SAREGAMA · Media Entertainment & Publication
Saregama India Ltd reported revenue of ₹230 cr for July to September 2025, −4.9% on the year and +11.1% on the quarter. Over the last four quarters revenue comes to ₹1,161 cr, +27.0% on the four before.
Operating profit (EBITDA) was ₹68.8 cr, a margin of 29.9%, +469 bps on the year and +333 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.4% to 33.2%, averaging 27.0%. Operating costs grew −10.9% against revenue growth of −4.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹43.8 cr, −2.6% on the year and +18.5% on the quarter, with earnings per share of ₹2.28. Profit before other income, one-offs and tax grew faster, at +5.7%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹203 cr, +7.9% on the four before.
On earnings per share of ₹10.53 over the last four quarters, the stock at ₹639.65 trades at 60.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹204 cr | ₹263 cr | ₹205 cr | ₹242 cr | ₹483 cr | ₹241 cr | ₹207 cr | ₹230 cr | ₹260 cr | ₹287 cr | ₹264 cr | ₹314 cr |
| YoY | — | — | +26% | +41% | +137% | −8% | +1% | −5% | −46% | +19% | +27% | +37% |
| EBITDA margin | 32.4% | 26.6% | 24.9% | 25.2% | 17.4% | 33.2% | 26.6% | 29.9% | 35.4% | 42.2% | 35.4% | 32.4% |
| Other income, % of PBT | 21% | 24% | 24% | 22% | 19% | 28% | 27% | 19% | 0% | 8% | 6% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 29% | 27% | 24% | 26% | 27% | 28% | 27% | 26% | 28% | 26% | 25% |
| Net profit | ₹52.0 cr | ₹54.0 cr | ₹37.0 cr | ₹45.0 cr | ₹62.0 cr | ₹60.0 cr | ₹37.0 cr | ₹43.8 cr | ₹51.0 cr | ₹74.0 cr | ₹51.9 cr | ₹64.2 cr |
| YoY | — | — | −14% | −6% | +19% | +11% | 0% | −3% | −18% | +23% | +40% | +46% |
| Core profit YoY | — | — | −5% | −13% | +24% | +2% | −5% | +6% | +3% | +61% | +79% | +66% |
| EPS | ₹2.71 | ₹2.79 | ₹1.91 | ₹2.33 | ₹3.23 | ₹3.12 | ₹1.90 | ₹2.28 | ₹2.66 | ₹3.91 | ₹2.69 | ₹3.37 |
| Flags | · | · | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Saregama India Ltd reported revenue of ₹230 cr (−4.9% on the year) and net profit of ₹43.8 cr (−2.6% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +5.7% on the year, against −2.6% for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.