India's oldest music-IP company; licenses 180K+ songs, plus artiste management, live events & Carvaan retail.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 264 | +27.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 35.0 | +8.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 52.0 | +40.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 13.92 | +0.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -11.57 | −26.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -11.25 | −61.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 11 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pocket Aces profitability | Breakeven mid-year (FY26) | Q4 FY25 | Promise achieved in FY26. No new updates as the target has been met. | Achieved |
| Adjusted EBITDA Margin | 32% to 33% annually | Q4 FY25 | The consolidated adjusted EBITDA guidance of 32-33% was not mentioned again. Management continues to guide on the Music Vertical's EBITDA margin instead. | Ghosted |
| Music vertical revenue growth | 22% to 23% per annum over the medium term | Q4 FY25 | Reiterated medium-term guidance of 20-23% revenue growth. Q1 FY27 music revenue grew 39% YoY, well ahead of the guided range. | On Track |
10 of Saregama India Limited's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹457.75 on 24 Oct 2025 → ₹489.05. High ₹557.25 (5 Aug 2026), low ₹311.1 (7 Apr 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
1 of 11 judged targets kept · 6 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Pocket Aces profitability | Breakeven mid-year (FY26) | Q4 FY25 | Promise achieved in FY26. No new updates as the target has been met. | Achieved |
| Adjusted EBITDA Margin | 32% to 33% annually | Q4 FY25 | The consolidated adjusted EBITDA guidance of 32-33% was not mentioned again. Management continues to guide on the Music Vertical's EBITDA margin instead. | Ghosted |
| Music vertical revenue growth | 22% to 23% per annum over the medium term | Q4 FY25 | Reiterated medium-term guidance of 20-23% revenue growth. Q1 FY27 music revenue grew 39% YoY, well ahead of the guided range. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Saregama India Limited Q1 FY27
Saregama India Limited reported a strong Q1 FY27 with revenue from operations growing 27% YoY to ₹263.6 crores and Adjusted EBITDA up 69% YoY to ₹112.4 crores. The music vertical, driven by new-age IP, showed robust growth, while the video vertical saw a planned decline. Management reiterated its medium-term guidance for music vertical growth and EBITDA margins, emphasizing a rolling 12-month performance view.
Read the full callSaregama India Q4 FY26
Saregama India delivered strong Q4 FY26 results with revenue up 19% and EBITDA up 31%, driven by robust performance in its music vertical which saw 17% YoY growth in FY26. The company completed strategic investments in Bhansali Productions and Nav Haryavni, securing future content and consolidating market position. While the video vertical saw a planned decline, new initiatives in live events and artist management are being scaled, though the new UN40 festival incurred initial losses.
Read the full callSaregama India Q3 FY26
Saregama India reported Q3 FY26 operating revenue of INR 260 crores and operating PBT of INR 76.5 crores, with strong 29% YoY growth in the music segment. The company closed a strategic minority investment in Bhansali Productions for exclusive music access and expects its Pocket Aces venture to break even this year. Despite a one-time exceptional charge, management reiterated its medium-to-long-term adjusted EBITDA guidance of 32-33%.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +41% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 242 | 483 | 241 | 207 | 230 | 260 | 287 | 264 |
| Expenses | 181 | 399 | 160 | 151 | 161 | 169 | 166 | 171 |
| Operating profit | 61 | 84 | 80 | 55 | 69 | 92 | 121 | 92 |
| Operating margin | 25.0% | 17.0% | 33.0% | 27.0% | 30.0% | 35.0% | 42.0% | 35.0% |
| Other income | 13 | 16 | 23 | 14 | 11 | 0 | 8 | 4 |
| Interest | 0 | 0 | 5 | 1 | 1 | 1 | 2 | 2 |
| Depreciation | 14 | 15 | 17 | 17 | 19 | 21 | 24 | 24 |
| Profit before tax | 59 | 84 | 82 | 51 | 60 | 70 | 103 | 71 |
| Tax rate | 24.0% | 26.0% | 27.0% | 28.0% | 27.0% | 26.0% | 28.0% | 26.0% |
| Net profit | 45 | 62 | 60 | 37 | 44 | 51 | 74 | 52 |
| EPS (₹ per share) | 2.33 | 3.23 | 3.12 | 1.90 | 2.27 | 2.66 | 3.91 | 2.67 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 735 | 802 | 1,171 | 984 |
| Expenses | 517 | 556 | 894 | 647 |
| Operating profit | 217 | 247 | 276 | 337 |
| Other income | 53 | 64 | 64 | 33 |
| Interest | 5 | 2 | 5 | 5 |
| Depreciation | 20 | 36 | 59 | 81 |
| Profit before tax | 244 | 271 | 276 | 284 |
| Net profit | 181 | 197 | 204 | 206 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 1,358 | 1,323 | 1,450 | 1,564 | 1,642 | 1,673 |
| Borrowings | 1 | 1 | 5 | 3 | 3 | 73 |
| Other liabilities | 309 | 361 | 559 | 509 | 596 | 554 |
| Total liabilities | 1,688 | 1,704 | 2,034 | 2,095 | 2,260 | 2,319 |
| Fixed assets | 278 | 338 | 742 | 835 | 964 | 1,031 |
| Capital work in progress | 2 | 4 | 6 | 0 | 0 | 0 |
| Investments | 676 | 239 | 118 | 111 | 176 | 379 |
| Other assets | 732 | 1,124 | 1,168 | 1,149 | 1,120 | 909 |
| Total assets | 1,688 | 1,704 | 2,034 | 2,095 | 2,260 | 2,319 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 190 | 94 | 93 | 93 | 331 | 100 |
| Cash from investing | -136 | -630 | -154 | 32 | -220 | -110 |
| Cash from financing | -49 | 677 | -75 | -85 | -99 | -31 |
| Net cash flow | 4 | 142 | -136 | 40 | 12 | -41 |
| Free cash flow | 168 | 22 | -10 | 1 | 170 | -114 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 72 | 68 | 73 | 72 | 45 | 66 |
| Inventory days | 1030 | 270 | 266 | 376 | 161 | 280 |
| Days payable | 838 | 165 | 114 | 147 | 86 | 181 |
| Cash conversion cycle | 264 | 173 | 226 | 302 | 120 | 164 |
| Working capital days | 35 | 83 | 98 | 121 | 40 | 61 |
| Return on capital employed | 34.0% | 23.0% | 19.0% | 18.0% | 17.0% | 17.0% |
| Dividend payout | 31.0% | 38.0% | 31.0% | 39.0% | 42.0% | 42.0% |
The businesses behind the company’s reported revenue.
Music contributes 70.0% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹184.60 crore
₹46.02 crore
₹16.96 crore
₹16.02 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Music | 184.60 | 70.0% |
| Artist Management | 46.02 | 17.5% |
| Video | 16.96 | 6.4% |
| Events | 16.02 | 6.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Video shrank from 30% to 6% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Music | 63% | 34% | 70% | 69% | 70% | 69% | 70% | 70% | +28.8% |
| Artist Management | 7% | 4% | 8% | 11% | 11% | 15% | 15% | 17% | +102.4% |
| Video | 30% | 5% | 20% | 17% | 9% | 7% | 11% | 6% | -52.4% |
| Events | <1% | 58% | 2% | 2% | 10% | 9% | 4% | 6% | +214.1% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹489, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹148 — downside of 70%.
Ownership
Promoters hold 60.84% as of Sept 2026; institutions added 1.14 pts since Jun 2026.
since Jun 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 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Saregama India Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 55.28% | unchanged | |
| 4.85% | unchanged | |
| FPI fund | 2.90% | unchanged |
| Insurer | 1.76% | −0.35 pp |
| Insurer | 1.43% | +0.25 pp |
| Mutual fund | 1.41% | newly disclosed |
| Insurer | 1.12% | unchanged |
| 0.44% | unchanged | |
| 0.26% | unchanged |
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.
Your own record
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