STEL Holdings confirms no encumbrance of Saregama shares in FY26

STEL Holdings Limited has confirmed that it holds 851,600 shares in Saregama India Limited as of March 31, 2026. The company declared that no encumbrance was made on these shares, directly or indirectly, during the financial year ended March 31, 2026. This disclosure was made in accordance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

The declaration was addressed to the National Stock Exchange of India Limited, BSE Limited, and the Audit Committee of the Board of Directors of Saregama India Limited. The filing was submitted on April 7, 2026, by Sruthi Sindhu, Company Secretary of STEL Holdings Limited. The confirmation ensures compliance with regulatory requirements regarding shareholding disclosures.

Shareholding Details

Particulars	Details
Company Name	Saregama India Limited
Security Code	532163
Shares Held	851,600
As of Date	March 31, 2026
Encumbrance Status	No encumbrance during FY26

The declaration provides transparency regarding the shareholding structure and confirms that STEL Holdings Limited has not pledged or created any charge on its holdings in Saregama India Limited during the specified period. This information is material for shareholders and regulatory bodies monitoring substantial acquisitions and takeovers.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.50%	-4.27%	+21.55%	+21.19%	-22.39%	+75.21%

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.