Punjabi music market entry challenges
Past attempts to enter the Punjabi music market failed due to high costs and competitive dynamics. Management is trying a new model combining recorded music and live events.
SAREGAMAINDIA / bear-case history
Track the concerns that keep returning.
Saregama India · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Short-form video platform revenue reliance on annual fixed-fee deals
Revenue from short-form video platforms (e.g., Instagram Reels) is based on annual fixed-fee contracts, not ad revenue sharing, limiting upside.
Unallocable expenditure growth
Unallocable expenditure rose from ₹7 crore in FY23 to ₹74 crore in FY26, partly due to lower other income from QIP fund utilization. Management attributed it to netting-off effects but the trend warrants monitoring.
Live events revenue lumpiness
Live events revenue fell to ₹62 crore in FY26 from a high base in FY25 due to one-off Diljit Dosanjh tour. The business remains lumpy and festival IPs take years to break even.