Zee Entertainment Q4 FY26 and FY26: Digital scale-up meets a tough ad cycle

Consolidated operating revenue for FY26 was INR 80,989 million as per the investor presentation financial table.

FY26 consolidated revenue from operations was split into advertising INR 32,003 million, subscription INR 40,796 million, and other sales and services INR 7,950 million.

Adjusted EBITDA margin was 9.3% in FY26. The company stated adjusted EBITDA excludes the impact of the change in estimates of movie rights inventory amortisation pattern and additional impairment.

Management said ZEE5 achieved breakeven in FY26 on an adjusted basis and the presentation states the digital business delivered adjusted EBITDA breakeven in FY26, with FY26 revenue of INR 14,888 million.

Management said the company revised the amortisation pattern for movie rights to align with monetisation and digital viewership trends. Notes state an additional inventory charge of INR 3,022 million was recognized, and management referenced a total impact of INR 4,084 million including additional impairment.

The presentation disclosed cash and treasury investments of INR 27,595 million as of March 2026.

Auditors emphasized uncertainties from ongoing SEBI and MCA matters including show cause notices and settlement applications under consideration, and a dispute with Jiostar in LCIA arbitration with a damages claim increased to USD 1.097 billion.