Sanjiv Goenka-Backed Stock Jumps 15% After Highest-Ever EBITDA; DIIs Triple Their Stake

Saregama India climbed nearly 15 per cent during the session, hitting an Intraday high of Rs 396.70 before closing at Rs 384.55, a gain of 14.77 per cent on the day. To put that in context, the Nifty 50 gained about 1.18 per cent on the same day. A total of 387.3 lakh shares were traded, against a 30-day average of just 17 lakh shares.

Saregama India, part of the RP-Sanjiv Goenka Group, announced its consolidated financial results for Q4FY26 on May 14, 2026. The music segment continued to do the heavy lifting, artist management nearly doubled, the video business turned profitable again, and live events, while still loss-making at the segment level, showed improving revenue momentum.

Q4FY26 Of Saregama India: Quarter at a Glance
For the quarter ended March 31, 2026, revenue from operations came in at Rs 287.44 crore, up 19.4 per cent YoY from Rs 240.82 crore in Q4FY25. Sequentially, that was a 10.4 per cent QoQ improvement over Rs 260.38 crore in Q3FY26.

Total income for the quarter, including other income of Rs 9.15 crore, stood at Rs 296.58 crore against Rs 258.47 crore in Q4FY25, up 14.7 per cent YoY. QoQ, total income rose from Rs 267.80 crore in Q3FY26.

Profit before Tax for Q4FY26 stood at Rs 103.41 crore, compared to Rs 81.62 crore in Q4FY25, a jump of 26.7 per cent YoY. On a sequential basis, profit before tax rose 48.7 per cent QoQ from Rs 69.53 crore in Q3FY26, which was the standout movement in the quarter.

Profit after tax came in at Rs 74.14 crore, up 23.9 per cent YoY from Rs 59.86 crore in Q4FY25. QoQ, PAT grew 44.7 per cent from Rs 51.25 crore in Q3FY26.

Segment Performance Of Saregama India
Music is, and remains, the core of what Saregama does. Music revenue for Q4FY26 was Rs 200.43 crore against Rs 168.06 crore in Q4FY25, up 19.3 per cent YoY. More importantly, music segment results came in at Rs 127.98 crore versus Rs 91.44 crore in Q4FY25, up 39.9 per cent YoY. Revenue grew but profitability grew faster, which is exactly the kind of operating leverage that makes this segment so valuable to the overall business.

Artist management had a breakout quarter. Revenue jumped to Rs 42.46 crore from Rs 18.83 crore in Q4FY25, more than doubling YoY. Segment results came in at Rs 4.42 crore against Rs 1.21 crore a year ago.

The video segment brought in Rs 32.25 crore in revenue against Rs 49.16 crore in Q4FY25, a decline on the top line. But segment results turned positive at Rs 6.30 crore compared to a loss of Rs 0.36 crore in Q4FY25. Lower revenue, better profitability. That is a meaningful shift in the quality of that business.

Events brought in Rs 12.31 crore in revenue against Rs 4.77 crore in Q4FY25, growing sharply YoY. Segment results showed a loss of Rs 8.46 crore, which shows the reality of building a live events business from scratch. The costs come before the scale does.

Full Year FY26 Performance Of Saregama India
Full year revenue from operations for FY26 stood at Rs 984.62 crore against Rs 1,171.36 crore in FY25. The decline looks stark on the surface but is almost entirely explained by one thing: the events segment revenue fell from Rs 285.23 crore in FY25 to Rs 61.83 crore in FY26. Strip that out and the rest of the business, music, artist management, and video, grew well on an annual basis.

Total income for FY26 was Rs 1,026.89 crore against Rs 1,229.43 crore in FY25. Profit before tax for the full year stood at Rs 284.08 crore against Rs 276.07 crore in FY25. Profit after tax came in at Rs 206.22 crore, broadly flat against Rs 204.24 crore in FY25. Holding PAT flat while absorbing a Rs 223 crore drop in events revenue is actually a reasonable outcome.

On the segment front for the full year, music revenue was Rs 683.52 crore against Rs 624.84 crore in FY25, up 9.4 per cent annually. Music segment results grew 24.5 per cent annually to Rs 364.09 crore from Rs 292.33 crore in FY25. Artist management revenue nearly doubled on an annual basis, rising from Rs 69.31 crore in FY25 to Rs 130.87 crore in FY26.

Shareholding Pattern: Promoters And DIIs Are Increasing Stake
The shareholding data as of March 2026 tells a fairly clear story. Promoter holding has climbed steadily from 58.83 per cent in June 2023 to 60.84 per cent in March 2026. The move from 60.39 per cent in December 2025 to 60.84 per cent in March 2026 was the sharpest single-quarter increase in recent periods, and it signals that the controlling shareholder is not just holding but actively adding.

DII holding has moved even more decisively. It has risen from 2.27 per cent in June 2023 to 7.10 per cent in March 2026, more than tripling over three years. The jump from 5.04 per cent in December 2025 to 7.10 per cent in March 2026 was the biggest single-quarter increase in the observed period, showing meaningful fresh buying from domestic Mutual Funds and institutions in Q4FY26.

FII holding has gone the other way. It has fallen from 17.79 per cent in June 2023 to 12.18 per cent in March 2026, a drop of roughly 5.6 percentage points over three years. The decline from 14.18 per cent in December 2025 to 12.18 per cent in March 2026 was the steepest single-quarter reduction in the period. Whether this shows a broader reallocation away from Indian mid-caps or something more specific to Saregama is hard to say, but the domestic versus foreign investor divergence is difficult to miss.

Management Commentary
Avarna Jain, Vice Chairperson of Saregama India, described FY26 as another path-breaking year for the company, with the highest ever EBITDA driven by aggressive investment in IP and a deliberate push to diversify how that IP is monetised. She added that the company is in a strong position heading into FY27 with a balanced approach to investment and profitability.
 

About the company:
Saregama is the oldest music label company from India. The company is India’s only entertainment company with IP offerings across media channels (music, films, web series, short-format, and TV serials), delivery platforms (digital and physical), and business models (licensing, advertising, and retail). 

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Disclaimer: This article is for informational purposes only and not investment advice.