Saregama India Reports FY26 Results: Adjusted EBITDA Hits ₹4,047 Mn, Citing Strong IP Monetization and Digital Growth

Saregama India Reports FY26 Results: Adjusted EBITDA Hits ₹4,047 Mn, Citing Strong IP Monetization and Digital Growth​

Saregama India Limited reported robust financial performance for Fiscal Year 2026 (FY26), highlighting its successful transition from a traditional record label to a digital Intellectual Property (IP) powerhouse. The company achieved an Adjusted EBITDA of ₹4,047 Million in FY26, marking significant margin improvements and solidifying its position across the evolving Indian entertainment market.

The core strategy of Saregama revolves around owning intellectual property in perpetuity and compounding it across multiple formats—including music, live events, video, and short-form content—to ride India's digital monetization curve.

Key Financial and Operational Highlights (FY26)​

The company demonstrated a focus on profitability alongside revenue growth. The financial metrics for FY26 show an increase in Adjusted EBITDA margin compared to previous years, while Revenue from Operation saw changes across the reporting periods.

A comparison of key operational financials between FY24, FY25, and FY26 is presented below:


In terms of balance sheet strength, the company reported a Net Worth of ₹16,927 Mn in FY26. Its total assets stood at ₹23,220 Mn, and the company maintained zero net debt.

The Power of IP Ownership​

Saregama's business model is underpinned by a massive owned catalog, which functions as a compounding asset. The company currently owns over 180,000 songs—encompassing both master and underlying works globally in perpetuity.

The strategy focuses on the long-term value of this IP:

• Cash Payback: Estimated at 5 years for new content investment.
• Amortization: Expected over 10 years within the P&L.
• Revenue Life: The owned song is projected to earn revenue for 60 to 80 years, with a target IRR on new music content around 26%.

Diversified Revenue Streams and Market Position​

Saregama operates through four distinct verticals—Music, Live Events, Video, and Artiste Management—each positioned within the growing Indian entertainment market. The company's revenue is diversified across three primary sources: Platform, From Brand, and From Customer.

Revenue Source Breakdown:
The music vertical alone generated ₹59,000 Mn (with an 8% CAGR over 3 years), while Video accounted for ₹2,05,000 Mn (7% CAGR over 3 years).

Key revenue distribution points include:

• Platform: Accounting for 67% of revenue through platforms like Spotify, YouTube, Netflix, JioHotstar, and Sun TV.
• From Brand: Constituting 19%, driven by partnerships with companies including Myntra, Indriya, Unilever, KFC, and Hero Music.
• From Customer: Accounting for 14%, sourced from platforms such as Amazon, Vijay Sales, BookMyShow, and PVR Retail.

Focus on Music Licensing and Future Slate​

The company is strategically focused on generating growth in catalogue value through data-driven content acquisition. A significant portion of FY26 licensing revenue (60%) came from songs released after 2000.

Saregama has secured a promising future slate for new music across both Hindi and regional markets, including films like Love & War and Naagzilla. Regional visibility is also strong, with upcoming albums set in Tamil (Dharman, Jinguchaa), Telugu (Aaya Sher), Malayalam (Onam Mood), and Kannada (Mango Pachcha).

Talent Management and Content Ecosystem​

The company fosters a comprehensive content ecosystem by building and monetizing talent. Saregama boasts a digital fan base exceeding 650 million subscribers and followers. Over 300 artistes are managed through the company, contributing to a 24% CAGR in Artiste management over two years.

Examples of integrated talent monetization include:

• Viraj Ghelani: Monetizing performances across video (e.g., Badhu Alright Che), live events (That's So Viraj), and brand endorsements.
• Danny Pandit: Creating viral content like "Zat Pat Pata Pat" and performing at shows such as Normal Day with Danny Pandit.

Operational Stability and Risk Hedging​

The business model emphasizes resilience through diversification, ensuring no single point of dependence. The company employs an asset-light operational model for live events, utilizing third-party venues and maintaining low working capital. Furthermore, the company mitigates risk by leveraging back-ended deals with artists across its roster, including Diljit Dosanjh and Himesh Reshammiya.

Saregama's vision remains clear: owning IP, compounding it across every format, and actively participating in India's digital monetization journey.

SAREGAMA Stock Price Movement​

Saregama India Limited saw its equity rally today, successfully settling at ₹497 after gaining 1.69% in the post-market session. The stock recorded a substantial traded volume of 417,755 shares during the day’s trading activity.