Saregama India Limited derived 67% FY26 revenue from platforms

Saregama India Limited generated 67% of FY26 revenue through platforms including Spotify, YouTube, Netflix and JioHotstar, ahead of 19% from brands and 14% from customers. The distribution mix was supported by more than 1,80,000 songs owned globally in perpetuity and a portfolio digital fanbase exceeding 700 million subscribers and followers.

How is Saregama India’s FY26 revenue distributed?

Saregama India derived 67% of FY26 revenue from platforms, 19% from brands and 14% from customers. The platform category included Spotify, YouTube, Netflix, JioHotstar, Sun TV, Doordarshan and Instagram. Brand-linked revenue included music, events, short-format content and series work with companies such as Myntra, Indriya, Unilever, KFC and Hero. Customer revenue covered retail, live events and films through outlets or ticketing partners including Amazon, Vijay Sales, BookMyShow, District and PVR.

The FY26 source mix also sits across three operating segments: music accounted for 83% of revenue, video for 11% and live events for 6%. Music encompasses licensing, artiste management and retail products including Carvaan and vinyl. Video covers film, television and digital series, and short-form content, while live events include concerts, festivals, devotional programming and stand-up comedy. This distinction means platform receipts are a revenue-source measure, whereas the 83%, 11% and 6% figures describe operating segments.

What assets support Saregama India’s platform-led model?

Saregama India’s platform distribution is supported by more than 1,80,000 songs for which it owns master and underlying works in perpetuity across global territories. The broader proprietary portfolio also includes more than 70 films, more than 60 digital series, over 10,000 hours of television content and material in more than 14 Indian languages. Management presents new-music investment as having a 26% internal rate of return, with charges to the profit and loss account over about 10 years, payback in about five years and earnings potential of roughly 55 to 75 years thereafter.

Saregama India reported a digital fanbase of more than 700 million subscribers and followers across its portfolio. Music accounted for more than 200 million, video for more than 50 million, and artistes and creators for more than 450 million. In Q2 FY27, Saregama India added 54 artistes, taking its roster to 340; the results announcement separately described their aggregate digital reach as more than 450 million. These measures include managed artistes and owned or controlled channels alongside music and video properties.

How did Saregama India’s FY26 financial results change?

Saregama India reported FY26 revenue from operations of Rs 984.6 crore, down from Rs 1,171.3 crore in FY25, while adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 404.7 crore from Rs 356.6 crore. The presentation notes that FY25 live-events revenue included a one-off Diljit Dosanjh India tour and describes live-events revenue as lumpy. Adjusted EBITDA margin was 41% in FY26, which management described as an all-time high adjusted EBITDA outcome.

Operational profit before tax increased by Rs 21.5 crore from FY25 to FY26 despite the Rs 186.7 crore decline in headline revenue. Music content charges rose by Rs 11.7 crore to Rs 139.9 crore. The FY26 results therefore combined lower total revenue, against the disclosed FY25 live-events base, with higher adjusted EBITDA and operational profit before tax. The presentation notes that FY23 figures were restated after the demerger, while the FY25 and FY26 figures are reported fiscal-year results.

What does Saregama India’s recent music performance show?

Saregama India’s music revenue reached Rs 251.3 crore in Q2 FY27, up 35% year on year from Rs 186 crore in Q2 FY26. Music EBITDA increased 37% to Rs 154 crore from Rs 112.3 crore, while the segment’s EBITDA margin moved to 61% from 60%. Music net margin, defined by Saregama India as music EBITDA less content-cost change, rose 46% to Rs 116.5 crore from Rs 79.8 crore, and its margin increased to 46% from 43%.

On a trailing 12-month basis ending September 2026, music revenue was Rs 944.3 crore, up 31% from Rs 719.1 crore at September 2025. Music EBITDA rose 32% to Rs 595.7 crore and remained at a 63% margin in both periods. Trailing-12-month music net margin increased 33% to Rs 436.9 crore, with the margin holding at 46%. During Q2 FY27, Saregama India released more than 650 film and non-film tracks in languages including Hindi, Bhojpuri, Punjabi, Tamil, Telugu, Malayalam and Kannada.

Conclusion

Taken together, the disclosures show that Saregama India’s FY26 revenue model combined a 67% platform share with a music segment representing 83% of revenue. Its catalogue of more than 1,80,000 songs, broader film and television holdings, and a digital fanbase exceeding 700 million support monetisation across platforms, brands and customer channels rather than one buyer category.

The next item to watch is whether Q2 FY27 music growth, including 35% year-on-year revenue growth to Rs 251.3 crore, continues as management pursues multiple intellectual-property monetisation avenues. Management said its focus remains on financial discipline and investments supporting long-term growth, while Saregama India added 54 artistes in Q2 FY27 to reach a roster of 340.