Zee Entertainment Enterprises Ltd(ZEEL)

NSE: ZEELBSE: 505537

₹ 65.45-4.42%refreshed 23 Oct, 03:57 pm ISTMarket cap: ₹ 6,287 crWebsite: www.zee.entertainment.comUpdated: 24 Oct 2026

About

Zee Entertainment Enterprises Ltd is an Indian media and entertainment company operating across broadcast television, digital streaming (ZEE5), studios, music, and sports. In FY26 the company reported operating revenue of Rs 80,989 million, with a network of over 40 dedicated international channels covering more than 120 countries. ZEEL's Z network held a six-year high linear viewership share of 17.4% in FY26, and its digital platform ZEE5 delivered its first full-year positive EBITDA on a comparable basis.^[1][2]

Business segments

ZEEL operates five business verticals: Broadcast, Digital, Studios, Music, and Sports.^[2]
FY26 advertising revenue was Rs 32,243 million ( - 10% YoY) and subscription revenue was Rs 40,796 million (+4% YoY), the two primary revenue streams for the broadcast business.^[1]
ZEE5 digital revenue reached Rs 14,888 million in FY26 (+53% YoY), with Q1 FY27 revenue of INR 4,571 million (+58% YoY).^[1][3]
Other sales and services grew 17% YoY in Q1 FY27, partly driven by syndication revenue and movie rights acquisitions.^[3]

Broadcast brands and channel portfolio

Key broadcast pay GEC brands include Zee TV, Zee Telugu, Zee Marathi, Zee Tamil, Zee Bangla, Zee Kannada, Zee Keralam, and Anmol TV.^[2]
Zee TV is #1 prime-time Hindi GEC across Hindi-Speaking Markets in FY26, with all five fiction launches seeing slot growth.^[2]
ZEEL holds the #1 Pay Hindi Movie channel; Pushpa 2 was the #1 Hindi movie premiere of FY26 with viewership up 15%.^[2]
#1 Kannada GEC for the seventh consecutive year, #1 Odia GEC for the fifth consecutive year, #1 in Marathi Movies with over 50% share, #1 channel in Kolkata, and #1 Bangla GEC in West Bengal (FY26).^[2]
In June 2026, ZEEL launched four new Unite8 sports channels to broadcast FIFA 2026 World Cup and other sports properties.^[3]
Two flanking GEC channels - Sonar (Bangla) and Power (Kannada) - were launched in Q2 FY26 to widen the gap between leadership channels and number-two players in those markets.^[4]

Digital platform - ZEE5

ZEE5 delivered EBITDA of INR 44 million in Q1 FY27, its third consecutive profitable quarter; full-year FY26 was the first year with positive EBITDA on a comparable basis.^[3][2]
ZEE5 B2C subscriber base more than doubled in Q1 FY27, partly attributable to FIFA World Cup 2026, with 83% of FIFA viewership consumed live on ZEE5.^[3]
ZEE5 subscription revenue growth is driven by seven-language subscription packs and revised pricing; B2C accounts for roughly 60% of ZEE5 revenue mix (Q2 FY26).^[4]
KidZ was launched in November 2025 on ZEE5 as a kids entertainment vertical with safe, educative content.^[2][5]
Micro-drama app Bullet is an in-development initiative; approximately Rs 100 crores is planned for investment over the next few years.^[1]

Key operating metrics - viewership and reach

Z network quarterly average viewership share reached 17.9% in Q1 FY27 (+110 bps YoY), peaking at ~20% during the quarter - the highest in seven years.^[3]
Weekly TV reach exceeded 730 million and weekly TV impressions were 28.7 billion in Q3 FY26.^[5]
Monthly unique reach across all platforms (omnichannel) exceeded 800 million in FY26.^[1]
FIFA World Cup 2026 on ZEEL's linear and digital platforms reached over 400 million consumers in India in Q1 FY27.^[3]

Music business

Zee Music garnered 54 billion total video views in Q1 FY27, with a catalogue of over 20,000 songs spanning multiple language markets.^[3]

International operations and content inventory

International broadcasting portfolio consists of over 40 dedicated channels and more than 75 pass-through channels covering over 120 countries (FY26).^[2]
ZEEL operates 23 offices and studios across 8 countries (FY26).^[2]
Content inventory advances and deposits stood at Rs 67.6 billion as of March 2026, down Rs 2.8 billion YoY, reflecting disciplined acquisition strategy.^[1]

Sports rights

ZEEL secured exclusive rights to broadcast, stream, and distribute 39 FIFA competitions in India from 2026 to 2034, including FIFA World Cup 2026, FIFA Women's World Cup 2027, and FIFA World Cup 2030.^[2][3]
Additional sports rights secured include Bundesliga and Serie A football leagues for the Indian market.^[3]

Recent developments

Board approved investment of up to INR 116 crores in listed Phantom Digital Effects Limited to build animation, visual effects, gaming, and comics (AVGC) capabilities (approved Q4 FY26).^[1]
Board approved investment of INR 20 crores in CORE Private Limited to develop the live entertainment business (approved Q4 FY26).^[1]
ZEEL changed its movie rights amortisation policy in Q4 FY26 to front-load 50% of cost in the first two years (from straight-line), triggering a one-off charge of INR 4,084 million.^[1]
A preferential allotment regulatory hurdle is being contested via SAT appeal as of Q1 FY27; future fundraising course of action is dependent on the outcome.^[3]
Advertising revenue fell 11% YoY in Q1 FY27, primarily due to advertiser caution in April and May from the Middle East conflict; green shoots emerged in June post-FIFA.^[3]
Linear subscription price increase expected at the next NTO pricing cycle, anticipated in February 2027.^[3]

Market Cap

₹6,287 Cr

High / Low

₹118 / 68

Stock P/E

33.6

Price / Book

0.6

Book Value

₹122

EPS

₹2.8

No. of Shares

96.05 Cr

ROCE

2.8%

ROE

2.4%

OPM

4.0%

Debt / Equity

0.02

Sales

₹8,099 Cr

Net Profit

₹271 Cr

Promoter holding

4.0%

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