Saregama India Ltd logo

Saregama India Ltd

SAREGAMA NSE

Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1] Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. [2]

AI Verdict: HOLD Confidence: 5%

Saregama India trades at a premium PE of 43.3x with modest ROE of 13% and a TTM sales decline of -16%, making the current valuation hard to justify despite its debt-free balance sheet and strong long-term compounding history (10-year profit CAGR of 35%). The stock needs to demonstrate revenue recovery before re-rating higher.

Key Fundamentals

MicrocapMedia & EntertainmentMedia
Market Cap
₹9,018 Cr
Volatility
Moderate
P/E Ratio
44.76
EBITDA
₹328 Cr
Return on Equity
13.42%
Debt to Equity
0
Book Value
₹82.04
EPS
₹9.9
52W High
₹520
52W Low
₹307.05

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 41.1%

Weaknesses

1
  • Company has a low return on equity of 12.9% over last 3 years.

Growth Rate

Revenue Growth
-19.91% ↘
Net Income Growth
4.58% ↘
Cash Flow Change
255.17% ↗
ROE
-4.10% ↘
ROCE
6.53% ↘
EBITDA Margin (Avg.)
17.21% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 20d ago
HOLD
Risk medium

Saregama India trades at a premium PE of 43.3x with modest ROE of 13% and a TTM sales decline of -16%, making the current valuation hard to justify despite its debt-free balance sheet and strong long-term compounding history (10-year profit CAGR of 35%). The stock needs to demonstrate revenue recovery before re-rating higher.

Bull Case 8
  • Company is almost debt free, providing financial flexibility and low balance sheet risk in a capital-light content business
  • Exceptional long-term wealth creation with 10-year stock CAGR of 33%, demonstrating sustained compounding ability
  • Strong 10-year compounded profit growth of 35% CAGR reflects structural earnings power from music catalogue monetization
  • 75% of analysts (3 out of 4) rate the stock a BUY, with zero SELL ratings, indicating consensus confidence in medium-term outlook
  • 5-year compounded sales growth of 17% shows the business has scaled meaningfully over a medium-term horizon
  • Consistent ROE of 13% across 1-year, 3-year, 5-year and 10-year periods demonstrates stable return generation without volatility
  • 5-year compounded profit growth of 14% supports the thesis that earnings are structurally growing above GDP rates
  • Price-to-book of 5.65x is reasonable for an asset-light content IP company with perpetual royalty streams
Bear Case 8
  • TTM sales declined -16% year-over-year, signaling near-term revenue headwinds possibly from lumpy licensing or film segment weakness
  • PE ratio of 43.3x is expensive relative to the modest 12% TTM profit growth, implying a PEG ratio above 3.5x
  • Stock has declined -19% over the past 1 year, indicating loss of market confidence and negative momentum
  • ROE of only 12.9-13% over 3 years is below the 15%+ threshold typically expected for a stock trading above 40x earnings
  • 3-year compounded profit growth has slowed to just 5% CAGR, a sharp deceleration from the 10-year rate of 35%
  • Dividend yield of only 0.97% offers minimal income cushion while waiting for capital appreciation in a declining stock
  • 3-year stock CAGR of 16% has moderated significantly from the 10-year CAGR of 33%, suggesting the high-growth phase may be behind
  • Market cap of Rs 8,822 crore leaves limited room for re-rating unless revenue growth reaccelerates meaningfully above 15%

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 20d ago
Positives 1
  • Strong FY26 audited results May 14

    Board approved FY26 consolidated results showing revenue from operations at ₹98,462 lakhs and profit for the year at ₹20,621 lakhs.

Neutral 3
  • Investor conference attendance May 27 May 20

    Saregama will participate in the 360 ONE Capital Annual Investor Conference on May 27, 2026 in Mumbai.

  • Q4FY26 conference call available May 15

    Audio recording of the Q4FY26 Earnings Conference Call held on May 14, 2026 has been made available on the company's website.

  • IEPF share transfer notice issued May 13

    Unclaimed dividends for FY 2018-19 and corresponding shares will be transferred to IEPF on August 17, 2026.

TL;DR: Saregama reported solid FY26 audited financials with ₹98,462 lakhs in consolidated revenue and ₹20,621 lakhs in profit, signalling steady earnings. No material headwinds emerged in recent newsflow. The company is engaging investors through conferences and earnings calls, suggesting management confidence. Outlook appears stable with no visible deterioration in fundamentals.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
204
163
172
204
263
205
242
483
241
207
230
260
287
Expenses
154
113
111
139
193
154
181
399
160
151
161
169
166
Operating Profit
49
50
61
66
70
51
61
84
80
55
69
92
121
OPM %
24%
31%
35%
32%
27%
25%
25%
17%
33%
27%
30%
35%
42%
Other Income
17
18
13
15
18
12
13
16
23
14
11
0
8
Interest
2
1
0
1
0
0
0
0
5
1
1
1
2
Depreciation
6
7
8
9
12
13
14
15
17
17
19
21
24
PBT
58
59
66
70
76
51
59
84
82
51
60
70
103
Tax %
25%
27%
27%
25%
29%
27%
24%
26%
27%
28%
27%
26%
28%
Net Profit
44
43
48
52
54
37
45
62
60
37
44
51
74
EPS in Rs
2.27
2.26
2.49
2.71
2.79
1.91
2.33
3.23
3.12
1.9
2.27
2.66
3.91
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
187
222
218
357
545
521
442
576
737
803
1,171
985
Expenses
184
209
209
320
507
461
312
377
516
554
894
648
Operating Profit
2
13
9
36
38
60
130
199
221
249
277
337
OPM %
1%
6%
4%
10%
7%
12%
29%
35%
30%
31%
24%
34%
Other Income
11
2
13
10
56
11
31
23
54
61
63
34
Interest
1
0
2
3
7
7
3
5
6
3
6
5
Depreciation
6
5
4
4
3
5
6
13
21
36
58
82
PBT
6
9
16
39
85
60
152
204
248
271
276
284
Tax %
-5%
25%
46%
27%
36%
28%
25%
25%
25%
27%
26%
27%
Net Profit
6
7
9
28
54
44
113
153
185
198
204
206
EPS in Rs
0.39
0.39
0.48
1.64
3.11
2.53
6.47
7.91
9.61
10.25
10.59
10.74
Div. Payout %
39%
38%
31%
18%
10%
6%
31%
38%
31%
39%
42%
42%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
17
17
17
17
17
17
17
19
19
19
19
19
Reserves
150
157
322
364
411
381
488
1,358
1,323
1,450
1,564
1,673
Borrowings
8
4
3
16
64
10
1
1
1
5
3
73
Other Liabilities
72
89
137
181
217
211
277
309
361
559
509
557
Total Liabilities
247
267
480
578
709
620
784
1,688
1,704
2,034
2,095
2,322
Fixed Assets
84
85
199
197
215
219
226
278
338
742
835
1,031
CWIP
0
0
0
0
0
0
2
2
4
6
0
0
Investments
40
40
132
151
148
75
137
676
239
118
111
379
Other Assets
124
143
149
230
345
325
420
732
1,124
1,168
1,149
912
Total Assets
247
267
480
578
709
620
784
1,688
1,704
2,034
2,095
2,322
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3
32
-4
-19
-36
79
190
94
93
93
331
100
Investing
-1
-4
0
0
-6
-5
-136
-630
-154
32
-220
-113
Financing
-6
-8
-3
9
38
-72
-49
677
-75
-85
-99
-31
Net Cash Flow
-4
20
-7
-10
-4
2
4
142
-136
40
12
-45
Free Cash Flow
0
25
-6
-22
-48
71
168
22
-10
1
170
-114
CFO/OP
499
336
83
-24
-61
168
156
76
73
58
149
49
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
106
76
87
75
74
76
72
68
73
72
45
66
Inventory Days
—
—
—
—
—
—
1,030
270
266
376
161
—
Days Payable
—
—
—
—
—
—
838
165
114
147
86
—
Cash Conversion Cycle
106
76
87
75
74
76
264
173
226
302
120
66
Working Capital Days
62
17
55
61
77
98
35
83
98
121
40
86
ROCE %
4%
11%
7%
11%
20%
15%
34%
23%
19%
18%
17%
18%

Shareholding Pattern

As of Mar 2026
Promoters 60.84%
Public 13.40%
FIIs 12.18%
DIIs 7.11%
Others 6.47%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Nov 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
59.05%
59.05%
63.77%
57.65%
57.65%
57.65%
58.49%
58.49%
58.49%
58.49%
58.83%
59.09%
59.09%
59.09%
59.22%
59.38%
59.50%
59.65%
59.65%
59.65%
60.39%
60.84%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
17.12%
0.00%
16.05%
17.22%
17.29%
15.70%
16.45%
16.68%
16.82%
14.19%
12.18%
DIIs
4.33%
3.74%
2.84%
3.57%
3.65%
3.09%
0.23%
0.48%
2.65%
2.44%
2.28%
2.39%
0.96%
2.59%
3.23%
4.01%
4.68%
4.63%
5.22%
5.16%
5.05%
7.11%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
16.01%
16.22%
16.20%
14.43%
15.02%
15.34%
14.71%
13.14%
12.72%
12.65%
13.07%
13.51%
14.08%
13.67%
12.66%
12.40%
13.24%
12.42%
11.87%
11.83%
13.57%
13.40%
Others
20.61%
20.99%
17.19%
24.35%
23.68%
23.92%
26.58%
27.89%
26.13%
26.43%
25.81%
7.90%
25.87%
8.61%
7.68%
6.91%
6.89%
6.85%
6.58%
6.54%
6.79%
6.47%
No. of Shareholders
19,964
30,143
38,663
39,052
41,036
45,331
60,753
63,530
63,536
64,671
69,381
72,903
77,338
72,433
62,698
65,629
73,232
72,846
70,281
71,427
72,872
68,640

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - Nov 2018 Nov 2018
3
Concall - Nov 2018 Nov 2018
4
Concall - Aug 2019 Aug 2019
5
Concall - Jan 2020 Jan 2020

Frequently Asked Questions about Saregama India Ltd

What does Saregama India Ltd do?
Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1] Since 2017, Saregama has been making headlines again owing to the l...
Where is Saregama India Ltd (SAREGAMA) listed?
Saregama India Ltd is listed on the Indian stock exchanges. It is listed on NSE: SAREGAMA and BSE: 532163. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Saregama India Ltd belong to?
Saregama India Ltd operates in the Consumer Discretionary sector within the Entertainment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Saregama India Ltd?
Saregama India Ltd has a market capitalisation of approximately ₹9017.70 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Saregama India Ltd?
The Price-to-Earnings (PE) ratio of Saregama India Ltd is 44.76. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Saregama India Ltd?
Over the past 52 weeks, Saregama India Ltd has traded between a low of ₹307.05 and a high of ₹520. This range helps investors understand the stock's price volatility and recent trading levels.
Does Saregama India Ltd pay dividends?
Yes, Saregama India Ltd has a dividend yield of 0.96%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Saregama India Ltd?
Saregama India Ltd has a Return on Equity (ROE) of 13.42%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Saregama India Ltd on Tapetide?
On Tapetide, you can view Saregama India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1] Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. [2]

Website saregama.com
CEO Mr. Vikram Mehra
Employees 277
Listed 1997-07-30
Face Value ₹ 1
Issued Size 19,28,09,490

Explore More

More in Consumer Discretionary → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List