Saregama India Ltd Q2 FY27 results

The quarter, explainedfrom the filing and the statements

Saregama India Ltd reported revenue of ₹314 cr for July to September 2026, +36.6% on the year and +19.2% on the quarter. That is faster than this quarter has grown in recent years (+17.9% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹1,125 cr, −3.1% on the four before.

Operating profit (EBITDA) was ₹102 cr, a margin of 32.4%, +255 bps on the year and −296 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.4% to 42.2%, averaging 31.6%. Operating costs grew +31.7% against revenue growth of +36.6%, so more of each rupee of sales reached operating profit.

Net profit was ₹64.2 cr, +46.4% on the year and +23.7% on the quarter, with earnings per share of ₹3.37. Profit before other income, one-offs and tax grew faster, at +65.7%; other income, one-offs or tax held the headline back. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹241 cr, +18.8% on the four before.

Of the 4 companies in Media Entertainment & Publication that have reported Q2 FY27 so far, Saregama India Ltd ranks 1st on revenue growth; the sector median is +13.0%. Its margin moved +255 bps on the year against a sector median of −421 bps.

On earnings per share of ₹12.63 over the last four quarters, the stock at ₹647.80 trades at 51.3 times trailing earnings.

Questions to ask: none this quartereach one with its numbers and source

No check fired. That is a statement about the checks below, not a verdict on the company.

Also worth knowing

Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.

Where the profit change came fromSep '25 → Sep '26

Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.

The half year: balance sheet and cashfiled with Q2

Operating cash flow was 1.95× profit. Receivables at 64 days of sales (−2 days against the last year end). Inventory at 77 days of sales (−13 days).

From the filingauditor, IPO money, related parties, promoters

Inside the profitother income, one-offs, tax

Other income, line by line

• Interest income (6M consolidated): 4.65 crore (recurring)consolidated cash flow statement
• Gain on sale / fair valuation of current investments (6M consolidated): 1.32 crore (recurring)consolidated cash flow statement
• Liabilities/Provisions no longer required written back (6M consolidated): 1.71 crore (one-off)consolidated cash flow statement

Tax: Consolidated tax expense of ₹21.60 crore (current tax ₹16.55 crore, deferred tax ₹5.05 crore) on Profit before tax of ₹85.77 crore

Sector vitalsthe numbers this business is run on

Worked out from filed numbers. Music Segment Revenue: Consolidated Music segment revenue (Rs. 20,070 lakhs converted to ₹ crore) · Events Segment Revenue: Consolidated Events segment revenue (Rs. 4,472 lakhs converted to ₹ crore) · Artist Management Segment Revenue: Consolidated Artist Management segment revenue (Rs. 5,055 lakhs converted to ₹ crore) · Video Segment Revenue: Consolidated Video segment revenue (Rs. 1,833 lakhs converted to ₹ crore)

What management saidquoted, with source

• Adjusted EBITDA at INR 1,180 Mn (39% YoY growth) and PBT at INR 858 Mn (43% YoY growth)press release, release p.1
• Music Revenue at INR 2,513 Mn registered 35% YoY growthpress release, release p.2
• Digital footprint across Saregama's managed artistes, owned and controlled channels continue to improve beyond 700 Mn+ followers and subscribers across key social media platforms including YouTube, Instagram and Facebookpress release, release p.3

Segments

Every quartersame rules, every quarter