Saregama Q1 FY27: consolidated PAT up 42% YoY to Rs 51.9 Cr on 27.5% revenue growth
Saregama's consolidated Q1 FY27 (quarter ended 30 June 2026) revenue rose 27.5% YoY to Rs 263.6 Cr from Rs 206.8 Cr, and consolidated PAT climbed 42.1% YoY to Rs 51.9 Cr from Rs 36.5 Cr, with basic EPS at Rs 2.69 versus Rs 1.90 a year ago. Sequentially both lines fell — revenue down 8.3% and PAT down 30.0% versus Q4 FY26's Rs 287.4 Cr revenue and Rs 74.1 Cr PAT — but that base included a Rs 9.87 Cr provision write-back that flattered Q4 profit, so the QoQ drop overstates any underlying weakness. No exceptional items were booked in either Q1 FY27 or the year-ago quarter, so the YoY growth — the more meaningful read for this seasonally lumpy content business — is on a clean like-for-like basis.
Consolidated net profit margin expanded to 19.7% from 16.5% a year ago, even as it compressed from Q4 FY26's 25.0% (again largely the write-back effect in the base). Growth was broad-based: Artist Management revenue more than doubled YoY to Rs 46.0 Cr with segment profit up nearly 3x to Rs 4.8 Cr, and Events swung from a Rs 2.8 Cr segment loss to near breakeven. Music, still ~70% of revenue at Rs 184.6 Cr (+28.8% YoY), remained the core earnings engine with a Rs 94.9 Cr segment result (51.4% segment margin). The soft spot was Video, where revenue fell 52.4% YoY to Rs 17.0 Cr, though the segment loss narrowed to Rs 4.3 Cr from Rs 6.5 Cr a year ago. Standalone (parent-only) figures grew more slowly than the group — revenue +17.4% YoY to Rs 208.3 Cr, PAT +30.8% YoY to Rs 52.6 Cr — a genuine >10-point divergence from consolidated growth, reflecting that Pocket Aces/digital and Artist Management subsidiaries outside the standalone book are growing faster than the parent.
Combined, the Music and Artist Management verticals that management bundles under its 20-23% medium-term revenue CAGR guidance grew 38.9% YoY this quarter, running ahead of that range, though one quarter isn't a clean read on a multi-year CAGR target. The FY27 content-budget guidance of Rs 300-350 Cr implies a quarterly pace of roughly Rs 75-88 Cr; this quarter's consolidated operating-cost line (which includes content and production spend) came in at Rs 81.4 Cr, broadly consistent with that pace. We found no specific Street consensus published for this quarter, so the print cannot be graded against a formal estimate; no separate management press release was available for this filing beyond the board outcome letter and results statement. Quarter developments included Abhishek Kapoor's appointment as CFO (24 June 2026) and, just after quarter-end, a stake increase in Pocket Aces Pictures from 90.93% to 95.76% (24 July 2026) plus incorporation of a new Dubai subsidiary for performing arts and music festivals (17 July 2026) — both continuing the non-Music diversification the prior guidance flagged. The board also booked a Rs 12.6 Cr land revaluation gain through other comprehensive income, outside reported PAT.
