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Punjabi music market entry challenges
View Risks →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.
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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।
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Music vertical annual revenue
₹814 crore
+17% YoY
Music licensing, artist management, and retail combined for FY26.
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.
Fast read
Guidance and risk preview
Management expects the music vertical to grow at 20-23% CAGR, driven by subscription expansion, ARPU growth, and format diversification.
Past attempts to enter the Punjabi music market failed due to high costs and competitive dynamics.
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