Saregama profit rises 46% as September revenue gains 37%

Saregama India Limited reported consolidated profit of Rs 64.17 crore for the three months ended 30 September 2026, up 46% from Rs 43.83 crore a year earlier, as revenue from operations increased 37% to Rs 314.30 crore. Saregama’s Music segment remained the largest revenue contributor, while Events recorded the fastest year-on-year revenue growth.

How did Saregama perform in the September quarter?

Saregama’s revenue from operations rose to Rs 314.30 crore in the three months ended 30 September 2026 from Rs 230.03 crore in the corresponding 2025 quarter. Total income reached Rs 319.47 crore, compared with Rs 241.50 crore, as other income declined to Rs 5.17 crore from Rs 11.47 crore.

Profit before tax increased to Rs 85.77 crore from Rs 60.10 crore. The latest-quarter figure included a Rs 3.99 crore share of net profit from associate Bhansali Productions Private Limited, whereas no associate contribution was recorded in the year-earlier quarter. Tax expense rose to Rs 21.60 crore from Rs 16.27 crore.

Profit attributable to owners was Rs 64.60 crore in the September 2026 quarter, against Rs 43.76 crore a year earlier. Basic earnings per share increased to Rs 3.37 from Rs 2.28, while diluted earnings per share also rose to Rs 3.36 from Rs 2.28.

Which Saregama segments drove September-quarter revenue?

Saregama’s Music segment generated Rs 200.70 crore in revenue during the September 2026 quarter, up from Rs 160.12 crore a year earlier. Music accounted for about 64% of revenue from operations and its segment result increased to Rs 111.21 crore from Rs 77.52 crore.

Events was the fastest-growing reported segment, with revenue rising 101% to Rs 44.72 crore from Rs 22.22 crore. Artist Management revenue increased 95% to Rs 50.55 crore from Rs 25.88 crore, and its segment result rose to Rs 5.30 crore from Rs 2.24 crore.

Video was the only segment to report lower revenue, declining to Rs 18.33 crore from Rs 21.81 crore. Video recorded a segment loss of Rs 3.20 crore, against a Rs 1.37 crore segment profit a year earlier, while Events recorded a Rs 2.84 crore loss compared with a Rs 1.52 crore loss.

What changed in Saregama’s costs and operating result?

Saregama’s total expenses rose to Rs 237.69 crore from Rs 181.40 crore, an increase of Rs 56.29 crore. That increase was lower than the Rs 84.27 crore rise in revenue from operations, while operational cost increased to Rs 118.51 crore from Rs 79.95 crore.

Operational cost includes media content cost, contract manufacturing charges and production costs for films, television serials and events. Employee benefits expense rose to Rs 33.67 crore from Rs 29.58 crore, while depreciation and amortisation increased to Rs 24.04 crore from Rs 19.01 crore.

Advertisement and sales-promotion expense was Rs 13.79 crore against Rs 12.20 crore, and royalty expense declined to Rs 18.32 crore from Rs 18.94 crore. Other expenses rose to Rs 28.04 crore from Rs 20.59 crore, while finance costs increased to Rs 1.32 crore from Rs 1.13 crore.

Before its share of associate profit and tax, Saregama reported profit of Rs 81.78 crore, compared with Rs 60.10 crore in the September 2025 quarter. Other unallocable expenditure net of unallocable income was Rs 27.37 crore, against Rs 18.38 crore, and includes interest income, common-service costs and corporate expenses not directly allocated to segments.

How did Saregama’s first-half cash flow and financial position change?

For the six months ended 30 September 2026, Saregama’s revenue from operations rose to Rs 577.90 crore from Rs 436.80 crore in the prior-year half. Profit for the period increased to Rs 116.05 crore from Rs 80.34 crore, while profit before tax rose to Rs 156.28 crore from Rs 111.15 crore.

Music generated Rs 385.30 crore of first-half revenue, compared with Rs 303.40 crore a year earlier. Artist Management revenue rose to Rs 96.57 crore from Rs 48.62 crore, Events revenue reached Rs 60.74 crore from Rs 27.32 crore, and Video revenue declined to Rs 35.29 crore from Rs 57.46 crore.

Total assets stood at Rs 2,441.29 crore on 30 September 2026, up from Rs 2,321.96 crore on 31 March 2026. Current assets increased to Rs 975.09 crore from Rs 892.52 crore, including cash and cash equivalents of Rs 43.59 crore compared with Rs 28.17 crore at the financial year-end.

Net cash generated from operating activities was Rs 226.73 crore for the six months, compared with Rs 26.25 crore in the prior-year period. Saregama used Rs 147.14 crore in investing activities, including Rs 127.41 crore for property, plant, equipment and intangible assets, and repaid Rs 61.63 crore of borrowings.

Why are Saregama’s year-on-year figures not fully comparable?

Saregama said the September 2026 periods include Finnet Media Private Limited following its acquisition by Pocket Aces Pictures Private Limited on 19 November 2025. The September 2025 quarter and half-year did not include Finnet Media’s financial impact, making those periods not comparable on the same basis.

The current results also include the effect of Saregama’s acquisition of 9,960 compulsory convertible preference shares in Bhansali Productions Private Limited, completed on 30 January 2026. The associate contributed Rs 3.99 crore to September-quarter profit and Rs 2.78 crore to first-half profit, compared with no contribution in the respective 2025 periods.

The Audit Committee and board approved the unaudited consolidated results on 4 November 2026, and B S R & Co. LLP issued an unmodified limited-review conclusion. Separately, Saregama’s board approved the proposed voluntary liquidation of wholly owned subsidiary Kolkata Metro Networks Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, subject to shareholder and regulatory approvals.

Conclusion

Saregama’s September-quarter growth was led by Music, where revenue rose to Rs 200.70 crore and segment result reached Rs 111.21 crore. Artist Management and Events added faster revenue growth, but Video and Events remained loss-making at the segment-result level, while the consolidated result also included Rs 3.99 crore from the Bhansali Productions associate.

The disclosed next matter to watch is the proposed voluntary liquidation of Kolkata Metro Networks Limited, which remains subject to its shareholders’ approval and applicable statutory and regulatory requirements. Comparability with the September 2025 periods will also continue to reflect Finnet Media’s inclusion from 19 November 2025 and the Bhansali Productions investment completed on 30 January 2026.