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Zee Entertainment Enterprises Limited
NSE: ZEELCommunication ServicesBroadcasting
- Last close
- ₹66.40
- Day change
- −₹4.11 (−5.83%)vs
- Market cap
- ₹6,901 crIndian rupees
- Research updated
- 1 report
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About Zee Entertainment Enterprises
Zee Entertainment Enterprises Limited is a leading media and entertainment company based in India. It primarily functions in the television broadcasting and production industry, offering a wide array of content across multiple languages and genres including news, entertainment, and sports. As a pioneer in the Indian entertainment landscape, Zee Entertainment operates several popular television channels catering to diverse audience segments. Additionally, its involvement extends to film production and digital media through its OTT platform, capturing a holistic share of viewership both domestically and internationally. The company's strategic initiatives and innovative content offerings hold a significant role in influencing viewership trends and advertising revenues in the vibrant and growing Indian media sector.
- Sector
- Communication Services
- Industry
- Broadcasting
- Listing
- NSE: ZEEL
- Chief executive
- Mr. Mukund Venkatesh Galgali
- Employees
- 2,159
- Headquarters
- Mumbai, India
- ISIN
- INE256A01028
- Website
- zee.com
Public research · Report of
Business model & financial foundation
Zee Entertainment (NSE: ZEEL), Broadcasting and digital entertainment: revenue of ₹8,099 crore in FY26 (-2.4% on FY25), an EBITDA margin of 4.3%, net profit of ₹273.1 crore and net cash of ₹1,763 crore.
- Revenue, FY26 (₹ crore)
- 8,099
- consolidated
- Revenue growth, FY26
- -2.4%
- on FY25
- EBITDA margin, FY26
- 4.3%
- EBITDA (Reported operating profit / EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 273.1
- to owners
- Return on equity, FY26
- 2.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,763
- Conservative net debt incl liquid current investments
- Market capitalisation (₹ crore)
- 7,646
- at the close of 18 Oct 2026
Company profile
Zee monetises television and digital entertainment through advertising, subscription and content licensing. ZEE5 is embedded within consolidated revenue; adding its revenue to group advertising and subscription would double count. Content inventory and advances, sports commitments and governance litigation make it materially more capital- and risk-intensive than an asset-light music licensor.
| Item | Value |
|---|---|
| Legal name | Zee Entertainment Enterprises Limited |
| Exchange and ticker | NSE: ZEEL; BSE: 505537 |
| ISIN | INE256A01028 |
| CIN | L92132MH1982PLC028767 |
| Sector | Communication Services |
| Industry | Broadcasting and digital entertainment |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹7,646 crore (18 Oct 2026) |
| Shares outstanding | 96.05 crore shares (FY26) |
| Price | ₹71.85 (close, 18 Oct 2026) |
| 52-week range | ₹68.00 - ₹118.4 (to 18 Oct 2026) |
| Website | https://www.zee.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Zee Studios Limited | 100% | Movie production and distribution |
| Margo Networks Private Limited | 100% | Business detail not retrieved |
| Zbullet Enterprise Limited | 92% | Business detail not retrieved |
| Rotate Onetouch Limited | 100% | Former Advance Media Distribution; current business not retrieved |
| ZI-IPR Enterprise Limited | 100% | Business detail not retrieved |
FY26 report lists 22 subsidiaries and one 50% JV; full subsidiary detail remains a gap.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 3.99% | 3.99% | 3.99% | 3.99% |
| Promoter holding pledged | 5.38% | |||
| Foreign institutions | 24.21% | 25.33% | 20.12% | 18.08% |
| Domestic institutions | 12.09% | 10.50% | 7.92% | 7.34% |
| of which mutual funds | 4.86% | 3.16% | ||
| Retail | 42.77% | |||
| Other | 17.41% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Zee sells television and streaming audiences to advertisers, charges distributors and consumers for subscriptions, and licenses film/music IP. Revenue is group advertising plus subscription plus other sales/services. ZEE5 revenue is already inside these buckets and must not be added again. FY26 content inventory6512.3 against owners equity11729.9 makes this materially unlike asset-light IT/music peers.
| Peer | Why the dossier compares them |
|---|---|
| Sun TV Network (SUNTV) | Closest listed linear entertainment and subscription broadcaster |
| Network18 Media & Investments (NETWORK18) | Broadcast and digital media; restructuring limits comparability |
| TV Today Network (TVTODAY) | Advertising-funded broadcaster, news rather than entertainment |
| New Delhi Television (NDTV) | News broadcaster; loss making and smaller |
| Saregama India (SAREGAMA) | Music IP and content production, growth comparator not direct linear peer |
| Tips Music (TIPSMUSIC) | Music licensing IP comparator with structurally different capital intensity |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 8,186 | 8,088 | 8,637 | 8,294 | 8,099 |
| Cost of revenue (vendor classification) * | 4,042 | 4,469 | 5,039 | 4,517 | 4,859 |
| Other operating costs (vendor classification) * | 2,685 | 2,750 | 2,740 | 2,792 | 1,957 |
| EBITDA (vendor classification) * | 1,925 | 1,209 | 1,045 | 1,299 | 459.5 |
| EBIT * | 1,542 | 538.3 | 453.2 | 953.4 | 300.9 |
| Finance costs | 43.8 | 70.2 | 72.1 | 32.7 | 44.8 |
| Profit before tax from continuing operations | 1,499 | 468.1 | 381.1 | 926.1 | 273.6 |
| Total tax expense from continuing operations | 444.7 | 216.7 | 181.9 | 238.7 | 2.30 |
| Total PAT before non-controlling interests | 955.8 | 47.7 | 141.4 | 679.5 | 271.3 |
| Diluted EPS total operations (₹) | 10.04 | 0.50 | 1.47 | 7.08 | 2.82 |
| Operational cost (issuer classification) | 5,039 | 4,517 | 4,859 | ||
| Employee benefits expense | 1,019 | 926.6 | 842.4 | ||
| Other expenses including A&P | 1,672 | 1,654 | 2,051 | ||
| Total PAT attributable to owners | 141.4 | 679.5 | 273.1 | ||
| Operating expenses excluding depreciation and finance | 7,730 | 7,098 | 7,753 | ||
| Reported operating profit / EBITDA | 907.2 | 1,196 | 346.3 | ||
| Adjusted EBITDA excluding inventory estimate impact | 1,196 | 754.7 | |||
| Other income | 129.3 | 123.4 | 146.1 | ||
| Depreciation and amortisation | 309.1 | 278.5 | 217.2 | ||
| Exceptional items signed loss | -278.4 | -98.6 | -9.40 | ||
| Share of associates and joint venture results | 0.40 | 0.40 | 0.20 | ||
| Continuing PAT before non-controlling interest | 199.2 | 687.4 | 271.3 | ||
| Profit / (loss) attributable to non-controlling interests | 0.00 | 0.00 | -1.80 | ||
| Current tax expense, current year | 209.7 | 209.4 | 37.5 | ||
| Current tax expense / (credit), earlier years | 0.00 | -1.10 | 4.90 | ||
| Deferred tax expense / (credit), continuing operations | -27.8 | 30.4 | -40.1 | ||
| Profit / (loss) from discontinued operations after tax | -57.8 | -7.90 | 0.00 | ||
| Profit / (loss) from discontinued operations before tax | -59.1 | -7.90 | 0.00 | ||
| Tax expense / (credit), discontinued operations | -1.30 | 0.00 | 0.00 | ||
| Fair value gain on financial instruments (positive) | 3.80 | 15.9 | 52.4 | ||
| Basic earnings per share, total operations (₹) | 1.47 | 7.08 | 2.82 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 10,863 | 10,722 | 10,873 | 11,533 | 11,728 |
| Borrowings including lease liabilities | 76.3 | 282.0 | 230.3 | 320.9 | 265.1 |
| Cash and cash equivalents (audited BS definition) | 1,199 | 717.9 | 1,113 | 720.4 | 797.8 |
| Trade receivables | 1,738 | 1,609 | 1,702 | 1,533 | 1,724 |
| Inventories | 6,386 | 7,308 | 6,913 | 6,775 | 6,512 |
| Trade payables | 1,372 | 1,749 | 1,436 | 1,191 | 1,467 |
| Property plant and equipment per audited balance sheet | 255.3 | 493.2 | 639.8 | 550.6 | 497.1 |
| Capital work in progress | 15.1 | 23.8 | 9.30 | 1.40 | 3.50 |
| Total assets | 13,240 | 13,728 | 13,450 | 13,734 | 14,216 |
| Borrowings excluding lease liabilities | 5.50 | 160.1 | 177.7 | ||
| Long-term borrowings | 3.20 | 158.0 | 176.1 | ||
| Short-term borrowings | 2.30 | 2.10 | 1.60 | ||
| Lease liabilities current plus noncurrent | 224.8 | 160.8 | 87.4 | ||
| Bank balances other than cash equivalents | 80.1 | 529.6 | 695.7 | ||
| Current investments (liquidity restrictions not retrieved) | 0.00 | 1,156 | 1,230 | ||
| Noncurrent financial investments | 36.8 | 35.7 | 41.7 | ||
| Investments accounted for using equity method | 2.30 | 2.60 | 2.80 | ||
| Net worth attributable to shareholders | 10,873 | 11,533 | 11,730 | ||
| Equity share capital | 96.1 | 96.1 | 96.1 | ||
| Current loans (counterparty not retrieved) | 0.00 | 0.00 | 35.7 | ||
| Conservative net debt incl liquid current investments | -1,763 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities after taxes | 348.6 | -329.7 | 714.4 | 1,161 | 708.1 |
| Free cash flow (vendor definition) * | 43.8 | -138.6 | 583.9 | 1,094 | 547.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -285.0 | -288.2 | -96.1 | -233.4 | |
| PPE/CWIP and intangible cash purchases (positive spending) | 75.8 | 116.3 | 130.5 | 91.6 | 160.4 |
| PPE/CWIP cash purchases (positive spending) | 76.0 | 84.8 | 136.2 | ||
| Intangible cash purchases (positive spending) | 54.5 | 6.80 | 24.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 96.05 | 96.05 | 96.05 | 96.05 | 96.05 |
| Cash and treasury investments (management aggregate) | 2,760 | ||||
| Weighted average basic shares (EPS denominator) | n.r. | n.r. | n.r. | ||
| Weighted average diluted shares (EPS denominator) | n.r. | n.r. | n.r. |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,001 | 1,979 | 2,184 | 1,825 | 1,969 | 2,280 | 2,025 | 1,907 |
| Cost of revenue (vendor classification) * | 1,062 | 996.8 | 1,282 | 971.0 | 1,306 | 1,505 | 1,032 | |
| Other operating costs (vendor classification) * | 390.7 | 420.3 | 387.0 | 405.7 | 517.9 | 596.6 | 584.1 | |
| EBITDA (vendor classification) * | 354.8 | 353.0 | 321.5 | 253.1 | 258.9 | -192.3 | 110.1 | |
| EBIT * | 294.7 | 208.6 | 270.1 | 204.9 | 210.9 | -225.8 | 87.3 | |
| Finance cost | 8.30 | 10.8 | 8.10 | 7.70 | 13.0 | 9.20 | 14.9 | 13.2 |
| Profit before tax, continuing | 286.4 | 197.8 | 262.0 | 197.2 | 115.4 | 201.7 | -240.7 | 74.1 |
| Tax expense (negative=credit) | 76.9 | 34.2 | 73.4 | 53.5 | 38.9 | 46.9 | -137.0 | -0.20 |
| Profit for period incl. discontinued | 209.4 | 163.6 | 188.4 | 143.7 | 76.5 | 154.8 | -103.7 | 74.3 |
| Diluted EPS total operations, not annualised (₹) | 2.18 | 1.70 | 1.96 | 1.50 | 0.79 | 1.62 | -1.08 | 0.79 |
| Operational cost (programming/content) | 1,062 | 996.8 | 1,282 | 971.0 | 1,078 | 1,306 | 1,505 | 1,032 |
| Employee benefits expense | 227.5 | 243.3 | 230.0 | 220.1 | 214.2 | 216.1 | 192.0 | 212.6 |
| Other expenses incl. advertisement & publicity | 390.7 | 420.3 | 387.0 | 405.7 | 530.6 | 517.9 | 596.6 | 584.1 |
| EBITDA (reported) | 321.0 | 318.4 | 285.2 | 228.0 | 146.4 | 240.5 | -268.6 | 78.9 |
| Other income | 33.7 | 34.5 | 36.2 | 25.0 | 26.4 | 18.4 | 76.3 | 31.2 |
| Depreciation and amortisation | 73.2 | 65.8 | 63.9 | 59.1 | 57.1 | 53.7 | 47.3 | 43.5 |
| Fair value gain through P&L | 2.20 | 2.30 | 12.5 | 10.9 | 12.6 | 15.1 | 13.8 | 20.7 |
| Exceptional gains/(losses), excludes associates | 10.9 | -80.9 | 0.00 | 0.00 | 0.00 | -9.40 | 0.00 | 0.00 |
| PAT from continuing operations | 209.5 | 163.6 | 188.6 | 143.7 | 76.5 | 154.8 | -103.7 | 74.3 |
| Exceptional plus associates (deck; do not double add) | 11.0 | -80.8 | 0.10 | 0.10 | 0.10 | -9.40 | 0.00 | 0.00 |
| Share of associates/JV profit or loss | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.00 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | n.r. | n.r. | 0.00 | 0.00 | 0.00 | -0.50 | -1.30 | -2.00 |
| Profit attributable to owners of parent | 209.4 | n.r. | 188.4 | 143.7 | 76.5 | 155.3 | -102.4 | 76.3 |
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 | 6.0% | -1.2% | 6.8% | -4.0% | -2.4% |
| EBITDA margin | 10.5% | 14.4% | 4.3% | ||
| Net margin | 1.6% | 8.2% | 3.4% | ||
| Return on equity | 1.3% | 6.1% | 2.3% | ||
| Return on capital employed | 14.6% | 4.9% | 4.1% | 8.3% | 2.5% |
| Return on assets | 1.0% | 5.0% | 2.0% | ||
| Net debt (₹ crore) | -1,763 | ||||
| Net debt / EBITDA | -5.09x | ||||
| Interest cover | 35.2x | 7.67x | 6.29x | 29.2x | 6.72x |
| Asset turnover | 0.63x | 0.60x | 0.64x | 0.61x | 0.58x |
| Receivable days | 77 | 73 | 72 | 67 | 78 |
| Inventory days (on revenue) | 285 | 330 | 292 | 298 | 293 |
| Payable days (on revenue) | 61 | 79 | 61 | 52 | 66 |
| Cash conversion | 5.05x | 1.71x | 2.59x | ||
| Capex intensity | 0.9% | 1.4% | 1.5% | 1.1% | 2.0% |
| Free cash flow (₹ crore) | 272.8 | -446.0 | 583.9 | 1,069 | 547.7 |
| Dividend payout | 14.1% | 85.5% | |||
| EPS, diluted (₹) | 10.04 | 0.50 | 1.47 | 7.08 | 2.82 |
| Book value per share (₹) | 113.1 | 111.6 | 113.2 | 120.1 | 122.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Reported operating profit / EBITDA) / 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): Conservative net debt incl liquid current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Reported operating profit / EBITDA).
- 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 total operations).
- 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.
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What the full research on Zee Entertainment Enterprises 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.
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Report history
Reports on Zee Entertainment Enterprises
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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.
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