Saregama India (SAREGAMA) Q2 2026 earnings summary

Executive summary

• Operating revenue for Q2 FY26 was INR 230 crore (₹23,003 lakhs), with PBT of INR 60 crore (₹6,010 lakhs), and all segments grew except for a cyclical decline in the video segment.

• Operates across music, video, live events, and artist management, leveraging a vast IP portfolio and over 400 million digital followers.

• Strategic investments in generative AI and data analytics are enabling up to 70% cost savings and 80% faster content execution.

• Artist management vertical expanded to over 230 artists, leveraging digital advertising and influencer marketing.

• Interim dividend of ₹4.50 per share declared for FY26.

Financial highlights

• Q2 FY26 operating revenue was INR 230 crore (₹23,003 lakhs), with PBT of INR 60 crore (₹6,010 lakhs) and net profit of ₹4,383 lakhs.

• Adjusted EBITDA for Q2 FY26 was INR 847 Mn, margin at 37%, and PAT margin at 19%.

• Music segment (licensing plus artist management) grew 12% year-over-year; video segment revenue declined by 39% due to timing and seasonality.

• Diluted EPS for Q2 FY26 was 2.28.

• Cash and cash equivalents at end of Q2 FY26 stood at INR 252 Mn.

Outlook and guidance

• Music business expected to grow at 19%-20% for FY26, with mid-to-long-term CAGR guidance of 23%.

• Consolidated revenue (excluding Carvaan) expected to grow at 30% CAGR through FY27.

• Continued investment in new content, with projected spend of ~INR 10,000 Mn by FY27.

• Pocket Aces expected to break even in FY26; acquisition of Finnet Media by subsidiary is pending.