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Saregama India Limited
(SAREGAMA)
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Rating:72Outperform
Price Target:
₹578.00
▲(16.41% Upside)
Action:Reiterated
Date:08/10/26
The score is driven primarily by strong margins and an exceptionally low-leverage balance sheet, partially offset by inconsistent cash-flow conversion and uneven free cash flow. Technically, the stock is in an uptrend with healthy (not overextended) momentum, while the high P/E meaningfully tempers the overall rating despite a moderate dividend yield.
Positive Factors
High Profitability / Margins
Saregama's sustained high gross, EBITDA and net margins reflect durable pricing power from low-cost IP monetization and licensing. These margins provide structural earnings resilience, supporting reinvestment in catalog and product lines even if top-line growth fluctuates.
Negative Factors
Weak Cash Conversion
Despite strong accounting profits, inconsistent conversion of earnings to cash limits the company's ability to reliably fund catalog investments, consistent dividends, or larger strategic deals. Working-capital swings reduce predictability of funding for growth initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability / Margins
Saregama's sustained high gross, EBITDA and net margins reflect durable pricing power from low-cost IP monetization and licensing. These margins provide structural earnings resilience, supporting reinvestment in catalog and product lines even if top-line growth fluctuates.
Read all positive factors
Saregama India Limited (SAREGAMA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹94.79B
Dividend Yield1.78%
Average Volume (3M)18.36K
Price to Earnings (P/E)44.0
Beta (1Y)0.27
Revenue Growth-11.20%
EPS Growth8.89%
CountryIN
Employees332
SectorGeneral
Sector StrengthN/A
IndustryMedia & Entertainment
Share Statistics
EPS (TTM)11.50
Shares Outstanding192,809,500
10 Day Avg. Volume19,522
30 Day Avg. Volume18,360
Financial Highlights & Ratios
PEG Ratio28.73
Price to Book (P/B)3.64
Price to Sales (P/S)6.26
P/FCF Ratio-76.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.61
Revenue Forecast (FY)₹11.88B
Saregama India Limited Business Overview & Revenue Model
Company Description
Operating both domestically in India and across international markets, Saregama India Limited is a prominent player in the sound recording and publishing industry. Its diverse operations are structured into three distinct divisions: Music, Films/T...
How the Company Makes Money
Saregama primarily makes money by monetizing intellectual property (IP) rights in music and related content across multiple channels. (1) Music licensing and exploitation: The company earns recurring revenue by licensing its owned/controlled music...
Saregama India Limited Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.41B | 9.85B | 11.71B | 8.03B | 7.37B | 5.76B |
| Gross Profit | 6.33B | 4.76B | 4.52B | 4.73B | 4.13B | 3.57B |
| EBITDA | 3.98B | 3.71B | 2.77B | 3.10B | 2.70B | 2.30B |
| Net Income | 2.21B | 2.07B | 2.04B | 1.98B | 1.85B | 1.53B |
Balance Sheet | ||||||
| Total Assets | 24.08B | 23.22B | 20.95B | 20.34B | 17.04B | 16.88B |
| Cash, Cash Equivalents and Short-Term Investments | 2.46B | 2.17B | 1.81B | 1.74B | 2.55B | 6.83B |
| Total Debt | 665.00M | 725.80M | 27.00M | 54.33M | 7.13M | 13.03M |
| Total Liabilities | 6.51B | 6.27B | 5.08B | 5.61B | 3.59B | 3.07B |
| Stockholders Equity | 17.55B | 16.93B | 15.83B | 14.69B | 13.42B | 13.78B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -809.30M | 1.70B | 9.71M | -183.60M | 217.12M |
| Operating Cash Flow | 3.61B | 1.33B | 3.31B | 932.45M | 848.20M | 944.25M |
| Investing Cash Flow | -2.60B | -1.49B | -2.21B | 165.94M | -1.41B | -6.30B |
| Financing Cash Flow | -839.20M | -288.20M | -987.30M | -848.64M | -756.00M | 6.77B |
Saregama India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹82.89B | 39.18 | ― | 1.97% | 21.28% | 27.15% | |
72 Outperform | ₹94.79B | 44.05 | ― | 1.78% | -11.20% | 8.89% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹11.21B | -51.56 | ― | 0.35% | 0.41% | -121.99% | |
45 Neutral | ₹756.76M | -0.63 | ― | 0.78% | -31.13% | -126.35% | |
37 Underperform | ₹3.36B | -1.77 | ― | 0.65% | -14.17% | -55.75% | |
37 Underperform | ₹1.48B | -2.75 | ― | 0.95% | -29.39% | -47.54% |
* General Sector Average
IN:SAREGAMA
Saregama India Limited
507.05
39.13
8.36%
IN:BALAJITELE
Balaji Telefilms Limited
91.49
-35.51
-27.96%
IN:EROSMEDIA
Eros International Media Limited
7.89
0.00
0.00%
IN:SHEMAROO
Shemaroo Entertainment Ltd.
116.30
4.65
4.16%
IN:TIPSFILMS
Tips Films Limited
319.60
-112.15
-25.98%
IN:TIPSMUSIC
Tips Music Limited
658.65
89.57
15.74%
Saregama India Limited Corporate Events
Saregama Lifts Pocket Aces Stake to 95.76%, Deepens Push Into Digital Entertainment
Jul 22, 2026
Saregama India Limited has increased its stake in its material subsidiary Pocket Aces Pictures Private Limited, a youth-focused digital entertainment company, by acquiring 35,635 equity shares representing about 4.82% of its fully diluted share ca...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.