Saregama India Limited (SAREGAMA)

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Saregama India Limited (SAREGAMA) · mywealthgrid

About

Saregama India Limited operates in media and entertainment, leveraging content and intellectual property. With a market capitalization of ₹10,166 Cr and quarterly standalone revenues ranging ₹194.7–287.4 Cr, the company maintains operating margins of 34.2% with demonstrated peaks to 51%. Strong profitability and minimal debt (D/E 0.04) suggest a capital-light IP monetization model.

Founded: 2000
Face value: ₹1

Market cap

₹9,539 Cr

P/E

43.0×

P/B

5.6×

Dividend yield

1.8%

ROE

12.6%

ROCE

17.1%

Debt / equity

0.04

OPM

34.2%

EPS (TTM)

₹11.5

Book value

₹87.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM swings from 29.9% (Sep 2025) to 51% (Mar 2026). Verify drivers of this 21-point range and sustainability of high-margin revenue.
High valuation: PE of 45.8 leaves limited room for disappointment. Verify if 1-year return of 9.18% and recent earnings growth justify the multiple.
Revenue inconsistency: Quarterly standalone revenue ranges ₹194.7–287.4 Cr (48% swing). Understand if this reflects seasonality, mix, or underlying demand uncertainty.
Content cyclicality: No visibility into portfolio concentration or recurring-revenue streams. Verify if growth depends on individual film or music releases.

Generated analysis · source review pending

Growth drivers

Operating margin floor of 29.9% (Sep 2025) ensures earnings growth outpaces revenue growth if mix remains stable; typical consumer discretionary margins are much lower.
Low financial leverage (D/E 0.04) enables debt-free growth through content acquisitions or digital platform investments. Verify if management is deploying balance-sheet capacity.
Margin expansion potential: Range from 29.9% to 51% (between Sep 2025 and Mar 2026) indicates revenue mix sensitivity. Scaling high-margin licensing and IP monetization could drive earnings leverage.
Consistent cash generation: Dividends through Nov 2025 demonstrate operational cash yield. Retained earnings could fund reinvestment in high-margin content or digital distribution. Verify reinvestment strategy.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹494.8+0.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 34.2%
+Revenue CAGR of 17.4% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 54.7×
+Dividend payout of 78.2% of profit
+High promoter holding of 60.8% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 73
Growth: 63
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET NIFTY MEDIA

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Prime Focus LimitedPFOCUSPFOCUS	₹23,400 Cr	₹28,341 Cr	₹4,919 Cr	₹1,438 Cr	30.4%	₹116 Cr	6.5%	25.2%	15.4%	-5
Saregama India LimitedSAREGAMASAREGAMA	₹9,539 Cr	₹9,609 Cr	₹1,041 Cr	₹375 Cr	34.2%	₹222 Cr	20.9%	17.1%	12.6%	114
Tips Music LimitedTIPSMUSICTIPSMUSIC	₹8,233 Cr	₹8,233 Cr	₹394 Cr	₹273 Cr	73.4%	₹215 Cr	57.7%	118%	92.3%	-15
Network18 Media & Investments LimitedNETWORK18NETWORK18	₹3,921 Cr	₹7,034 Cr	₹2,169 Cr	₹47 Cr	2.1%	₹-35 Cr	7.3%	-1.2%	3.2%	59
Balaji Telefilms LimitedBALAJITELEBALAJITELE	₹1,098 Cr	₹1,111 Cr	₹378 Cr	₹-30 Cr	-31.2%	₹-21 Cr	-23.6%	-9.7%	-7.7%	306
Entertainment Network (India) LimitedENILENIL	₹445 Cr	₹445 Cr	₹562 Cr	₹46 Cr	8%	₹-8 Cr	-1.3%	-0.8%	-1%	-7
Shemaroo Entertainment LimitedSHEMAROOSHEMAROO	₹331 Cr	₹630 Cr	₹575 Cr	₹-211 Cr	-45.4%	₹-180 Cr	-37.4%	-69.9%	-58.8%	181
Music Broadcast LimitedRADIOCITYRADIOCITY	₹203 Cr	₹203 Cr	₹170 Cr	₹-36 Cr	-25.5%	₹-42 Cr	-30.6%	-9.1%	-11.3%	84
Starbeam Ventures LtdSTARBEAMSTARBEAM	₹59 Cr	₹66 Cr	₹12 Cr	₹8 Cr	68.7%	₹2 Cr	15.4%	3.8%	2.4%	-489
Next Mediaworks LimitedNEXTMEDIANEXTMEDIA	₹24 Cr	₹58 Cr	₹30 Cr	₹-3 Cr	-8.3%	₹64 Cr	177.6%	-12.5%	—	-1
Shalimar Productions LtdSHALPROSHALPRO	₹24 Cr	₹26 Cr	₹3 Cr	₹-0 Cr	-612.5%	₹-1 Cr	-743.8%	-1.2%	-1.2%	54,142
Radaan Mediaworks India LimitedRADAANRADAAN	₹16 Cr	₹31 Cr	₹7 Cr	₹-3 Cr	-76.9%	₹-4 Cr	-88.7%	—	—	-9

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	219	357	545	521	442	581	737	803	1,171	985
COGS	-9	-39	-47	110	46	0	0	0	0	0
Gross profit	—	—	—	412	396	—	—	—	—	—
	218	359	554	351	266	394	516	556	894	648
	9	36	38	60	130	187	221	247	277	337
OPM %	4.3%	10.2%	7%	11.6%	29.4%	32.2%	30%	30.7%	23.7%	34.2%
Depreciation	4	4	3	5	6	13	21	36	58	82
Interest	2	3	7	7	3	5	6	3	6	5
	13	10	56	11	31	35	54	64	63	34
Profit before tax	16	39	85	60	152	204	248	271	276	284
Tax	7	11	30	17	38	52	63	73	72	78
Tax %	45.8%	27.3%	35.8%	27.9%	25.3%	25.3%	25.4%	27%	26%	27.4%
	9	28	54	44	113	153	185	198	204	206
PAT margin %	4%	7.9%	10%	8.3%	25.7%	26.3%	25.1%	24.6%	17.4%	20.9%
EPS (₹)	5	16.3	31.2	25.3	65.6	8.4	9.6	10.3	10.6	10.7
EPS adjusted (₹)	0.5	1.6	3.1	2.5	6.5	7.9	9.6	10.3	10.6	10.7
	30.2%	18.5%	9.6%	5.9%	0%	593.1%	31.2%	38.9%	42.4%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	17	17	17	17	17	19	19	19	19	19
Reserves	178	322	411	381	488	1,358	1,323	1,450	1,564	1,673
Minority interest	2	3	3	2	3	3	3	3	3	3
	3	3	64	9	—	—	0	2	0	70
	92	134	214	209	275	307	359	560	508	556
Total equity & liabilities	293	480	709	620	784	1,688	1,704	2,034	2,095	2,322
	82	196	213	216	223	274	335	737	833	1,029
CWIP	—	—	—	—	—	—	0	0	0	0
Investments	75	132	148	75	137	676	241	120	113	381
	136	152	348	328	425	738	1,128	1,177	1,149	912
Total assets	293	480	709	620	784	1,688	1,704	2,034	2,095	2,322

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Music	683.52	364.09	1,099.81	287.89	811.92	44.84
Artist Management	130.86	12.7

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	79%	89.7%	—	—	—	—	—
EBITDA margin %	7%	11.6%	29.4%	32.2%	30%	30.7%	23.7%	34.2%
EBIT margin %	6.4%	10.7%	28.2%	30%	27.2%	26.2%	18.7%	25.9%
PAT margin %	10%	8.3%	25.7%	26.3%	25.1%	24.6%	17.4%	20.9%
Working capital
Receivable days	74	76	72	68	73	72	45	66
Inventory days	69	312	554	98	116	157	98	137
Payable days	0	193	0	60	50	61	52	89
NWC days	143	195	626	106	140	168	91	114
Leverage
Current ratio	1.56	1.88	1.97	5.01	4.07	4.12	2.87	1.75
Debt to EBITDA	1.67	0.15	—	—	0	0.01	0	0.21
Debt to equity	0.15	0.02	—	—	0	0	0	0.04
Interest coverage	13.9	10	45	46.2	44.4	84.6	48.2	54.7
Asset turnover	0.77	0.84	0.56	0.34	0.43	0.39	0.56	0.42
Return ratios
Return on assets %	7.7%	7%	14.5%	9%	10.9%	9.7%	9.7%	8.9%
Return on capital employed %	20.7%	14.2%	30.6%	20.8%	17.9%	17.5%	16.2%	17.1%
Return on equity %	12.7%	10.9%	22.4%	11.1%	13.8%	13.4%	12.9%	12.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.09%	59.09%	59.09%	59.22%	59.38%	59.5%	59.65%	59.65%	59.65%	60.39%	60.84%	60.84%
	17.12%	16.81%	16.05%	17.22%	17.29%	15.7%	16.45%	16.68%	16.82%	14.19%	12.18%	11.5%
	2.39%	2.62%	2.59%	3.23%	4.01%	4.68%	4.63%	5.22%	5.16%	5.05%	7.11%	8.6%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	21.14%	21.22%	22.01%	20.07%	19.08%	19.88%	18.97%	18.11%	18.03%	19.93%	19.43%	18.62%
No. of shareholders	—	—	—	—	—	—	—	—	71,427	72,872	68,640	71,163

Promoter holding up 1.75 percentage points since Sep 2023.

50 deals · 4 Jan 2022 – 15 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	69,17,031	₹424.50	₹293.63 Cr
15 May 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	69,17,031	₹424.25	₹293.46 Cr
15 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	37,85,977	₹422.47	₹159.95 Cr
15 May 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	37,85,977	₹422.29	₹159.88 Cr
15 May 2026	QE SECURITIES LLP	Bulk	NSE	Sell	27,84,001	₹419.92	₹116.91 Cr
15 May 2026	QE SECURITIES LLP	Bulk	NSE	Buy	27,59,545	₹421.38	₹116.28 Cr
15 May 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	27,38,409	₹422.47	₹115.69 Cr
15 May 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	26,89,547	₹423.76	₹113.97 Cr
15 May 2026	ELIXIR WEALTH MANAGEMENT PRIVATE LIMITED	Bulk	NSE	Buy	22,71,963	₹424.42	₹96.43 Cr
15 May 2026	ELIXIR WEALTH MANAGEMENT PRIVATE LIMITED	Bulk	NSE	Sell	22,52,361	₹424.98	₹95.72 Cr

1–10 of 50

1 / 5

Mr. Dr. Sanjiv GoenkaNon-Executive - Non Independent Director-Chairperson
Mrs. Preeti GoenkaNon-Executive - Non Independent Director
Ms. Avarna JainNon-Executive - Non Independent Director
Mr. Noshir Naval FramjeeNon-Executive - Independent Director
Mr. Vikram MehraExecutive Director-MD
Mrs. Kusum DadooNon-Executive - Independent Director
Mr. Pratip ChaudhuriNon-Executive - Independent Director
Mr. Vinod KumarNon-Executive - Independent Director
Mr. Abhishek KapoorChief Financial Officer
Mr. Nayan Kumar MisraCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

2.23%

of the company's equity

All mutual funds

3.19%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

32 schemes · 12 fund houses

		Shares
Flexi Cap Fund	Helios Mutual Fund	17.34 L	83.22	0.95%	0.899%	+5.68 L
Small Cap FundNEW	Helios Mutual Fund	5.19 L	24.88	1.43%	0.269%	—
MF MULTI CAP FUND	LIC Mutual Fund	4.71 L	22.61	1%	0.244%	-0
Mid Cap FundNEW	Helios Mutual Fund	3.9 L	18.73	0.84%	0.202%	—
SMALL CAP FUND	Tata Mutual Fund	2.99 L	14.36	0.11%	0.155%	-7.01 L
MF VALUE FUND	LIC Mutual Fund	1.85 L	8.86	2.94%	0.096%	+57,368
MF DIVIDEND YIELD FUND	LIC Mutual Fund	1.82 L	8.72	1.15%	0.094%	-0
FLEXICAP FUNDNEW	Samco Mutual Fund	1.52 L	7.3	2.79%	0.079%	—

1–8 of 32

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

19 announcementsExport CSV

30 Sept 2026, 6:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

28 Sept 2026, 12:04 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

15 Sept 2026, 7:27 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

15 Sept 2026, 7:23 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

2 Sept 2026, 2:49 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

25 Aug 2026, 5:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

24 Aug 2026, 1:27 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

24 Aug 2026, 1:24 pmAGM/EGM

Notice Of 79TH Annual General Meeting To Be Held On 15TH September, 2026.

AGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 6:45 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
28 Sept 2026, 12:04 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	79%	89.7%	—	—	—	—	—
EBITDA margin %	7%	11.6%	29.4%	32.2%	30%	30.7%	23.7%	34.2%
EBIT margin %	6.4%	10.7%	28.2%	30%	27.2%	26.2%	18.7%	25.9%
PAT margin %	10%	8.3%	25.7%	26.3%	25.1%	24.6%	17.4%	20.9%
Working capital
Receivable days	74	76	72	68	73	72	45	66
Inventory days	69	312	554	98	116	157	98	137
Payable days	0	193	0	60	50	61	52	89
NWC days	143	195	626	106	140	168	91	114
Leverage
Current ratio	1.56	1.88	1.97	5.01	4.07	4.12	2.87	1.75
Debt to EBITDA	1.67	0.15	—	—	0	0.01	0	0.21
Debt to equity	0.15	0.02	—	—	0	0	0	0.04
Interest coverage	13.9	10	45	46.2	44.4	84.6	48.2	54.7
Asset turnover	0.77	0.84	0.56	0.34	0.43	0.39	0.56	0.42
Return ratios
Return on assets %	7.7%	7%	14.5%	9%	10.9%	9.7%	9.7%	8.9%
Return on capital employed %	20.7%	14.2%	30.6%	20.8%	17.9%	17.5%	16.2%	17.1%
Return on equity %	12.7%	10.9%	22.4%	11.1%	13.8%	13.4%	12.9%	12.2%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	32	-4	-19	-36	79	190	94	93	93	331	100
	-4	1	-0	-6	-5	-136	-630	-148	17	-221	-110
	-8	-3	9	38	-72	-49	677	-83	-70	-99	-31
Net cash flow	20	-7	-10	-4	2	4	141	-138	40	12	-41
Free cash flow	25	-6	-21	-48	—	168	22	-10	1	170	-114
CFO / Operating profit %	—	-42.5%	-51.3%	-93.6%	131.2%	145.8%	50.5%	42.3%	37.8%	119.6%	29.7%

Saregama India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

15

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Artist Management · revenue

Saregama India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends15

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Artist Management · revenue

15

1

1