Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹287 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹133 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Saregama reported Q4 FY26 revenue of ₹287 crore (+19% YoY) and adjusted EBITDA of ₹133 crore (+31% YoY), driven by strong music content releases and the absence of the Al-Winks headwind. The music vertical (licensing, artist management, retail) grew 17% to ₹814 crore for the full year, with EBITDA of ₹517 crore (+22% YoY). Management highlighted the success of the 'Durr One' album, which continues to generate 6M daily audio streams and 11M YouTube views. The company maintained its medium-term guidance of 20-23% revenue CAGR and 60-65% EBITDA margins for the music vertical. Key risks include the highly competitive Punjabi music market, where past strategies failed, and the lumpy nature of live events revenue. The video vertical declined 43% by design as the company shifts focus to its partnership with Bhansali Productions.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the music vertical to grow at 20-23% CAGR, driven by subscription expansion, ARPU growth, and format diversification.
- Annual EBITDA margin guidance for the music vertical is 60-65%, with net margins expected to improve 300-500 bps over 3-5 years.
- The company plans to spend ₹300-350 crore on new music content in FY27, part of the ₹1,000 crore cumulative spend over FY25-27.
- The newly launched music festival IP 'Un40' is expected to break even by FY28, with losses reducing in year two.
Risks flagged
- 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.
- 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 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 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.
Key quotes
- We are operating in the most underpenetrated large music market on earth and Saregama's entire strategy is built around that 20-year opportunity.
- We said no. And I'm proud to share our stand actually stands vindicated today. We did the right thing by not going out there and picking it up.
- The day subscription generally takes off, you will see numbers going out and literally doubling if need be on a year-on-year basis for the first few years.
Research modules