ZEEL
Large CapZee Entertainment Enterprises Limited
Media
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.
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 needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 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
Bad · 0/100Rev -7% YoY · PAT -155% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,025 Cr | -7.3% | -11.2% |
| EBITDA | ₹-255 Cr | -185.6% | -199.6% |
| Operating margin | -13.0% | -2700 bps | -2400 bps |
| PAT | ₹-104 Cr | -155.3% | -167.1% |
| PAT margin | -5.1% | -1375 bps | -1194 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
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.
FY26 Operating Revenue Breakup
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
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.
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.
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.
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.
FY26 Operating Revenue
down 2% YoYRs 80,989 Mn
FY26 Adjusted EBITDA Margin
down from 14.4% YoY9.3%
ZEE5 FY26 Revenue Growth
FY26 Revenue Rs 14,888 Mn53% YoY
FY26 All India TV Network Share
Up 60 bps YoY17.4%
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.
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.
Trend score and candlestick chart
53NeutralSMA20 +4.9% / mo
Technical chart
ZEELweekly · 6M+14.3%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 63.
- RSI(14) at 63 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 8% off 52W high · 58% 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
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 3.8%.
- Piotroski is strong at 7/9.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -1516.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 1/25; verify the latest quarterly trend.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
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.
Mixed Trust: Claim history is still being built. It ranks around the 21st percentile of the scored universe and 26th percentile within Media. Main check: results consistency is weak at 5/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 26th pctile, median 64 · Large: 14th pctile, median 74
94 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low 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 pledge is zero.
- ▸FCF yield is positive at 3.8%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 3%.
- ▸ROCE is low at 2.8%.
- ▸ROE is low at 2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.20
- P/B
- 0.91
- EV/EBITDA
- 17.75
- Market Cap
- 10667.00Cr
Profitability
- ROE
- 2.40%
- ROCE
- 2.75%
- ROA
- 1.91%
- Dividend Y
- 2.19%
Growth (CAGR)
- Revenue 5Y
- 1.00%
- EPS 5Y
- -21.00%
- Revenue 3Y
- 0.05%
- EPS 3Y
- 95.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 8.87×
- Altman Z
- 4.68
- Book Value
- 122.00
Cash Flow
- FCF Yield
- 3.83%
- FCF Positive Y
- 9/5
- OCF
- 708.00 Cr
- EPS TTM
- 2.82
Shareholding
- Promoter Hold
- 3.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
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.