Saregama India (SAREGAMA) Q1 26/27 earnings summary

Executive summary

• Revenue from operations reached INR 2,636 crore in Q1 FY27, up 27% year-over-year, with adjusted EBITDA at INR 1,124 crore, up 69% year-over-year, and operational PBT at INR 705 crore, up 38% year-over-year.

• Music vertical revenue was INR 2,306 crore, up 39% year-over-year, with EBITDA of INR 1,398 crore, up 36%, and net margin of INR 996 crore, up 30%.

• Owns over 180,000 songs and a large digital fanbase, monetizing IP across multiple formats and platforms.

• The quarter saw the full impact of recent acquisitions, including increased stakes in Pocket Aces Pictures and Finnet Media, and the completion of CCPS acquisition in Bhansali Productions.

• The company released around 750 originals and premium recreations across multiple languages in the quarter.

Financial highlights

• Adjusted EBITDA margin for the music vertical guided at 60%-65% annually; Q1 FY27 overall margin was 43%.

• PAT for Q1 FY27 stood at INR 705 crore, up 38% year-over-year but down 33% sequentially.

• Diluted EPS for Q1 FY27 was 2.69, up from 1.90 in Q1 FY26.

• Consolidated net profit for the quarter was ₹5,188 lakhs, compared to ₹3,651 lakhs year-over-year.

• Dividend per share for FY26 was INR 4.5.

Outlook and guidance

• Music vertical expected to grow 20%-23% year-over-year in the medium term, with annual EBITDA margin guidance at 60%-65%.

• Continued focus on live events, brand partnerships, and international expansion, especially in the U.S. and through a new Dubai subsidiary.

• Plans to continue working with major TV networks and expand content across languages and formats.