Media & Entertainment industry
25 companies · ₹47,017 cr · 7 with AI deep dives · Q1FY27 report
Music IP royalties accelerate while radio FCT and linear TV yields stay impaired, splitting the recovery
- Revenue YoY
- +28.7%
- EBITDA margin
- 20.1%
- +120bps YoY
- Price, 1 year
- +0.2%
- 60% of names up
- P/E vs own 5y
- +17.7%
- 41.6x now
Exhibit 1The quarter in numbers
constant panel of 5 companies above ₹500 cr- Jun 26
- 2,393 cr
- Mar 26
- 2,439 cr
- QoQ
- -1.9%
- Jun 25
- 1,859 cr
- YoY
- +28.7%
- Peak
- 3,189 cr
- vs peak
- -25.0%
- Jun 26
- 20.1%
- Mar 26
- 28.7%
- QoQ
- -860bps
- Jun 25
- 18.9%
- YoY
- +120bps
- Peak
- 28.7%
- vs peak
- -860bps
Breadth: 100% of 5 companies grew revenue year on year (was 80% a quarter earlier) and 60% expanded margin (was 80%).
Exhibit 2What it costs
39.59x - 114.77x across the panel todayThe median name trades at 41.6x, +17.7% against this industry's own 5-year median of 35.4x, and -21.9% against its own peak of 53.3x.
Exhibit 3Structure
₹47,017 crSaregama India Ltd is 46.2% of this industry by market cap. The top 5 are 94.4% and the top 10 are 98.6%.
Exhibit 4Screen
P/E below the sub-industry median of 41.62x, 5y ROCE above its median of 5.08%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (25 of 26)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
- Mcap
- ₹487 cr
- P/E
- -
- EV/EBITDA
- -
- ROCE
- -1.8%
- Margin
- 11.8%
- Rev YoY
- -2.7%
- Mcap
- ₹4,109 cr
- P/E
- -
- EV/EBITDA
- 38.2x
- ROCE
- -1.8%
- Margin
- 8.8%
- Rev YoY
- +10.3%
Exhibit 6What managements said
from this industry's latest earnings calls · as of 2026-06-30Four managements independently described muted or declining traditional ad demand. ENIL reported FCT volume growth as 'largely flat' with rates unchanged from post-COVID levels…
- ENIL (FY26): “FY '26 continued to be a challenging year for the overall radio industry with demand…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
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