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QUARTERLY PRESENTATION | Q1 FY27 SAREGAMA INDIA LIMITED QUARTERLY PRESENTATION Q1 FY27
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QUARTERLY PRESENTATION | Q1 FY27 New music charges through the P&L in ~10 years,pays back the investment in ~5 years, and then earns for 60–80 years. OWN THE IP IN PERPETUITY.THEN COMPOUNDIT ACROSS EVERY FORMATTHAT INDIA’S DIGITALBOOM OPENS UP. 1,80,000+Songs OwnedMaster & underlying works, inperpetuity, global680MN+Owned AudienceSubscribers & followers across the portfolio ₹4,047 MNAdjusted EBITDA (FY26)41% margin, +13% YoY 26%IRR on new musicSteady-statemargin rises to ~90%
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QUARTERLY PRESENTATION | Q1 FY27 180 464 682 864 1,2821,399 FY21 FY22 FY23 FY24 FY25 FY261,519 2,044 2,481 2,708 2,711 2,926 FY21 FY22 FY23 FY24 FY25 FY261,451 2,230 2,712 3,029 3,566 4,047FY21 FY22 FY23 FY24 FY25 FY26FY21 FY22 FY23 FY24 FY25 FY26Music & VideoLive Events Operational PBT (INR Mn)Revenue from Operations (INR Mn) 4,4205,8067,3668,03011,7139,846Adjusted EBITDA (INR Mn)Music Content Charge (INR Mn)Live Events business is lumpy in nature. FY25 had one-off Diljit Dosanjh India tour FY23 numbers are re-stated post impact of demerger FY26 : All Time High Adjusted EBITDA, Headline Revenue Up Excluding One-off Live-events Base KEY FINANCIAL METRICS
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QUARTERLY PRESENTATION | Q1 FY27 MUSICLicensing | Artiste Mgt. | Retail (Carvaan, Vinyl)LIVE EVENTSConcerts | Festivals | Devotional | Stand-up ComedyVIDEOFilm (Bhansali) | TV & digital series | Short-formRevenue diversified across three sourcesFROM PLATFORMSpotify · YouTube · Netflix · JioHotstar · Sun TV · Doordarshan · InstagramFROM BRANDMyntra · Indriya · Unilever · KFC · Hero Music | Events | Short-format | SeriesFROM CUSTOMERAmazon · Vijay Sales · BookMyShow · District · PVR Retail | Live Events | Films 83% 6% 11% 14%19%67% The above Revenue split is as per FY26 Diversified Across Segments, Partners and Revenue Sources - No Single Point of Dependence.
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QUARTERLY PRESENTATION | Q1 FY27 Film (Bhansali) | TV & digital series | Short-formPROPRIETARY IP1,80,000+Songs owned - master & underlying works, in perpetuity, global territory.70+Films55+Digital series10K+Hours of TV14+Indian languages DIGITAL FANBASE680 Mn+Subscribers & followers - a direct, owned audience across the portfolio.190 Mn+Music50 Mn+Video440 Mn+Artistes & creators Two Moats That Compound: An Owned Catalogue in Perpetuity, and A Large Owned Audience.
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QUARTERLY PRESENTATION | Q1 FY27 6 QUARTERLY PRESENTATION | Q1 FY27 OPERATIONAL HIGHLIGHTS
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QUARTERLY PRESENTATION | Q1 FY27 The Music Engine: Steady Revenue Growth and Margins. 1. All figures in INR Mn2. Music Net Margin is Music EBITDA less content charge Music RevenueMusic EBITDA & %Music Net Margin & %1,578 1,693 1,802 1,869 1,660 1,860 2,195 2,429 2,306 Q1' 25Q2' 25Q3' 25Q4' 25Q1' 26Q2' 26Q3' 26Q4' 26Q1' 27847 1,005 1,110 1,271 1,025 1,123 1,366 1,653 1,398 54%59%62%68%62%60%62%68%61%Q1' 25Q2' 25Q3' 25Q4' 25Q1' 26Q2' 26Q3' 26Q4' 26Q1' 27Music EBITDAMusic EBITDA %577 654 793 927 762 798 884 1,324 996 37%39%44%50%46%43%40%55%43%Q1' 25Q2' 25Q3' 25Q4' 25Q1' 26Q2' 26Q3' 26Q4' 26Q1' 27Music Net MarginMusic Net Margin %
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QUARTERLY PRESENTATION | Q1 FY27 YouTube views Includes all views related Saregama IP across it’s owned channels and user generated content on YouTube and YouTube Shorts 160 194 202 206 211 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27YouTube Subscribers (Mn)Theatrical Sync Deals15+Digital Content Sync Deals10+Brand Sync Deals10+Steady Subscriber MomentumHealthy Long-Term Engagement284 270 278 290 333 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27YouTube Views (Bn)Cocktail 2 (Hindi)Laalo (Gujarati) Neelira (Tamil) Sathi Leelavathi(Telugu) Ustaad Bhagat Singh (Telugu)The Great Indian Kapil ShowRaakhMessDon't be ShyMonaashMusixmatchVisa Lux Mother Dairy Myntra KissanGodrejHUL One Music Catalogue, Monetised Across Multiple Revenue Streams
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QUARTERLY PRESENTATION | Q1 FY27 Kirukku Sirukki(Tamil) Saadi Bholi(Haryanvi)Shyam Teri Bansi(Devotional) Bandar(Hindi- Film album) Total Songs ReleasedLanguagesHindi. Tamil. Bhojpuri. Punjabi. Haryanvi. Marathi.Devotional. Ghazal. Remix. InstrumentalStreams & Views750+10+250 Mn+from music content released in Q1 FY27Spotify. YouTube200+ Film music. 550+ Non-film music. Athiradi(Malayalam – Film album) New Music Across Hindi and Regional Markets
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QUARTERLY PRESENTATION | Q1 FY27 Data-driven acquisition is landing hits –at industry scale, across languages. Songs featured in charts20+Languages05+ Charts across platforms25+Streaming platforms05+ Key Highlights for Q1 FY27 Ved Lavla(Marathi)Local Pulse Mumbai Spotify#2Marathi Viral Hits JioSaavn#4Marathi Most Searched JioSaavn#5Marathi Top 50 Gaana#6Marathi Top 50 JioSaavn#6 Weekly Top 200 Albums Spotify - IndiaKrishnavataramPart 1: The Heart (Hridayam)
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QUARTERLY PRESENTATION | Q1 FY27 RJ Karishma15.5 Mn Followers Mermaid Scales21.4 Mn Followers Awez Darbar43.1 Mn Followers Visal Pandey10.8 Mn Followers Rehaan Roy6.9 Mn Followers Pranitha Subhash7.3 Mn Followers Paradox8.5 Mn Followers Marquee Artistes Artistes added in Q1 FY2733Managed Artistes309Digital footprint of Saregama Artistes440 Mn+Brand Deals in Q1 FY27430+Build, Grow and Monetise Talent Across The Whole Content Ecosystem.
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QUARTERLY PRESENTATION | Q1 FY27 Carvaan: Margin over Volume•Shifted focus to e-commerce and modern trade•Premium product mix with profitability-led SKU rationalisationCapitalising on Vinyl Revival•Leveraging Saregama's rich catalogue to scale premium vinyl offerings•Catering to the growing demand from music collectors and superfans Catering to Super-Fan Demand; CarvaanRe-Engineered for Profitability. Vinyl being Built Up.3.77.19.07.13.35.8Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27Vinyl Sales (Units in ‘000s)73 88 59 50 55 60 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27Carvaan Sales (Units '000s)
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QUARTERLY PRESENTATION | Q1 FY27 A Multi-Format Model - Proven at Scale, Built to be Resilient.DevotionalExperientialCarvaan Live, Carvaan Luxe-Own IP shows. Established Music IP turned into immersive format in an intimate settingStand-Up ComedyViraj Ghelani. Manhar Seth.Danny Pandit.48 Shows, 17 Cities, 16K+ Audience Manoj Muntashir. Jaya Kishori. Backstage Siblings. 22 Shows, 11 Cities, 32K+ Audience23 Shows, 5 Cities, 6K+ Audience
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QUARTERLY PRESENTATION | Q1 FY27 Content Across Every Runtime: From 1-Minute Filtercopy to 120-Minute Films.A. FilmsUpcoming Releases Badhu Alright CheB. TV•“Sevanthi” has crossed the 2,200+ Episode mark, running successfully as a slot leader in the 10:30 PM sloton Udaya TV•Saregama Dice TV Shows (Tamil)- YouTube channel garnered 280 Mn+ views in Q1 FY27Future Outlook•Continue working with Sun TV across languages. Also develop a few shows for Doordarshan Vishwambhara (Telugu)
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QUARTERLY PRESENTATION | Q1 FY27 Content Across Every Runtime:From 1-Minute Filtercopy to 120-Minute Films.32 Mn+Followers & Subscribers 9 Mn+Followers & Subscribers C. Digital SeriesD. Short-Format 260 Mn+Views generated by content released in Q1 FY2710+Brand Collaboration in Q1 FY27
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QUARTERLY PRESENTATION | Q1 FY27 16 QUARTERLY PRESENTATION | Q1 FY27 FINANCIAL HIGHLIGHTSCONSOLIDATED
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QUARTERLY PRESENTATION | Q1 FY27 Adjusted EBITDA : EBITDA excluding music Content ChargeContent Chargeinclude the following charges related to the new content during the year: (1) Amount amortised in case of Royalty based deals (2) Amount amortised against the one-time fee paid in case of Outright purchase-based deals (3) Marketing of new content (4) Content charge does not include any royalty paid post recoupment of the Minimum Guarantee amount.Adj. EBITDA (INR Mn) & Adj. EBITDA Margin- Excluding Live EventsAdj. EBITDA (INR Mn) & Adj. EBITDA Margin YoYQ1 FY26QoQQ4 FY26Q1 FY27Particulars (INR Mn)Revenue from Operations 43%1,490 (6%)2,267 2,131 •Music : Licensing + Artiste Management3%170 8%162 175 •Music : Retail(52%)357 (47%)322 170 •Video 214%51 30%123 160 •Live Events27%2,068 (8%)2,874 2,636 Revenue from Operations69%664 (15%)1,327 1,124 Adjusted EBITDA 1,016 664 847 1,210 1,327 1,124 42%32%37%46%46%43%Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27Adj. EBITDA (INR Mn)Adj. EBITDA Margin999 692 862 1,153 1,412 1,124 42%34%41%48%51%45%Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Quarterly Financial Summary
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QUARTERLY PRESENTATION | Q1 FY27 FY26YoYQ1 FY26QoQQ4 FY26Q1 FY27Particulars (INR Mn)9,84627%2,068 (8%)2,874 2,636 Revenue from Operation (A)5,799 8%1,404 (2%)1,547 1,512 Total Expenses (B)4,047 69%664 (15%)1,327 1,124 Adjusted EBITDA (C=A-B)41%32%46%43%Adjusted EBITDA Margin1,399 53%263 22%329 402 Content Charging Cost (D)97 23 25 25 Depreciation ( E)54 10 21 22 Finance Cost (F)423 (70%)142 (54%)92 42 Other Income (G)6 -6 (12)Share of Net Profit / (Loss) of Associates (H)2,926 38%510 (33%)1,050 705 Operational PBT (I=C-D-E-F+G+H)(85)-(16)-Exceptional Item* (J)2,841 38%510 (32%)1,034 705 PBT (K=I+J)779 145 293 186 Tax (L) 2,062 42%365 (30%)741 519 PAT (M=K-L)21%18%26%20%PAT Margin (%)10.73 1.90 3.86 2.69 Diluted EPS*Exceptional Item consists of: Impact of new labour code Adjusted EBITDA to PAT
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QUARTERLY PRESENTATION | Q1 FY27 *Borrowings represents temporary use of WC limits As at 31st As at 30thEquity and Liabilities (INR Mn)Mar-26Jun-26Shareholder's fund193 193 (a) Equity share capital16,734 17,354 (b) Other equity16,927 17,547 Net worth25 28 Non-controlling interestNon-current liabilities(a) Financial liabilities95 95 (i) Borrowings8 9 (ii) Lease liabilities353 361 (iii) Other financial liabilities 93 78 (b) Provisions617 636 (c) Deferred tax liabilities (net)Current liabilities(a) Financial liabilities609 550 (i) Borrowings*14 11 (ii) Lease liabilities1,576 1,150 (iii) Trade payables1,492 1,830 (iv) Other financial liabilities611 933 (b) Other current liabilities768 842 (c) Provisions32 14 (d) Current tax liabilities23,220 24,084 Total As at 31st As at 30thAssets (INR Mn)Mar-26Jun-26Non-current assets2,220 2,338 (a) Property, plant and equipment 18 16 (b) Right-of-use assets20 20 (c) Investment properties2,939 2,939 (d) Goodwill5,115 5,049 (e) Other intangible assets3,107 3,095 (f) Investments(g) Financial assets303 303 (i) Other financial assets29 6 (h) Deferred tax assets (net)543 805 (i) Other non-current assetsCurrent assets2,434 2,515 (a) Inventories(b) Financial assets678 850 (i) Investments1,769 1,710 (ii) Trade receivables282 427 (iii) Cash and cash equivalents1,211 1,179 (iv) Bank balances other than (iii) above189 188 (v) Loans1,148 1,185 (vi) Other financial assets292 128 (c) Current tax assets (net)923 1,331 (d) Other current assets23,220 24,084 Total Balance Sheet
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QUARTERLY PRESENTATION | Q1 FY27 @ Represents amount invested in acquiring / producing Music IPs# Exclude Investment in Bank FD with maturity more than 3 months and Investment in Mutual Funds INR 2,030 Mn ( FY26 INR 1,889 Mn) FY26Q1 FY27Particulars (INR Mn)2,841705Pre-Tax Profit 520276Change in other operating activities (Including non-cash Items)(1,168)(162)Change in Working capital (640)(38)Taxes Paid 1,553781Net cash (Used in) / Generated from Operating Activities (A)(2,653)(444)Spent on New Content @(3,361)-Consideration paid for acquisition3,4967Redemption / (Investment) in Fixed Deposits with maturity > 3m513(167)Redemption / (Investment) in Mutual Fund31952Net cash generated from other Investing activities(1,686)(552)Net cash (Used in) / Generated from Investing Activities (B)(116)-Net cash (Used in) / Generated from Treasury Shares704(59)Proceeds from / (Repayment of) Borrowing(8)(5)Repayment of Lease Liability(868)-Dividend paid(26)(12)Interest paid(314)(76)Net cash (Used in) / Generated from Financing Activities (C)(447)153Net (Decrease) / Increase in Cash and Cash Equivalent (A+B+C)694282Cash and Cash Equivalents at the beginning of the year(1)(8)Effect of Translation of foreign currency cash and cash equivalents36-Transferred pursuant to Demerger/ Finnet282427Cash and Cash Equivalents at end of the period # Cash Flow Statement
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QUARTERLY PRESENTATION | Q1 FY27 FY22 FY23 FY24 FY25 FY26 Financial Charts (Consolidated)Revenue from Operations* (INR Mn)PAT (INR Mn)Revenue from Music (INR Mn) Diluted EPS (INR)Return on Equity (ROE) (%)Dividend per Share (INR)•Since FY22 INR 7500 Mn of fresh fund raise through QIP added to Shareholders Equity *One time income of INR 84Mn in FY23, INR 97Mn in FY22, INR 155Mn in FY21 and INR 21Mn (FY20) are excluded Previous Years EPS has been restated basis face value of Re.1 per share Content Charge(INR Mn) Adjusted EBITDA Margin (%)Net Debt to Equity Ratio All FY23 numbers are re-stated, as applicable, post impact of demerger NILFY22 FY23 FY24 FY25 FY26Music & VideoLive Events5,8067,3668,03011,7139,846FY22 FY23 FY24 FY25 FY26Licensing + Artiste ManagementRetail4,6415,7086,7376,9418,144464 682 864 1,282 1,399 FY22 FY23 FY24 FY25 FY261,526 1,853 1,976 2,042 2,062 FY22 FY23 FY24 FY25 FY2638%37%38%38%41%FY22 FY23 FY24 FY25* FY2613%15%15%14.5%13.3%FY22 FY23 FY24 FY25 FY268.49.610.310.610.8FY22 FY23 FY24 FY25 FY263.0 3.0 4.0 4.5 4.5 FY22 FY23 FY24 FY25 FY26*FY25 Adjusted EBITDA is excluding live events
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QUARTERLY PRESENTATION | Q1 FY27 DisclaimerSaregama India Ltd. Disclaimer:In evaluating our business, we consider and use non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, PAT Margin, Debt to Equity Ratio,Return on Equity, to review and assess our operating performance. These non-GAAP financial measures are not defined under Ind AS and are not presented in accordancewith Ind AS. They may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. We haveincluded these non-GAAP financial measures because we believe they are indicative measures of our operating performance and are used by investors and analysts toevaluate companies in the same industry. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, other measures of financialperformance and liquidity reported in accordance with Ind AS. These measures should not be considered in isolation or construed as an alternative to Ind AS measures ofperformance or as an indicator of our operating performance, liquidity, profitability, or results of operations. The presentation of these non-GAAP financial measures is notintended to be considered in isolation or as a substitute for the Standalone/Consolidated Financial Statements.No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information oropinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in thispresentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of themanagement of Saregama India Ltd., which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans andstrategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance orachievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions.Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not toplace undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events ordevelopments.This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. Thispresentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form thebasis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may beoffered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.