Saregama India Ltd Q2FY26 – From Gramophones to Reels: India’s Oldest Label Is Now Streaming Its Way Through a Billion Plays
1. At a Glance
Picture this — a 123-year-old music company that once sold gramophone records now earns billions from YouTube Shorts and Spotify streams. That’s Saregama India Ltd for you — the OG of Indian music IP, reincarnated for the Instagram generation.
At ₹452 per share, the company flaunts a market cap of ₹8,733 crore, while trading at a P/E of 43.8. Its FY25 TTM revenue stands at ₹1,161 crore with PAT of ₹199 crore, clocking a solid net profit margin of 16.3%. Debt? Barely ₹3 crore — basically lunch money. With a dividend yield of 0.99% and ROCE of 17.2%, it’s clear that this veteran hasn’t lost its rhythm.
In Q2FY26, the company reported Revenue of ₹2,300 million, PBT of ₹601 million, and PAT of ₹438 million. Yes, figures in ₹ million — that’s ₹230 crore in revenue and ₹43.8 crore in profit. Alongside, it declared an interim dividend of ₹4.50 per share (450% payout), because why not flex when your old songs still pay the bills?
Over 50% of all Indian recorded music lives in Saregama’s archives — from Kishore’s velvet vocals to Badshah’s auto-tune anthems. The real magic? Half of its FY24 music licensing revenue came from songs released after 2000. Saregama has gone from nostalgia to new-age pop faster than your dad switched from cassettes to Carvaan.
2. Introduction
Saregama isn’t just India’s oldest music label — it’s the comeback story no Bollywood writer could’ve scripted better. Born in 1902 as The Gramophone Company of India, renamed to HMV, and then reinvented as Saregama, this company has lived through vinyl, cassettes, CDs, piracy, and streaming revolutions. And somehow, it’s trending again — not just for Lata Mangeshkar classics but also for Haryanvi beats and influencer collabs.
In a market obsessed with “new-age startups,” Saregama is proof that old is gold — literally. It’s the kind of stock your grandfather would’ve bought for the songs, your father for Carvaan, and your Gen Z cousin for meme songs on Instagram.
The company has mastered the art of IP monetization. Think of it like this: every time a wedding DJ plays “Kabira,” or a YouTuber adds “Chura Liya Hai” to their vlog, Saregama earns its cha-ching moment. The music library now spans over 150,000 tracks across 23+ languages, partnered with 65+ music licensing platforms, 30+ streaming platforms, and 20+ broadcasters.
And if that wasn’t enough, it has turned into a full-fledged content ecosystem — music, films, digital shows, events, and influencer management. Basically, Saregama is India’s Disney — just with better soundtracks and fewer lawsuits.
3. Business Model – WTF Do They Even Do?
If you think Saregama is just an old-school music label, you’re still stuck in the radio era. This company is now a multi-channel content beast:
(a) Music Licensing and Artist Management (77% of FY24 revenue): The bread and butter. Saregama licenses its music library to OTTs, YouTube, Instagram, and TV broadcasters. It doesn’t need to produce songs every time — it earns each time someone else uses its IP. Talk about royalties on autopilot!
They’ve also expanded into artist management, now handling over 150+ influencers with a combined 100+ million followers. Basically, they own both the old melodies and the new memes.
(b) Music Retailing (Carvaan): Remember the retro-looking radio with preloaded songs your dad bought in lockdown? That’s the Saregama Carvaan. In FY24, it sold 6.9 lakh units versus 4 lakh in FY22, showing that nostalgia sells — even when streaming is free.
(c) Video Content (Films, Web Series, TV): Under its Yoodlee Films and Dice Media banners, Saregama is producing films and OTT content. It now owns 75+ film IPs and 45+ digital series, with over 6,000 hours of TV content exclusive to Sun TV.
(d) Events: The company even hosts live concerts — 33 live stages in FY24 with over 80,000 attendees, because apparently, people still like watching live singers instead of Spotify playlists.
(e) Digital Expansion: Their YouTube empire has crossed 112 million subscribers (up from 64 million in FY22), and their total social media following is a staggering 262 million+. For context, that’s more than the combined followers of Netflix India and T-Series Shorts.
So, what do they really do? Everything. They’ve monetized nostalgia, new music, memes, and millennials — all at once.
4. Financials Overview
Metric
Latest Qtr (Q2FY26)
YoY Qtr (Q2FY25)
Prev Qtr (Q1FY26)
YoY %
QoQ %
Revenue
2,300
2,420
2,070
-4.9%
11.1%
EBITDA
690
610
550
13.1%
25.5%
PAT
438
450
370
-2.6%
18.4%
EPS (₹)
2.27
2.33
1.91
-2.6%
18.8%
(Figures in ₹ million, EPS based on 19.3 crore shares)
Commentary: Saregama’s numbers still sing in tune. Revenue dipped slightly YoY, but
