SHEMAROO Q3 FY26 earnings call.
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Revenue
₹161 Cr
verified against source
Revenue YoY
-2%
reported change
EBITDA
₹-67 Cr
latest reported figure
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Actual signal trajectory
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What the record says.
Shemaroo Entertainment reported a challenging Q3 FY26 with revenue of ₹161 crore (down 2% YoY) and a net loss of ₹55 crore, pressured by a 14% decline in traditional media revenues to ₹80 crore. The digital segment provided some resilience, growing 14% YoY to ₹81 crore. EBITDA loss of ₹67 crore includes ₹34 crore in new initiative investments; adjusted for these, the EBITDA loss from existing operations was approximately ₹33 crore. Management highlighted that ongoing inventory charge-offs of ₹30-35 crore per quarter will conclude by fiscal year-end, with inventory declining from ₹727 crore two years ago to ₹417 crore currently, expected to fall below ₹400 crore by March. Debt levels rose to ₹310 crore due to operational losses, though management expects operating cash flows and the accounting situation to be "completely different" next year. The Chumbak TV rebranding to Shemaroo Joosh (a movie channel) is showing steady growth at five months old. The company plans based on a "moderate soft to moderate" advertising environment assumption rather than aggressive optimism.
Colored figures show movement against the previous available record.
Guidance to track
- The accelerated inventory write-off exercise, ongoing for eight quarters, will conclude by the end of this financial year (March 2026), with Q4 also seeing charges of ₹30-35 crore.
- Management explicitly stated that the March quarter will be a loss quarter due to the final round of accounting charge-offs related to the inventory write-down.
- Debt levels of ₹310 crore are expected to stabilize around current levels for FY26, with management confident that operating cash flow generation in FY27 will prioritize debt repayment.
- Annual operating plans for next year are being built on continuation of moderate soft to moderate advertising market assumptions, not aggressively optimistic scenarios, as FMCG de-stocking effects stabilize.
Risks flagged
- Traditional business revenues declined 14% YoY, with management indicating traditional segments will continue to stay under pressure as the industry shift to digital accelerates and FMCG advertising remains soft.
- Debt increased from ₹295 crore in H1 FY26 to ₹310 crore as of Q3, driven by operational losses and cash requirements. Management acknowledged this gap but expects it to stabilize and improve next year.
- Analyst directly asked for revenue and EBITDA guidance for the short term; management deflected, stating annual operating plans are still being finalized and directionally acknowledged confidence but provided no specific numbers, saying they will "give a much better picture maybe in the next couple of quarters."
- The rebranded movie channel is only five months old with management calling it "too premature" to quantify impact. No specific TRP ratings, reach figures, or revenue contribution from the channel were disclosed despite direct analyst inquiry.
Key quotes
- These charge offs are purely accounting adjustments and do not reflect the monetization of our content or our ability to generate free cash flow.
- March quarter is going to be a loss quarter because there is going to be a accounting charge over there. The outlook for next year will be completely different even in terms of operating cash flows.
- We are building assumptions on a continuation of a moderate soft to moderate kind of environment and not really on an aggressively optimistic environment.
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