Media and Entertainment

Saregama India (SIL) reported a muted Q2FY26 revenue (down 5% YoY), in line with our estimate. Music (licensing + artist management) grew 12% YoY. H2 shall be strong for the Music business, but management now expects

PVR INOX posted a strong Q2FY26 with revenue (up 12% YoY) and EBITDA (up 28% YoY) marginally beating our estimates. Notably, it turned in a net profit of INR1.1bn after two loss-making quarters. Footfall of 44.5mn marks

Zee Entertainment (ZEEL) posted weak Q2FY26 results. Revenue inched down 1.6%, in-line with our estimate. EBITDA plunged 51% YoY, ahead of our/below consensus estimates. EBITDA decreased due to 42% YoY/23% YoY rise in ad

PVR INOX is likely to report the best results among media companies followed by the decent performance in Q1FY26 as well. We forecast PVR INOX’s revenue/EBITDA shall increase 10% YoY/24% YoY (up 24%/58% in Q1FY26) driven

We recently met with Mr Vikram Mehra, MD of Saregama India (SIL). Key insights: i) SIL to invest ~INR7bn in new music content over the next two years targeting a 25–30% share in incremental music content. ii) Investments

Sun TV (Sun) reported a weak performance in Q1FY26. Revenue of INR12.9bn (down 1.7% YoY) is in line with our estimate. EBITDA of INR6.2bn (down 13.8% YoY) beat our estimate. Advertising and Broadcasting revenue decreased

PVR INOX posted a strong Q1FY26 with revenue (up 24% YoY) and EBITDA (up 58% YoY) coming in line with our estimates. Box office (BO) revenue increased 23% YoY. Ad revenue grew 17% YoY, marking its highest-ever Q1 quarter

Saregama India (SIL) posted Q1FY26 revenue of INR2.1bn (flat YoY) and EBITDA of INR553mn (up 7.4% YoY) below consensus estimates. Music Licensing and Artist Management expanded 12% YoY (flat in Q4FY25). Video business

Saregama India (SIL) reported Q1FY26 revenue of INR2.1bn (flat YoY), below consensus estimates. EBITDA of INR553mn (up 7.4% YoY) came 19% below consensus estimate. Music Licensing and Artist Management grew 12% YoY (flat

Zee Entertainment (ZEEL) posted a weak Q1FY26 with revenue/EBITDA declining 14.3%/11.7% on a YoY basis—below our and Street’s estimates. Subscription revenue remained flat YoY on a high base (8.8% growth in Q1FY25). Ad

Media companies are likely to report a mixed performance in Q1FY26E. We reckon PVR INOX shall post a good recovery with revenue/EBITDA likely to surge 21% YoY/57% YoY (-0.5%/1.7% in Q4FY25). We forecast ATP and SPH shall

We retain ‘BUY’ on Zee with a TP of INR178 due to following reasons.

Sun TV (Sun) reported Q4FY25 with revenue of INR9.4bn (down 2.2% YoY) and EBITDA of INR4.3bn (down 18% YoY), below our estimates. PAT decreased 10.4% YoY to INR3.7bn. Gross margin of 76% contracted 426bp YoY/increased

Saregama India (SIL) reported Q4FY25 revenue (down 8.5% YoY), below our estimate. EBITDA at INR803mn (up 14.7%) was 10% above our estimate. Music Licensing and Artist Management revenue remained flat YoY. Video business

Saregama India (SIL) reported Q4FY25 revenue of INR2.4bn (down 8.5% YoY), below our and consensus estimates. EBITDA of INR803mn (up 14.7%) was 10% above our and consensus estimates. Music Licensing and Artist management

PVR INOX posted Q4FY25 revenue (flat YoY) and EBITDA (up 1.7% YoY), slightly above our estimates and reported a loss of INR1.3bn. Box office revenue inched up 3.5% YoY. F&B/ad revenue dipped 7.8%/7.9% YoY. ATP/SPH came

Zee Entertainment (ZEEL) posted strong Q4FY25 results with revenue remaining flat YoY and EBITDA rising 41.7% YoY ahead of our/Street’s estimate. Subscription revenue rose 3.9% YoY, but Ad revenues fell ~25% YoY due to a

Media companies are likely to report a muted Q4FY25. We reckon PVR INOX’s revenue shall decline 2% YoY/28% QoQ due to weaker footfalls (down 5% YoY/17% QoQ to 31mn due to a washout-March and lower market share in south).

After a weak CY24, CY25 has started on an exciting note—an impressive start to CY25 as Chhaava scripts a 39% YoY jump in box office collection in Jan-Feb to INR22.64bn. Feb-25 has been the highest-grossing February

Promoters of Zee Entertainment (ZEEL) have bought ~2.7mn shares worth ~INR270mn through the open market. Promoter’s stake has moved to 4.28% (earlier 3.99%). The quantum of this acquisition shows belief in the long-term