ZEEL · Media Entertainment & Publication
Zee Entertainment Enterprises Ltd. reported revenue of ₹2,225 cr for July to September 2026, +13.0% on the year and +16.7% on the quarter. That is faster than this quarter has grown in recent years (−9.8% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹8,437 cr, +6.0% on the four before.
Operating profit (EBITDA) was ₹86.0 cr, a margin of 3.9%, −421 bps on the year and −138 bps on the quarter. Over the last 8 quarters the margin has ranged from −12.6% to 16.2%, averaging 7.3%. Operating costs grew +18.2%, faster than revenue at +13.0%, so operating profit grew less than sales.
Net profit was ₹46.0 cr, −39.5% on the year and −37.8% on the quarter, with earnings per share of ₹0.47. Profit before other income, one-offs and tax fell 55.1%, so 16 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹171 cr, −70.1% on the four before.
Of the 4 companies in Media Entertainment & Publication that have reported Q2 FY27 so far, Zee Entertainment Enterprises Ltd. ranks 3rd on revenue growth; the sector median is +15.5%. Its margin moved −421 bps on the year against a sector median of +255 bps.
On earnings per share of ₹1.78 over the last four quarters, the stock at ₹70.58 trades at 39.7 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.
Depreciation fell while the business grew. Were asset lives changed?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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. 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 | ₹2,046 cr | ₹2,170 cr | ₹2,130 cr | ₹2,001 cr | ₹1,979 cr | ₹2,184 cr | ₹1,825 cr | ₹1,969 cr | ₹2,280 cr | ₹2,025 cr | ₹1,907 cr | ₹2,225 cr |
| YoY | — | — | +7% | −18% | −3% | +1% | −14% | −2% | +15% | −7% | +4% | +13% |
| EBITDA margin | 10.2% | 9.7% | 12.7% | 16.1% | 16.2% | 13.6% | 13.1% | 8.1% | 11.2% | −12.6% | 5.2% | 3.9% |
| Other income, % of PBT | −31% | −10% | −10% | 16% | −23% | 14% | 13% | 23% | 4% | — | 42% | 37% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 33% | — | 31% | 27% | 17% | 28% | 27% | 34% | 23% | — | 0% | 28% |
| Net profit | ₹58.0 cr | ₹13.0 cr | ₹118 cr | ₹209 cr | ₹164 cr | ₹188 cr | ₹144 cr | ₹76.0 cr | ₹155 cr | −₹104 cr | ₹74.0 cr | ₹46.0 cr |
| YoY | — | — | — | +70% | +183% | +1,346% | +22% | −64% | −5% | −155% | −49% | −39% |
| Core profit YoY | — | — | +238% | +4% | +114% | +79% | −9% | −63% | −21% | −240% | −75% | −55% |
| EPS | ₹0.61 | ₹0.14 | ₹1.23 | ₹2.18 | ₹1.70 | ₹1.96 | ₹1.50 | ₹0.80 | ₹1.62 | −₹1.08 | ₹0.77 | ₹0.47 |
| Flags | · | · | ✓ | 1 | 2 | 2 | 1 | 1 | 2 | 2 | 4 | 3 |
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.
Zee Entertainment Enterprises Ltd. reported revenue of ₹2,225 cr (+13.0% on the year) and net profit of ₹46.0 cr (−39.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −55.1% on the year, against −39.5% for reported profit.
3 checks raised a question: Depreciation fell while the business grew. Were asset lives changed?
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