Saregama India Ltd

Overview

• BRSR FY2025-26 submitted; forms part of the Integrated Annual Report.

Governance & ESG commitments

• ISO 27001 certified; Net Zero by 2070; Zero Waste to Landfill by 2040 under Group.
• Board 8 members; 3 female (37.5%); KMPs 3, none female.

ESG metrics

• Scope 1: 150.2 tCO2e; Scope 2: 724.7 tCO2e.
• Scope 3: 2114 MTCO2e; expanded to seven categories.
• Energy intensity: 0.0000001 tCO2e per turnover.
• Total waste 30.1 MT; plastics 3.9; e-waste 1.6; batteries 0.8 MT.
• Water: withdrawal 4,456 kL; groundwater 222.75 kL; third-party water 4,233.25 kL.

CSR & stakeholder engagement

• CSR Kolkata education project; 91% suppliers ISO-9000/14000 certified; RPT sales 6.22%.

AGM notice and annual report access

• 79th AGM to be held on 15 September 2026 at 12:30 IST via VC/OAVM.
• Annual Report 2025-26 and AGM notice available on the company website.
• Web links provided for accessing AR and AGM details; non-registered email holders notified.
• Cut-off date for email address registration: 14 August 2026.
• Physical-form holders must update PAN and KYC details per SEBI circulars.
• Mandatory nomination update for demat accounts; use ISR/SH formats.

Financial highlights

• Revenue from operations: INR 9,846 Mn.
• Adjusted EBITDA margin: ~41%.
• PAT: INR 2,062 Mn.
• Diluted EPS: INR 10.73.
• Interim dividend: INR 4.50 per share.

Operational mix & liquidity

• Music segment revenue share: 83%.
• Video segment revenue share: 11%.
• Live Events revenue share: 6%.
• Net debt to equity: 0.05x.
• Cash and cash equivalents: INR 2,816.6 Lakhs.

Pocket Aces leadership change

• Effective Oct 1, 2026, Aditi Shrivastava moves from CEO to the Board.
• Vinay Pillai is elevated from Chief Business Officer to Chief Executive Officer.
• Pocket Aces remains a material subsidiary of Saregama India.
• Pocket Aces will continue content creation and act as a marketing arm for Saregama.
• No immediate material financial metrics disclosed in the filing.
• Board appointment underscores governance integration of the subsidiary.

Financial Performance

• Q1 FY27 revenue from operations was Rs 263.6 crores, up 27% YoY.
• Adjusted EBITDA was Rs 112.4 crores, up 69% YoY.
• Operational PBT stood at Rs 70.5 crores, up 38% YoY.
• Music vertical quarterly revenue was Rs 230.6 crores, up 39% YoY.
• Video revenue declined 52% to around Rs 17 crores.
• Management urges evaluation on a rolling 12-month basis.
• FY26 music revenue: 60% from post-2000 releases.
• Of post-2000 releases, 45% came from music released after 2020.
• Music EBITDA margin guidance: 60-65%; revenue growth guidance: 20-23%.
• Content spend guidance for the year is Rs 300-350 crores; majority committed.
• AI initiatives include two dedicated teams; impact expected by year-end.

Operating Update

• Music vertical includes Licensing, Artiste Management, and Retail.
• Artiste Management covers 309 artists with 440 million followers.
• Pocket Aces breakeven in FY26; profitability expected this year.
• Bhansali Films wind-down; next releases in Q4 via Bhansali Productions.
• Live Events: 23 Carvaan Live shows, 22 devotional shows, 48 standard packs.
• U.S. tour with Ilaiyaraaja underway; Diljit India tour planned in Q3 (tentative).
• Brand partnerships with Hindustan Unilever, Godrej, Lux.
• Video wind-down continues with investments redirected to Bhansali Productions.

Guidance and Outlook

• Music revenue growth guidance: 20-23% YoY; EBITDA margin 60-65%.
• Content spend Rs 300-350 crores this year; mostly committed.
• 100 million paid subscribers at Rs 100/month within 12-18 months if free content stops.
• Rolling-12-month evaluation recommended for performance assessment.
• India's underpenetrated music market offers long-term expansion potential.
• Video wind-down supports growth in music, Live Events, and brand partnerships.

Projects and Capex

• Annual music content spend expected at Rs 300-350 crores.
• Upcoming big albums: Love and War; Dharman; Paradise; Naagzilla; Tiger Shroff project.
• Catalog spans 11 languages; 18+ languages in catalog.
• AI-driven content production cost can be as low as Rs 70,000 per music video.
• Two AI teams focused on content creation and process optimization; impact year-end.

Risks and Watchpoints

• Video wind-down may reduce near-term video revenue.
• Quarterly results can be volatile due to individual content releases.
• Competition in Artiste Management; moat relies on integrated content ecosystem.

Meeting Details

• Date: 14 August 2026; EMKAY Confluence 2026 Investor Conference; Mumbai.
• Type: group investor conference; mode: in-person.

Participants

• Key participants: company management (roles not disclosed).

Purpose

• Purpose: participate in investor conference for investor interaction.