Saregama India Limited (SAREGAMA.NS) shares closed at ₹328.00 on the National Stock Exchange on Tuesday, down about 0.49% on the day, with the company’s market capitalization at approximately ₹6,305 crore at the close of trading. Saregama reported third-quarter fiscal 2026 earnings for the period ended Dec. 31, 2025, showing declines in total revenue and reported net profit compared with the year-ago quarter.
Financial Performance
Saregama India posted revenue from operations of ₹2,604 million in Q3 FY26, reflecting a 13% rise from the preceding quarter but a decrease from the prior year’s comparable period. Adjusted EBITDA for the quarter was ₹1,210 million, with an Adjusted EBITDA margin of 46%.
Profit before tax, excluding an exceptional non-cash charge, was ₹765 million, which management said was a 27% increase quarter-on-quarter. Including an exceptional ₹70 million non-cash labor code implementation charge, reported PBT was ₹695 million. Profit after tax (PAT) for Q3 FY26 was ₹512 million, up 17% on a sequential basis but lower compared with Q3 FY25 on a like-for-like revenue base. Earnings per share stood at ₹2.67 for the quarter.
On a regulatory filing basis also circulating in market intelligence feeds, revenue from operations was cited at ₹260.38 crore and net profit at ₹51.24 crore for the quarter, both lower year-on-year, with total income around ₹267.8 crore and total expenses at ₹191.3 crore.
Segment Update
Music Licensing and Artist Management revenues increased 23% quarter-on-quarter and 29% year-on-year. The company reported releases of major film soundtracks across multiple languages and growth in digital content distribution reach.
The events business saw scaled-up activity with live music tours and collaborations, while YouTube and social media follower metrics expanded, reflecting growth in owned digital channels. The company noted additions to its artist roster and strategic initiatives linking content and monetization across platforms.
Management Commentary
Q3 FY26 was a strong quarter for the company, reflecting consistent execution across our businesses. Recent developments, including new partnerships, sign-ups, and projects, reinforce our confidence in a healthy growth runway in the near term, supported by our continued focus on disciplined investments and portfolio diversification.
Costs and Margins
Saregama reported an improvement in adjusted EBITDA margins to 46% in Q3 FY26. The press release attributed part of the margin expansion to cost efficiencies and revenue mix changes, although an exceptional non-cash labor code charge lowered reported profit before tax.
Dividend and Strategic Investments
The board declared an interim dividend of ₹4.50 per share, consistent with earlier payouts. The company disclosed a strategic investment in Bhansali Productions to secure access to select Hindi film music projects as part of its content acquisition and portfolio expansion strategy.
Outlook
Overall, Saregama India Limited’s recent results show pressure on revenue and reported profitability alongside margin resilience and continued investment in content and licensing assets. The company remains focused on expanding its music catalog and digital monetization channels while maintaining capital allocation through dividends and selective strategic investments.