ZEEL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹2,280 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Zee Entertainment Enterprises reported Q3 FY26 results with mixed performance. Digital business achieved a landmark positive EBITDA of Rs 56.4 crore (first time ever), with revenue surging 73% YoY to Rs 418 crore, aided by syndication revenues and revised telco pricing. The company posted PAT of Rs 154.8 crore, growing 2x sequentially. However, advertising revenue declined 9% YoY (though up 6% QoQ), reflecting continued FMCG sector softness. Operating costs increased 12% QoQ due to ILT20 cricket matches and movie acquisitions, but excluding these items, costs would have declined mid-single-digit sequentially. EBITDA margin expanded 310 bps QoQ to 10.5%. The Star arbitration hearing has been pushed to July 2026, adding timeline uncertainty to this legal dispute. Management remained optimistic about FY27 recovery in advertising but declined to provide specific guidance on growth targets or margin outlook.
Colored figures show movement against the previous available record.
Guidance to track
No guidance to track were recorded for this quarter.
Risks flagged
- The arbitration proceedings with Star have been adjourned to July 2026, with verdict to follow thereafter. Earlier expectations of early 2026 resolution have now shifted significantly.
- Z5's strong 73% revenue growth included catch-up revenue from a telecom pricing agreement and syndication income. Management claims underlying business is sustainable even after stripping these one-offs, but the actual sustainable growth trajectory remains uncertain.
- Despite improved sequential ad revenue, 9-month advertising decline stands at 12% YoY. Management declined to provide specific FY27 targets, citing it's 'too early' despite two to three quarters of strategic initiatives already implemented.
- CEO Punit Goenka was absent from the in-person call due to 'unavoidable last-minute exigencies' in the US, joining briefly via phone at 5 AM local time. This raises questions about leadership engagement given ongoing corporate challenges.
Key quotes
- This marks the first quarter in which our digital business has delivered a positive AIDA.
- Even if you strip this quarter's revenue of that catchup revenue still Z5 is breaking even so that's something to factor in yes there is a one-time income but even without that and some syndication income Z5 has broken even.
- We'll continue to see optimization in terms of both quality and quantity in our manpower cost.
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