Why this was an Alfa AlertNot a filter event. Management achieved EBITDA breakeven as guided, but did not exceed the upper end by 10% or more.
| Revenue growth | Digital grew 53% in FY26 and 71% in Q4 FY26. |
|---|---|
| Margins | Adjusted EBITDA margin at 6.9%; ZEE5 achieved positive EBITDA in FY26. |
| Demand visibility | Ad environment remains challenging near-term due to prolonged West Asia crisis. |
| Management confidence | Optimistic on recovery from 'rock bottom'; confident in digital unit economics. |
Growth
Digital revenue up 71% YoY in Q4; subscription revenue grew 4%; advertising revenue declined 4% YoY.
Outlook
Strategic focus on VFX investment (Phantom) and micro-dramas (Bullet); target to return employee costs to 9% of revenue.
Risks
Geopolitical tensions in Middle East/West Asia disrupting advertiser sentiments; macroeconomic headwinds impacting discretionary spending.
Source
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Earnings Call filed with NSE, NSE: ZEEL EQ. Summary written with AI assistance from the document.