1. Opening Hook
Just when Bollywood thought the box office drama was enough, Shemaroo decided to stage its own balance sheet thriller. 🎬
Revenue dipped, losses widened, and inventory kept vanishing faster than a cameo in a Rohit Shetty climax. But wait — management insists this is a “cleansing arc,” not a collapse. Apparently, the villain isn’t weak demand alone; it’s accounting adjustments, free-dish chaos, FMCG stinginess, and some very enthusiastic inventory write-offs.
Digital is flexing, traditional TV is sulking, and debt has quietly crept up to ₹310 crores. Yet, the company says FY27 will look “completely different.” Bold claim.
So is this the interval before a comeback blockbuster? Or just another sequel nobody asked for?
Read on. The plot thickens. 🍿
2. At a Glance
- Revenue ₹161 Cr (↓2% YoY) – Growth took a tea break.
- 9M Revenue ₹444 Cr (↓8% YoY) – The slowdown brought friends.
- EBITDA Loss ₹67 Cr – Even the background dancers lost energy.
- Net Loss ₹55 Cr – Profits ghosted the party again.
- Digital Revenue ₹81 Cr (↑14% YoY) – YouTube said, “Main hoon na.”
- Traditional Revenue ₹80 Cr (↓14% YoY) – Free Dish wars hit hard.
- Inventory ₹417 Cr (from ₹727 Cr two years ago) – The great Bollywood purge continues.
- Debt ₹310 Cr – Working capital needs its own scriptwriter now.
3. Management’s Key Commentary
“Revenue from operations stood at INR 161 crores, declining 2% year-on-year.”
(Translation: Not a disaster, but definitely not a celebration either.)
“The company reported an EBITDA loss of INR 67 crores.”
(Operationally bruised, but hey — it’s ‘strategic,’ right? 😏)
“Expenses towards new initiatives amounted to INR 34 crores this quarter.”
(Investing through losses — confidence or compulsion?)
“Digital media revenues grew 14% year-on-year.”
(The only child bringing home report cards worth framing.)
“Traditional businesses continue to witness pressure.”
(TV isn’t dead, but it’s definitely coughing.)
“The entry of big four broadcasters in Free Dish created uncertainty.”
(Translation: Big boys walked in, party vibes changed instantly.)
“Inventory charge-offs are purely accounting adjustments and do not affect monetization.”
(Accounting says sad. Cash flow says chill. Choose your fighter. 😅)
“We expect the charge-off exercise to end by this financial year.”
(One more quarter of pain, then supposedly sunlight.)
“Digital will continue to grow; traditional will remain under pressure.”
(Management has read the industry memo.)
“Large part of next year’s cash flow will go toward debt repayment.”
(Debt isn’t panic-level, but it’s definitely on the to-do list.)
Overall tone: bruised but not broken. Optimistic — cautiously, repeatedly, carefully optimistic.
4. Numbers Decoded
Metric Q3FY26 YoY Change
---------------------------------------------------------
Revenue ₹161 Cr -2%
EBITDA -₹67 Cr Loss widened
Net Profit -₹55 Cr Negative
Digital Revenue ₹81 Cr +14%
Traditional Revenue ₹80 Cr -14%
Inventory ₹417 Cr ↓ from ₹727 Cr (FY24)
Debt ₹310 Cr ↑
