SAREGAMA
Large CapSaregama India Limited
Media
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 31 Mar 2026
Excellent · 85/100Rev +19% YoY · PAT +23% YoY · margin expansion · +10% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹287 Cr | +19.1% | +10.4% |
| EBITDA | ₹121 Cr | +51.2% | +31.5% |
| Operating margin | 42.0% | +900 bps | +700 bps |
| PAT | ₹74 Cr | +23.3% | +45.1% |
| PAT margin | 25.8% | +88 bps | +616 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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 31% YoY growth, with quarterly Revenue from Operations growing 19% YoY. FY26 Music revenue grew 17% YoY to Rs. 8,144 Mn, with EBITDA up 22% YoY.
The company delivered robust Q4 and FY26 results, driven by strong performance in its core Music segment, which saw record investments in new content. While Live Events and Video segments faced headwinds, strategic IP diversification and digital growth initiatives support the long-term thesis.
FY26 Revenue by Segment
Latest issuer-disclosed distribution across 3 reported categories.
Music Licensing & Digital Growth
Leveraging India’s digital growth story with increasing users, consumption, and advertising spend shifting to digital platforms. Potential boost from audio subscription and short-format app payments.
Artiste Management
Expanded roster to 300+ artistes, adding 33 in Q4 FY26, with a combined digital reach of 410 Mn+ followers.
Strategic Content Investments
Highest ever investment in new music and catalogue purchase (Rs. 3,401 Mn in FY26). Strategic stake in Bhansali Productions for exclusive Hindi film music IP.
Live Events Diversification
Scaled up with successful 2-day multi-genre festival UN40 and growing traction in devotional and comedy verticals.
New Music Content
Released 1,200+ films & non-films tracks across multiple languages in FY26.
Artiste Roster Expansion
Added 33 artistes in Q4 FY26, increasing the total count to 300+.
Live Event IPs
Launched first Music Festival IP, UN40, and diversified into Bhajan Clubbing concerts and comedy shows.
Untapped Music Subscription Potential in India
India's music subscription penetration is among the lowest globally, with 64% of free users willing to pay under certain conditions, indicating significant growth headroom.
Growth of Indian M&E Sector
Indian M&E sector expected to grow at 6% p.a., with Live Events (11% CAGR), Artiste Management (24% growth), and Music (8% CAGR) as key drivers.
AI for Content Creation
Leveraging Generative AI to transform video content creation with ~70% cost savings and up to 80% faster execution.
Live Events Revenue De-growth
Annual Live Events revenue de-grew 78% in FY26, primarily due to FY25 having revenue from Diljit Dosanjh’s India tour, creating a high base.
Video Business Scale-down
Company consciously scaled down its Films Production business, leading to a 44% YoY de-growth in overall Video annual revenue for FY26.
Carvaan Sales Volume Shrinkage
Carvaan sales volumes and topline shrunk due to transition to e-commerce/modern retail and SKU reduction, though profitability improved.
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.
YoY comparison is crucial for assessing overall annual growth and quarterly performance against seasonal trends. QoQ comparison is relevant for tracking sequential momentum in the core Music business and operational efficiency.
Q4 FY26 Revenue from Operations
Rs. 2,874 Mn, 19% YoY growth.
Q4 FY26 Adjusted EBITDA
Rs. 1,327 Mn, 31% YoY growth. Highest ever quarterly EBITDA.
FY26 Music Revenue
Rs. 8,144 Mn, 17% YoY growth.
FY26 Music EBITDA
Rs. 5,167 Mn, 22% YoY growth.
Strategic Outlook
Vice Chairperson states 'path breaking year for Saregama with highest ever EBITDA, driven by clear strategy of aggressive investments and diversification of IP monetization.'
Music Segment Growth Targets
Management expects Music Revenue growth of 20-23% p.a. and Music Net Margins to improve by 3-5% in the next 3-5 years.
Digital Monetization Focus
Base case strategy is to ride India’s digital growth story, with potential boosters from audio subscription and short-format apps paying a share of advertising.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Music Revenue Growth | 17% YoY (FY26) | Sustained growth towards management's 20-23% p.a. target. |
| Adjusted EBITDA Margin | 41% (FY26) | Maintenance or expansion of margins, especially in the core Music segment (68% in Q4 FY26). |
| Content Charge | Rs. 1,399 Mn (FY26) | Efficiency of content investments in driving future revenue and IP value. |
| Net Debt to Equity Ratio | NIL (FY26) | Continued strong balance sheet management amidst aggressive content investments. |
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
53NeutralSMA20 +17.5% / mo
Technical chart
SAREGAMAweekly · 3Y-9.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 60. Wait for confirmation.
- SMA20 rising (~14.9% over last month) — short-term momentum positive.
- RSI(14) at 60 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 46% 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, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Quality is weaker at 6/20; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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: +0 points.
Factor attribution
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 82nd percentile of the scored universe and 96th percentile within Media. Main check: results consistency is weak at 31/100.
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: 96th pctile, median 64 · Large: 63rd pctile, median 74
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
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸OPM spread across recent quarters is 25%.
Intrinsic value
Fundamentals
Valuation
- P/E
- 41.30
- P/B
- 5.21
- EV/EBITDA
- 21.22
- Market Cap
- 8817.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 17.80%
- ROA
- 8.87%
- Dividend Y
- 0.98%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 5.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 67.40×
- Altman Z
- 8.17
- Book Value
- 87.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 100.00 Cr
- EPS TTM
- 10.74
Shareholding
- Promoter Hold
- 60.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.