Saregama India H1FY27 Results (NSE: SAREGAMA)
Signal: Margin expansion
The read
The trajectory is a sixth consecutive quarter of quarterly margin expansion in the recent series, now reflected in H1 EBITDA margin of 33.8% versus 28.4% a year ago; the key inflection is that Artist Management and Events growth are broadening the mix, although Video remains a structural drag and current-period comparability is affected by Finnet Media and Bhansali Productions acquisitions.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹577.9 Cr | +32.3% | N/A |
| Net profit | ₹116.16 Cr | +44.4% | |
| EPS | ₹6.05 | +44.7% | |
| EBIT margin | 33.8% |
P&L walk
H1 revenue increased 32.3% to 57,790 lakh, while EBITDA grew 57.4% to 19,529 lakh and margin expanded 540bps to 33.8%; employee costs rose only 11.8% and Music remained the main profit engine, partly offset by Video and Events losses.
Segments
Music generated 20,608 lakh of H1 segment result on 38,530 lakh of revenue, while Artist Management grew revenue 98.6% to 9,657 lakh; Video remained loss-making at -754 lakh and Events at -285 lakh, limiting the consolidated margin uplift.
Key positives
- H1 revenue reached 57,790 lakh, up 32.3% YoY, with Artist Management revenue up 98.6% and Events revenue up 122.3%.
- EBITDA rose 57.4% to 19,529 lakh versus revenue growth of 32.3%, with the 25.1pp growth gap and 540bps margin expansion supported by employee cost growth of only 11.8%.
- Music remained the core earnings engine, producing 20,608 lakh of H1 segment result on 38,530 lakh of revenue.
- Operating cash flow increased to 22,673 lakh from 2,625 lakh, while borrowings fell to 875 lakh from 7,038 lakh at 31 March 2026.
Key concerns
- Video revenue declined 38.6% to 3,529 lakh and its segment loss widened to 754 lakh in H1, while Events remained loss-making at 285 lakh.
- H1 results are not fully comparable with H1FY26 because Finnet Media was consolidated from 19 November 2025 and Bhansali Productions from 30 January 2026.
- Trade receivables increased to 20,277 lakh from 17,692 lakh even as operating cash flow improved.
Research and educational content only. Not investment advice.