Zee Entertainmen Q4 FY26 Results (NSE: ZEEL)
Signal: Steady quarter
The read
The trajectory has sharply deteriorated after three consecutive quarters of YoY margin contraction in the prior series: standalone Q4 revenue fell 5.9% YoY, operating margin collapsed to -13.0% from 14.0%, and PAT swung to a ₹1,809 million loss; consolidated PAT of ₹273.1 Cr is not fully operationally clean because other income of ₹146.1 Cr was 53.4% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹809.89 Cr | N/A | N/A |
| EBIT | ₹32.76 Cr | N/A | |
| Net profit | ₹27.31 Cr | N/A | |
| EPS | ₹2.82 | N/A | |
| EBIT margin | 6.7% |
P&L walk
Verified consolidated figures report revenue ₹8,098.9 Cr, EBITDA ₹544.8 Cr and EBIT ₹327.6 Cr, with PAT ₹273.1 Cr supported materially by other income of ₹146.1 Cr, equal to 53.4% of PBT.
Key positives
- Consolidated EBITDA was ₹544.8 Cr at a 6.7% margin and consolidated PAT was ₹273.1 Cr.
- Standalone FY26 operating cash flow remained positive at ₹4,661 million, despite falling 48.8% YoY.
- Auditors issued an unmodified opinion on the financial results.
Key concerns
- Standalone Q4 revenue declined 5.9% YoY and 12.2% QoQ to ₹18,867 million while operating margin fell to -13.0%.
- Advertising and publicity expense increased 51.7% YoY to ₹4,130 million despite revenue contraction, indicating severe cost-intensity pressure.
- Standalone Q4 PAT swung to a ₹1,809 million loss from ₹1,555 million profit YoY.
- Finance costs rose 86.3% YoY to ₹136 million while revenue declined 5.9%.
Earnings quality: includes non-operating other income
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