Saregama India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 314.30 Cr (+36.60% YoY) and PAT growth of +46.40% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 314.30 Cr (+36.60% YoY) |
| PAT (Q2) | Rs. 64.17 Cr (+46.40% YoY) |
| EBITDA margin | 32.40% (+255 bps YoY) |
| EPS (Q2) | Rs. 3.37 (+47.80% YoY) |
Saregama delivered 36.6% YoY revenue growth with EBITDA (+48.3%) and PAT (+47.6%) growing faster, while Music segment margin expanded ~700 bps YoY and growth stayed above the guided 20-23% band. The balance sheet is deleveraged to a Rs.229.18 Cr net cash position with H1 CFO/PAT at 1.95x, funding the content cycle from operations. Events and Artist Management are scaling rapidly but remain loss-making or thin-margin, and unallocable corporate costs grew 48.9% YoY.
| Driver | What happened | Verdict |
|---|---|---|
| Music growth "likely in-line with, though probably no longer above, the guided 20–23% band" as the base effect faded | Music +25.3% YoY; Music+AM statutory run-rate Rs.251.25 Cr, +35.1% YoY — better than expected; growth stayed above the band | Played out |
| Consolidated margins "flat to modestly compressing" | EBITDA margin 32.4% — compressed ~300 bps QoQ (as expected), but expanded ~255 bps YoY | Partially |
| Other income declining as QIP cash deploys | Rs.5.17 Cr, −54.9% YoY; H1 interest income −72.1% YoY | Played out |
| No fresh labour-code exceptional charge | Exceptional items nil | Played out |
| RMG ad-pool drag a full-quarter YoY headwind | No platform-level disclosure | Not observable |
| Music EBITDA margin vs 60–65% band on the call | Content charge not disclosed in the filing | Not observable |
| Dhurandhar 2 rights / Bhansali slate clarity | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Music vertical revenue growth 20–23% (medium term) | Q1 FY27 earnings call ("we maintain our medium-term guidance of 20% to 23% revenue growth") | Music segment +25.3% YoY; Music + Artist Management +35.1% YoY (statutory basis; presentation-basis metric not derivable) — proxy basis | On Track |
| Consolidated Adjusted EBITDA margin 30–33% (open-ended) | Q1 FY27 earnings call | P&L-derived EBITDA margin 32.4% — within band on proxy basis (company basis would read higher) — proxy basis | On Track |
| Live Events high single-digit margin (2–3 yrs); UN40 breakeven (3–4 yrs) | prior earnings calls (per prior-quarter analyst notes) | Events margin (6.4)% on Rs.44.72 Cr revenue | Too Early |
| "Started the new financial year on a strong note" (Vice Chairperson, Q1 FY27 release) | Q1 FY27 earnings release | H1 revenue +32.3% YoY, H1 PAT +44.4% YoY | Confirmed |
| Evaluate on rolling 4-quarter basis; quarters lumpy | Q1 FY27 earnings call | Q2 shows the pattern: Events revenue Rs.16.02 → Rs.44.72 Cr QoQ swings the mix | Confirmed |
| Bhansali Productions secures marquee music; associate to be volatile | Q1 FY27 earnings call / Q1 FY27 results | Share of associate swung from Rs.(1.21) Cr (Q1) to +Rs.3.99 Cr (Q2); equity-method investment on BS Rs.313.52 Cr — volatility | Confirmed |
| Video wind-down "by design" | Q1 FY27 earnings call | Video revenue −16.0% YoY, loss narrowed QoQ | Confirmed |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Music Licensing + AM revenue (Rs. Cr, presentation basis where available) | 165.3 (notes) / 186.00 statutory | 203.8 (record; notes) | 226.7 (notes) | 213.1 (notes) / 230.62 statutory | presentation basis not disclosed / 251.25 statutory |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.