ZEEL
Zee Entertainment Enterprises share price & financials
- Price
- ₹113.36
- Market cap
- ₹9.8k Cr
- Calls analysed
- 8
Zee Entertainment Enterprises Limited Q1 FY27
What went well
- Revenue of INR 4,571 million, up 58% YoY.
- ZEE5 revenue increased 58% YoY, achieving profitable growth for the third consecutive quarter.
- Subscription revenue registered a 16% YoY growth.
What to watch
- Advertising revenue declined 11% YoY due to Middle East conflict and cautious advertisers.
- Overall operating costs increased 15% due to higher advertising, publicity, and programming spend.
What Zee Entertainment Enterprises Limited does
Zee Entertainment Enterprises operates a multi-language linear television network alongside ZEE5, its multilingual streaming platform, and earns revenue from advertising, subscription and other sales & services (content syndication, studios, licensing). Its Zee Studios arm produces and distributes Hindi and regional-language films, while Zee Music Company (ZMC) is a music label monetising a large catalogue via streaming and licensing. The company also holds sports broadcast rights (e.g. a multi-year cricket league media-rights deal) and runs an international broadcast business reaching audiences abroad. Content across TV, digital, studios and music is designed to cross-leverage the same IP across the group's channels and platforms.
Segments
- Broadcast (Domestic)
- Broadcast (International)
- Digital (ZEE5)
- Studios
- Music
- Sports
- Domestic TV channels
- 50 channels across 11 languages
- Domestic weekly TV reach
- 546 million viewers
- Annual domestic TV viewers
- 855 million+
- International channels & reach
- 41 dedicated channels + 75+ pass-through feeds reaching 470 million+ viewers in 120+ countries
- International FAST footprint
- 12 channels across 8 languages in 21 countries
- ZEE5 content library
- ~1.35 lakh hours across 12 languages (4,000+ films, 1,800+ TV shows, 420+ originals, 4,400+ music videos)
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 3 delivered 7 missed 6 open- Subscription Revenue Growth delivered said Q3 FY25 Promised: continue growing Q1 FY27: Subscription revenue registered a 16% YoY growth, continuing the growth trend.
- EBITDA Margin missed said Q2 FY25 Promised: 18-20% EBITDA margin by end of FY26 Q1 FY27: Historical target for FY26, which was missed. Not discussed.
- EBITDA Margin at risk said Q3 FY26 Promised: Endeavour to improve margins from where we will end in FY '26 Q1 FY27: EBITDA margin for Q1 FY27 was 4.1%, a compression from Q4 FY26 (6.9%), putting the full-year improvement goal at risk.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.5%, net profit down 48.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,001 | 1,979 | 2,184 | 1,825 | 1,969 −2% | 2,280 +15% | 2,025 −7% | 1,907 +4% |
| EBITDA | 323 | 321 | 298 | 239 | 159 −51% | 256 −20% | -255 −186% | 100 −58% |
| Net profit | 209 | 164 | 188 | 144 | 76 −64% | 155 −5% | -104 −155% | 74 −49% |
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 −30.6% 1Y
1Y: ₹114.35 on 10 Sept 2025 → ₹79.36. High ₹119.91 (22 Sept 2025), low ₹68.39 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +5.7%
- 14 Aug
- Q4 FY26
- +3.7%
- 19 May
- Q3 FY26
- +4.3%
- 22 Jan
- Q2 FY26
- −0.6%
- 16 Oct
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 0.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹8.1k Cr | ₹8.6k Cr | ₹8.3k Cr | ₹8.1k Cr |
| Operating profit | ₹1.1k Cr | ₹911 Cr | ₹1.2k Cr | ₹399 Cr |
| Operating margin | 13.7% | 10.5% | 14.6% | 4.9% |
| Interest | ₹71 Cr | ₹71 Cr | ₹33 Cr | ₹45 Cr |
| Depreciation | ₹312 Cr | ₹309 Cr | ₹279 Cr | ₹217 Cr |
| Net profit | ₹48 Cr | ₹141 Cr | ₹679 Cr | ₹271 Cr |
| Net margin | 0.6% | 1.6% | 8.2% | 3.3% |
| Cash from operations | ₹129 Cr | ₹714 Cr | ₹1.2k Cr | ₹708 Cr |
| Free cash flow | ₹-127 Cr | ₹606 Cr | ₹1.1k Cr | ₹553 Cr |
| ROCE | 8.0% | 6.0% | 9.0% | 3.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹96 Cr | ₹96 Cr | ₹96 Cr | ₹96 Cr | ₹96 Cr | ₹96 Cr |
| Reserves | ₹10.0k Cr | ₹10.8k Cr | ₹10.6k Cr | ₹10.8k Cr | ₹11.5k Cr | ₹11.6k Cr |
| Borrowings | ₹423 Cr | ₹76 Cr | ₹282 Cr | ₹230 Cr | ₹286 Cr | ₹265 Cr |
| Other liabilities | ₹2.3k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹2.3k Cr | ₹1.8k Cr | ₹2.2k Cr |
| Total liabilities | ₹12.8k Cr | ₹13.2k Cr | ₹13.7k Cr | ₹13.4k Cr | ₹13.7k Cr | ₹14.2k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.2k Cr | ₹951 Cr | ₹908 Cr |
| Capital work in progress | ₹75 Cr | ₹87 Cr | ₹19 Cr | ₹10 Cr | ₹2 Cr | ₹4 Cr |
| Investments | ₹798 Cr | ₹65 Cr | ₹35 Cr | ₹39 Cr | ₹1.1k Cr | ₹1.3k Cr |
| Other assets | ₹10.8k Cr | ₹11.9k Cr | ₹12.3k Cr | ₹12.2k Cr | ₹11.6k Cr | ₹12.0k Cr |
| Total assets | ₹12.8k Cr | ₹13.2k Cr | ₹13.7k Cr | ₹13.4k Cr | ₹13.7k Cr | ₹14.2k 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, the public added +13.64 pp while DIIs trimmed −8.94 pp. The shareholder count shrank 3% to 6,20,227.
- Promoters
- 4.0%
- FIIs
- 20.1%
- DIIs
- 7.8%
- Government
- 0.1%
- Public
- 68.0%
Since Jun 2025
- Public +13.64 pp
- DIIs −8.94 pp
- FIIs −4.70 pp
How it drifted, 12 quarters
Over this window the public went from 18.8% to 68.0% — +49.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 4.0%, FIIs 35.0%, DIIs 42.1%, Government 0.1%, Public 18.8%.Dec '23: Promoters 4.0%, FIIs 28.2%, DIIs 43.4%, Government 0.1%, Public 24.2%.Mar '24: Promoters 4.0%, FIIs 19.2%, DIIs 35.3%, Government 0.1%, Public 41.4%.Jun '24: Promoters 4.0%, FIIs 18.9%, DIIs 22.3%, Government 0.1%, Public 54.7%.Sep '24: Promoters 4.0%, FIIs 18.5%, DIIs 19.1%, Government 0.1%, Public 58.3%.Dec '24: Promoters 4.0%, FIIs 20.1%, DIIs 17.9%, Government 0.1%, Public 58.0%.Mar '25: Promoters 4.0%, FIIs 22.8%, DIIs 15.9%, Government 0.1%, Public 57.2%.Jun '25: Promoters 4.0%, FIIs 24.8%, DIIs 16.8%, Government 0.1%, Public 54.3%.Sep '25: Promoters 4.0%, FIIs 25.4%, DIIs 13.9%, Government 0.1%, Public 56.6%.Dec '25: Promoters 4.0%, FIIs 24.2%, DIIs 12.0%, Government 0.1%, Public 59.7%.Mar '26: Promoters 4.0%, FIIs 25.3%, DIIs 10.8%, Government 0.1%, Public 59.8%.Jun '26: Promoters 4.0%, FIIs 20.1%, DIIs 7.8%, Government 0.1%, Public 68.0%.
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.
- HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund newly disclosed 1.56% held
- Bandhan Large & Mid Cap Fund Mutual fund newly disclosed 1.10% held
- Engro INC newly disclosed 0.00% held
- Sunbright Mauritius Investments Limited newly disclosed 0.00% held
- Maywind Holdings, Mauritius newly disclosed 0.00% held
The same filing shows 1 holder trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Zee Entertainment Enterprises Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Essel Media Ventures Limited | 3.45% | unchanged |
| Government Pension Fund Global Sovereign | 3.01% | −0.12 pp |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 1.56% | newly disclosed |
| Vanguard Total International Stock Index Fund Global fund house | 1.41% | unchanged |
| Vanguard Emerging Markets Stock Index Fund, a Series of Vanguard International Equity Index Funds Global fund house | 1.32% | unchanged |
| Bandhan Large & Mid Cap Fund Mutual fund | 1.10% | newly disclosed |
| Cyquator Media Services Private Limited | 0.20% | unchanged |
| Essel Holdings Ltd | 0.18% | unchanged |
| Essel International Limited | 0.14% | unchanged |
| Essel Corporate LLP | 0.02% | unchanged |
| Kota Agri and Realty Developers Pvt Ltd | 0.00% | unchanged |
| Adhikaar Foundation | 0.00% | 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.
Mutual funds in ZEEL
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.26 L shares (+0.2%).
- Held by funds
- ₹175 Cr
- 7 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹93 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹93 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹59 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹14 Cr | +0.18 L | Sep '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹7 Cr | +0.08 L | Sep '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
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 +26,234 shares (+0.2%)
- Funds are sitting on
- -47%
- vs est. average cost
- Held by funds
- ₹175 Cr
- 7 schemes · ≈ 1.8% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹93 Cr · 0.1% of that fund
Shares held by these funds −86%
Aug '23 1.57 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Zee Entertainment Enterprises Limited
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