Saregama India Limited (SAREGAMA) AI Stock Analysis

• Market Cap: ₹67.98B
• Dividend Yield: 2.59%
• Average Volume (3M): 11.22K
• Price to Earnings (P/E): 33.4
• Beta (1Y): 0.78
• Revenue Growth: 26.97%
• EPS Growth: 8.03%
• Country: IN
• Employees: 332
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Entertainment
• EPS (TTM): 2.29
• Shares Outstanding: 192,809,500
• 10 Day Avg. Volume: 9,647
• 30 Day Avg. Volume: 11,219
• PEG Ratio: 14.28
• Price to Book (P/B): 6.28
• Price to Sales (P/S): 8.48
• P/FCF Ratio: 58.62
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹355.00
• Price Target Upside: -0.74% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹455.00 ▲(27.22% Upside)

Saregama India Limited's overall stock score is driven by its strong financial performance, which is the most significant factor. However, the technical analysis indicates bearish momentum, which negatively impacts the score. The valuation suggests the stock is relatively expensive, slightly offset by a modest dividend yield.

Positive Factors

Revenue Growth

Strong revenue growth indicates expanding market presence and effective monetization of content, supporting long-term business sustainability.

Cash Generation

Significant improvement in free cash flow highlights strong cash generation capabilities, enhancing financial flexibility and investment potential.

Low Leverage

Minimal leverage reduces financial risk and interest obligations, allowing more resources for growth and strategic initiatives.

Negative Factors

Valuation Concerns

High valuation may limit upside potential and make the stock vulnerable to market corrections, impacting investor sentiment.

Dividend Yield

A modest dividend yield may not attract income-focused investors, potentially limiting the stock's appeal in a competitive market.

Industry Competition

Intense competition in the entertainment industry can pressure margins and require continuous innovation to maintain market position.

Saregama India Limited Business Overview & Revenue Model

Company Description

Saregama India Limited engages in the sound recording and publishing business in India and internationally. The company operates through Music, Films/TV Serials, and Publication segments. The Music segment manufactures and sells music storage devices, such as carvaan, mini carvaan, music cards, audio compact discs, digital versatile discs, etc., as well as deals with related music rights. The Films/TV Serials segment produces, sells, telecasts, and broadcasts films, TV serials, and pre-recorded programs, as well as deals in film rights. The Publication segment publishes OPEN, a weekly current affairs magazine. The company was formerly known as Gramophone Company of India Ltd. The company was founded in 1901 and is headquartered in Mumbai, India. Saregama India Limited is a subsidiary of Composure Services Private Limited.

How the Company Makes Money

Saregama generates revenue through multiple streams, primarily from music licensing, digital streaming, and product sales. The company earns significant income from licensing its extensive music catalog to films, television shows, and advertisements. Additionally, SAREGAMA has a growing presence in the digital space, partnering with streaming platforms to provide its content, which contributes to its revenue through digital royalties. The sales of the Saregama Carvaan and other music-related products also form an essential revenue stream. Strategic partnerships with various digital platforms and collaborations with artists further enhance its earnings potential.

Saregama India Limited Financial Statement Overview

Summary

Saregama India Limited has shown strong financial performance with significant revenue growth, improved profitability margins, low leverage, and robust cash flows. The company's effective cost management and operational efficiency contribute to its solid financial health.

Income Statement

Saregama India Limited has demonstrated strong revenue growth with a notable increase of 45.9% from 2024 to 2025. The gross profit margin stands at 38.6%, showcasing effective cost management. The net profit margin improved to 17.4%, indicating enhanced profitability. EBIT and EBITDA margins are robust at 30.9% and 23.6%, respectively, underscoring operational efficiency. Overall, the company exhibits a healthy financial trajectory with solid top-line and bottom-line growth.

Balance Sheet

The balance sheet is strong with a low debt-to-equity ratio of 0.002, reflecting minimal leverage and financial risk. The return on equity (ROE) is impressive at 12.9%, indicating efficient use of shareholder funds. The equity ratio is solid at 75.6%, pointing to a stable capital structure with substantial equity backing. The company's financial position is sound, with a high level of cash and short-term investments.

Cash Flow

The cash flow statement shows a significant improvement in free cash flow, with a growth rate of 1646.4% from 2024 to 2025. The operating cash flow to net income ratio is 1.62, indicating strong cash generation relative to profits. The free cash flow to net income ratio stands at 0.83, highlighting effective cash management. Overall, cash flow exhibits positive trends with improved liquidity and operational cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.73B	11.71B	8.03B	7.37B	5.76B	4.33B
Gross Profit	4.44B	4.52B	4.73B	4.13B	3.57B	2.64B
EBITDA	3.07B	2.77B	3.10B	2.70B	2.30B	1.58B
Net Income	2.04B	2.04B	1.98B	1.85B	1.53B	1.13B
Balance Sheet
Total Assets	21.33B	20.95B	20.34B	17.04B	16.88B	7.84B
Cash, Cash Equivalents and Short-Term Investments	5.09B	1.81B	1.74B	2.55B	6.83B	1.33B
Total Debt	555.00M	27.00M	54.33M	7.13M	13.03M	11.02M
Total Liabilities	-15.87B	5.08B	5.61B	3.59B	3.07B	2.75B
Stockholders Equity	15.87B	15.83B	14.69B	13.42B	13.78B	5.06B
Cash Flow
Free Cash Flow	0.00	1.70B	9.71M	-183.60M	217.12M	1.68B
Operating Cash Flow	1.67B	3.31B	932.45M	848.20M	944.25M	1.90B
Investing Cash Flow	-2.84B	-2.21B	165.94M	-1.41B	-6.30B	-1.36B
Financing Cash Flow	-491.50M	-987.30M	-848.64M	-756.00M	6.77B	-494.80M

Saregama India Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 357.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SAREGAMA, the sentiment is Negative. The current price of 357.65 is below the 20-day moving average (MA) of 358.05, below the 50-day MA of 378.53, and below the 200-day MA of 468.90, indicating a bearish trend. The MACD of -4.22 indicates Negative momentum. The RSI at 43.77 is Neutral, neither overbought nor oversold. The STOCH value of 45.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SAREGAMA.

Saregama India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAREGAMA	63 Neutral	₹67.98B	33.39	―	2.59%	26.97%	8.03%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ZEEL	61 Neutral	₹86.37B	14.97	―	2.65%	-4.67%	43.27%
BALAJITELE	59 Neutral	₹12.75B	15.13	―	―	-50.42%	2921.37%
SHEMAROO	51 Neutral	₹2.86B	-2.18	―	―	-2.93%	-50.62%
RADAAN	39 Underperform	₹174.40M	-5.40	―	―	-79.97%	-219.35%
EROSMEDIA	37 Underperform	₹756.76M	-1.24	―	―	-69.51%	71.68%

Saregama India Limited Corporate Events

Saregama Closes Trading Window Ahead of Q3 FY26 Results

Saregama India Limited has announced the closure of its trading window for designated persons and their immediate relatives from 1 January 2026 until 48 hours after the company announces its unaudited financial results for the third quarter and nine months ended 31 December 2025. The move, taken under SEBI’s Prohibition of Insider Trading Regulations and the company’s own insider trading code, is a standard governance measure aimed at preventing insider trading ahead of earnings disclosure, signalling continued regulatory compliance and safeguarding fair market practices for investors.

Saregama Independent Director Santanu Bhattacharya Completes Final Board Term

Saregama India Limited has announced that independent director Santanu Bhattacharya has completed his second and final term on the board and ceased to be an independent director with effect from the close of business on 21 December 2025. The board has formally recorded its appreciation for Bhattacharya’s contributions, and the company has updated its official list of directors and key managerial personnel, signaling a routine governance transition in line with SEBI’s listing and disclosure regulations.

Saregama India Limited Releases Unaudited Financial Results for Q2 2025

Saregama India Limited has announced the approval of its unaudited financial results for the quarter and half-year ending on September 30, 2025. The results, which have been published in major newspapers, reflect the company’s financial performance and are accessible on both the stock exchanges and the company’s website. This announcement underscores Saregama’s commitment to transparency and provides stakeholders with important insights into its financial health.