Music vertical annual revenue
₹814 crore
+17% YoY
Music licensing, artist management, and retail combined for FY26.
SAREGAMAINDIA
Other
15 May 2026
Saregama India Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
सारेगामा ने चौथी तिमाही में 287 करोड़ रुपये की कमाई की, जो पिछले साल से 19% ज्यादा है। कंपनी का मुनाफा (EBITDA) 133 करोड़ रुपये रहा, जो 31% बढ़ा। यह बढ़ोतरी अच्छे गानों और फिल्मों के कारण हुई। संगीत कारोबार (लाइसेंस, कलाकार प्रबंधन, रिटेल) ने पूरे साल 814 करोड़ रुपये की कमाई की, जिसमें 517 करोड़ रुपये का मुनाफा हुआ। 'दुर्र वन' एल्बम हर दिन 60 लाख बार सुना जा रहा है और यूट्यूब पर 1.1 करोड़ बार देखा गया। कंपनी का लक्ष्य अगले कुछ सालों में संगीत कारोबार में 20-23% सालाना वृद्धि और 60-65% मुनाफा कमाना है। मुश्किलें: पंजाबी संगीत में कड़ी प्रतिस्पर्धा और लाइव इवेंट से अनियमित कमाई। वीडियो कारोबार जानबूझकर 43% घटा, क्योंकि कंपनी अब भंसाली प्रोडक्शंस के साथ काम कर रही है।
Key Numbers
Music vertical annual EBITDA
₹517 crore
+22% YoY
Music vertical EBITDA for FY26, reflecting margin expansion.
New music content spend
₹235 crore
Lower than planned
Spend was lower due to movie releases pushed to FY27.
Artists managed
300+
+30 artists in Q4
Artist management vertical now covers 300+ artists with 400M+ followers.
Management Guidance
Music vertical revenue CAGR of 20-23% over 3-5 years
Management expects the music vertical to grow at 20-23% CAGR, driven by subscription expansion, ARPU growth, and format diversification.
Management guidance revenueMusic vertical EBITDA margin of 60-65%
Annual EBITDA margin guidance for the music vertical is 60-65%, with net margins expected to improve 300-500 bps over 3-5 years.
Management guidance marginsNew content budget of ₹300-350 crore for FY27
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.
Management guidance capexUn40 festival to break even by FY28
The newly launched music festival IP 'Un40' is expected to break even by FY28, with losses reducing in year two.
Management guidance expansionKey Risks
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.
medium · analyst_questionShort-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.
medium · analyst_questionUnallocable 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.
low · data_observationLive 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.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Saregama India's revenue in Q4 FY26?
Saregama India reported revenue of ₹287 Cr in Q4 FY26, representing a +19% change compared to the same quarter last year.
What guidance did Saregama India management give for FY27?
Music vertical revenue CAGR of 20-23% over 3-5 years: Management expects the music vertical to grow at 20-23% CAGR, driven by subscription expansion, ARPU growth, and format diversification. Music vertical EBITDA margin of 60-65%: Annual EBITDA margin guidance for the music vertical is 60-65%, with net margins expected to improve 300-500 bps over 3-5 years. New content budget of ₹300-350 crore for FY27: 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. Un40 festival to break even by FY28: The newly launched music festival IP 'Un40' is expected to break even by FY28, with losses reducing in year two.
What are the key risks for Saregama India in FY27?
Key risks include 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.; 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..
Did Saregama India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Saregama India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.