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 rebounding strongly in H2. Strategic investments, content expansion, and a focus on paid subscriptions position the business for 21–23% annual growth and margin improvement.
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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 growing 12% YoY and video segment declining due to release timing. Guidance for music growth is 19%-20% for FY26, with a 30% CAGR target for consolidated revenue through FY27.
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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 saw 46% revenue growth and 18% EBITDA growth, driven by aggressive content investment and digital expansion. Music and video segments are set for strong growth, with paid subscriptions expected to be a key driver as the industry shifts from free to paid streaming.
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Q3 FY25 saw revenue of INR 483 crore and PBT of INR 84 crore, driven by strong live events and 19% music business growth. Aggressive content investment continues, with a five-year payback target and medium-term music CAGR guidance of 22%-23%.
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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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Q1 FY25 revenue rose 26% year-over-year to INR 205 crore, with EBITDA margin at 33%. Aggressive content investment is driving short-term margin pressure but positions the business for long-term growth, with guidance for 30% CAGR revenue and PBT doubling in 3-4 years.