India · Delayed Price · Currency is INR Saregama India Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw 19% YoY revenue growth and record EBITDA, with the music vertical leading at 17% annual growth. Strategic investments, disciplined content acquisition, and a focus on paid subscriptions are driving long-term profitability, while platform disruptions have now cycled out.
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Operating revenue reached INR 260 crore with a 29% year-over-year music segment growth and an adjusted EBITDA margin of 46% for the quarter. Strategic investments, new content releases, and a focus on digital and live events underpin medium-term guidance of 21%-23% music growth and 32%-33% adjusted EBITDA margin.
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Q2 FY26 saw INR 230 crore revenue and INR 60 crore PBT, with music segment up 12% YoY and video segment down due to release timing. Guidance for music growth is 19%-20% for FY26, with long-term targets of 23% CAGR and 32%-33% adjusted EBITDA. Generative AI, artist management, and new revenue streams are key growth drivers.
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Q1 revenue reached INR 206 crore with PBT of INR 51 crore, impacted by delayed movie releases. Music grew 12% year-over-year, NAV Records was acquired, and major content investments are set for Q3/Q4. EBITDA guidance is 32%-33%, with strong growth expected in music and video.
Fiscal Year 2025
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FY 2025 revenue grew 46% YoY to INR 1,171 crore, with strong content investment and digital expansion. Music and video segments are set for 22%-25% CAGR, with paid subscriptions expected to drive future growth. Exceptional gain from Pocket Aces and strategic regional expansion support long-term outlook.
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Q3 FY25 saw revenue of INR 483 crore and PBT of INR 84 crore, with live events driving 58% of revenue but lowering EBITDA margin to 21%. Music and artist management grew 19% year-over-year, and aggressive content investment continues, with a five-year payback target.
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Q2 FY25 revenue surged 40% YoY to INR 242 crore, led by video and music growth, despite a planned Carvaan retail decline. Adjusted EBITDA margin was 35%, with strong content investment expected to drive long-term profitability. Guidance for 30% annual revenue growth and doubling of PBT in 3-4 years remains intact.
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Revenue grew 26% year-over-year to INR 205 crore, with EBITDA margin at 33% and PBT at INR 51 crore. Management maintains guidance for 30% CAGR revenue growth (excluding Carvaan), 26% growth in music and artist management, and INR 1,000 crore content investment over three years.