Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹9539 Cr.
Stock P/E
46.3
P/B
5.9
Current Price
₹494.8
Book Value
₹ 84
Face Value
1
52W High
₹574.9
52W Low
₹ 305.7
Dividend Yield
0.91%

Saregama India Overview

Business

Saregama India Ltd. is a diversified media and entertainment company, primarily known as India's oldest and largest music label. Its core business revolves around owning, digitizing, and monetizing an extensive library of over 1.4 lakh evergreen Hindi and regional film and non-film songs. The company generates revenue by licensing this music content to various platforms (digital streaming services, TV channels, radio, films, advertisements) and through direct-to-consumer product sales (Carvaan music players). Additionally, Saregama is involved in film and web series production under its Yoodlee Films banner, creating original content for theatrical release and OTT platforms.

Revenue Mix

Music Licensing & Royalties: This is the primary revenue driver, encompassing income from digital streaming platforms (Spotify, YouTube, JioSaavn, Gaana), broadcast (TV channels, radio), public performance, and synchronization rights (films, ads).

Carvaan: Sales of its retro-styled digital audio player with pre-loaded songs. This segment provides a direct-to-consumer revenue stream.

Films & Television: Revenue generated from the production and distribution of feature films and web series through Yoodlee Films.

The majority of revenue is derived from music licensing and royalties, with Carvaan contributing significantly and film/TV production being a growing segment.

Industry

Saregama operates in the dynamic Indian music and entertainment industry. The music industry is largely dominated by a few major labels (T-Series, Sony Music India, Universal Music India) and is increasingly shifting towards digital streaming. Saregama holds a unique and strong position as the custodian of India's largest and most valuable catalog of classic and retro music, giving it a significant market share in this specific niche. In film production, Yoodlee Films positions Saregama as an emerging player focusing on content-driven, independent cinema and web series, competing with numerous production houses for talent and platform deals.

MOAT

Content Library (Catalog Moat): Saregama possesses India's largest and oldest repository of music content, accumulated over decades. This vast and diverse catalog of evergreen Hindi and regional songs is extremely difficult and costly for competitors to replicate, acting as a perpetual annuity stream.

Brand Recognition: The Saregama brand carries significant legacy and trust, especially among audiences for classic Indian music.

First-Mover Advantage: As a pioneer, it has established deep relationships within the music and film industry ecosystem.

Growth Drivers

Digital Streaming Growth: Continued increase in internet penetration, smartphone adoption, and music streaming consumption in India.

Increased Monetization of Catalog: Expanding licensing deals with new and existing digital platforms, including international markets.

New Music Acquisition: Strategic investment in acquiring rights for new film and non-film music to expand its contemporary catalog.

Growth of OTT Platforms: Rising demand for original film and web series content on streaming platforms, benefiting Yoodlee Films.

Carvaan Expansion: Introduction of new Carvaan variants and expanding its distribution network to capture new user segments.

Ad-driven Monetization: Growth in digital advertising spend translating into higher ad-supported streaming revenues.

Risks

Royalty Rate Pressures: Negotiation power of large digital streaming platforms could put downward pressure on royalty rates.

Piracy: Illegal consumption and distribution of music content remains an ongoing threat.

Competition: Intense competition for new music content acquisition from other major labels and for audience share from other entertainment forms.

Changing Consumer Preferences: While evergreen content has resilience, a significant shift in audience taste away from retro music could impact the core catalog's monetization.

Technological Obsolescence: Potential for new technologies or distribution models to disrupt current monetization strategies.

Regulatory Changes: Changes in copyright laws or licensing regulations could impact revenue streams.

Carvaan Sales Volatility: Dependence on product innovation and market acceptance for sustained sales growth in the hardware segment.

Management & Ownership

Saregama India Ltd. is part of the diversified RP-Sanjiv Goenka Group. The promoters, the Goenka family, hold a significant ownership stake, providing stability and strategic direction. The company benefits from professional management with experience in the media and entertainment sector, operating within the established corporate governance framework of a larger conglomerate. This ownership structure typically implies long-term strategic vision and access to resources.

Outlook

Saregama is well-positioned to capitalize on the rapid digitalization of the Indian music industry, leveraging its invaluable and extensive music catalog. The ongoing shift to digital streaming provides a significant tailwind for monetization of its existing assets, while strategic investments in new music and film content aim to diversify and future-proof its revenue streams. The Carvaan product line adds a unique direct-to-consumer channel. However, the company faces inherent industry challenges such as intense competition for content and market share, potential pressures on royalty rates from streaming platforms, and the evolving nature of consumer preferences. Its ability to continuously acquire commercially viable new content and effectively monetize its vast library will be key to sustaining growth amidst these dynamics.

Saregama India Share Price

Live · BSE / NSE · Inception: 1946
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Saregama India Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 263 205 242 483 241 207 230 260 287 264
Other Income 18 12 13 16 18 14 11 7 9 4
Total Income 281 217 254 499 258 221 242 268 297 268
Total Expenditure 193 154 181 399 161 151 161 169 166 170
Operating Profit 88 64 73 100 98 70 80 99 130 98
Interest 0 0 0 0 5 1 1 1 2 2
Depreciation 12 13 14 15 17 17 19 21 24 24
Exceptional Income / Expenses 0 0 0 0 5 0 0 -7 -2 -1
Profit Before Tax 76 51 59 84 82 51 60 70 103 71
Provision for Tax 22 14 14 22 22 15 16 18 29 19
Profit After Tax 54 37 45 62 60 37 44 51 74 52
Adjustments -0 -0 -0 -0 0 0 -0 0 1 -0
Profit After Adjustments 54 37 45 62 60 37 44 51 75 52
Adjusted Earnings Per Share 2.8 1.9 2.3 3.2 3.1 1.9 2.3 2.7 3.9 2.7

Saregama India Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 222 218 357 545 521 442 576 737 803 1171 985 1041
Other Income 12 13 10 61 11 31 35 54 69 58 42 31
Total Income 234 232 367 605 533 473 611 790 872 1229 1027 1075
Total Expenditure 207 209 320 511 461 312 377 516 562 894 648 666
Operating Profit 27 23 46 95 72 161 234 275 310 335 379 407
Interest 0 2 3 7 7 3 5 6 3 6 5 6
Depreciation 5 4 4 3 5 6 13 21 36 58 82 88
Exceptional Income / Expenses -12 0 0 0 0 0 0 0 0 5 -9 -10
Profit Before Tax 9 16 39 85 60 152 216 248 271 276 284 304
Provision for Tax 2 7 11 30 17 38 52 63 73 72 78 82
Profit After Tax 7 9 28 54 43 113 164 185 198 204 206 221
Adjustments -0 -0 0 -0 0 -1 -12 0 0 0 1 1
Profit After Adjustments 7 8 29 54 44 113 153 185 198 204 207 222
Adjusted Earnings Per Share 0.4 0.5 1.6 3.1 2.5 6.5 7.9 9.6 10.2 10.6 10.7 11.6

Saregama India Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 174 340 382 428 399 506 1378 1342 1469 1583 1693
Minority's Interest 2 3 2 3 2 3 3 3 3 3 3
Borrowings 0 0 0 0 0 0 0 0 0 0 9
Other Non-Current Liabilities -9 47 50 61 49 55 61 51 264 90 104
Total Current Liabilities 122 132 195 288 261 348 426 308 297 418 510
Total Liabilities 290 521 629 780 711 913 1868 1704 2034 2095 2319
Fixed Assets 85 196 195 213 217 224 276 336 740 833 1029
Other Non-Current Assets 46 141 169 157 85 129 180 116 72 60 397
Total Current Assets 159 184 266 410 409 561 1412 1252 1222 1203 893
Total Assets 290 521 629 780 711 913 1868 1704 2034 2095 2319

Saregama India Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 5 25 19 9 5 7 11 153 17 57 69
Cash Flow from Operating Activities 32 -4 -19 -36 79 190 94 93 93 331 100
Cash Flow from Investing Activities -4 0 -0 -6 -5 -136 -630 -148 17 -221 -113
Cash Flow from Financing Activities -8 -3 9 38 -72 -49 677 -75 -85 -99 -31
Net Cash Inflow / Outflow 20 -7 -10 -4 2 4 141 -130 25 12 -45
Closing Cash & Cash Equivalent 26 19 9 5 7 11 153 17 57 69 28

Saregama India Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 0.39 0.48 1.64 3.11 2.52 6.46 7.91 9.61 10.25 10.59 10.74
CEPS(Rs) 0.71 0.75 1.86 3.31 2.76 6.83 9.2 10.68 12.12 13.61 14.93
DPS(Rs) 0.15 0.15 0.3 0.3 0.15 2 3 3 4 4.5 4.5
Book NAV/Share(Rs) 8.27 13.57 15.99 18.65 16.64 22.96 65.66 63.7 69.84 75.68 81.29
Core EBITDA Margin(%) 6.52 4.32 10.17 6.24 11.6 29.44 34.52 30 30.07 23.65 34.2
EBIT Margin(%) 4.33 8.37 11.86 16.75 12.86 35.15 38.3 34.45 34.13 24.06 29.4
Pre Tax Margin(%) 4.11 7.29 10.92 15.55 11.57 34.37 37.52 33.68 33.72 23.57 28.85
PAT Margin (%) 3.1 3.96 7.94 9.97 8.34 25.67 28.53 25.12 24.6 17.44 20.94
Cash Profit Margin (%) 5.55 5.99 9.1 10.58 9.23 26.94 30.79 27.95 29.11 22.41 29.23
ROA(%) 2.47 2.13 4.92 7.71 5.84 13.98 11.82 10.36 10.57 9.89 9.34
ROE(%) 4.88 4.55 11 18.02 14.15 32.88 19.73 14.84 15.35 14.56 13.63
ROCE(%) 6.55 9.46 15.85 26.72 19.35 43.96 26.45 20.32 21.15 19.9 18.53
Receivable days 82.52 82.13 64.13 61.24 76.36 80.86 61.81 63.37 69.71 47.04 59.34
Inventory Days 5.46 9.7 30.53 48.78 66.47 67.24 55.31 66.82 91.71 74.7 89.65
Payable days 1433.59 -5139.44 207.73 101.25 190.61 457.75 523.41 569.08 353.19 300.22 597.14
PER(x) 68.78 47.99 40.16 19.06 7.78 24.68 61.01 34.4 33.79 48.29 29.71
Price/Book(x) 3.27 1.71 4.11 3.18 1.18 6.94 7.35 5.19 4.96 6.76 3.93
Dividend Yield(%) 0.56 0.65 0.46 0.51 0.76 1.25 0.62 0.91 1.16 0.88 1.41
EV/Net Sales(x) 2.02 1.77 3.23 2 0.66 5.96 15.6 7.96 7.64 7.96 6.17
EV/Core EBITDA(x) 16.81 17.06 24.77 11.51 4.77 16.36 38.45 21.36 19.78 27.82 16.02
Net Sales Growth(%) 18.84 -1.44 63.2 52.76 -4.27 -15.25 30.37 27.84 9.01 45.87 -15.94
EBIT Growth(%) 45.67 90.62 131.26 115.74 -26.5 131.66 42.06 14.99 7.97 2.84 2.73
PAT Growth(%) 9.59 25.96 227.24 91.96 -19.94 160.87 44.89 12.56 6.76 3.38 0.97
EPS Growth(%) 0.98 23.02 239.02 89.77 -18.88 156.14 22.55 21.45 6.61 3.37 1.38
Debt/Equity(x) 0.03 0.01 0.06 0.2 0.03 0 0 0 0 0 0.04
Current Ratio(x) 1.3 1.39 1.36 1.42 1.57 1.61 3.31 4.07 4.12 2.87 1.75
Quick Ratio(x) 1.29 1.31 1.11 1.09 1.21 1.41 3.07 3.53 3.31 2.3 1.27
Interest Cover(x) 20 7.77 12.56 13.91 9.99 45.02 48.83 44.41 84.52 49.08 53.22
Total Debt/Mcap(x) 0.01 0.01 0.01 0.06 0.03 0 0 0 0 0 0.01

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -16% +10% +17% +16%
Operating Profit CAGR +13% +11% +19% +30%
PAT CAGR +1% +4% +13% +40%
Share Price CAGR +5% +10% +6% +36%
ROE Average +14% +15% +16% +15%
ROCE Average +19% +20% +21% +21%

Saregama India Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 60.84 %
FII 11.5 %
DII (MF + Insurance) 8.6 %
Public (retail) 19.06 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 59.0959.2259.3859.559.6559.6559.6560.3960.8460.84
FII 16.0517.2217.2915.716.4516.6816.8214.1912.1811.5
DII 2.593.234.014.684.635.225.165.057.118.6
Public 22.2720.3419.3120.1319.2618.4518.3720.3719.8719.06
Others 0000000000
Total 100100100100100100100100100100

Saregama India Peer Comparison

Film Production, Distribution & Entertainment Edit Columns

Saregama India Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Saregama India Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Debtor days have increased from 300.22 to 597.14days.
  • Stock is trading at 5.9 times its book value.
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