| Management target | Revenue 20.0% |
|---|
| Revenue growth | Revenue +37% YoY; music +35% on low base; video −16%. |
|---|---|
| Margins | Music EBITDA margin expanding as older content matures; 60–65% guided range. |
| Demand visibility | Subscription growth only from new subscribers; pricing lever 2–3 years away. |
| Management confidence | Over-optimistic; repeated 'bullish' framing, deflected on segment and unallocable costs. |
Growth
Music vertical revenue ₹251 Cr (+35%), music EBITDA ₹154 Cr (+37%); video down 16% to ₹18 Cr; other income down 55%.
Outlook
Music revenue 20–23% CAGR (3–5 yrs, no year named); new content spend ₹300–350 Cr FY27, ~₹1,200 Cr over FY28–FY30.
Risks
Upfront recognition of old-film licensing revenue; unallocable costs ₹27 Cr vs ₹18 Cr; video revenue set to decline further.
Last quarter's promises, checked
Delivered
- Music rev 20–23% YoY → Q2 ₹251 Cr +35%, low base (= BEAT)
- Music EBITDA margin 60–65% → EBITDA ₹154 Cr on ₹251 Cr rev, in range (= BEAT)
Partly delivered
- Content spend ₹300–350 Cr FY27 → reiterated, spend-to-date undisclosed (= PARTIAL)
Missed
- Video wind-down over 3–4 qtrs → video ₹18 Cr, −16% YoY, up from ~₹17 Cr in Q1 (= MISS)
- Content growth to temper FY28+ → ~₹1,200 Cr FY28–30 vs ₹300–350 Cr FY27 (= MISS)
Earnings Call Transcript filed with NSE, NSE: SAREGAMA. Summary written with AI assistance from the document.
Saregama India Ltd: key numbers
- Share price
- ₹643.50
- Market cap
- ₹12,407 Cr
- Revenue (annual)
- ₹984.6 Cr
- Net profit (annual)
- ₹207.1 Cr
- P/E (TTM)
- 51.4×Sector 27.7×
- Promoter holding
- 60.84%+0.00% QoQ
- FII holding
- 11.88%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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