Bharti Airtel Ltd.
NSE: BHARTIARTL
Communication Services · Telecom Services
₹1,973.70 last close on 30 Oct 2026 +0.08%
Research updated
Saregama India Limited
NSE: SAREGAMACommunication ServicesEntertainment
- Last close
- ₹548.65
- Day change
- +₹12.65 (+2.36%)vs
- Market cap
- ₹9,675 crIndian rupees
- Research updated
- 1 report
Follow Saregama India
Create an account, then follow this company for weekday briefs. You will return to Saregama India after signing in.
About Saregama India
Saregama India Limited is a leading entertainment company recognized as India’s oldest music label and a prominent content provider in the music, film, and television industries. Founded in 1902, Saregama holds a rich archive of over 120,000 songs and is a major owner of in-perpetuity sound recording and publishing copyrights across multiple Indian languages. Its business is structured into four main segments: Music, Artist Management, Video, and Events. In the music segment, Saregama not only licenses music rights but also retails content through formats such as its renowned Carvaan digital audio players, music cards, and vinyl records. The company also manages creative talent, oversees exclusive and non-exclusive artists, and produces long-form and short-form video content—including films under the Yoodlee Films brand and multi-language television programs. Saregama further organizes live events, contributing to its diversified revenue streams. With significant digital presence, such as a large subscriber base on YouTube, and a broad distribution network, Saregama continues to play a central role in preserving and monetizing India’s musical heritage while adapting to emerging consumer technologies and content consumption trends.
- Sector
- Communication Services
- Industry
- Entertainment
- Listing
- NSE: SAREGAMA
- Next results
- Employees
- 277
- Headquarters
- Mumbai, India
- ISIN
- INE979A01025
- Website
- saregama.com
Public research · Report of
Business model & financial foundation
Saregama (NSE: SAREGAMA), Music intellectual property and entertainment: revenue of ₹984.6 crore in FY26 (-15.9% on FY25), an EBITDA margin of 34.2%, net profit of ₹207.1 crore and net cash of ₹146.7 crore.
- Revenue, FY26 (₹ crore)
- 984.6
- consolidated
- Revenue growth, FY26
- -15.9%
- on FY25
- EBITDA margin, FY26
- 34.2%
- EBITDA from statutory cost stack / revenue
- Net profit, FY26 (₹ crore)
- 207.1
- to owners
- Return on equity, FY26
- 12.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -146.7
- Net financial debt less broad treasury liquidity
- Market capitalisation (₹ crore)
- 9,340
- at the close of 18 Oct 2026
Company profile
Saregama monetises an Indian music catalogue through streaming, social video, broadcast and public-performance licences, and invests in new music rights. Pocket Aces adds artist management and digital content; Carvaan sells physical music devices, while video and live events are smaller, volatile businesses. New content investment consumes cash ahead of revenue and amortises over its useful life.
| Item | Value |
|---|---|
| Legal name | Saregama India Limited |
| Exchange and ticker | NSE: SAREGAMA; BSE: 532163 |
| ISIN | INE979A01025 |
| Sector | Communication Services |
| Industry | Music intellectual property and entertainment |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | BSR & Co. LLP |
| Market capitalisation | ₹9,340 crore (18 Oct 2026) |
| Shares outstanding | 19.28 crore shares (FY26) |
| Price | ₹504.0 (close, 18 Oct 2026) |
| 52-week range | ₹307.0 - ₹574.5 (to 18 Oct 2026) |
| Website | https://www.saregama.com |
Corporate structure and shareholding
Parent: RP-Sanjiv Goenka Group.
| Entity | Holding | Business |
|---|---|---|
| Pocket Aces Pictures Private Limited | 95.76% | Digital content and artist management; holding after July 2026 purchase |
| Saregama Limited | 76.41% | Music licensing |
| Saregama Inc | 76.41% | Music and goods; effective holding |
| RPG Global Music | 100% | Overseas music subsidiary; current activity not retrieved |
| Saregama FZE | 100% | Film rights |
| Kolkata Metro Networks | 100% | Activity not retrieved |
| Performing Arts & Music Festivals UAE | 100% | Live entertainment |
Bhansali Productions is an associate investment via CCPS, not a fully consolidated subsidiary. Finnet effective holding basis requires reconciliation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.39% | 60.84% | 60.84% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 14.19% | 12.18% | 11.50% | |
| Domestic institutions | 5.05% | 7.11% | 8.60% | |
| of which mutual funds | 1.28% | 2.39% | 3.19% | |
| Retail | 19.93% | 19.43% | 18.63% | |
| Other | 0.44% | 0.44% | 0.44% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Saregama (NSE: SAREGAMA, BSE 532163) owns a catalogue of about 180,000 tracks (Q1 FY27,) and licenses it to streaming platforms, YouTube and short-form video, broadcasters and public-performance users; it acquires new film and non-film music each year, capitalising outright copyrights as intangibles amortised over 1-10 years and carrying other rights as inventory. Licensing is the profit engine: the Music segment (licensing plus Carvaan/retail) earned a segment result of 364.1cr on revenue of 683.5cr in FY26. Around it sit artist management through Pocket Aces (FY26 revenue 130.9cr, now 95.76% owned), video (108.4cr), live events (61.8cr, after the one-off Dil-Luminati tour lifted FY25 to 285.2cr) and a shrinking Carvaan device business. In January 2026 the company paid INR325cr for CCPS in Bhansali Productions, an associate convertible into 28-49.9% in 2028, with exclusive music supply. Saregama controls its catalogue and content spend; it does not control platform pricing, paid-subscription conversion or film release dates.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Music (includes retail/Carvaan) | 683.5 | 69.4% | 364.1 | 98.1% |
| Artist Management | 130.9 | 13.3% | 12.7 | 3.4% |
| Video | 108.4 | 11.0% | 1.51 | 0.4% |
| Events | 61.8 | 6.3% | -7.11 | -1.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Tips Music (TIPSMUSIC) | Closest listed music-IP pure play |
| Zee Entertainment (ZEEL) | |
| Sun TV Network (SUNTV) | Profitable content licensing and broadcasting |
| PVR Inox (PVRINOX) | Film/event distribution economics; lease-heavy not music-IP comparable |
| Nazara Technologies (NAZARA) | Digital entertainment and IP; acquisitions and monetisation risk |
| Prime Focus (PFOCUS) | Film-content ecosystem; production services not recurring music royalty |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 567.4 | 706.3 | 803.0 | 1,171 | 984.6 |
| Cost of revenue (vendor classification) * | 205.8 | 290.6 | 293.3 | 611.4 | 381.1 |
| Other operating costs (vendor classification) * | 105.4 | 146.3 | 143.3 | 175.5 | 149.9 |
| EBITDA (vendor classification) * | 226.0 | 253.4 | 303.4 | 335.1 | 372.8 |
| Operating EBIT excluding other income | 220.6 | 253.5 | 210.4 | 218.8 | 255.2 |
| Finance costs | 4.38 | 5.38 | 3.24 | 5.74 | 5.44 |
| Profit before tax | 216.2 | 248.1 | 270.8 | 276.1 | 284.1 |
| Total tax expense | 51.8 | 63.0 | 73.2 | 71.8 | 77.9 |
| Profit after tax before NCI allocation | 152.7 | 185.1 | 197.6 | 204.2 | 206.2 |
| Diluted EPS (₹) | 8.42 | 9.63 | 10.27 | 10.61 | 10.73 |
| Other income | 63.7 | 58.1 | 42.3 | ||
| Operational cost (direct content, production and goods) | 232.0 | 543.1 | 317.8 | ||
| Employee benefits expense | 93.2 | 107.5 | 109.0 | ||
| Other operating expenses including advertisement and royalty | 231.2 | 243.8 | 221.1 | ||
| EBITDA from statutory cost stack | 246.6 | 277.0 | 336.8 | ||
| Depreciation and amortisation expense | 36.2 | 58.2 | 81.6 | ||
| Exceptional items (signed) | 0.00 | 4.96 | -8.53 | ||
| Profit attributable to non-controlling interests | -0.03 | -0.01 | -0.85 | ||
| Profit attributable to owners | 197.6 | 204.2 | 207.1 | ||
| Share of net profit or loss of associates | 0.00 | 0.00 | 0.58 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,381 | 1,346 | 1,473 | 1,587 | 1,695 |
| Financial borrowings excluding leases | 1.30 | 0.71 | 1.65 | 0.00 | 70.4 |
| Cash and cash equivalents | 152.7 | 16.7 | 56.9 | 69.4 | 28.2 |
| Trade receivables | 107.8 | 148.0 | 158.7 | 143.2 | 176.9 |
| Inventories | 105.4 | 164.3 | 239.3 | 240.2 | 243.4 |
| Trade payables | 64.5 | 70.3 | 93.4 | 127.5 | 157.6 |
| Net property, plant and equipment | 1.26 | 0.67 | 223.8 | 222.2 | 222.0 |
| Capital work in progress | 28.7 | 57.0 | n.d. | n.d. | n.d. |
| Total assets | 1,688 | 1,704 | 2,034 | 2,095 | 2,322 |
| Current and noncurrent lease liabilities | 3.78 | 2.71 | 2.20 | ||
| Other current bank balances including earmarked accounts | 485.2 | 474.3 | 121.1 | ||
| Bank deposits with remaining maturity above twelve months | 0.08 | 5.57 | 0.01 | ||
| Current liquid treasury mutual fund investments | 117.7 | 111.2 | 67.8 | ||
| Noncurrent liquid investments excluding strategic holdings | 0.00 | 0.00 | 0.00 | ||
| Net financial debt less broad treasury liquidity | -658.2 | -660.5 | -146.7 | ||
| Net debt including leases less broad treasury liquidity | -654.5 | -657.8 | -144.5 | ||
| Other intangibles excluding goodwill | 204.7 | 327.4 | 511.5 | ||
| Goodwill | 308.3 | 280.9 | 293.9 | ||
| Intangible assets under development distinct from CWIP | 5.54 | 0.00 | 0.00 | ||
| Other noncurrent assets not CWIP | 46.8 | 50.1 | 54.3 | ||
| Equity attributable to owners | 1,469 | 1,583 | 1,693 | ||
| Equity attributable to NCI | 3.45 | 3.38 | 2.53 | ||
| Strategic equity-accounted associate excluded from liquidity | 0.00 | 0.00 | 310.7 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 144.0 | 149.2 | 93.2 | 331.2 | 100.0 |
| Free cash flow (vendor definition) * | 21.7 | -9.71 | 0.97 | 169.5 | -114.0 |
| Dividends paid (the provider's sign: an outflow is negative) | -57.8 | -57.8 | -77.1 | -86.8 | -86.8 |
| Cash purchases PPE and intangibles positive outflow magnitude | -72.7 | -103.1 | 92.3 | 161.7 | 214.0 |
| Net investing cash flow signed | 16.6 | -220.6 | -113.5 | ||
| Net financing cash flow signed | -84.9 | -98.7 | -31.4 | ||
| CFO less positive cash capex before acquisitions | 0.97 | 169.5 | -114.0 | ||
| Cash paid for capitalised content intangibles separately | n.d. | n.d. | n.d. | ||
| Business combination cash payments positive magnitude | 166.2 | 127.5 | 10.9 | ||
| Associate acquisition cash payment positive magnitude | 0.00 | 325.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued and paid-up shares | 18.09 | 19.25 | 19.28 | 19.28 | 19.28 |
| Actual diluted weighted-average EPS denominator (crore shares) | 19.23 | 19.26 | n.r. | ||
| Actual basic weighted-average EPS denominator (crore shares) | 19.23 | 19.23 | n.r. | ||
| Accounting music copyright gross additions not cash capex | 98.8 | 172.2 | 257.6 | ||
| Accounting gross intangible additions not cash payments | 98.8 | 177.9 | 257.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 241.8 | 483.4 | 240.8 | 206.8 | 230.0 | 260.4 | 287.4 | 263.6 |
| Cost of revenue (vendor classification) * | 103.9 | 330.5 | 94.0 | 15.2 | 98.1 | 94.2 | 17.5 | |
| Other operating costs (vendor classification) * | 46.7 | 41.9 | 42.4 | 111.1 | 43.2 | 45.3 | 125.4 | |
| EBITDA (vendor classification) * | 73.4 | 100.1 | 98.0 | 69.5 | 99.2 | 130.7 | 96.3 | |
| Operating EBIT excluding other income | 47.2 | 69.1 | 63.7 | 37.8 | 49.8 | 70.4 | 97.3 | 69.7 |
| Finance costs | 0.43 | 0.39 | 4.71 | 0.98 | 1.13 | 1.26 | 2.06 | 2.17 |
| Profit before tax | 59.3 | 84.5 | 81.6 | 51.1 | 60.1 | 69.5 | 103.4 | 70.5 |
| Total tax expense | 14.4 | 22.1 | 21.8 | 14.5 | 16.3 | 18.3 | 28.8 | 18.6 |
| Profit after tax before NCI allocation | 45.0 | 62.3 | 59.9 | 36.5 | 43.8 | 51.3 | 74.6 | 51.9 |
| Diluted EPS (₹) | 2.33 | 3.23 | 3.11 | 1.90 | 2.28 | 2.67 | 3.86 | 2.69 |
| Other income | 12.5 | 15.7 | 17.7 | 14.2 | 11.5 | 7.42 | 9.15 | 4.21 |
| Operational cost (direct content, production and goods) | 87.1 | 311.8 | 76.2 | 74.8 | 80.0 | 80.1 | 82.9 | 81.4 |
| Employee benefits expense | 30.4 | 26.7 | 24.1 | 25.1 | 29.6 | 27.3 | 27.0 | 27.5 |
| Other operating expenses including advertisement and royalty | 63.5 | 60.5 | 60.2 | 51.6 | 51.7 | 61.2 | 56.6 | 61.4 |
| EBITDA from statutory cost stack | 60.8 | 84.4 | 80.3 | 55.3 | 68.8 | 91.7 | 121.0 | 93.3 |
| Depreciation and amortisation expense | 13.6 | 15.2 | 16.6 | 17.5 | 19.0 | 21.4 | 23.7 | 23.6 |
| Exceptional items (signed) | 0.00 | 0.00 | 4.96 | 0.00 | 0.00 | -6.98 | -1.55 | 0.00 |
| Profit attributable to non-controlling interests | 0.05 | 0.03 | -0.27 | -0.15 | 0.07 | -0.02 | -0.75 | 0.32 |
| Profit attributable to owners | 44.9 | 62.3 | 60.1 | 36.7 | 43.8 | 51.3 | 75.4 | 51.6 |
| Share of net profit or loss of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.58 | -1.21 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 32.5% | 24.5% | 13.7% | 45.9% | -15.9% |
| EBITDA margin | 30.7% | 23.6% | 34.2% | ||
| Net margin | 24.6% | 17.4% | 21.0% | ||
| Return on equity | 14.0% | 13.4% | 12.6% | ||
| Return on capital employed | 23.3% | 18.6% | 14.9% | 14.3% | 15.2% |
| Return on assets | 10.6% | 9.9% | 9.4% | ||
| Net debt (₹ crore) | -658.2 | -660.5 | -146.7 | ||
| Net debt / EBITDA | -2.67x | -2.38x | -0.44x | ||
| Interest cover | 50.4x | 47.1x | 64.9x | 38.1x | 46.9x |
| Asset turnover | 0.46x | 0.42x | 0.43x | 0.57x | 0.45x |
| Receivable days | 69 | 76 | 72 | 45 | 66 |
| Inventory days (on revenue) | 68 | 85 | 109 | 75 | 90 |
| Payable days (on revenue) | 42 | 36 | 42 | 40 | 58 |
| Cash conversion | 0.47x | 1.62x | 0.48x | ||
| Capex intensity | 12.8% | 14.6% | 11.5% | 13.8% | 21.7% |
| Free cash flow (₹ crore) | 71.3 | 46.1 | 0.97 | 169.5 | -114.0 |
| Dividend payout | 39.0% | 42.5% | 41.9% | ||
| EPS, diluted (₹) | 8.42 | 9.63 | 10.27 | 10.61 | 10.73 |
| Book value per share (₹) | 76.33 | 69.88 | 76.37 | 82.30 | 87.92 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA from statutory cost stack / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net financial debt less broad treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA from statutory cost stack.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Saregama India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Saregama India
- Research reportLatest
Same sector
More research in Communication Services
Vodafone Idea Ltd.
NSE: IDEA
Communication Services · Telecom Services
₹11.83 last close on 30 Oct 2026 −2.39%Research updated
Indus Towers Ltd.
NSE: INDUSTOWER
Communication Services · Telecom Services
₹378.30 last close on 30 Oct 2026 −1.48%Research updated
Info Edge India Ltd.
NSE: NAUKRI
Communication Services · Internet Content & Information
₹1,189.60 last close on 30 Oct 2026 +1.42%Research updated
Bharti Hexacom Ltd.
NSE: BHARTIHEXA
Communication Services · Telecom Services
₹1,636.20 last close on 30 Oct 2026 −1.28%Research updated
Tata Communications Ltd.
NSE: TATACOMM
Communication Services · Telecom Services
₹1,675.40 last close on 30 Oct 2026 −1.99%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.