing content across platforms and borders through Syndication Business (ZI-IPR) and obtained Multi-Channel Network license.

Capacity and execution

Phantom Digital Effects Investment

Upto Rs 1,160 Mn to be invested in Phantom Digital Effects Limited to enhance AVGC segment offerings.

Culture of Real Experiences (CORE) Investment

Rs 200 Mn to be invested in CORE to drive Live entertainment events.

Tailwinds

Stable TV Landscape

Total TV viewership remains stable, with 'Z' Network Share growing 80 bps YoY, aided by Hindi & Language markets.

Digital Business Momentum

ZEE5 expects to sustain positive unit economics driven by growth and operating leverage.

New Age Music Catalogue

Zee Music Company added over 12.0 Mn subscribers during FY26 on back of new age catalogue.

Headwinds

Weak Ad Environment

FY26 Adjusted EBITDA Margin impacted by weak ad environment and higher A&P spends.

Middle East Crisis Impact

Q4 FY26 domestic advertising revenue impacted in March due to ongoing Middle East Crisis, leading to overall revenue down 3% YoY for domestic ad.

Higher A&P and Legal Costs

Higher A&P spends due to increased content offering on Z5, launch of KidZ and higher legal costs.

Risk radar

Fluctuations in Earnings

Forward-looking statements are subject to risks and uncertainties regarding fluctuations in earnings.

Intense Competition

Risk of intense competition and pricing environment in the market.

Regulatory Environment Changes

Changes in regulatory environments can affect ability to implement business strategies successfully.

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

FY26 results provide an annual overview of financial health and strategic progress (e.g., ZEE5 breakeven, network share). Q4 FY26 results show recent momentum and immediate impacts like the Middle East crisis on ad revenue, which is crucial for sequential analysis.

Sector KPIs management disclosed

FY26 Operating Revenue

down 2% YoY

Rs 80,989 Mn

FY26 Adjusted EBITDA Margin

down from 14.4% YoY

9.3%

ZEE5 FY26 Revenue Growth

FY26 Revenue Rs 14,888 Mn

53% YoY

FY26 All India TV Network Share

Up 60 bps YoY

17.4%

Management forward view

Sustaining Digital Profitability

ZEE5 expects to sustain positive unit economics driven by growth and operating leverage.

Content-led Growth

Focus on growth through a strong lineup of fresh content (fiction and non-fiction) and re-entry into FTA market.

Advertiser Engagement

Building specialized teams for Retail/SME/MSME advertisers ('Z' R.I.S.E initiative) and enhanced focus on in-Show Brand Integration.

Strategic Investments

Investing in AVGC segment (Phantom Digital Effects) and Live entertainment (CORE) to transform content into a cross-platform revenue engine.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
ZEE5 Adjusted EBITDA	Positive in FY26	Sustained positive unit economics and continued growth.
TV Network Share	17.4% in FY26 (up 60 bps YoY)	Continued gains across Hindi and other language markets.
Advertising Revenue	Down 3% YoY for domestic ad in Q4 FY26	Recovery from weak ad environment and geopolitical impacts.
Cash and Cash Equivalent	Rs 27.6 Bn as of Mar’26	Maintenance of healthy balance sheet and efficient capital allocation for new initiatives.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

63Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 52nd percentile within Media. Main check: results consistency is weak at 17/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 21 Oct 2026

management-trust-v1

82 docs text-extracted · 53 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

38th percentile

overall median 67 · Media: 52nd pctile, median 63 · Large: 19th pctile, median 73

Evidence depth

Financial-only

82 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

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

acceptable · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

weak · capital discipline

Results

weak · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸FCF yield is 6%.
▸9 years of positive FCF.
▸Debt/equity is 0.02.

Trust risks

▸3 latest quarters had PAT decline worse than 25% YoY.
▸Promoter holding is only 3%.
▸ROCE is low at 2.7%.
▸ROE is low at 2.4%.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Media stocks Browse Indian stocks starting with Z Explore fundamental stock screeners Browse Indian investment themes

Related companies

Universal Cables Limited (UNIVCABLES)TVS Srichakra Limited (TVSSRICHAK)Media Matrix Worldwide Limited (MMWL)Paramount Communications Limited (PARACABLES)STL Networks Limited (STLNETWORK)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

Zee Entertainment Enterprises Limited (ZEEL)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Return on Equity

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Telecom valuation: EV/EBITDA against ARPU, debt, and capex

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

FY26 Operating Revenue Breakup

ZEE5 Digital Business

Content Creation Capabilities

New Digital Initiatives

Content Monetization

Phantom Digital Effects Investment

Culture of Real Experiences (CORE) Investment

Stable TV Landscape

Digital Business Momentum

New Age Music Catalogue

Weak Ad Environment

Middle East Crisis Impact

Higher A&P and Legal Costs

Fluctuations in Earnings

Intense Competition

Regulatory Environment Changes

What management said, and what results must prove

FY26 Operating Revenue

FY26 Adjusted EBITDA Margin

ZEE5 FY26 Revenue Growth

FY26 All India TV Network Share

Sustaining Digital Profitability

Content-led Growth

Advertiser Engagement

Strategic Investments

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching Zee Entertainment Enterprises Limited

Important announcements & filings

Aug 2026 · Transcript

Aug 2026 · PPT

Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 17 Aug - Zee appoints Ashish Mishra as Chief Marketing Officer effective August 17, 2026.

Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug

Announcement under Regulation 30 (LODR)-Newspaper Publication 10 Jul

Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jul

Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Jun - ZEE partners with FIFA for 39 football events through 2034, including World Cups 2026, 2030 and Women’s 2027.

May 2026 · PPT

May 2026 · Transcript

May 2026 · PPT

May 2026 · Transcript

May 2026 · PPT