1. Opening Hook
So, while Bollywood debated box office numbers and FMCG advertisers tightened purse strings, Zee decided to quietly clean its house. No dramatic comeback trailer, no chest-thumping guidance—just a steady attempt to look disciplined again.
Q3 FY26 wasn’t about blockbuster growth; it was about survival with dignity. Linear TV refused to die (again), digital finally stopped burning cash, and costs—well—were managed, not conquered.
Management sounded calmer, numbers looked less scary, and the balance sheet whispered, “I’ll be fine… for now.”
If you came looking for fireworks, you won’t find them here.
If you came looking for signs of a turnaround hiding in plain sight—keep reading.
It gets interesting once you look past the glossy slides. 😏
2. At a Glance
- Revenue up 15% YoY: Subscription and “Other Income” did the heavy lifting, ads stayed grumpy.
- EBITDA margin at 10.5%: Respectable, considering advertising ghosted the party.
- Digital EBITDA positive: ZEE5 finally stopped setting cash on fire. 🔥
- TV network share up 60 bps: Linear TV refuses to attend its own funeral.
- Cash at ₹21.8 bn: Balance sheet still flexing quietly.
3. Management’s Key Commentary
“We delivered
positive EBITDA in the digital business in Q3.”
(Translation: After years of losses, ZEE5 finally learned basic arithmetic.) 😏
“Effective cost management drove profitability.”
(Translation: We spent less because we had no choice.)
“Advertising environment remains soft.”
(Translation: FMCG brands went on a long coffee break.)
“We released 39 shows and movies during the quarter.”
(Translation: Content spending continues, but now with a spreadsheet.)
“Network share gains across Hindi and regional markets.”
(Translation: Viewers still watch TV, shockingly.)
“We maintain a strong liquidity position.”
(Translation: Cash cushion still doing the real heavy lifting.)
4. Numbers Decoded
Metric Q3 FY26 What It Really Means
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Operating Revenue ₹22.8 bn Growth, but not ad-led
EBITDA ₹2.4 bn Margin recovery attempt
EBITDA Margin 10.5% Better, not brilliant
PAT ₹1.55