Saregama Q4FY26 Revenue Rises 19% to INR 287 Crores
Saregama India Limited announced its Q4FY26 financial results, reporting a 19% YoY increase in revenue from operations to INR 287 crores. Adjusted EBITDA reached a record INR 133 crores, growing 31% YoY, while operational PBT increased by 37% to INR 105 crores. The music vertical achieved an annual revenue of INR 814 crores. The company provided a medium-term revenue CAGR guidance of 20-23% for the music segment and projected a content investment budget of INR 300-350 crores for FY27.
*this image is generated using AI for illustrative purposes only.
Saregama India Limited reported revenue from operations of INR 287 crores for the quarter ended March 31, 2026, representing a year-on-year growth of 19%. The company achieved its highest ever adjusted EBITDA of INR 133 crores, a 31% YoY increase, while operational profit before tax (PBT) stood at INR 105 crores, growing 37% YoY. The management discussed these results during the Q4FY26 earnings conference call held on May 14, 2026.
Financial Performance
The music vertical, which includes licensing, artist management, and retail, was the primary growth driver. For the full fiscal year FY26, this vertical recorded a revenue of INR 814 crores, a 17% YoY growth. The annual EBITDA for the segment stood at INR 517 crores, up 22% YoY, with an annual net margin of INR 377 crores, reflecting a 28% YoY growth.
| Metric | Q4FY26 Value | YoY Growth |
|---|---|---|
| Revenue from Operations | INR 287 crores | 19% |
| Adjusted EBITDA | INR 133 crores | 31% |
| Operational PBT | INR 105 crores | 37% |
| Music Vertical Annual Revenue | INR 814 crores | 17% |
Operational Highlights
The company attributed the strong performance to a recovery in content releases and the stabilization of the music business following the closure of free streaming platforms like Airtel Wynk. Management noted that H2 of the fiscal year saw a growth of 26%, compared to 8% in H1. The success of the album "Dhurandhar 1" and the strategic use of digital marketing through subsidiary Pocket Aces were key contributors.
During the quarter, Saregama completed a strategic investment in Bhansali Productions, securing exclusive access to marquee Hindi film music for the next 24 to 30 months. The company also launched its first music festival IP, "UN40", targeting audiences under the age of 40, which generated 12,000 footfalls and secured 8 sponsor brands.
Future Guidance
Looking ahead, the company provided a medium-term guidance of 20-23% CAGR for revenue in the music vertical, with annual EBITDA margins expected to be between 60-65%. The content investment budget for FY27 is projected to be between INR 300-350 crores. Management emphasized its commitment to maintaining a five-year payback period for content acquisitions and expressed optimism regarding the growth of paid subscriptions in the Indian market.
Historical Stock Returns for Saregama India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +5.37% | +5.83% | +20.35% | +9.70% | -24.80% | +70.76% |
How might the consolidation of free streaming platforms beyond Airtel Wynk further accelerate Saregama's paid subscription revenue growth in FY27 and beyond?
Could the exclusive partnership with Bhansali Productions serve as a template for similar deals with other major Bollywood production houses, and how would that impact content acquisition costs?
As Saregama scales its 'UN40' music festival IP, what monetization potential does live entertainment hold relative to its core licensing business over the next 3-5 years?
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