SAREGAMA

Saregama India share price & financials

Price
₹465.9
Market cap
₹10.2k Cr
Sector
Media, Entertainment & Publication
Calls analysed
6
Latest concall · Q1 FY27 · call held 04 Aug 2026

Saregama India Limited Q1 FY27

Revenue from Operations ₹263.6 cr +27%Adjusted EBITDA ₹112.4 cr +69%

What went well

  • Revenue from operations at ₹263.6 crores, with a 27% year-on-year growth.
  • Adjusted EBITDA of ₹112.4 crores, showing a 69% year-on-year growth.
  • Operational PBT at ₹70.5 crores, marking a 38% year-on-year growth.

What to watch

  • Video vertical revenue declined by 52% to ₹17 crores, a conscious decision to wind down the films business.
  • Music EBITDA margin for Q1 FY27 was down 1% YoY, attributed to a mix change towards lower-margin Artiste Management.
Read the full call →

What Saregama India Limited does

Saregama India, part of the RPSG Group, is an entertainment IP company tracing its recording legacy to 1902, built around owning and licensing one of the world's largest Indian-music catalogues. It earns primarily by licensing film and non-film music to streaming platforms, broadcasters, telcos and brands, and supplements this with artiste and influencer management, live events (concerts, music festivals, devotional shows), video content (films, TV serials, digital and short-format series), and retail sale of its Carvaan music-playback devices. It also produces new music and TV/digital content and periodically acquires regional-language music catalogues and labels to widen its IP library.

Segments

  • Music
  • Video
  • Retail
  • Events
IP library size
180,000+ songs
Films in catalogue
70+
Digital series produced
55+
Television content library
10,000+ hours
Artiste roster under management
300+ artistes
Combined digital reach of managed artistes
410 million+ followers
Founded 1902Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 1 delivered 10 missed 6 open
  • Pocket Aces profitability delivered said Q4 FY25 Promised: Breakeven mid-year (FY26) Q1 FY27: Promise achieved in FY26. No new updates as the target has been met.
  • Adjusted EBITDA Margin went quiet said Q4 FY25 Promised: 32% to 33% annually Q1 FY27: The consolidated adjusted EBITDA guidance of 32-33% was not mentioned again. Management continues to guide on the Music Vertical's EBITDA margin instead.
  • Music vertical revenue growth on track said Q4 FY25 Promised: 22% to 23% per annum over the medium term Q1 FY27: Reiterated medium-term guidance of 20-23% revenue growth. Q1 FY27 music revenue grew 39% YoY, well ahead of the guided range.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.5%, net profit up 32.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue213 407 216 177 195 −8%210 −48%238 +10%208 +18%
EBITDA64 82 73 57 71 +11%91 +11%122 +67%91 +60%
Net profit49 61 56 40 48 −2%53 −13%74 +32%53 +33%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +1.2% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 16 Dec 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 14 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹499.7 on 10 Sept 2025 → ₹505.5. High ₹557.25 (5 Aug 2026), low ₹311.1 (7 Apr 2026).

How the price took the results

close before → close after

Q1 FY27
+5.5%
4 Aug
Q4 FY26
+14.8%
14 May
Q3 FY26
+0.8%
16 Dec

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.7% a year over 3 years, FY23 to FY26. Operating margin widened to 41.6%.

Year endingFY23FY24FY25FY26
Revenue₹735 Cr₹758 Cr₹1.0k Cr₹820 Cr
Operating profit₹217 Cr₹255 Cr₹270 Cr₹341 Cr
Operating margin29.5%33.6%26.8%41.6%
Interest₹5 Cr₹3 Cr₹0 Cr₹2 Cr
Depreciation₹20 Cr₹34 Cr₹53 Cr₹76 Cr
Net profit₹181 Cr₹203 Cr₹203 Cr₹215 Cr
Net margin24.6%26.8%20.1%26.2%
Cash from operations₹94 Cr₹103 Cr₹339 Cr₹110 Cr
Free cash flow₹-9 Cr₹11 Cr₹178 Cr₹-103 Cr
ROCE17.0%20.0%18.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹17 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹492 Cr₹1.4k Cr₹1.3k Cr₹1.4k Cr₹1.6k Cr₹1.7k Cr
Borrowings₹1 Cr₹1 Cr₹1 Cr₹0 Cr₹3 Cr₹95 Cr
Other liabilities₹264 Cr₹298 Cr₹351 Cr₹377 Cr₹596 Cr₹461 Cr
Total liabilities₹775 Cr₹1.7k Cr₹1.7k Cr₹1.8k Cr₹2.3k Cr₹2.2k Cr
Fixed assets₹226 Cr₹278 Cr₹338 Cr₹408 Cr₹964 Cr₹715 Cr
Capital work in progress₹2 Cr₹2 Cr₹4 Cr₹6 Cr₹0 Cr₹0 Cr
Investments₹135 Cr₹670 Cr₹228 Cr₹368 Cr₹176 Cr₹717 Cr
Other assets₹412 Cr₹723 Cr₹1.1k Cr₹1.1k Cr₹1.1k Cr₹816 Cr
Total assets₹775 Cr₹1.7k Cr₹1.7k Cr₹1.8k Cr₹2.3k Cr₹2.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −5.18 pp while DIIs added +3.37 pp. The shareholder count grew 1% to 71,163.

Promoters
60.8%
FIIs
11.5%
DIIs
8.6%
Public
18.6%
Others
0.4%

Since Jun 2025

  • FIIs −5.18 pp
  • DIIs +3.37 pp
  • Promoters +1.19 pp

How it drifted, 12 quarters

Over this window DIIs went from 2.4% to 8.6% — +6.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.1%, FIIs 17.1%, DIIs 2.4%, Public 21.1%, Others 0.3%.Dec '23: Promoters 59.1%, FIIs 16.8%, DIIs 2.6%, Public 21.2%, Others 0.3%.Mar '24: Promoters 59.1%, FIIs 16.1%, DIIs 2.6%, Public 22.0%, Others 0.3%.Jun '24: Promoters 59.2%, FIIs 17.2%, DIIs 3.2%, Public 20.1%, Others 0.3%.Sep '24: Promoters 59.4%, FIIs 17.3%, DIIs 4.0%, Public 19.1%, Others 0.2%.Dec '24: Promoters 59.5%, FIIs 15.7%, DIIs 4.7%, Public 19.9%, Others 0.2%.Mar '25: Promoters 59.6%, FIIs 16.4%, DIIs 4.6%, Public 19.0%, Others 0.3%.Jun '25: Promoters 59.6%, FIIs 16.7%, DIIs 5.2%, Public 18.1%, Others 0.3%.Sep '25: Promoters 59.6%, FIIs 16.8%, DIIs 5.2%, Public 18.0%, Others 0.3%.Dec '25: Promoters 60.4%, FIIs 14.2%, DIIs 5.0%, Public 19.9%, Others 0.4%.Mar '26: Promoters 60.8%, FIIs 12.2%, DIIs 7.1%, Public 19.4%, Others 0.4%.Jun '26: Promoters 60.8%, FIIs 11.5%, DIIs 8.6%, Public 18.6%, Others 0.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Saregama India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Composure Services Private Limited 55.28%unchanged
Quest Capital Markets Limited 4.85%unchanged
Malabar India Fund Limited FPI fund2.90%unchanged
The Prudential Assurance Company Limited Insurer2.11%−0.18 pp
ICICI Prudential Life Insurance Company Limited Insurer1.18%+0.10 pp
Bajaj Life Insurance Limited Insurer1.12%newly disclosed
Stel Holdings Limited 0.44%unchanged
Sarala Real Estate Limited 0.26%unchanged
Digidrive Distributors Limited 0.00%unchanged
Government Pension Fund Global Sovereign—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in SAREGAMA

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+1.1%).

Held by funds
₹10 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +2,069 shares (+1.1%)

Funds are sitting on
+7%
vs est. average cost
Held by funds
₹10 Cr
5 schemes · ≈ 0.09% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund

Shares held by these funds +214%

Sep '23 1.96 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹506, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~6%. At that growth it is worth ₹166 — downside of 67%.

Growth the price implies
27.4% a year
for 7 years, fading to 4%
It has actually compounded at
5.9% a year
net profit, FY23–FY26 · EPS 5.9%
The gap
0.2 pp
-67% downside if it only repeats history
Price today ₹505.5 Value at the reference growth ₹165.61

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse Saregama India Limited

Guides on how to read this kind of business and the numbers that matter.