Saregama India Ltd(SAREGAMA)

NSE: SAREGAMABSE: 532163

₹ 487.55-4.12%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,400 crNext results: 4 Nov 2026Website: www.saregama.comUpdated: 24 Oct 2026

About

Saregama India Ltd is India's oldest and largest music label, owning a catalogue of 1,80,000+ songs spanning Hindi and regional languages, which it monetises through licensing, artiste management, live events, and consumer devices. In FY26 the company reported revenue from operations of ₹984.62 Cr, with the Music segment contributing 69.4% of segment revenue. Saregama targets 25 - 30% of all new Indian music content and holds a strategic minority stake in Bhansali Productions to secure exclusive access to marquee Hindi film music.^[1][2][3][4]

Business segments

Music (Licensing): ₹683.52 Cr revenue, 69.4% of total segment revenue, EBIT margin 53.3% in FY26. Core rights-licensing business covering audio/video streaming, broadcast, and social media platforms.^[2]
Artiste Management: ₹130.86 Cr revenue, 13.3% share, EBIT margin 9.7% in FY26. Represents managed artists across brand endorsements, live events, and digital platforms.^[2]
Video (Films, TV, Digital Series, Short Format): ₹108.41 Cr revenue, 11.0% share, EBIT margin 1.4% in FY26. Being strategically wound down for own-produced films; FilterCopy and web/TV series continue.^[2][3]
Events: ₹61.83 Cr revenue, 6.3% share, EBIT margin -11.5% in FY26. Covers concerts, devotional shows, stand-up comedy, and the UN40 festival IP.^[2]
Music licensing alone contributed 74.47% of total turnover in FY26; Films and Series 10.94%; Music Retail 8.39%; Events 6.20%.^[3]

Catalogue and content portfolio

Saregama owns a catalogue of 1,80,000+ songs; Carvaan, its flagship retail device, is built around this depth as a nostalgia-first curated music player.^[3]
In FY26, 60% of all music revenue came from content released after 2000; within that, 45% came from content released after 2020, repositioning Saregama as a new-age IP company.^[5]
Company targets 25 - 30% share of all new Indian music content, applying a five-year payback acquisition framework; management states it is near that level.^[3][5]
NAV Records was acquired in FY26 to strengthen presence in the Haryanvi music ecosystem and diversify the regional content portfolio.^[3]
FilterCopy is the company's Gen Z short-format content brand, described as the go-to content brand for India's Gen Z across social channels.^[3]

Key operating numbers

Music vertical (Licensing + Artiste Management + Retail) revenue: ₹2,306 Mn in Q1 FY27 (+39% YoY); ₹8,144 Mn in FY26 (+17% YoY).^[5][6]
Music EBITDA: ₹1,398 Mn at 61% margin in Q1 FY27; ₹5,167 Mn in FY26 (+22% YoY). Annual music EBITDA margin guidance maintained at 60 - 65%.^[5][6]
Live Events revenue: ₹160 Mn in Q1 FY27 (+214% YoY); INR 618 Mn in FY26 - excluding the one-off Diljit Dosanjh Dil-Luminati tour in FY25, underlying growth was ~43% YoY.^[5][3]
Video revenue fell to ₹170 Mn in Q1 FY27 (-52% YoY) and INR 1,084 Mn in FY26, both by strategic design as own-produced film activity is wound down.^[5][3]
Content amortisation charge (music): ₹402 Mn in Q1 FY27 (+53% YoY); ₹482 Mn in Q3 FY26 (+52% YoY), reflecting the step-up in new content investment.^[5][7]
New music content cash spend: ₹444 Mn in Q1 FY27; FY26 organic investment INR 2,354 Mn; inorganic/catalogue acquisition INR 1,047 Mn.^[5][6]
Saregama's own YouTube channels have 200 Mn+ subscribers; total YouTube views (own + third-party channels) stand at 1,123 Bn as of FY26.^[3]

Artiste management and digital reach

Artiste management roster reached 309 artists at end of Q1 FY27, with combined Instagram and YouTube following of 440 Mn+.^[5]
Pocket Aces (Gen Z short-format content, ~91% owned) reached breakeven in FY26 after years of investment; management expects profit contribution in FY27.^[5][6]
Total owned/controlled digital footprint (channels, artiste accounts) exceeded 550 Mn followers/subscribers as of Q3 FY26.^[7]

Customers and distribution

B2B licensing customers include 50+ music licensing platforms, 30+ streaming platforms, 20+ broadcasting platforms, and 8+ social media platforms as of FY26.^[3]
Two customers contributed more than 10% each of total revenues in FY25, amounting to ₹35,101.42 lakhs combined vs one customer at ₹18,780.25 lakhs in FY24.^[8]
Exports contributed 42.75% of total turnover in FY26; subsidiaries operate in Dubai, UK, US, and Mauritius; Carvaan available in 4 international locations.^[3]
Brand partnerships team (consolidated in FY27) serves clients including Visa, HUL, Myntra, Godrej, and Bharat Matrimony; brand revenue was ~19% of FY26 revenue.^[5]
B2C sales of Carvaan devices occur through the company's own website and e-commerce platforms; Carvaan unit sales were 50K units in both Q3 FY26 and Q4 FY26.^[3][6][7]

Bhansali Productions investment and film strategy

Saregama completed a strategic minority investment in Bhansali Productions during Q4 FY26, acquiring CCPS that convert to 28 - 49.9% equity in October 2028 based on 3-year operating performance; initial payment was ₹325 Cr.^[4][6]
The deal gives Saregama exclusive access to all Bhansali Productions film music at a pre-agreed formula cost, covering an estimated 30 - 40% of Saregama's Hindi film music acquisitions.^[4]
Saregama has the option to acquire additional shares to increase its shareholding up to 51% post March 2030.^[3]
Own-produced film business (Yoodlee) is being fully wound down; remaining film inventory is expected to be cleared over 3 - 4 quarters from Q1 FY27, releasing ₹150 - 175 Cr of working capital.^[5][4]

Content investment and capex

Company committed to invest ₹10,000 Mn in new music content between FY25 and FY27; FY27 new content investment budget is ₹300 - 350 Cr, with most already committed.^[3][5]
From FY28 onwards, content spend growth is guided to moderate to inflation-linked levels (high single-digit to low double-digit % per year), ending the step-function investment phase.^[5][6]
Capital commitments (net of advances) outstanding as at 31 March 2025 were ₹9,246.79 lakhs, up from ₹5,420.88 lakhs, indicating an increased capex pipeline.^[8]

Live events and new IPs

UN40, Saregama's proprietary two-day multi-genre festival targeting under-40 audiences, debuted in Bengaluru in March 2026 with 12,000+ attendees and 8 sponsor brands; FY28 breakeven targeted.^[3][6]
Dil-Luminati (Diljit Dosanjh) tour covered 75+ shows, 40+ cities, 8+ countries, reaching 1.2 Mn+ audience in FY25.^[3]
Live events multi-format strategy in Q1 FY27: 22 Devotional shows, 23 Carvaan Live experiential shows, 48 standard concerts; US tour with Ilaiyaraaja already underway.^[5]
UN40 second edition announced for 13 - 14 February 2027 in Bangalore.^[5]

Generative AI and technology initiatives

Two AI teams created in FY27: one generating AI music videos for older catalogue (cost as low as ₹70,000 per video vs weeks-long traditional shoots), another optimising internal processes; impact expected visible by end of FY27.^[5]
GenAI video tools have reduced music video production time from 10 - 15 days to under 3 days, with cost savings of ~70 - 80%, enabling monetisation of legacy audio catalogue for which video rights were never transferred.^[7][4]
AI content team is also producing music-linked podcasts using Saregama's song catalogue as a new neighbouring audio content format.^[5]

Market Cap

₹9,400 Cr

High / Low

₹575 / 306

Stock P/E

44.0

Price / Book

5.8

Book Value

₹88

EPS

₹10.7

No. of Shares

19.28 Cr

ROCE

17.4%

ROE

12.6%

OPM

29.0%

Debt / Equity

0.04

Sales

₹985 Cr

Net Profit

₹206 Cr

Promoter holding

60.8%

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Saregama India Ltd(SAREGAMA)

About

Business segments

Catalogue and content portfolio

Key operating numbers

Artiste management and digital reach

Customers and distribution

Bhansali Productions investment and film strategy

Content investment and capex

Live events and new IPs

Generative AI and technology initiatives

Signal history

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