Media & Entertainment industry

25 companies · ₹46,907 cr · 9 with AI deep dives · Q1FY27 report

Music IP royalties recover on digital tailwinds; radio/TV ad volumes decline structurally, not cyclically

Turning upmargin troughed at 5.1% and has risen for 7 quarters to 20.1%, on positive revenue growth

Revenue YoY: +28.7%
EBITDA margin: 20.1%; +120bps YoY
Price, 1 year: +7.9%; 60% of names up
P/E vs own 5y: +14.2%; 42.4x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,393 cr	2,439 cr	-1.9%	1,859 cr	+28.7%	3,189 cr	-25.0%
EBITDA margin	20.1%	28.7%	-860bps	18.9%	+120bps	28.7%	-860bps

Revenue

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%

EBITDA margin

Jun 26: 20.1%
Mar 26: 28.7%
QoQ: -860bps
Jun 25: 18.9%

Sept 26: 1 of 5 reported so far, so it is not in the trend above.

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

41.42x - 113.33x across the panel today

The median name trades at 42.4x, +14.2% against this industry's own 5-year median of 37.1x, and -20.5% against its own peak of 53.3x.

Exhibit 3Structure

₹46,907 cr

Prime Focus Ltd is 45.6% of this industry by market cap. The top 5 are 95.2% and the top 10 are 98.7%.

mid 1small 4micro 205 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 42.36x, 5y ROCE above its median of 1.34%, 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.

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Exhibit 5Coverage (25 of 25)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Prime Focus Ltd	₹23,239 cr	184.6x	18.7x	11.7%	30.4%	+23.8%	Unlock
Saregama India Ltd	₹9,863 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindDigital revenue mix deepening across sub-sectors4 managements

Four companies explicitly quantified growing digital revenue share: Tips Music held 75% digital revenue mix with YouTube subscriber base of 158.3 million; ENIL's digital revenue…

TIPSMUSIC (Q1FY27): “Our cumulative YouTube subscriber base increased to 158.3 million. The digital segment…”

headwind4 managements headwind3 managements

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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AppendixThe other 0 companies

1-0

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