🎵 SAREGAMA — A Growing Music IP Powerhouse

A strong quarter: revenue grew 37%, while net profit climbed 46%—with music and live events driving the momentum. Saregama India is building a diversified entertainment business around its music catalogue, licensing, artist management, retail and live events. Its long-standing music library creates opportunities to monetise intellectual property across streaming, films, advertising and digital platforms. 📊 Q2 FY27 — Consolidated Revenue from operations: ₹314.3 crore | +36.6% YoY Adjusted EBITDA: ₹118 crore | +39% YoY Profit before tax: ₹85.8 crore | +43% YoY Net profit: ₹64.17 crore | +46.4% YoY Music revenue: ₹251.3 crore | +35% YoY Live events revenue: ₹44.7 crore | +101% YoY The music business remains the core engine, while live events are emerging as a faster-growing revenue stream. (Q2 FY27 results, Investor presentation) 🚀 What could drive growth? ✅ Monetisation of its extensive music catalogue ✅ Licensing across streaming, films and brand campaigns ✅ Artist management and live-event expansion ✅ Multiple revenue streams from existing intellectual property ⚠️ Key risks Music licensing growth depends on platform demand and monetisation terms. Live events can be seasonal and carry execution risk. Video revenue declined 16% YoY as the company recalibrates its content strategy. Valuation should reflect sustainable earnings and cash generation—not just strong quarterly growth. 🎯 The takeaway Saregama’s Q2 FY27 performance shows strong earnings momentum, led by music and a rapidly expanding live-events business. The key monitorables are sustained catalogue monetisation, event profitability and disciplined content investment.