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QUARTERLY PRESENTATION | Q2 FY27 SAREGAMA INDIA LIMITED QUARTERLY PRESENTATION Q2 FY27
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QUARTERLY PRESENTATION | Q2 FY27 OWN THE IP IN PERPETUITY.THEN COMPOUNDIT ACROSS EVERY FORMATTHAT INDIA’S DIGITALBOOM OPENS UP. 1,80,000+Songs OwnedMaster & underlying works, inperpetuity, global700MN+Digital FanbaseSubscribers & followers across the portfolio ₹4,047 MNAdjusted EBITDA (FY26)41% margin, +13% YoY 26%IRR on new musicCharges to P&L ~10 yrs,Pay back ~ 5 yrs &then earns ~ 55 -75 yrs
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QUARTERLY PRESENTATION | Q2 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 | Q2 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 | Q2 FY27 Film (Bhansali) | TV & digital series | Short-formPROPRIETARY IP1,80,000+Songs owned - master & underlying works, in perpetuity, global territory.70+Films60+Digital series10K+Hours of TV14+Indian languages DIGITAL FANBASE700 Mn+Subscribers & followers - a direct, owned audience across the portfolio.200 Mn+Music50 Mn+Video450 Mn+Artistes & creators Two Moats That Compound: An Owned Catalogue in Perpetuity, and A Large Owned Audience.
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QUARTERLY PRESENTATION | Q2 FY27 6 QUARTERLY PRESENTATION | Q2 FY27 OPERATIONAL HIGHLIGHTS
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QUARTERLY PRESENTATION | Q2 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 EBITDAMusic Net MarginQuarterly Performance 1,693 1,802 1,869 1,660 1,860 2,195 2,429 2,306 2,513 Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27654 793 927 762 798 884 1,324 996 1,165 39%44%50%46%43%40%55%43%46%Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27Music Net MarginMusic Net Margin %1,005 1,110 1,271 1,025 1,123 1,366 1,653 1,398 1,540 59%62%68%62%60%62%68%61%61%Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27Music EBITDAMusic EBITDA %
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QUARTERLY PRESENTATION | Q2 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 EBITDAMusic Net Margin7,191 7,584 8,144 8,790 9,443 Sep-25 Dec-25 Mar-26 Jun-26 Sep-263,280 3,371 3,768 4,002 4,369 46%44%46%46%46%Sep-25 Dec-25 Mar-26 Jun-26 Sep-26Music Net MarginMusic Net Margin %31% Growth33% GrowthTrailing 12 Months (TTM)4,529 4,785 5,167 5,540 5,957 63%63%63%63%63%Sep-25 Dec-25 Mar-26 Jun-26 Sep-26Music EBITDAMusic EBITDA %32% Growth
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QUARTERLY PRESENTATION | Q2 FY27 Includes all views related to Saregama’s IP across it’s owned channels and user generated content on YouTube and YouTube Shorts Theatrical Sync Deals10+Digital Content Sync Deals05+Brand Sync Deals20+Steady Subscriber MomentumHealthy Long-Term EngagementDC(Tamil)Don’t be Shy(Hindi) Hai Jawani Toh Ishq Hona Hai(Hindi) Vishwanath and Sons(Telugu) NetflixAmazon MusicAnbe DianaMessYC Deveshwar (Documentary)GoogleCadburyAppleAirbnbTanishqRelianceSwiss Beauty One Music Catalogue, Monetised Across Multiple Revenue Streams194 202 206 211 218 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27YouTube Subscribers (Mn)270 278 290 333 291 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27YouTube Views (Bn)
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QUARTERLY PRESENTATION | Q2 FY27 Aa Fariyale(Bhojpuri)Madhavne Madava Gyata(Gujarati)Baap Vithuraya(Marathi) The Paradise(Telugu- Film album)Total Songs Released Languages & CategoriesHindi. Tamil. Bhojpuri. Punjabi. Haryanvi. Marathi.Devotional. Ghazal. Remix. Instrumental 650+ 10+ 250+ Film music. 400+ Non-film music.Renigunta 2(Tamil – Film album) New Music Across Hindi and Regional Markets Meesaya Murukku 2(Tamil – Film album)
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QUARTERLY PRESENTATION | Q2 FY27 Data-driven acquisition is landing hits –at industry scale, across languages. Songs featured in charts70+Languages10+ Charts across platforms30+Streaming platforms10+ Key Highlights for H1 FY27#1Daily Top Music Videos Global YouTube#1Trending Music Videos IndiaYouTube#1India SuperhitsTop 50 JioSaavn#150 Most Played: TeluguAmazon Music#1Telugu: India SuperhitsTop 50 JioSaavnYeshanagula(The Paradise – Telugu)#1Local PulseHyderabad Spotify #8Top Song IndiaSpotify#11Apple Top 100Apple Music I-Popstar UP Wali Laiki Bombay Ki Rani4 KhapitarDaily Top Music Videos Global YouTubeTrending Music Videos IndiaYouTubeLocal Pulse Delhi SpotifyTrending in 10+ Charts – India & Global
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QUARTERLY PRESENTATION | Q2 FY27 Data-driven acquisition is landing hits –at industry scale, across languages.Key Highlights for H1 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 Bari(Punjabi)Kyun Mazaa Aa Raha Hai(Hindi) Janmo Janam(Hindi)Vibe Venuma(Tamil) Anjaana Anjaani(The Paradise – Telugu)50 Most Played : Telugu Amazon Music#4Daily Top Music Videos YouTube#5 Telugu: India Superhits Top 50 JioSaavn#3Trending Music Videos India YouTube#8India Superhits Top 50 JioSaavn#8Top Song Hyderabad Spotify#5
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QUARTERLY PRESENTATION | Q2 FY27 Danny Pandit Palak MuchhalMonali ThakurGurdeep MehndiRJ KarishmaPragati NagpalMaahi Marquee Artistes Artistes added in Q2 FY2754Managed Artistes340Digital footprint of Saregama Artistes450 Mn+Prominent Brands in Q2 FY27100+Build, Grow and Monetise Talent Across The Whole Content Ecosystem.
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QUARTERLY PRESENTATION | Q2 FY27 Catering to Super-Fan Demand; CarvaanRe-Engineered for Profitability. Vinyl being Built Up.7.2 9.1 7.1 3.3 5.9 8.2 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27Vinyl Sales (Units '000s)88 59 50 55 60 62 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27Carvaan Sales (Units '000s) Carvaan: Profitable Growth•Sustained retail profitability with improving volumes through a sharper channel and product mix•Carvaan 3.0launch expands the product portfolio, with encouraging demandCapitalising on Vinyl Revival•Leveraging Saregama's rich catalogue to scale premium vinyl offerings•Catering to the growing demand from music collectors and superfans
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QUARTERLY PRESENTATION | Q2 FY27 A Multi-Format Live Events Model - Proven at Scale, Built to be Resilient. ExperientialCarvaan Live-Own IP shows. Established Music IP turned into immersive format in an intimate settingStand-Up Comedy21 Shows, 16 Cities, 4K+ Audience54 Shows, 4 Cities, 10K+ Audience ConcertIlaiyaraaja –Celebrating the legacy of a legendary composer through a landmark international concert series “Raja 50”11 Shows, 11 Cities, 20K+ Audience Viraj Ghelani. Manhar Seth.Rohit Shah. Danny Pandit. Aadar Malik DevotionalManoj Muntashir. Jaya Kishori. Backstage Siblings. Kirtan Collective. 17 Shows, 6 Cities, 25K+ Audience
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QUARTERLY PRESENTATION | Q2 FY27 Video Content Across Every Runtime: From 1-Minute Filtercopy to 120-Minute Films.A. FilmsUpcoming Releases Badhu Alright CheB. TV•Launched new Tamil Show, “Siragugal” on Sun TV in July 2026•“Malli” has crossed the 850+ Episode mark, running successfully as a slot leader in the 10:30 PM sloton Sun TV•Saregama Dice TV Shows (Tamil)- YouTube channel garnered 310 Mn+ views in Q2 FY27Future Outlook•Continue working with Sun TV across languages. Also develop a few shows for Doordarshan Vishwambhara (Telugu) Party Animals (Hindi)
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QUARTERLY PRESENTATION | Q2 FY27 Video Content Across Every Runtime:From 1-Minute Filtercopy to 120-Minute Films.33 Mn+Followers & Subscribers 9 Mn+Followers & Subscribers C. Digital SeriesD. Short-Format 120 Mn+Views generated by content released in Q2 FY2730+Brand Collaborations in Q2 FY27
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QUARTERLY PRESENTATION | Q2 FY27 18 QUARTERLY PRESENTATION | Q2 FY27 FINANCIAL HIGHLIGHTSCONSOLIDATED
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QUARTERLY PRESENTATION | Q2 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 Quarterly Financial SummaryYoYQ2 FY26QoQQ1 FY27Q2 FY27Particulars (INR Mn)Revenue from Operations 39%1,653 8%2,131 2,302 •Music : Licensing + Artiste Management2%207 21%175 211 •Music : Retail(16%)218 8%170 183 •Video 101%222 179%160 447 •Live Events37%2,300 19%2,636 3,143 Revenue from Operations39%847 5%1,124 1,180 Adjusted EBITDA 664 847 1,210 1,327 1,124 1,180 32%37%46% 46%43%38%Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27692 862 1,153 1,412 1,124 1,208 34%41%48%51%45%45%Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27
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QUARTERLY PRESENTATION | Q2 FY27 *Exceptional Item consists of: Impact of new labour code Adjusted EBITDA to PATFY26YoYQ2 FY26QoQQ1 FY27Q2 FY27Particulars (INR Mn)9,84637%2,30019%2,6363,143Revenue from Operation (A)5,79935%1,45330%1,5121,963Total Expenses (B)4,04739%8475%1,1241,180Adjusted EBITDA (C=A-B)41%37%43%38%Adjusted EBITDA Margin1,39915%325(7%)402375Content Charging Cost (D)97252526Depreciation ( E)54112213Finance Cost (F)423(55%)11523%4252Other Income (G)6-(12)40Share of Net Profit / (Loss) of Associates (H)2,92643%60122%705858Operational PBT (I=C-D-E-F+G+H)(85)---Exceptional Item* (J)2,84143%60122%705858PBT (K=I+J)779163186216Tax (L) 2,06247%43824%519642PAT (M=K-L)21%19%20%20%PAT Margin (%)10.732.282.693.36 Diluted EPS
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QUARTERLY PRESENTATION | Q2 FY27 *Borrowings represents temporary use of WC limits Balance SheetAs at 31st As at 30thEquity and Liabilities (INR Mn)Mar-26Sep-26Shareholder's fund193 193 (a) Equity share capital16,734 18,014 (b) Other equity16,927 18,207 Net worth25 23 Non-controlling interestNon-current liabilities(a) Financial liabilities95 -(i) Borrowings8 8 (ii) Lease liabilities353 247 (iii) Other financial liabilities 93 96 (b) Provisions617 688 (c) Deferred tax liabilities (net)Current liabilities(a) Financial liabilities609 88 (i) Borrowings*14 7 (ii) Lease liabilities1,576 1,685 (iii) Trade payables1,492 852 (iv) Other financial liabilities611 1,671 (b) Other current liabilities768 828 (c) Provisions32 13 (d) Current tax liabilities23,220 24,413 Total As at 31st As at 30thAssets (INR Mn)Mar-26Sep-26Non-current assets2,220 2,342 (a) Property, plant and equipment 18 13 (b) Right-of-use assets20 19 (c) Investment properties2,939 2,939 (d) Goodwill5,115 5,207 (e) Other intangible assets3,107 3,135 (f) Investments(g) Financial assets303 275 (i) Other financial assets29 6 (h) Deferred tax assets (net)543 726 (i) Other non-current assetsCurrent assets2,434 2,444 (a) Inventories(b) Financial assets678 902 (i) Investments1,769 2,028 (ii) Trade receivables282 436 (iii) Cash and cash equivalents1,211 1,041 (iv) Bank balances other than (iii) above189 189 (v) Loans1,148 1,182 (vi) Other financial assets292 281 (c) Current tax assets (net)923 1,248 (d) Other current assets23,220 24,413 Total
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QUARTERLY PRESENTATION | Q2 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 1,945 Mn ( FY26 INR 1,889 Mn) Cash Flow StatementFY26H1 FY27Particulars (INR Mn)2,8411,563Pre-Tax Profit 520533Change in other operating activities (Including non-cash Items)(1,168)1,118Change in Working capital (640)(357)Taxes Paid 1,5532,857Net cash (Used in) / Generated from Operating Activities (A)(2,653)(1,850)Spent on New Content @(3,361)(201)Consideration paid for acquisition3,496154Redemption / (Investment) in Fixed Deposits with maturity > 3m513(211)Redemption / (Investment) in Mutual Fund31946Net cash generated from other Investing activities(1,686)(2,062)Net cash (Used in) / Generated from Investing Activities (B)(116)-Net cash (Used in) / Generated from Treasury Shares704(616)Proceeds from / (Repayment of) Borrowing(8)(10)Repayment of Lease Liability(868)-Dividend paid(26)(25)Interest paid(314)(651)Net cash (Used in) / Generated from Financing Activities (C)(447)144Net (Decrease) / Increase in Cash and Cash Equivalent (A+B+C)694282Cash and Cash Equivalents at the beginning of the year(1)10Effect of Translation of foreign currency cash and cash equivalents36-Transferred pursuant to Demerger/ Acquisitions282436Cash and Cash Equivalents at end of the period #
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QUARTERLY PRESENTATION | Q2 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 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 | Q2 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.