Saregama Q2 FY26 Results: Stable Performance with Music Leading the Beat

Key Highlights: Revenue: ₹230 crore, down 5% YoY but up 11% QoQ, supported by steady music licensing income. Net Profit: ₹43.8 crore, down 2% YoY, but improved sequentially by 20%. EBITDA: ₹84.7 crore with a margin of ~37%, reflecting strong cost control. Music Segment: Grew 12% YoY to ₹165 crore, driven by higher digital and streaming revenue. Video Segment: Declined due to fewer releases, though live events and digital content are gaining traction. Declared an interim dividend of ₹4.50 per share. Business Overview: Saregama continues to strengthen its position as India’s leading music and content IP company. The focus remains on expanding its music catalog, live events, and digital presence, while maintaining margin discipline. Despite a softer quarter for video content, the company’s recurring licensing revenue from OTT and streaming platforms provided stability. What to Watch: Expansion in digital monetization through YouTube, OTT, and short video apps. Growth in new-age segments like live events and influencer management. Upcoming music and video releases in H2 FY26 to drive recovery. Investor Takeaway: Saregama’s diversified IP-driven model provides steady cash flow and long-term scalability. The short-term revenue dip is cyclical, but the company remains well-positioned to capitalize on India’s digital entertainment boom.