Saregama Q3 results mixed; revenue dips, margin expansion stands out

Saregama India reported mixed financial performance for the third quarter, with headline revenue and profit declining year-on-year, while operational profitability improved sharply.

Net profit for the quarter

fell 17.8% year-on-year to ₹51.2 crore, compared with ₹62.3 crore in the same period last year. Revenue declined 46% to ₹260.4 crore from ₹483.4 crore, reflecting a high base effect from live events in Q3 FY25. Excluding live events revenue, the company said underlying performance remained resilient, with adjusted revenue rising 16% and adjusted EBITDA growing 43% year-on-year.

EBITDA increased 9% to ₹91.5 crore from ₹84 crore a year ago, while EBITDA margin expanded significantly to 35% from 17% in the year-ago quarter. The company also reported an exceptional non-cash charge of ₹7 crore related to labour code implementation.

Operationally, Saregama released over 1,100 film and non-film tracks across multiple Indian languages during the quarter. Key releases included Hindi film albums Dhurandhar and Tu Meri Main Tera Main Tera Tu Meri, along with regional titles across Tamil, Kannada and other languages. The events business scaled up through music tours by Diljit Dosanjh and Himesh Reshammiya, alongside traction in comedy formats.

The company also made a strategic minority investment in Bhansali Productions, securing exclusive access to marquee Hindi film music under a performance-linked valuation framework.

Vice Chairperson Avarna Jain said the quarter reflected consistent execution and reinforced confidence in near-term growth. Shares of Saregama India pared early losses and were trading 0.7% lower at ₹327 on the NSE in afternoon trade, after hitting an intraday low of ₹317.10.