Saregama India Ltd (SAREGAMA) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- Management has budgeted INR 1,200 crore for new music content investment over the three fiscal years from FY28 to FY30.
- The company is actively developing its own live event IPs, accepting short-term losses in the segment to secure long-term pricing power and reduce artist dependency.
- Saregama is proactively engaging with AI creators to produce licensed, credited, and paid AI versions of its own hit songs to control the narrative.
Performance Overview
- Saregama India Ltd reported strong Q2 FY27 results with 37% year-over-year growth in revenue from operations and a 39% increase in adjusted EBITDA.
- The music vertical, comprising licensing, artist management, and retail, grew 35% year-on-year, driven by a low base in the previous year and strong performance of new releases.
- The company is shifting its strategic focus, evidenced by the fact that 60% of music revenue in FY26 came from music released post-2000, positioning it as a new-age IP company.
- Management is actively building an entertainment flywheel, integrating artist management, live events (Carvaan Live), and brand partnerships to create multiple high-margin revenue streams.
- The company is strategically reducing its direct film production business and instead investing in Bhansali Productions, which will cause a near-term decline in the video vertical's revenue.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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