Saregama Q4 FY26: PAT +25%, Pricol profit jumps 110%

What moved the stocks on Friday

Shares of Saregama India Ltd and Pricol Ltd rose sharply in Friday’s trade after both companies reported strong Q4 FY26 earnings. Saregama was last seen up 11.29% at Rs 429, while Pricol gained 9.55% to Rs 627.10. The moves followed a sequence of strong reactions earlier in the week as Saregama’s results triggered an intraday rally on May 14. Market interest centred on profit growth, operating leverage and margin expansion for Saregama, and a large year-on-year profit jump for Pricol.

Saregama’s Q4 numbers: profit and margins improved

Saregama reported consolidated net profit of Rs 75.39 crore in Q4 FY26, up 25.38% from Rs 60.13 crore in Q4 FY25. Revenue from operations rose 19.36% year-on-year to Rs 287.44 crore, compared with Rs 240.82 crore in the year-ago quarter. Profit before tax (PBT) increased 36.15% to Rs 104.37 crore for the quarter ended March 2026. On operating performance, the company reported EBITDA of Rs 121 crore in Q4 FY26 versus Rs 80.3 crore in Q4 FY25, with the EBITDA margin expanding to 42.1% from 33.35%.

Music continued to drive the quarterly performance

The music segment remained central to the quarter’s performance and investor reaction. One data point from the disclosures showed revenue from the music segment rising 29.96% year-on-year to Rs 242.9 crore in Q4 FY26. Another segment detail highlighted that the music business delivered Rs 200.43 crore of quarterly revenue and remained the largest contributor. Saregama also said quarterly artist-management revenue more than doubled to Rs 42.46 crore from Rs 18.83 crore a year earlier. Carvaan sales declined 24.66% to 55,000 units in Q4 FY26 from 73,000 units in Q4 FY25.

What brokerages flagged: Wynk base effect and non-core volatility

Nuvama Institutional Equities said Saregama posted Q4 FY26 revenue growth of 19% year-on-year and EBITDA growth of 51% year-on-year, both ahead of its estimates. The brokerage added that the company’s core music licensing and artist management business rose 32% year-on-year, partly helped by the Wynk shutdown in the base period. In non-core businesses, Nuvama noted Video fell 34% year-on-year, while Live Events rose 2.5 times year-on-year on a small base. Music Retail revenue increased 5% year-on-year, but volumes declined 25% year-on-year. Nuvama maintained a ‘Buy’ rating and said it raised its target price, without disclosing the revised level in the information available.

Video business to be wound down over 1-2 years

A key strategic point highlighted by Nuvama was that the video business is loss-making and is being gradually shut down over the next one to two years. The brokerage said this could sharpen the company’s focus on core music and improve overall profitability. This matters because the quarter’s operating improvement was read as being music-led, while the video and events lines were described as volatile in the context provided. Investors typically track how quickly loss-making segments are scaled down and whether that changes consolidated margins over time. The company’s quarterly margin improvement brought this part of the narrative into sharper focus.

Full-year FY26 snapshot: profit up slightly, revenue lower

For FY26, Saregama reported consolidated net profit of Rs 207.07 crore, up 1.38% from Rs 204.26 crore in FY25. Revenue from operations fell 15.94% to Rs 984.62 crore in FY26 from Rs 1,171.36 crore in FY25. Content charging cost was reported at Rs 139.9 crore in FY26, up 9.13% year-on-year. In management commentary shared in the material, vice chairperson Avarna Jain said FY26 delivered the company’s highest-ever EBITDA, supported by investment and diversification of IP monetisation.

Pricol’s Q4 FY26: profit more than doubles

Pricol shares also gained after the auto ancillary firm reported a 109.5% jump in consolidated net profit for the quarter ended March 31, 2026. Consolidated net profit rose to Rs 73.23 crore in Q4 FY26 from Rs 34.95 crore in Q4 FY25. Revenue from operations increased 43.34% to Rs 1,077.90 crore during the quarter, compared with Rs 752.01 crore in the year-ago period. The profit growth, coupled with strong revenue expansion, drove the immediate positive price reaction.

Pricol management commentary and leadership transition

Pricol’s Chairman and Managing Director Vikram Mohan said FY26 was a defining year for the global automotive industry, citing supply chain disruptions, geopolitical trade tensions and market volatility. He added that Pricol achieved a milestone of nearly Rs 4,000 crore in total income, as per the statement cited. The company also announced a leadership transition during the quarter, with Vanitha Mohan stepping down as Chairman after decades of service. Leadership changes are closely watched in promoter-led companies because they can signal shifts in governance structure or operational focus, even when the business momentum is intact.

Key numbers at a glance

Market impact and why these results mattered

In Saregama’s case, the market reaction was tied to a combination of revenue growth, improved profitability and a sharp jump in operating margins in Q4 FY26. Multiple data points in the disclosures and coverage pointed to music monetisation and artist management as key contributors, while video and events were described as weaker or volatile lines. For Pricol, the standout was the scale of profit growth alongside a large increase in quarterly revenue, which helped the stock outperform on the day of the announcement.

Conclusion

Saregama and Pricol delivered earnings prints that investors rewarded immediately, with Saregama’s Q4 focused on margin expansion and music-led growth and Pricol reporting a sharp profit jump on higher revenue. Broker commentary on Saregama emphasised the Wynk base effect, strong core growth and the plan to wind down the loss-making video business over one to two years. Pricol’s update also included a leadership transition alongside management’s comments on a volatile global auto environment. Investors are likely to keep tracking follow-through in segment performance, margins and any further updates on strategy and execution.