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Saregama Revenues were up 27.5% YoY, at ₹ 264 crore

ICICIdirect Research 05 Aug 2026 DISCLAIMER

News: Saregama Revenues were up 27.5% YoY, at ₹ 264 crore, driven strong performance across segments such as music and artist management. The licencing revenues at ₹ 167 crore was up 32.3% YoY, on a benign base and Artist Management revenues were up 102% YoY at ₹ 46 crore. The TV & Films segment revenues were down 52.4% YoY at ₹ 17 crore, while Carvaan sales volumes were down 31% YoY to 60000 units with revenues at ₹ 17.5 crore, up 2.9% YoY.  EBITDA was up 68.8% YoY at ₹ 93 crore with EBITDA margin at 35.4%, up 8.7 percentage points YoY, given the operating leverage and revenue mix. Consequent PAT was at ₹ 51.6 crore was up 40.6% YoY, owing to healthy operating performance

View: The licensing revenues have shown marked improvement in growth coupled with sustained pick up in Artist management. The management, however, maintained the music revenues growth guidance of 20-23%, and alluded the current quarter higher growth to low base. We expect digital monetisation to provide sustained growth momentum along with new releases which should drive growth ahead. Nonetheless, we remain cautious as the larger foray into films could restrict multiple expansion for Saregama, given the volatile growth trajectory.

Impact: Positive

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