# Saregama India (SAREGAMA) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/saregama

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹617.6
- Change: -2.29%
- As of: 2026-11-06
- 1D return: -2.29%
- 5D return: +12.57%
- 1M return: +28.17%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

SAREGAMA is trading at ₹617.60, maintaining a bullish structure across daily, weekly, and monthly timeframes with price positioned above all key moving averages and the Supertrend indicator. The long-term trend is strong (Monthly ADX 40.74), though the daily trend is developing (ADX 24.36). Participation spiked significantly on November 4 with extreme volume (+57.5x ratio) driving a +13.3% gain, followed by a high-volume pullback (-2.3%) on November 6. The stock sits near its yearly highs (+85.3% in the 252-day range) with current drawdown at -3.0%. Key resistance lies at ₹638.83 (pivot, +3.44%), while immediate support rests at ₹606.67 (-1.77%).

- Trend: Bullish across all horizons; Monthly/Weekly ADX 40 indicates strong conviction, while Daily ADX of 24.36 suggests developing momentum.
- Levels: Resistance at ₹638.83 (+3.44%) and ₹664.22 (+7.55%); Support at ₹606.67 (-1.77%) and ₹581.28 (-5.88%).
- Participation: Extreme volume anomaly on Nov 4 (+57.5x ratio, +13.3% return) followed by heavy volume pullback on Nov 6 (-2.3%, 12.65x ratio).
- Risk: Annualized volatility is +42.3%; stock is +85.3% into its 252-day range, indicating proximity to yearly highs.

- Bullish Engulfing Reversal
- Outside Bar
- Evening Star

### News Context

Saregama India reported strong Q2 FY27 financial results, with net profit rising 46.4% year-on-year to ₹64.17 crore and total revenue from operations increasing 36.63% to ₹314.30 crore. This performance was driven by robust growth in the Music and Live Events segments, supported by the release of over 650 tracks and the addition of 54 artistes, although Video revenue declined by 16%. The company’s EBITDA margin expanded to 32.3%, a development that contributed to a 9.4% share price surge on November 4. Vice Chairperson Avarna Jain attributed these gains to monetizing intellectual property across multiple avenues while maintaining financial discipline. Additionally, the board approved the voluntary liquidation of two wholly-owned subsidiaries: Saregama FZE in Dubai and Kolkata Metro Networks Limited. In broader market context, ICICI Securities included Saregama among ten recommended stocks for Muhurat Trading, citing strong earnings and attractive valuations despite recent market weakness.

- Q2 FY27 Net Profit: ₹64.17 crore (up 46.4% YoY); Revenue: ₹314.30 crore (up 36.63% YoY).
- Operational Drivers: Growth led by Music and Live Events segments; Video revenue fell 16%; EBITDA margin reached 32.3%.
- Corporate Action: Board approved voluntary liquidation of subsidiaries Saregama FZE (Dubai) and Kolkata Metro Networks Limited.
- Market View: ICICI Securities listed Saregama as a key pick for Muhurat Trading based on earnings strength and valuation.

- [Saregama Q2 FY27: Turning content investments into earnings](https://www.moneycontrol.com/news/business/moneycontrol-research/saregama-q2-fy27-turning-content-investments-into-earnings-14070916.html)
- [How Saregama India shares turned music to the ears for investors after 13% price jump - How stock rallied in 2026?](https://www.livemint.com/market/stock-market-news/how-saregama-india-shares-turned-music-to-the-ears-for-investors-after-13-price-jump-how-stock-rallied-in-2026-11793800037045.html)
- [Saregama shares surge 9% as Q2 profit jumps 48% to ₹65 crore, margin expands to 32.3%](https://www.cnbctv18.com/market/saregama-share-price-q2-results-profit-revenue-ebitda-margin-20026837.htm)
- [Muhurat Trading Picks: Adani Ports, Info Edge to Kotak Bank - ICICI Sec recommends these 10 stocks to buy on Diwali](https://www.livemint.com/market/stock-market-news/muhurat-trading-picks-adani-ports-info-edge-to-kotak-bank-icici-sec-recommends-these-10-stocks-to-buy-on-diwali-11793700028188.html)

### Official Filings

Saregama India Limited reported strong operational growth for Q2 FY27 (ended 30 September 2026), with Revenue from Operations rising 37% YoY to ₹3,143 Mn and Adjusted EBITDA increasing 39% YoY to ₹1,180 Mn. This performance was driven by a 101% surge in Live Events revenue to ₹447 Mn and a 35% increase in Music revenue to ₹2,513 Mn, partially offset by a 16% decline in Video revenue to ₹183 Mn. The company expanded its roster by adding 54 artistes, bringing the total to 340, and released over 650 tracks.

Concurrently, the Board approved the voluntary liquidation of wholly owned subsidiary Kolkata Metro Networks Limited (KMNL) and the closure of Saregama FZE, Dubai. KMNL’s liquidation requires shareholder approval on 20 November 2026; it contributed ₹294.33 lakhs (0.36% of standalone revenue) in FY2026. Saregama FZE is expected to close by 31 March 2027 to eliminate administrative costs, having contributed ₹647.87 lakhs (0.66% of consolidated revenue) in FY2026. These restructuring steps aim to streamline operations and reduce overheads.

- Q2 FY27 financials show robust top-line growth: Revenue from Operations increased 37% YoY to ₹3,143 Mn, while Adjusted EBITDA grew 39% YoY to ₹1,180 Mn.
- Live Events revenue doubled (+101% YoY) to ₹447 Mn, serving as a key growth driver, whereas Video revenue moderated (-16% YoY) to ₹183 Mn.
- Board approved voluntary liquidation of subsidiary Kolkata Metro Networks Limited (KMNL), requiring shareholder consent on 20 November 2026; KMNL contributed 0.36% of standalone revenue in FY2026.
- Saregama FZE, Dubai, will be closed by 31 March 2027 to remove administrative costs; the entity contributed 0.66% of consolidated revenue in FY2026.

- [Saregama India Limited has Intimated about Newspaper Publication for Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended on 30th September, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAREGAMA_05112026135437_Signed_Newspaper.pdf)
- [Saregama India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123247_Finalpressreleaseandpresentation_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved Voluntary liquidation of Kolkata Metro Networks Limited, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123631_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved the closure of Saregama FZE, Dubai, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123523_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding Board meeting held on November 04, 2026, - Considered, approved and took on record the Unaudited Financial Results (Standalone and Consolidated) of the Company, for the quarter and half year ended on 30th September, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026122952_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release Q2 FY 27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123404_Finalpressreleaseandpresentation_signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752849_04112026061058_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752850_04112026061119_WEB.xml)
- [Saregama India Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026182859_AudioLink_signed.pdf)
- [SAREGAMA INDIA LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1623_WebXMLFile_20261104_183640954.xml)

### Fundamentals

Saregama India’s operating trajectory shows a clear recovery in profitability despite recent revenue headwinds. In Q2 FY2026-27, the company reported sequential growth in Net Profit to ₹64.2 crore (up from ₹51.9 crore in Q1) and Basic EPS to ₹3.37 per share (up from ₹2.69). This follows a TTM sales decline of 11%, yet TTM Operating Profit expanded to ₹374 crore while Interest costs remained low at ₹7 crore, indicating effective cost management and margin resilience.

Financial health remains robust with strong cash generation. Cash from Operating Activities reached ₹331 crore in Mar 2025, though it moderated to ₹100 crore in Mar 2026 as CFO/EBITDA conversion dropped to 49%. The balance sheet is asset-heavy, with Fixed Assets growing to ₹1,031 crore by Mar 2026 and Investments surging to ₹379 crore, likely reflecting strategic capital allocation. Borrowings increased significantly to ₹73 crore in Mar 2026, up from ₹3 crore the prior year, raising leverage slightly but keeping interest expenses manageable. Working capital efficiency improved markedly from Mar 2024 to Mar 2025 (Cash Conversion Cycle falling from 302 to 120 days), though it deteriorated to 164 days in Mar 2026 due to higher inventory days (280 vs 161).

Ownership structure shows increasing institutional confidence, with DIIs raising their stake to 9.36% in Sep 2026, while promoters maintained control at 60.84%. The key checkpoint for investors is whether the recent rise in borrowings and working capital days signals sustainable investment-led growth or temporary operational friction.

- Q2 FY2026-27 Net Profit grew sequentially to ₹64.2 crore with EPS rising to ₹3.37, contrasting with a TTM sales decline of 11%.
- TTM Operating Profit expanded to ₹374 crore against minimal interest costs of ₹7 crore, highlighting strong operating leverage.
- Borrowings jumped to ₹73 crore in Mar 2026 from ₹3 crore in Mar 2025, while Fixed Assets grew to ₹1,031 crore.
- DIIs increased holdings to 9.36% in Sep 2026; Promoters retained 60.84% stake.

### Bull Case

Saregama India demonstrates a clear operational shift toward monetizing its intellectual property portfolio, evidenced by strong Q2 FY27 financial results. The company reported a 46.4% year-on-year increase in net profit to ₹64.17 crore and a 36.63% rise in total revenue from operations to ₹314.30 crore for the September quarter. This growth was driven by the release of over 650 tracks and the addition of 54 artistes, which supported expansion in both Music and Live Events segments. Additionally, management approved the voluntary liquidation of two wholly-owned subsidiaries (Saregama FZE and Kolkata Metro Networks Limited), signaling a focus on core business efficiency. Technically, the stock maintains bullish momentum across daily, weekly, and monthly timeframes, with the Supertrend indicator aligned positively and significant upside resistance levels at ₹638.83 and ₹664.22. The stock has delivered a 76.1% year-to-date return as of November 6, 2026, reflecting sustained investor confidence despite recent volatility.

- Q2 FY27 Net Profit surged 46.4% YoY to ₹64.17 crore, with Revenue growing 36.63% to ₹314.30 crore.
- Operational expansion included adding 54 artistes and releasing over 650 new tracks, fueling Music and Live Events growth.
- Board approved voluntary liquidation of Saregama FZE (Dubai) and Kolkata Metro Networks Limited to streamline operations.
- Technical structure remains bullish across daily, weekly, and monthly charts; YTD return stands at +76.1%.

- [Saregama Q2 FY27: Turning content investments into earnings](https://www.moneycontrol.com/news/business/moneycontrol-research/saregama-q2-fy27-turning-content-investments-into-earnings-14070916.html)
- [How Saregama India shares turned music to the ears for investors after 13% price jump - How stock rallied in 2026?](https://www.livemint.com/market/stock-market-news/how-saregama-india-shares-turned-music-to-the-ears-for-investors-after-13-price-jump-how-stock-rallied-in-2026-11793800037045.html)
- [Saregama shares surge 9% as Q2 profit jumps 48% to ₹65 crore, margin expands to 32.3%](https://www.cnbctv18.com/market/saregama-share-price-q2-results-profit-revenue-ebitda-margin-20026837.htm)
- [Muhurat Trading Picks: Adani Ports, Info Edge to Kotak Bank - ICICI Sec recommends these 10 stocks to buy on Diwali](https://www.livemint.com/market/stock-market-news/muhurat-trading-picks-adani-ports-info-edge-to-kotak-bank-icici-sec-recommends-these-10-stocks-to-buy-on-diwali-11793700028188.html)
- [Saregama India Limited has Intimated about Newspaper Publication for Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended on 30th September, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAREGAMA_05112026135437_Signed_Newspaper.pdf)
- [Saregama India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123247_Finalpressreleaseandpresentation_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved Voluntary liquidation of Kolkata Metro Networks Limited, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123631_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved the closure of Saregama FZE, Dubai, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123523_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding Board meeting held on November 04, 2026, - Considered, approved and took on record the Unaudited Financial Results (Standalone and Consolidated) of the Company, for the quarter and half year ended on 30th September, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026122952_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release Q2 FY 27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123404_Finalpressreleaseandpresentation_signed.pdf)

### FAQs

**What were Saregama India's key financial results for Q2 FY27, and how did they impact the stock price?**

For the quarter ended 30 September 2026, Saregama reported a 46.4% year-on-year increase in net profit to ₹64.17 crore and revenue growth of 36.63% to ₹314.30 crore. Driven by strong performance in Music and Live Events segments, the shares rallied 13.3% to ₹637 following the announcement.

**Which subsidiaries is Saregama liquidating, and what is the expected timeline for these closures?**

The Board approved the voluntary liquidation of two wholly-owned subsidiaries: Saregama FZE (Dubai) and Kolkata Metro Networks Limited. The closure of Saregama FZE is expected by 31 March 2027 to eliminate administrative costs, while shareholder approval for KMNL’s liquidation under the Insolvency and Bankruptcy Code, 2016, is scheduled for 20 November 2026.

**How has Saregama's stock performed over the past year, and what are its current technical support levels?**

Saregama shares gained +76.1% year-to-date as of 6 November 2026, closing at ₹617.6 with an annualized volatility of +42.3%. Current technical analysis identifies immediate support at ₹606.67 (-1.77%) and secondary support at ₹581.28 (-5.88%), with resistance levels noted at ₹638.83 and ₹664.22.

- [Saregama Q2 FY27: Turning content investments into earnings](https://www.moneycontrol.com/news/business/moneycontrol-research/saregama-q2-fy27-turning-content-investments-into-earnings-14070916.html)
- [How Saregama India shares turned music to the ears for investors after 13% price jump - How stock rallied in 2026?](https://www.livemint.com/market/stock-market-news/how-saregama-india-shares-turned-music-to-the-ears-for-investors-after-13-price-jump-how-stock-rallied-in-2026-11793800037045.html)
- [Saregama shares surge 9% as Q2 profit jumps 48% to ₹65 crore, margin expands to 32.3%](https://www.cnbctv18.com/market/saregama-share-price-q2-results-profit-revenue-ebitda-margin-20026837.htm)
- [Muhurat Trading Picks: Adani Ports, Info Edge to Kotak Bank - ICICI Sec recommends these 10 stocks to buy on Diwali](https://www.livemint.com/market/stock-market-news/muhurat-trading-picks-adani-ports-info-edge-to-kotak-bank-icici-sec-recommends-these-10-stocks-to-buy-on-diwali-11793700028188.html)
- [Saregama India Limited has Intimated about Newspaper Publication for Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended on 30th September, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/SAREGAMA_05112026135437_Signed_Newspaper.pdf)
- [Saregama India Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123247_Finalpressreleaseandpresentation_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved Voluntary liquidation of Kolkata Metro Networks Limited, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123631_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange that the Board of Directors at its Meeting held today, i.e., Wednesday, 4th November, 2026, has considered and approved the closure of Saregama FZE, Dubai, a wholly owned subsidiary of the Company. |SUBJECT: Other Restructuring](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123523_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding Board meeting held on November 04, 2026, - Considered, approved and took on record the Unaudited Financial Results (Standalone and Consolidated) of the Company, for the quarter and half year ended on 30th September, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026122952_Outcome_signed.pdf)
- [Saregama India Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release Q2 FY 27". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123404_Finalpressreleaseandpresentation_signed.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Uptrend
- Weekly trend: Moderate Uptrend
- Pivot point: ₹638.83
- Risk regime: Higher Price Risk

### Support levels
- 528.45
- 518.137890625
- 507.496142578125

### Resistance levels
- 664.2166666666667
- 696.3833333333333
- 721.7666666666667

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -2.29% |
| return_10 | +26.79% |
| return_1m | +22.61% |
| return_1y | +44.86% |
| return_20 | +28.17% |
| return_3m | +16.97% |
| return_5 | +12.57% |
| return_6m | +75.98% |
| return_since_start | +28.51% |
| return_ytd | +76.08% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -46.35% |
| annualized_volatility | +42.27% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Saregama India Limited Q2 FY2026-27: Revenue rises 37% year on year

Revenue from operations increased 36.6% year on year to ₹314.3 crore, the highest level in the five quarters to September 2026. Profit for the period rose 46.4% to ₹64.2 crore, while operating cash flow was ₹226.7 crore. Sequentially, expenses grew faster than revenue, and pre-tax profit remained below its Q4 FY2025-26 level.

## Revenue and expenses

Revenue from operations was ₹314.3 crore, up from ₹263.6 crore in Q1 FY2026-27 and ₹230.0 crore in Q2 FY2025-26. Total income, including ₹5.2 crore of other income, reached ₹319.5 crore, up 19.3% sequentially and 32.3% year on year.

Expenses rose 21.2% sequentially to ₹237.7 crore from ₹196.1 crore, and were 31.0% higher year on year. The quarter’s expenses included depreciation and amortisation of ₹24.0 crore and employee benefit expense of ₹33.7 crore. Expense growth outpaced revenue growth on both comparisons.

## Profit, tax and earnings per share

Profit before tax increased 14.0% sequentially to ₹81.8 crore and 36.1% year on year. It remained below the ₹103.4 crore recorded in Q4 FY2025-26.

Profit for the period was ₹64.2 crore, compared with ₹51.9 crore in Q1 FY2026-27 and ₹43.8 crore in Q2 FY2025-26. Profit from continuing operations was ₹60.2 crore, up from ₹53.1 crore in the prior quarter. Basic EPS was ₹3.37, versus ₹2.69 in Q1 FY2026-27 and ₹2.28 a year earlier; diluted EPS was ₹3.36. Trailing 12-month diluted EPS stood at ₹12.59 at 30 September 2026. Profit attributable to owners of the parent was ₹64.6 crore, while non-controlling interests recorded a loss of ₹42 lakh.

Tax expense increased 15.9% sequentially to ₹21.6 crore. Current tax was ₹16.6 crore, down from ₹18.3 crore in Q1 FY2026-27, while deferred tax was ₹5.05 crore, compared with ₹32 lakh in that quarter.

## Cash generation and liquidity

Operating cash flow was ₹226.7 crore in Q2 FY2026-27. Investing activities used ₹147.1 crore and financing activities used ₹65.1 crore; free cash flow was ₹79.6 crore. Operating cash flow was substantially higher than profit for the period.

At 30 September 2026, cash and cash equivalents were ₹43.6 crore, compared with ₹28.2 crore at 31 March 2026 and ₹25.2 crore at 30 September 2025. Other bank balances were ₹104.1 crore, down from ₹121.1 crore at 31 March 2026 and ₹377.6 crore a year earlier. Current investments were ₹90.2 crore, versus ₹67.8 crore and ₹175.7 crore at those respective dates.

## Working capital and balance sheet

Current trade receivables rose to ₹202.8 crore at 30 September 2026 from ₹176.9 crore at 31 March 2026 and ₹131.3 crore at 30 September 2025. Inventories were ₹244.4 crore, broadly unchanged from ₹243.4 crore at the March year-end. Current assets totalled ₹975.1 crore, compared with ₹892.5 crore at 31 March 2026 and ₹1,240.0 crore a year earlier.

Current borrowings were ₹8.8 crore, down from ₹60.9 crore at 31 March 2026 but above ₹1.0 crore at 30 September 2025. Total assets were ₹2,441.3 crore, up from ₹2,322.0 crore at 31 March 2026 and ₹2,260.4 crore a year earlier. Noncurrent assets were ₹1,466.2 crore, including goodwill of ₹293.9 crore, equity-method investments of ₹313.5 crore and other intangible assets of ₹521.9 crore. Other intangible assets were ₹741.0 crore at 30 September 2025.

Total equity was ₹1,823.1 crore, including ₹1,820.7 crore attributable to owners of the parent. Noncurrent liabilities were ₹103.9 crore, compared with ₹73.6 crore at 30 September 2025; these included noncurrent financial liabilities of ₹25.5 crore and noncurrent provisions of ₹9.6 crore.

## Key Takeaway

Q2 FY2026-27 brought strong year-on-year growth in revenue and profit, alongside operating cash flow well above reported profit. However, expenses grew faster than revenue sequentially, pre-tax profit remained below Q4 FY2025-26, and receivables increased. The higher cash balance versus March was offset by a marked year-on-year decline in other bank balances.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +60.84%
- FII holding: +11.88%
- DII holding: +9.36%
- Mutual fund holding: +3.65%
- Retail holding: +10.18%
- Promoter pledged: +0.00%

### Major reported shareholders

- Composure Services Private Limited — +55.28% (Bodies Corporate)
- Quest Capital Markets Limited — +4.85% (Bodies Corporate)
- Malabar India Fund Limited — +2.90%
- The Prudential Assurance Company Limited — +1.76%
- Icici Prudential Life Insurance Company Limited — +1.43%
- Helios Flexi Cap Fund — +1.41%
- Bajaj Life Insurance Limited — +1.12%
- Stel Holdings Limited — +0.44% (Bodies Corporate)
- Sarala Real Estate Limited — +0.26% (Bodies Corporate)

## Official filings

- 2026-11-05 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_05112026135437_Signed_Newspaper.pdf)
- 2026-11-04 — Earnings Presentation: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123247_Finalpressreleaseandpresentation_signed.pdf)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123631_Outcome_signed.pdf)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123523_Outcome_signed.pdf)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026122952_Outcome_signed.pdf)
- 2026-11-04 — Press Release: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026123404_Finalpressreleaseandpresentation_signed.pdf)
- 2026-11-04 — Financial Results Filing: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752849_04112026061058_WEB.xml)
- 2026-11-04 — Financial Results Filing: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752850_04112026061119_WEB.xml)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_04112026182859_AudioLink_signed.pdf)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1623_WebXMLFile_20261104_183640954.xml)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_1623_WebXMLFile_20261104_190620941.xml)
- 2026-11-04 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_Restructuring_1623_WebXMLFile_20261104_190818719.xml)
- 2026-10-27 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_27102026130459_Intimation.pdf)
- 2026-10-27 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1623_WebXMLFile_20261027_130855830.xml)
- 2026-10-27 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1623_WebXMLFile_20261027_131338821.xml)
- 2026-10-16 — Shareholding Disclosure: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1740252_16102026060303_WEB.xml)
- 2026-10-15 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1623_WebXMLFile_20261015_180759088.xml)
- 2026-10-15 — Board Meeting Notice: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1623_WebXMLFile_20261015_180759088.xml)
- 2026-10-15 — Board Meeting Notice: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_15102026180413_SE_Prior_Intimation-_SIGNED.pdf)
- 2026-10-08 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_08102026164830_Covering_Letter_Reg_74_5__September_2026.pdf)
- 2026-10-06 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_06102026154150_Cover_Letter.pdf)
- 2026-09-30 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_30092026183944_Signed_ESOP_Intimation_VM.pdf)
- 2026-09-28 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_28092026115629_Signed_Covering_Letter_September_2026.pdf)
- 2026-09-28 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1623_WebXMLFile_20260928_120852736.xml)
- 2026-09-15 — Generic Announcement: Saregama India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/SAREGAMA_15092026192636_AGM_OUTCOME_15092026.pdf)

## News and market events

- 2026-11-05 — MONEYCONTROL: **Saregama Q2 FY27: Turning content investments into earnings** — Moneycontrol Research reports that Saregama's Q2 FY27 performance demonstrates a shift towards converting content investments into earnings. The analysis focuses on the company's financial results for the second quarter of the fiscal year 2027. — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/saregama-q2-fy27-turning-content-investments-into-earnings-14070916.html)
- 2026-11-04 — Mint: **How Saregama India shares turned music to the ears for investors after 13% price jump - How stock rallied in 2026?** — Saregama India shares rose 13.3% to ₹637 after the company reported a 46.4% year-on-year increase in net profit to ₹64.17 crore for the September quarter, driven by strong growth in its Music and Live Events segments. The company's total revenue from operations grew 36.63% to ₹314.30 crore, supported by the release of over 650 tracks and the addition of 54 artistes, while Video revenue declined by 16%. This performance contributed to an 81% gain in the stock's value for 2026, marking a significant turnaround from the previous year. — [Source](https://www.livemint.com/market/stock-market-news/how-saregama-india-shares-turned-music-to-the-ears-for-investors-after-13-price-jump-how-stock-rallied-in-2026-11793800037045.html)
- 2026-11-04 — CNBC-TV18: **Saregama shares surge 9% as Q2 profit jumps 48% to ₹65 crore, margin expands to 32.3%** — Saregama India shares rose 9.4% after reporting a 47.7% increase in Q2 net profit to ₹65 crore and a 36.5% revenue growth to ₹314 crore, driven by strong performance in its music business and expansion into live events. Vice Chairperson Avarna Jain attributed the results to monetizing intellectual property across multiple avenues while maintaining financial discipline. Additionally, the board approved the voluntary liquidation of two wholly-owned subsidiaries, Saregama FZE in Dubai and Kolkata Metro Networks Limited. — [Source](https://www.cnbctv18.com/market/saregama-share-price-q2-results-profit-revenue-ebitda-margin-20026837.htm)
- 2026-11-03 — Mint: **Muhurat Trading Picks: Adani Ports, Info Edge to Kotak Bank - ICICI Sec recommends these 10 stocks to buy on Diwali** — ICICI Securities remains optimistic about Indian equities, citing strong Q2 FY27 earnings and attractive valuations despite recent market weakness, and has recommended ten stocks for Muhurat Trading. The brokerage highlighted Kotak Mahindra Bank, Adani Ports & SEZ, Info Edge, Venus Pipes, Zydus Lifesciences, Neogen Chemicals, Saregama India, Apollo Micro Systems, Ethos, and Indian Hotels as key picks with specific growth drivers and associated risks. — [Source](https://www.livemint.com/market/stock-market-news/muhurat-trading-picks-adani-ports-info-edge-to-kotak-bank-icici-sec-recommends-these-10-stocks-to-buy-on-diwali-11793700028188.html)
- 2026-09-29 — BUSINESS: **Nifty trades near 22,600 level; media shares under pressure** — Media shares witnessed selling pressure for fifth consecutive trading session. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-trades-near-22-600-level-media-shares-under-pressure-126092900310_1.html)
- 2026-09-22 — BUSINESS: **Quick Wrap: Nifty Media Index gains 1.21%** — Powered by Capital Market - Live News — [Source](https://www.business-standard.com/markets/capital-market-news/quick-wrap-nifty-media-index-gains-1-21-126092200909_1.html)
- 2026-09-18 — BUSINESS: **Barometers largely pare gains; Nifty slips below 23,300 level** — Media shares extended their winning streak, with the sector advancing for the third consecutive trading session. — [Source](https://www.business-standard.com/markets/capital-market-news/barometers-largely-pare-gains-nifty-slips-below-23-300-level-126091800373_1.html)
- 2026-09-14 — Economic Times: **Samir Arora-backed Helios Mid Cap Fund exits Dixon Technologies, 2 others; adds 7 stocks** — Helios Mid Cap Fund, backed by Samir Arora, exited Dixon Technologies, Aadhar Housing Finance and Black Box in August. The fund added eight stocks, including Coforge and Lalithaa Jewellery, while increasing exposure to 15 stocks and holding 72 stocks across 23 sectors. — [Source](https://economictimes.indiatimes.com/mf/analysis/samir-arora-backed-helios-mid-cap-fund-exits-dixon-technologies-2-others-adds-7-stocks/articleshow/134231976.cms)
- 2026-09-11 — BUSINESS: **Saregama India Ltd spurts 1.76%, gains for fifth straight session** — Saregama India Ltd is quoting at Rs 514.05, up 1.76% on the day as on 12:44 IST on the NSE. The stock is up 4.32% in last one year as compared to a 7.03% slide in NIFTY and a 4.8% slide in the Nifty Media. — [Source](https://www.business-standard.com/markets/capital-market-news/saregama-india-ltd-spurts-1-76-gains-for-fifth-straight-session-126091100549_1.html)
- 2026-08-31 — BUSINESS: **Nifty Media index tanks 4.5%; Zee Entertainment, Network18 plunge up to 14%** — Sun TV Network hit a new 52-week low of ₹458.60, down 3.3%; Saregama India and Prime Focus were down 4% and 3%, respectively, in Monday's intra-day trade. — [Source](https://www.business-standard.com/markets/news/nifty-media-index-tanks-4-5-zee-entertainment-network18-plunge-up-to-14-126083100395_1.html)
- 2026-08-24 — The Hindu: **Pocket Aces achieves breakeven, strengthens Saregama’s digital entertainment ecosystem** — Pocket Aces achieves breakeven, enhancing Saregama's digital ecosystem and supporting future growth in digital entertainment. — [Source](https://www.thehindubusinessline.com/info-tech/pocket-aces-achieves-breakeven-strengthens-saregamas-digital-entertainment-ecosystem/article71385495.ece)
- 2026-08-21 — Economic Times: **Helios Flexi Cap Fund hikes exposure in Swiggy, Paytm and 12 others; adds SBI Funds Management, 4 more** — Samir Arora-backed Helios Flexi Cap Fund increased exposure to Swiggy, Paytm and 20 other stocks in July, while adding SBI Funds Management and four others to its portfolio. The fund also exited Varun Beverages and India Shelter Finance, while trimming its holdings in MCX and BSE during the month. — [Source](https://economictimes.indiatimes.com/mf/analysis/helios-flexi-cap-fund-hikes-exposure-in-swiggy-paytm-and-12-others-adds-sbi-funds-management-4-more/articleshow/133400056.cms)
- 2026-08-11 — CNBC-TV18: **Why Nuvama says Zee's cheap valuation isn't enough yet** — Abneesh Roy, Executive Director at Nuvama Institutional Equities, expects strong subscription growth to drive Zee’s FY27 performance and offset continued weakness in advertising. Roy prefers PVR and Saregama, citing improving cinema occupancy, a stronger content cycle and robust core business growth. — [Source](https://www.cnbctv18.com/market/stocks/zee-entertainment-fy27-pe-sebi-sat-star-dispute-pvr-inox-saregama-media-ott-nuvama-19966318.htm)
- 2026-08-04 — CNBC-TV18: **Sensex Today | Stock Market Live Updates: Nifty at 24,500; Dee Devpt, Godrej Prop shares fall on Q1 results** — Stock Market LIVE Updates: Today's session is not only the weekly options expiry session for the Nifty 50 contracts, but is also set to see supply of paper worth nearly ₹36,000 crore, which includes the mega LIC Offer for Sale (OFS). Earnings season is drawing to a close and therefore, companies are making a beeline to report numbers as well. Adding to that is the confusion surrounding the Closing Auction Session. Watch this space for all the LIVE stock market updates. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-banks-midcaps-lic-paytm-meesho-kalyan-arvind-bharti-bse-share-price-liveblog-19960944.htm)
- 2026-08-04 — CNBC-TV18: **Q1 Results LIVE Updates: Symphony shares gain post earnings; Godrej Properties management commentary strong** — Q1 Results LIVE Updates: Two Nifty 50 companies Bharti Airtel, ONGC and Ajmera Realty, Alembic Pharma, BSE, Bharti Hexacom, Castrol, Godrej Properties, Greaves Cotton, Kalyan Jewellers, Marico, MCX, Nykaa, Metro Brands, NHPC, Motherson Sumi Wiring, Pidilite, Protean e-GOV, Keystone Realtors, RITES, Saregama, Safari Industries, Sanofi India, Tata Investment, Symphony, United Breweries, Uno Minda, VRL Logistics, Zydus Wellness, Welspun Enterprises, Wonderla Holidays, Prince Pipes, Metropolis Healthcare, CE InfoSystems, are among the other companies reporting their numbers today. Earnings reactions also come from stocks like DLF, IREDA, Torrent Power, and other such names. — [Source](https://www.cnbctv18.com/market/q1-results-live-updates-bharti-airtel-hexacom-ongc-dlf-sbi-funds-ireda-bse-mcx-kalyan-gcpl-marico-nykaa-pidilite-share-price-liveblog-19960965.htm)
- 2026-07-28 — Mint: **Raja Venkatraman recommends three stocks for 28 July | Stock Market News** — Market expert Raja Venkatraman shares his top stock picks for 28 July. Here’s his technical outlook and trade strategy. — [Source](https://www.livemint.com/market/stock-market-news/raja-venkatraman-recommends-three-stocks-for-28-july-11785153779486.html)

## Business profile

**Strategic vision:** Intellectual property-driven entertainment company with a large music catalog.

### Business segments
- **Music and Content Licensing:** Licensing of a large music IP catalog and extensive film and television content to digital and traditional distribution channels.
- **Live Events and Performances:** Generating revenue through public performances and organizing domestic and international live events.

### Competitive strengths
- Extensive music IP catalog in India
- Substantial collection of films and television series content
- Established brands across multiple entertainment segments

## Related stocks

- [Prime Focus Limited (Media & Entertainment)](https://faxioms.com/stocks/pfocus) — -1.13%
- [PVR INOX Limited (Media & Entertainment)](https://faxioms.com/stocks/pvrinox) — -0.61%
- [Sun TV Network Limited (Media & Entertainment)](https://faxioms.com/stocks/suntv) — -0.33%
- [Zee Entertainment Enterprises Limited (Media & Entertainment)](https://faxioms.com/stocks/zeel) — -5.12%
- [Tips Music Limited (Media & Entertainment)](https://faxioms.com/stocks/tipsmusic) — +0.46%

## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/saregama
Markdown representation: https://faxioms.com/stocks/saregama?render=md