Saregama India is a music and entertainment company with a catalogue of over 180,000 songs, spanning music licensing, artiste management, retail (Carvaan), live events and digital content via Pocket Aces. The Q2 FY27 print will speak to whether the Music Licensing + Artiste Management line holds its above-Rs. 2,000 Mn quarterly run-rate as the low base rolls off, and how the 43% adjusted EBITDA margin tracks against the company's 30-33% open-ended guidance.
| Results date | November 04, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 263.60 Cr (Rs. 26,360 Lakh), up 27% YoY, down (8)% QoQ |
| Previous quarter PAT | Rs. 51.88 Cr (Rs. 5,188 Lakh), up 42% YoY, down (30)% QoQ |
| Previous quarter EBITDA margin | 43% adjusted EBITDA margin (Adjusted EBITDA Rs. 112.4 Cr) |
| Market cap | Rs. 10,583.43 Cr |
| CMP | Rs. 548.65 |
The Board of Saregama India will meet on Wednesday, November 4, 2026, to approve the unaudited standalone and consolidated results for Q2 and H1 FY27 (Reg. 29/33, SEBI LODR). The trading window remains closed until 48 hours after the declaration of results.
The Q2 FY27 earnings call is scheduled for November 4, 2026, at 3:00 p.m. IST, organized by 360 One Capital Market Research. Speakers include Vikram Mehra (MD), Abhishek Kapoor (CFO) and Pankaj Kedia (Executive Director - IR).
The key test this quarter is whether the Music Licensing + Artiste Management line sustains its above-Rs. 2,000 Mn quarterly run-rate — the trajectory ran from a record Rs. 2,038 Mn in Q3 FY26 to Rs. 2,267 Mn in Q4 FY26 and Rs. 2,131 Mn in Q1 FY27 — now that the low base that flattered Q1's +39% YoY growth has rolled off.
Demand proxies through the July-September 2026 window were supportive: box office grossed Rs. 1,582 Cr in July, Rs. 1,768 Cr in August and over Rs. 1,100 Cr in September, with Jan-Jul 2026 up 13% YoY, though the real-money-gaming ban in force since May 1, 2026 is a full-quarter YoY drag on the YouTube ad pool.
Management reaffirmed on the Q1 FY27 call its medium-term guidance of 20% to 23% music revenue growth and a 60% to 65% music EBITDA margin (Q1 FY27: 61%), alongside a consolidated adjusted EBITDA margin guide of 30% to 33% and an FY27 content budget of Rs. 300-350 crores.
Margin scrutiny will centre on the video segment, which posted a Rs. (434) Lakh segment result in Q1 FY27 as the film business winds down by design, and on other income, which fell 70.4% YoY in Q1 as QIP cash is deployed into content investments such as Bhansali Productions. The Bhansali pipeline — which secures marquee Hindi film music exclusively for the next 24-30 months at a pre-agreed price — has no releases in Q1 FY27, with the next slate planned in Q4 FY27.
The call is also expected to address the unresolved content-spend presentation discrepancy of Rs. 186 crores versus Rs. 265 crores, and the promised trailing 12-month music revenue growth (ex-events) disclosure.
Guidance scorecard: Management's stated targets and where the latest quarter stood against them.
Music Licensing + AM run-rate
Strategic initiatives update
Risks and headwinds to monitor
Music segment revenue grew 40-43% YoY while music EBITDA saw a 1% decline, which management attributed to a mix shift towards lower-margin Artiste Management, with core Music Licensing EBITDA stable. Artiste Management is about 17% of revenues.
Management declined to share partner-specific YouTube figures but stated that 'YouTube has to grow' for the 23% CAGR promise and that they were 'very happy with the growth'. On the Q4 FY26 call they confirmed growth on both free and paid despite the real-money gaming ban.
Management reaffirmed on the Q1 FY27 call its medium-term guidance of 20% to 23% music vertical revenue growth. Q1 FY27 music vertical revenue grew 39% YoY, aided partly by a low base in Q1 FY26.
Saregama has a Rs. 1,000 crore new-music content investment plan for FY25-FY27, with an FY27 budget of Rs. 300-350 crores. From FY28 onwards, the rate of growth in music investment is guided to temper to a 'very high single digit to a very low double-digit percentage increase on a YoY basis'.
Consolidated revenue rose 27% YoY to Rs. 263.60 Cr in Q1 FY27, led by the Music Licensing + Artiste Management segment at Rs. 2,131 Mn, up 43% YoY. Live Events revenue grew 214% YoY to Rs. 160 Mn, while Video fell 52% YoY by design as the company pivots to the Bhansali Productions partnership.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.