# Zee Entertainment Enterprises (ZEEL) — Stock analysis

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

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹63.97
- Change: -5.12%
- As of: 2026-11-06
- 1D return: -5.12%
- 5D return: -3.66%
- 1M return: -6.44%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

ZEEL is in a confirmed bearish trend across daily, weekly, and monthly horizons, with the price trading below all key moving averages and the Supertrend. The daily ADX of 37.3 indicates an established downtrend, reinforced by negative slopes in both the 20-day EMA (-2.46) and SMA (-1.69). Despite this structural weakness, extreme participation occurred on 2026-11-04, when volume surged 5.48x its average alongside a +10.1% price move, triggering bullish reversal patterns like Bullish Engulfing and Morning Star. However, these signals remain unconfirmed as the price (₹63.97) closed below the immediate resistance at ₹64.36 (+0.61%) and remains near the lower end of its 20-day range (+23.1%). The stock carries high risk, evidenced by 47.1% annualized volatility and a current drawdown of -57.3%. A sustained close above ₹64.36 would be required to validate any short-term relief rally.

- Trend: Bearish structure confirmed on daily, weekly, and monthly timeframes; price is below all major moving averages and Supertrend.
- Momentum: Daily ADX stands at 37.3 (established strength), but recent price action shows mixed signals with a +10.1% surge on 5.48x volume on 2026-11-04.
- Levels: Immediate resistance at ₹64.36 (+0.61%); support at ₹63.78 (-0.30%). Price is positioned near the lower end of its 20-day range.
- Risk: High volatility (ATR 5.6%, Annualized Vol 47.1%) and significant drawdown (-57.3%) suggest elevated downside sensitivity.

- Bullish Engulfing Reversal
- Morning Star
- Outside Bar
- Harami
- Evening Star

### News Context

In the seven-day window ending 2026-11-03, ZEEL reported two distinct developments: a regulatory investigation into its founder and a strategic leadership appointment. On 2026-11-02, the Enforcement Directorate (ED) registered a case under the Prevention of Money Laundering Act against Subhash Chandra for alleged loan fraud totaling ₹1,322 crore from LIC Housing Finance Ltd (LICHFL). The CBI had previously investigated related matters involving an FIR concerning inflated net worth representations and fund misallocations of ₹980 crore. ZEEL clarified that these actions pertain to Chandra in his personal capacity and have no bearing on the company’s corporate operations or financials.

Simultaneously, ZEEL appointed Tushar Vohra as Chief AI & Transformation Officer, supported by three new hires in technology and operations, aiming to scale technology adoption and embed AI-led capabilities across business platforms. Additionally, brokerage firm Prabhudas Lilladher issued a 'Buy' recommendation with a price target of ₹101, citing a positive outlook on near-term performance or underlying asset value. This external view should be distinguished from factual corporate developments.

- Regulatory Action: ED booked Subhash Chandra under PMLA for alleged loan fraud of ₹1,322 crore; ZEEL states this is personal to Chandra and does not impact the company.
- Leadership Change: Tushar Vohra appointed as Chief AI & Transformation Officer on 2026-11-02 to drive AI strategy and technology adoption.

- [After CBI, ED books Subhash Chandra under PMLA for loan fraud amounting to ₹1,322 crore](https://www.thehindubusinessline.com/incoming/after-cbi-ed-books-subhash-chandra-under-pmla-for-loan-fraud-amounting-to-1322-crore/article71656974.ece)
- [Zee appoints Tushar Vohra as Chief AI & Transformation Officer](https://www.thehindubusinessline.com/companies/zee-appoints-tushar-vohra-as-chief-ai-transformation-officer/article71656673.ece)
- [Buy Zee Entertainment Enterprises; target of Rs 101: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-zee-entertainment-enterprises-target-of-rs-101-prabhudas-lilladher-14066164.html)
- [ED registers money laundering case against Subhash Chandra - OrissaPOST](https://www.orissapost.com/ed-registers-money-laundering-case-against-subhash-chandra/)
- [CBI investigation of Subhash Chandra bears no weight on enterprise, clarifies Zee](https://www.businesstoday.in/india/story/cbi-investigation-of-subhash-chandra-bears-no-weight-on-enterprise-clarifies-zee-565006-2026-11-02)

### What Changed

Zee Entertainment Enterprises (ZEEL) reported a 13% year-on-year growth in operating revenues for Q2 FY27, driven by a doubling of digital business revenues to ₹6.3 billion following strategic investments in sports rights including the FIFA World Cup and European football leagues. While linear TV network share reached a seven-year high of 20%, overall EBITDA margin contracted to 3.2% (₹708 million) due to higher programming and advertising costs associated with these new initiatives; excluding these specific spends, margins were mid- to high single-digit. The company received ₹7.4 billion from the first tranche of preferential warrant allotment, raising total cash and treasury investments to ₹25.7 billion as of September 2026. Market price declined from ₹67.42 to ₹63.97 on November 6, 2026.

- Digital revenue doubled to ₹6.3 billion (+37% QoQ) with 30% YoY subscription growth, supported by FIFA-related packs retaining 35-40% of subscribers.
- Linear TV network share hit 20%, the highest level in seven years, contributing to overall 13% operating revenue growth.
- EBITDA margin compressed to 3.2% due to FIFA-related costs; adjusted margins excluding these spends remained mid- to high single-digit.
- Cash position strengthened to ₹25.7 billion after receiving ₹7.4 billion from the first tranche of preferential warrant allotment.

- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ZEEL_05112026160520_SEIntimationTranscriptOct26singed.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261105_161531576.xml)

### Official Filings

Zee Entertainment Enterprises Limited (ZEEL) reported Q2 FY27 operating revenue of ₹22,246 million, a 13% year-on-year increase, driven by a doubling of digital business revenues to ₹6.3 billion following strategic investments in sports rights like the FIFA World Cup and European football leagues. While linear TV network share reached a seven-year high of 20%, overall EBITDA margin contracted to 3.2% (₹708 million) due to higher programming and advertising costs associated with these new initiatives; excluding these spends, margins were mid- to high-single-digit. The company received ₹7.4 billion from the first tranche of preferential warrant allotment to the Promoter Group, raising total cash reserves to ₹25.7 billion as of September 2026. However, the current market price of ₹70.10 remains significantly below the warrant exercise price of ₹126.00, creating uncertainty regarding future conversion and additional fund inflows. Additionally, ZEEL completed final evidentiary hearings in an LCIA arbitration dispute with JioStar India Private Limited regarding ICC broadcasting rights, where JioStar claims USD 1,097 million in damages.

- Q2 FY27 operating revenue grew 13% YoY to ₹22,246 million, with digital revenues doubling to ₹6.3 billion on sports rights investments.
- EBITDA margin stood at 3.2% (₹708 million), pressured by high costs for FIFA and league rights; adjusted margins were mid- to high-single-digit.
- Promoter group received ₹7.4 billion via preferential warrants, but the stock price (₹70.10) is well below the exercise price (₪126.00), delaying potential equity dilution or fresh capital.
- Final hearings concluded in LCIA arbitration with JioStar over ICC rights, with JioStar claiming USD 1,097 million in damages.

- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ZEEL_05112026160520_SEIntimationTranscriptOct26singed.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261105_161531576.xml)
- [Monitoring Agency Report for the quarter ended September 30. 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/ZEEL_03112026182350_SEIntimationMonitoringagencyreportsigned.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ZEEL_31102026194244_CoveringLetterNewspapersigned.pdf)
- [Zee Entertainment Enterprises Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ZEEL_30102026153728_SEIntimationBMOutcome30JOct26Financialssigned.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Earning release |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ZEEL_30102026164212_SEIntimationEarningReleaseOct26s.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Appointment of Chief Compliance Officer and Company Secretary |SUBJECT: Change in Company Secretary/Compliance Officer](https://nsearchives.nseindia.com/corporate/ZEEL_30102026165227_SEDisclosureOct26s.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1105_WebXMLFile_20261030_174111716.xml)
- [Zee Entertainment Enterprises Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/ZEEL_30102026212457_Reg30V2signed.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750533_30102026092623_WEB.xml)

### Fundamentals

Zee Entertainment Enterprises (ZEEL) is navigating a period of significant earnings compression despite recent top-line recovery. For the quarter ended September 2026, sales grew 13% year-on-year to ₹2,225 crore, marking a sequential improvement from Q1 FY2026-27’s ₹1,907 crore. However, this revenue growth has not translated into proportional profit expansion; operating profit fell sharply to ₹86 crore from ₹159 crore in the prior year, and net profit contracted to ₹46 crore from ₹76 crore. Consequently, EPS declined to ₹0.47 from ₹0.80.

Financial health metrics show mixed signals. The balance sheet remains robust with cash reserves rising to ₹607 crore as of September 2026, up from ₹394 crore a year earlier, supported by a reduction in borrowings to just ₹65 crore. Inventory levels have also decreased slightly to ₹6,634 crore. Conversely, working capital efficiency appears to be deteriorating, with the Cash Conversion Cycle widening from 67 days in March 2025 to 78 days in March 2026, driven largely by an increase in Debtor Days from 67 to 78. Institutional ownership has shifted notably, with DIIs reducing their stake to 7.34% while FIIs increased theirs to 18.08%. The most critical checkpoint is whether management can stabilize operating margins and improve receivables collection in the upcoming quarters to reverse the steep decline in profitability.

- Revenue Growth vs. Profit Squeeze: Sales rose 13% YoY to ₹2,225 crore in Sep 2026, but Operating Profit halved to ₹86 crore and Net Profit fell to ₹46 crore, indicating margin pressure.
- Liquidity Strength: Cash and equivalents increased to ₹607 crore (from ₹394 crore), and total borrowings dropped significantly to ₹65 crore, reflecting a strong liquidity position.
- Working Capital Deterioration: The Cash Conversion Cycle widened to 78 days (from 67 days in Mar 2025), primarily due to slower collections (Debtor Days rising from 67 to 78).
- Institutional Shift: DII holding fell to 7.34% (from 13.92%), while FII holding rose to 18.08%, suggesting changing institutional sentiment.

### Bear Case

Zee Entertainment Enterprises faces significant headwinds driven by both severe market depreciation and high-profile legal actions involving its founder. The stock has declined 35.9% over the past year and is down 29.3% year-to-date as of November 6, 2026, with a current price of ₹63.97 reflecting a substantial drawdown from recent highs. Technical indicators reinforce this weakness, showing bearish trends across daily, weekly, and monthly timeframes, with the Supertrend direction signaling continued downside pressure. Furthermore, regulatory scrutiny has intensified against founder Subhash Chandra; the Enforcement Directorate registered a case under the Prevention of Money Laundering Act for alleged loan fraud amounting to ₹1,322 crore, while the CBI investigated related matters concerning inflated net worth representations. Although the company states these personal legal issues do not impact corporate operations, the convergence of deep technical losses and active law enforcement investigations introduces notable uncertainty regarding governance and investor sentiment.

- Severe Price Decline: The stock is down -35.9% over the last year and -29.3% YTD, closing at ₹63.97 on November 6, 2026, with a maximum drawdown of -58.9%.
- Bearish Technical Setup: Daily, weekly, and monthly Supertrend directions are all bearish, with Minus DI (33.74) significantly exceeding Plus DI (21.14) on the daily chart.
- Regulatory Scrutiny: The ED booked Subhash Chandra under PMLA for alleged loan fraud of ₹1,322 crore, and the CBI investigated related fund misallocations totaling ₹980 crore.
- High Volatility: Annualized volatility stands at +47.1%, indicating elevated risk and price instability for holders.

- [After CBI, ED books Subhash Chandra under PMLA for loan fraud amounting to ₹1,322 crore](https://www.thehindubusinessline.com/incoming/after-cbi-ed-books-subhash-chandra-under-pmla-for-loan-fraud-amounting-to-1322-crore/article71656974.ece)
- [Zee appoints Tushar Vohra as Chief AI & Transformation Officer](https://www.thehindubusinessline.com/companies/zee-appoints-tushar-vohra-as-chief-ai-transformation-officer/article71656673.ece)
- [Buy Zee Entertainment Enterprises; target of Rs 101: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-zee-entertainment-enterprises-target-of-rs-101-prabhudas-lilladher-14066164.html)
- [ED registers money laundering case against Subhash Chandra - OrissaPOST](https://www.orissapost.com/ed-registers-money-laundering-case-against-subhash-chandra/)
- [CBI investigation of Subhash Chandra bears no weight on enterprise, clarifies Zee](https://www.businesstoday.in/india/story/cbi-investigation-of-subhash-chandra-bears-no-weight-on-enterprise-clarifies-zee-565006-2026-11-02)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ZEEL_05112026160520_SEIntimationTranscriptOct26singed.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261105_161531576.xml)
- [Monitoring Agency Report for the quarter ended September 30. 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/ZEEL_03112026182350_SEIntimationMonitoringagencyreportsigned.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ZEEL_31102026194244_CoveringLetterNewspapersigned.pdf)
- [Zee Entertainment Enterprises Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ZEEL_30102026153728_SEIntimationBMOutcome30JOct26Financialssigned.pdf)

### FAQs

**How did Zee Entertainment perform financially in Q2 FY27, and what drove the results?**

For the quarter ended September 30, 2026, ZEEL reported standalone revenue of ₹20,638 million (up from ₹17,800 million in Q1) and net profit of ₹2,008 million. Operating revenues grew 13% year-on-year, driven by a doubling of digital business revenues to ₹6.3 billion following investments in sports rights like the FIFA World Cup. However, overall EBITDA was impacted by higher programming costs associated with these initiatives.

**What is the status of the legal proceedings against promoter Subhash Chandra, and does it affect ZEEL?**

The CBI and ED have registered cases against Subhash Chandra under PMLA for alleged loan fraud involving ₹1,322 crore from LICHFL. ZEEL has clarified that these matters pertain to Chandra in his personal capacity and do not impact the company's corporate operations or financial standing.

**What are the key risks regarding warrant conversion and arbitration disputes?**

ZEEL received ₹7.4 billion from the first tranche of preferential warrants, but the current market price of ₹63.97 is significantly below the warrant exercise price of ₹126.00, creating uncertainty about future conversion. Additionally, final evidentiary hearings were completed in an LCIA arbitration dispute with JioStar India Private Limited regarding ICC broadcasting rights, where JioStar claims USD 1,097 million in damages.

**How has the stock performed technically over the past year?**

As of November 6, 2026, ZEEL shares closed at ₹63.97, reflecting a one-year return of -35.9% and a year-to-date decline of -29.3%. The stock is currently trading within a bearish trend across daily, weekly, and monthly timeframes, with a current drawdown of -57.3% from its peak.

- [After CBI, ED books Subhash Chandra under PMLA for loan fraud amounting to ₹1,322 crore](https://www.thehindubusinessline.com/incoming/after-cbi-ed-books-subhash-chandra-under-pmla-for-loan-fraud-amounting-to-1322-crore/article71656974.ece)
- [Zee appoints Tushar Vohra as Chief AI & Transformation Officer](https://www.thehindubusinessline.com/companies/zee-appoints-tushar-vohra-as-chief-ai-transformation-officer/article71656673.ece)
- [Buy Zee Entertainment Enterprises; target of Rs 101: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-zee-entertainment-enterprises-target-of-rs-101-prabhudas-lilladher-14066164.html)
- [ED registers money laundering case against Subhash Chandra - OrissaPOST](https://www.orissapost.com/ed-registers-money-laundering-case-against-subhash-chandra/)
- [CBI investigation of Subhash Chandra bears no weight on enterprise, clarifies Zee](https://www.businesstoday.in/india/story/cbi-investigation-of-subhash-chandra-bears-no-weight-on-enterprise-clarifies-zee-565006-2026-11-02)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/ZEEL_05112026160520_SEIntimationTranscriptOct26singed.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261105_161531576.xml)
- [Monitoring Agency Report for the quarter ended September 30. 2026. |SUBJECT: Monitoring Agency Report](https://nsearchives.nseindia.com/corporate/ZEEL_03112026182350_SEIntimationMonitoringagencyreportsigned.pdf)
- [Zee Entertainment Enterprises Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/ZEEL_31102026194244_CoveringLetterNewspapersigned.pdf)
- [Zee Entertainment Enterprises Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/ZEEL_30102026153728_SEIntimationBMOutcome30JOct26Financialssigned.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹67.87
- Risk regime: Higher Price Risk

### Support levels
- 63.78

### Resistance levels
- 70.83
- 75.18
- 79.45

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -5.12% |
| return_10 | -2.22% |
| return_1m | -11.67% |
| return_1y | -35.91% |
| return_20 | -6.44% |
| return_3m | -30.90% |
| return_5 | -3.66% |
| return_6m | -32.33% |
| return_since_start | -48.02% |
| return_ytd | -29.30% |

### 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 | -58.85% |
| annualized_volatility | +47.11% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Zee Entertainment Enterprises Limited FY2026-27 Q2: Revenue rises, profit falls

ZEEL’s consolidated revenue from operations rose 16.6% quarter on quarter to ₹2,224.6 crore in FY2026-27 Q2, while expenses increased 17.1% to ₹2,184.1 crore. Profit before tax fell to ₹63.1 crore from ₹74.1 crore in Q1, and profit for the period declined to ₹45.6 crore from ₹74.3 crore as the tax line shifted from a small credit to an expense.

## Revenue and expenses both increased quarter on quarter

Revenue from operations increased by ₹317.3 crore from ₹1,907.3 crore in FY2026-27 Q1 and was 13.0% higher than ₹1,969.2 crore in FY2025-26 Q2. It was below the ₹2,280.1 crore reported in FY2025-26 Q3 but above the ₹2,024.8 crore in FY2025-26 Q4.

Expenses rose by ₹319.7 crore quarter on quarter, to ₹2,184.1 crore from ₹1,864.4 crore. Profit before tax was ₹63.1 crore, down 14.8% from Q1 and 45.3% from ₹115.3 crore in FY2025-26 Q2.

## Lower finance costs; profit and EPS decline

Finance costs fell to ₹2.5 crore in FY2026-27 Q2 from ₹13.2 crore in Q1. Profit for the period nevertheless declined 38.6% quarter on quarter to ₹45.6 crore, compared with ₹74.3 crore. Tax expense was ₹17.5 crore, versus a tax credit of ₹20 lakh in Q1. Year on year, profit for the period fell 40.4% from ₹76.5 crore in FY2025-26 Q2.

Basic earnings per share were ₹0.50, down from ₹0.79 in Q1 and FY2025-26 Q2. Comprehensive income for the period was ₹76.1 crore, compared with ₹87.6 crore in Q1.

## Balance sheet: equity higher, liabilities and cash lower than in March

At 30 September 2026, total assets were ₹14,678.9 crore, compared with ₹14,215.5 crore at 31 March 2026 and ₹13,679.6 crore at 30 September 2025. Equity stood at ₹12,399.3 crore, up from ₹11,728.1 crore at March 2026 and ₹11,584.6 crore a year earlier.

Total liabilities were ₹2,279.6 crore at 30 September 2026, down from ₹2,487.4 crore at 31 March 2026. Noncurrent borrowings fell to ₹1.9 crore from ₹176.1 crore; current liabilities were ₹2,087.2 crore, down from ₹2,149.2 crore.

Cash and cash equivalents were ₹607 crore, below ₹797.8 crore at 31 March 2026 but above ₹394.3 crore at 30 September 2025. Trade receivables rose to ₹1,912.6 crore from ₹1,724.3 crore at March 2026, while trade payables increased to ₹1,499 crore from ₹1,466.9 crore. Inventories were ₹6,633.5 crore, compared with ₹6,512.3 crore at March 2026.

## Key Takeaway

Revenue increased in Q2, but expenses grew slightly faster and profit before tax and profit for the period fell from Q1. The balance sheet showed higher equity and lower liabilities than at March 2026, alongside lower cash and higher trade receivables.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +3.99%
- FII holding: +18.08%
- DII holding: +7.34%
- Mutual fund holding: +3.25%
- Retail holding: +37.49%
- Promoter pledged: +0.00%

### Major reported shareholders

- Life Insurance Corporation of India — +3.56%
- Essel Media Ventures Limited — +3.45% (Overseas Corporate Bodies)
- Government Pension Fund Global — +2.42%
- HDFC Fund — +1.54%
- Vanguard Total International Stock Index Fund — +1.41%
- Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard International Equity Index Funds — +1.35%
- Bandhan Large and Midcap Fund — +1.19%
- Cyquator Media Services Private Limited — +0.20% (Bodies Corporate)
- Essel Holdings Ltd — +0.18% (Overseas Corporate Bodies)
- Essel International Limited — +0.14% (Overseas Corporate Bodies)

## Official filings

- 2026-11-06 — Board Meeting Notice: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_06112026181227_SEPriorintimationsigned.pdf)
- 2026-11-06 — Board Meeting Notice: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1105_WebXMLFile_20261106_181932948.xml)
- 2026-11-06 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1105_WebXMLFile_20261106_181932948.xml)
- 2026-11-05 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_05112026160520_SEIntimationTranscriptOct26singed.pdf)
- 2026-11-05 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261105_161531576.xml)
- 2026-11-03 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_03112026182350_SEIntimationMonitoringagencyreportsigned.pdf)
- 2026-10-31 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_31102026194244_CoveringLetterNewspapersigned.pdf)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_30102026153728_SEIntimationBMOutcome30JOct26Financialssigned.pdf)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_30102026164212_SEIntimationEarningReleaseOct26s.pdf)
- 2026-10-30 — Management Change: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_30102026165227_SEDisclosureOct26s.pdf)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1105_WebXMLFile_20261030_174111716.xml)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_30102026212457_Reg30V2signed.pdf)
- 2026-10-30 — Financial Results Filing: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750533_30102026092623_WEB.xml)
- 2026-10-30 — Financial Results Filing: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750534_30102026092721_WEB.xml)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_30102026213749_SEIntimationAudioLinkJOct26singed.pdf)
- 2026-10-30 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261030_214127221.xml)
- 2026-10-27 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1105_WebXMLFile_20261027_202616241.xml)
- 2026-10-27 — Board Meeting Notice: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_27102026202155_BM_Intimation27102026.pdf)
- 2026-10-27 — Board Meeting Notice: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_1105_WebXMLFile_20261027_202616241.xml)
- 2026-10-27 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1105_WebXMLFile_20261027_210344563.xml)
- 2026-10-27 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_27102026205341_BM_Intimation27102026.pdf)
- 2026-10-21 — Management Change: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/ZEEL_21102026120756_SEDisclosureAppSMPOct26Surajs.pdf)
- 2026-10-21 — Generic Announcement: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1105_WebXMLFile_20261021_120959915.xml)
- 2026-10-16 — Shareholding Disclosure: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1740483_16102026085634_WEB.xml)
- 2026-10-14 — Financial Results Filing: Zee Entertainment Enterprises Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1738095_14102026065636_WEB.xml)

## News and market events

- 2026-11-02 — The Hindu: **After CBI, ED books Subhash Chandra under PMLA for loan fraud amounting to ₹1,322 crore** — The Enforcement Directorate registered a case under the Prevention of Money Laundering Act against Subhash Chandra for allegedly inflating his net worth to fraudulently avail loans amounting to ₹1,322 crore from LICHFL. While Zee Entertainment Enterprises Ltd. stated the matter pertains to Chandra in his personal capacity with no bearing on the company, the action stems from defaults in loan facilities sanctioned to entities backed by Chandra's guarantee. — [Source](https://www.thehindubusinessline.com/incoming/after-cbi-ed-books-subhash-chandra-under-pmla-for-loan-fraud-amounting-to-1322-crore/article71656974.ece)
- 2026-11-02 — The Hindu: **Zee appoints Tushar Vohra as Chief AI & Transformation Officer** — Zee Entertainment Enterprises has appointed Tushar Vohra as Chief AI and Transformation Officer to lead its AI and transformation strategy, supported by three new hires in technology and operations roles. The appointments are intended to scale technology adoption and embed AI-led capabilities across the company's business platforms. — [Source](https://www.thehindubusinessline.com/companies/zee-appoints-tushar-vohra-as-chief-ai-transformation-officer/article71656673.ece)
- 2026-11-02 — MONEYCONTROL: **Buy Zee Entertainment Enterprises; target of Rs 101: Prabhudas Lilladher** — Brokerage firm Prabhudas Lilladher has issued a 'Buy' recommendation for Zee Entertainment Enterprises, setting a price target of Rs 101. This action indicates a positive outlook from the analyst on the stock's near-term performance or underlying asset value. — [Source](https://www.moneycontrol.com/news/business/earnings/buy-zee-entertainment-enterprises-target-of-rs-101-prabhudas-lilladher-14066164.html)
- 2026-11-02 — Orissa POST: **ED registers money laundering case against Subhash Chandra - OrissaPOST** — The Enforcement Directorate registered a money laundering case against Subhash Chandra for alleged loan fraud involving LICHFL, while Zee Entertainment Enterprises clarified the matter does not impact the company. — [Source](https://www.orissapost.com/ed-registers-money-laundering-case-against-subhash-chandra/)
- 2026-11-02 — BUSINESSTODAY: **CBI investigation of Subhash Chandra bears no weight on enterprise, clarifies Zee** — The CBI registered an ECIR against Subhash Chandra personally regarding alleged fraud in securing loans, which Zee Entertainment Enterprises Ltd stated does not impact its corporate operations. The investigation was triggered by an FIR from LIC Housing Finance Ltd concerning inflated net worth representations and fund misallocations totaling ₹980 crore. — [Source](https://www.businesstoday.in/india/story/cbi-investigation-of-subhash-chandra-bears-no-weight-on-enterprise-clarifies-zee-565006-2026-11-02)
- 2026-11-01 — FREEPRESSJOURNAL.IN: **ED Registers ECIR Against Essel Group Chairman Subhash Chandra In ₹1,322-Crore LIC Housing Finance Loan Fraud Case** — The Enforcement Directorate registered an ECIR against Essel Group chairman Subhash Chandra regarding an alleged Rs 1,322-crore loan fraud involving LIC Housing Finance Ltd, following a CBI FIR over allegedly inflated financial documents used to secure loans. Zee Entertainment Enterprises Ltd stated the matter concerns Chandra personally and does not impact its operations. — [Source](https://www.freepressjournal.in/mumbai/ed-registers-ecir-against-essel-group-chairman-subhash-chandra-in-1322-crore-lic-housing-finance-loan-fraud-case)
- 2026-11-01 — Economic Times: **ED opens money laundering probe against Subhash Chandra in Rs 1,322 crore loan case** — The Enforcement Directorate has registered an ECIR against Essel Group chairman Subhash Chandra in an alleged Rs 1,322 crore loan fraud involving LIC Housing Finance. Zee Entertainment stated the case does not affect its operations. — [Source](https://economictimes.indiatimes.com/news/india/ed-opens-money-laundering-probe-against-subhash-chandra-in-rs-1322-crore-loan-case/articleshow/135436249.cms)
- 2026-11-01 — Economic Times: **Zee draws line between CBI probe against Subhash Chandra and its business** — Zee Entertainment Enterprises Ltd stated that a CBI probe and ECIR against founder Subhash Chandra are personal matters with no impact on the company's operations. The investigation stems from an FIR filed by LIC Housing Finance Ltd alleging fraud involving inflated net worth certificates to secure Rs 980 crore in loans. — [Source](https://economictimes.indiatimes.com/news/india/zee-draws-line-between-cbi-probe-against-subhash-chandra-and-its-business/articleshow/135431150.cms)
- 2026-10-31 — Economic Times: **ZEE profit sinks 40% YoY in Q2, but revenue rises on FIFA subscription growth** — Zee Entertainment Enterprises faced a sharp drop in consolidated net profit for the quarter ending September 30, 2026, despite a 13% rise in operating revenue to ₹2,225 crore, spurred by FIFA World Cup-related subscriptions. Total costs surged by 18%, largely due to inflated programming and promotional expenses. In a bright spot, ZEE5's revenue surged over twofold, showcasing a successful digital approach. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/zee-profit-sinks-40-yoy-in-q2-but-revenue-rises-on-fifa-subscription-growth/articleshow/135387331.cms)
- 2026-10-30 — Economic Times: **Zee Entertainment Q2 profit drops 40% to Rs 46 crore as EBITDA margin contracts to 3.2%** — Zee Entertainment Enterprises reported a 40% decline in consolidated net profit for the quarter ended September 30, 2026. Operating revenue increased by 13%, largely due to growth in subscription revenue supported by the FIFA World Cup 2026. Total expenditure rose by 18% primarily driven by increased programming and promotional costs. ZEE5, the company's streaming platform, showed significant growth by doubling its revenue year-on-year. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/zee-entertainment-q2-profit-drops-40-to-rs-46-crore-as-ebitda-margin-contracts-to-3-2/articleshow/135369566.cms)
- 2026-10-30 — Mint: **JioStar's Q2 profit falls 13% amid weak ad environment | Company Business News** — JioStar reported a 13% year-on-year decline in profits after tax to ₹1,147 crore for the September quarter, citing a weak advertising environment despite a 10% revenue increase. The company also noted that linear TV ad revenue remained under transition while sports ad revenue increased due to cricket events. — [Source](https://www.livemint.com/companies/company-results/jiostar-profits-decline-13-amid-weak-ad-environment-11793373229605.html)
- 2026-10-30 — The Hindu: **Zee Entertainment net profit dips 40% to ₹45.6 crore in Q2** — Zee Entertainment Enterprises reported a 40% year-on-year decline in net profit to ₹45.6 crore for Q2, driven by flat domestic advertising revenue despite a 13% growth in operating revenue led by subscriptions. The company also announced the appointment of Sangeeta Shetty as Chief Compliance Officer & Company Secretary to enhance governance frameworks. — [Source](https://www.thehindubusinessline.com/info-tech/zee-entertainment-net-profit-dips-40-to-456-crore-in-q2/article71644928.ece)
- 2026-10-30 — Mint: **Zee Entertainment Enterprises quarterly profit fell 38% as FIFA World Cup-related costs offset gains | Company Business News** — Zee Entertainment Enterprises reported a 38% decline in quarterly consolidated profit to 478 million rupees for the July-September period, driven by higher expenses related to FIFA World Cup broadcasting and expanded programming that offset gains in subscription revenue. — [Source](https://www.livemint.com/companies/news/zee-entertainment-enterprises-quarterly-profit-fell-38-as-fifa-world-cup-related-costs-offset-gains-11793365318275.html)
- 2026-10-28 — BUSINESSTODAY: **Zee Entertainment shares rise 7%, most in 20 weeks; Q2 results expectations** — Zee Entertainment Enterprises Ltd (ZEEL) shares surged 7 per cent in Wednesday's trade, the most in 20 weeks, after the media firm said its board would consider and approve financial results for the quarter ended September 30 on Friday, October 2026.As per Bloomberg data compiled by Business Today, 10 analysts expect ZEEL to report 20.34 per cent year-on-year (YoY) drop in net profit at Rs 60.94 crore for the September quarter on 8.96 per cent year-on-year (YoY) rise in net sales at Rs 2,145 crore. — [Source](https://www.businesstoday.in/markets/stocks/story/zee-entertainment-shares-rise-7-most-in-20-weeks-q2-results-expectations-564230-2026-10-28)
- 2026-10-26 — The Hindu: **Zee onboards veteran Komal Nahta as Creative Director to streamline Studios and Movies acquisition verticals** — Z onboards veteran Komal Nahta as Creative Director to streamline Studios and Movies acquisition verticals — [Source](https://www.thehindubusinessline.com/info-tech/zee-onboards-veteran-komal-nahta-as-creative-director-to-streamline-studios-and-movies-acquisition-verticals/article71627450.ece)
- 2026-10-22 — MONEYCONTROL: **Zee Entertainment Enterprises Q3 PAT may dip 0.6% YoY to Rs. 76 cr: ICICI Securities** — Zee Entertainment Enterprises Q3 PAT may dip 0.6% YoY to Rs. — [Source](https://www.moneycontrol.com/news/business/zee-entertainment-enterprises-q3-pat-may-dip-0-6-yoy-to-rs-76-cr-icici-securities-14057635.html)
- 2026-10-21 — Economic Times: **Zee Studios appoints Suraj Singh as business head** — Zee Entertainment Enterprises Ltd. has appointed Suraj Singh to be the business head of Zee Studios. His tenure will commence on November 10, 2026, based in Mumbai. Singh's role will involve overseeing production, distribution, and expanding strategic partnerships for the studio. He brings over twenty years of experience in film production and business strategy from various significant companies. — [Source](https://economictimes.indiatimes.com/industry/media/entertainment/media/zee-studios-appoints-suraj-singh-as-business-head/articleshow/135087136.cms)
- 2026-10-13 — Economic Times: **Late kick-offs drag FIFA World Cup 2026 TV ad volumes down 14% in India** — The FIFA World Cup 2026 saw a significant drop in linear TV advertising in India, with unfavorable match timings and a paywall on ZEE5 impacting viewership. Connected TV, however, emerged as a winner, attracting a wider range of advertisers and brands due to its ability to target affluent, urban football fans. This shift highlights changing digital consumption habits among the sport's growing audience in India. — [Source](https://economictimes.indiatimes.com/industry/services/advertising/late-kick-offs-drag-fifa-world-cup-2026-tv-ad-volumes-down-14-in-india/articleshow/132163564.cms)
- 2026-10-12 — Mint: **Zee Entertainment shares extend gains for second session, rises 7% today | Check stock performance** — Zee Entertainment shares opened at ₹70.20 per share today, as compared to previous close of ₹69.97 on Friday last week and touched an intraday high of ₹74.90 on 12 October. — [Source](https://www.livemint.com/market/stock-market-news/zee-entertainment-shares-extend-gains-for-second-session-rises-7-today-check-stock-performance-11791784649873.html)
- 2026-10-08 — FILMIBEAT.COM: **Humari Radha TWIST: Radha Forced To Leave Gary’s Home As He Asks Her To Walk Away In Anmol TV Show** — Humari Radha TWIST: Radha Forced To Leave Gary’s Home As He Asks Her To Walk Away In Anmol TV Show — [Source](https://www.filmibeat.com/television/news/2026/humari-radha-twist-radha-forced-to-leave-gary-s-home-as-he-asks-her-to-walk-away-in-anmol-tv-show-533837.html)
- 2026-10-01 — Economic Times: **Broadcast industry seeks TRAI NTO impact review as media landscape shifts** — Industry executives are calling for TRAI to reassess the New Tariff Order's impact on media regulations. They emphasize the need for lighter, principles-based regulations in response to the shift towards digital platforms. The television industry has seen improved revenues, yet there is a noted migration of viewers to OTT services. Regulators are encouraged to provide flexibility for companies to innovate product offerings. — [Source](https://economictimes.indiatimes.com/industry/media/entertainment/broadcast-industry-calls-for-trai-to-review-nto-impact-amid-rapid-media-evolution/articleshow/134610216.cms)
- 2026-09-29 — Mint: **Mind the gap: long delays between seasons are churning Indian streaming viewers | Mint** — Delays in Indian streaming shows result in diminished audience recall and lower renewal rates. While commitment to quality can retain loyal viewers, the industry struggles with production timelines and economic pressures, causing a need for focused and effective content strategies. — [Source](https://www.livemint.com/industry/media/ott-web-series-india-season-2-renewals-long-gaps-11790582789976.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)
- 2026-09-25 — Mint: **Zee alleges JioStar violated Delhi High Court order on expired music rights | Mint** — Following an expired licensing deal on 31 October 2025, Zee has filed a non-compliance plea against JioStar, claiming the broadcaster continues to stream its music without authorization. — [Source](https://www.livemint.com/industry/media/zee-jiostar-copyright-dispute-delhi-high-court-11790325735757.html)
- 2026-09-24 — CNBC-TV18: **PB Fintech share price is down 30%, but here are seven other stocks that had worse days in the past** — Shares of PB Fintech are down 28% on Thursday, September 24, marking their biggest single-day fall on record. The stock had gone public in 2021 and has wiped out over ₹30,000 crore in market capitalization and slumped to a 52-week low. However, this is not the first instance that a stock in India has seen such a sharp intraday fall. Others have had it far worse. Here's a look back at the 10 biggest intraday falls seen by stocks in India. — [Source](https://www.cnbctv18.com/photos/market/pb-fintech-share-price-crash-stocks-with-biggest-intraday-fall-zee-adani-dhfl-indiabulls-yes-bank-iex-share-price-19997542.htm)

## Business profile

**Strategic vision:** Global media and entertainment company producing and distributing content.

### Business segments
- **Broadcasting Services:** ZEEL provides broadcasting services through traditional channels, reaching audiences via cable and DTH operations.
- **Content Production and Distribution:** The company produces, markets, and distributes a wide array of content including films, serials, and game shows.

### Competitive strengths
- Diverse content portfolio across multiple genres and languages.
- Global reach through traditional broadcast and digital platforms.

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## Freshness and sources

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

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