Saregama India

SAREGAMA

NSE

BSE

SectorMedia

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Company insights, generated from the most recent coverage.

Acquired additional 4.82% stake in Pocket Aces for ₹20 Cr (total 95.76%) — raises near-term ROI and cash utilization concerns as digital content arm scales.
Carvaan hardware segment volumes and revenues shrinking; margins still recovering despite mid-single-digit targets — remains a drag on consolidated performance.
Management guides 22–23% music segment growth and 32–33% EBITDA margins; net debt-free balance sheet supports 30% revenue CAGR target FY24–FY27.

The Quarter story

The two most recent quarterly results, compared side-by-side.

Saregama delivers strong core profitability and steady cash generation, fueled by music licensing and streaming growth, while video and live events show seasonal volatility.

Music revenue grows from ₹1,653 Cr in Q2 FY26 to ₹2,306 Cr in Q1 FY27, reflecting steady streaming and licensing growth.

Video revenue drops from ₹357 Cr in Q1 FY26 to ₹170 Cr in Q1 FY27, signaling volatile ad sales and shifting viewer preferences.

Adjusted EBITDA margin expands from 32% in Q1 FY26 to 43% in Q1 FY27, indicating sustained pricing power and operational efficiency.

TV views decline from 500 Mn in Q1 FY26 to 280 Mn in Q1 FY27, reflecting shrinking linear viewership.

Operating cash flow rebounds from -₹1,506 Cr in Q1 FY26 to ₹781 Cr in Q1 FY27, confirming strong core cash generation.

Bank balances fall from ₹4,401 Cr in Q1 FY26 to ₹1,179 Cr in Q1 FY27, signaling active capital deployment and reduced cash buffers.

YouTube subscribers grow from 160 Mn in Q1 FY26 to 211 Mn in Q1 FY27, confirming steady audience expansion.

Content charging cost swings from -₹470 Cr in Q1 FY26 to -₹444 Cr in Q1 FY27 with high quarterly volatility, indicating unpredictable licensing terms.

Borrowings fall from ₹531 Cr in Q1 FY26 to ₹95 Cr in Q1 FY27, showing aggressive deleveraging and improved financial flexibility.

Live events revenue fluctuates from ₹51 Cr in Q1 FY26 to ₹160 Cr in Q1 FY27, showing seasonal demand swings.

About the company

Saregama India Limited is an audio entertainment company engaged in manufacturing and selling music storage devices like Carvaan and music cards, as well as managing music rights. The company also produces and distributes films, TV serials, and digital content, and organizes events. Saregama owns approximately 200,000 music tracks, estimated to be about 50% of all recorded music in India. The company operates in multiple segments including Music, Artist Management, Video, and Events. It has recently expanded its business by acquiring new music rights, launching an Artist Management vertical, and acquiring a controlling stake in Pocket Aces Pictures Private Limited. Saregama has undergone several structural changes, including mergers and demergers, to streamline its operations and focus on core business activities.

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