Arthneeti

Saregama India Q1 FY27 Share Price & Earnings Call Analysis

₹548.65+2.36% today
Market cap
₹10,579 Cr
P/E
46.35
ROE
12.67%
PEG
12.09
Price to sales
10.15
Debt to equity
0.04
52W high / low
₹557 / ₹311
Sales growth (5Y)
17.38%
EBITDA margin
35.87%
Net profit margin
20.99%
Promoter holding
60.84%
Sales (last year)
₹1,041 Cr

Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1] Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. [2]

Guidance scorecard · Q1 FY27 call

What Saregama India Ltd's management guided
and where it ranks in Entertainment

#3of 12 in
Entertainment
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

20–40%
  • Music vertical (Licensing, Artiste Management, Retail) expected to grow at 20%-23% CAGR in medium term.
  • Growth driven by rising digital consumption with over 618 million internet users in India.
  • Subscriber expansion, ARPU (average revenue per user) growth, and format diversification projected.
  • Artiste Management sees long growth runway, with increasing artiste onboarding and monetization.
  • Focus on growing wallet share from existing artistes and helping artistes earn more to share higher commissions.
  • Live Events expanding into multiple formats targeting superfans, premium experiences, and international markets.
  • Investment in new music content ongoing to fuel immediate and long-term growth.

2 more points from Saregama India Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Saregama India Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Saregama plans continued investment of Rs. 300 to 350 crores annually on new music content, including AI-based initiatives.
  • Investments related to generative AI in content creation are currently small but expected to scale as results come in.
  • Cash reserves have been deployed toward strategic investments such as Bhansali Productions; next film releases planned for Q4 FY27.

2 more points from Saregama India Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Saregama India Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Saregama India Ltd said on the order book →

Full Q1 FY27 analysis
Full Entertainment ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Entertainment
on management's own guidance

  1. Digikore Studios LtdGood growth
    2
  2. Phantom DigitalGood growth
    1
  3. This stockSaregama India LtdGood growth
    3
See all potential multibaggersAll Entertainment rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Entertainment companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Phantom Digital20–40%Up 2%+₹156 Cr4.8
2Digikore Studios Ltd20–40%Up 2%+₹42 Cr3.3
3Saregama India LtdThis stock20–40%Flat₹9,718 Cr42.6
420–40%Flat₹1,108 Cr—
520–40%Flat₹520 Cr10.8
620–40%Flat₹472 Cr18.2

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Financials of Saregama India Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Saregama India Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +204163172204263205242483241207230260287
Expenses +154113111139193154181399160151161169166
Operating Profit495061667051618480556992121
OPM %24%31%35%32%27%25%25%17%33%27%30%35%42%
Other Income +171813151812131623141108
Interest2101000051112
Depreciation6789121314151717192124
Profit before tax585966707651598482516070103
Tax %25%27%27%25%29%27%24%26%27%28%27%26%28%
Net Profit +44434852543745626037445174
EPS in Rs2.272.262.492.712.791.912.333.233.121.902.272.663.91

Financials of Saregama India Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +1872222183575455214425767378031,171985
Expenses +184209209320507461312377516554894648
Operating Profit2139363860130199221249277337
OPM %1%6%4%10%7%12%29%35%30%31%24%34%
Other Income +11213105611312354616334
Interest102377356365
Depreciation65443561321365882
Profit before tax6916398560152204248271276284
Tax %-5%25%46%27%36%28%25%25%25%27%26%27%
Net Profit +679285444113153185198204206
EPS in Rs0.390.390.481.643.112.536.477.919.6110.2510.5910.74
Dividend Payout %39%38%31%18%10%6%31%38%31%39%42%0%

Financials of Saregama India Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital171717171717171919191919
Reserves1501573223644113814881,3581,3231,4501,5641,673
Borrowings +8431664101115373
Other Liabilities +7289137181217211277309361559509557
Total Liabilities2472674805787096207841,6881,7042,0342,0952,322
Fixed Assets +84851991972152192262783387428351,031
CWIP000000224600
Investments404013215114875137676239118111379
Other Assets +1241431492303453254207321,1241,1681,149912
Total Assets2472674805787096207841,6881,7042,0342,0952,322

Financials of Saregama India Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +332-4-19-3679190949393331100
Cash from Investing Activity +-1-400-6-5-136-630-15432-220-113
Cash from Financing Activity +-6-8-3938-72-49677-75-85-99-31
Net Cash Flow-420-7-10-424142-1364012-45
Free Cash Flow025-6-22-487116822-101170-114
CFO/OP499%336%83%-24%-61%168%156%76%73%58%149%49%

Financials of Saregama India Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1067687757476726873724566
Inventory Days1,030270266376161
Days Payable83816511414786
Cash Conversion Cycle106768775747626417322630212066
Working Capital Days6217556177983583981214086
ROCE %4%11%7%11%20%15%34%23%19%18%17%18%

Guidance history

How Saregama India Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned——
Q4 FY26 call →20–40%—PlannedPlanned—
Q3 FY26 call →10–20%FlatPlannedNone plannedRising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

82out of 100

Momentum score · price trend

82 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+19.3%75%
Last 6 months+59.6%92%
Last 3 months+4.9%76%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Saregama India Ltd: 0.4 × 75 + 0.4 × 92 + 0.2 × 76 = 82.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Saregama India Ltd's management said in earlier quarters

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