Saregama India Limited has informed the Exchange about Q1FY27 Earning Conference Call-Transcript

Date: 11th August, 2026 The Manager, The General Manager, Listing Department, The Listing Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Phiroze Jeejeebhoy Towers, Block G, Bandra – Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051 Mumbai – 400 001 Symbol: SAREGAMA Scrip Code: 532163 Subject: Q1FY27 Earning Conference Call-Transcript Dear Sir/ Madam, With reference to our intimation filed on 29th July, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) as amended, please find enclosed the transcript of the Q1FY27 Earnings Conference Call held on Tuesday, 4th August, 2026 at 3:00 P.M. (IST) for the quarter ended on 30th June, 2026. This information is available on the website of the Company www.saregama.com You are requested to kindly take the abovementioned on record. Yours Faithfully, For SAREGAMA INDIA LIMITED Nayan Kumar Misra Company Secretary and Compliance Officer Membership No: A26243 Encl: As above SAREGAMA India Limited, 33, Jessore Road, Dum Dum, Kolkata - 700 028, India. Tel: +91 33 2551 2984, Fax: +91 33 2550 0817, Web: www.saregama.com CIN: L22213WB1946PLC014346 Email ID: co.sec@saregama.com “Saregama India Limited Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT: MR. VIKRAM MEHRA – MANAGING DIRECTOR MR. ABHISHEK KAPOOR – CHIEF FINANCIAL OFFICER MR. PANKAJ KEDIA – EXECUTIVE DIRECTOR - INVESTOR RELATIONS MODERATOR: MR. ARYAN TRIPATHI – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Page 1 of 21 Saregama India Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Saregama India Limited Q1 FY27 Earnings Conference Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Aryan Tripathi from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Aryan Tripathi: Good afternoon, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today, Vikram Mehra, Managing Director; Abhishek Kapoor, CFO; and Pankaj Kedia, Executive Director, Investor Relations. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen. Vikram Mehra: Thank you, and a very, very good afternoon to all of you. Let me start the call by introducing our new CFO, Abhishek Kapoor. Abhishek brings in over 25 years of hardcore finance experience across Sula Vineyard, PepsiCo, HT Media, etc. Earlier CFO, Pankaj, did a fabulous job, and we heartfully thank him for that. And I'm very, very sure that Abhishek will take the thoroughness and the transparency of our financial processes and accounting to the next level. Quarter 1 FY '27 saw revenue from operations at Rs. 263.6 crores with year-on-year growth of 27%. Our adjusted EBITDA of Rs. 112.4 crores, a year-on-year growth of 69% and operational PBT at Rs. 70.5 crores with year-on-year growth of 38%. The numbers of the quarter look healthy. But I would again reiterate, like I've been doing right now for over 60 quarters, please evaluate our performance on a rolling 12-month basis. Whether it's a good quarter or a bad quarter, don't judge us only on the basis of 1 quarter. In our industry, the stability comes in only on a rolling 12-month basis. In 2025, the global recorded music was at US$ 31.7 billion for new heights, but India got only 1% of that in spite of housing 18% of the world population. We today are operating in the most underpenetrated large music market on Earth and our entire strategy at Saregama is built around harnessing this 20-year opportunity in front of us. Let me jump on to the music vertical first. On a quarterly basis, the overall music vertical comprising of Licensing, Artiste Management, and Retail recorded revenue of Rs. 230.6 crores, which was a 39% year-on-year growth, a quarterly EBITDA of Rs. 139.8 crores, which was a 36% year-on-year growth and a quarterly net margin of Rs. 99.6 crores, which was a 31% year- on-year growth for us. Music vertical had a low base in Q1 last year, which has also helped us in posting such a strong growth number this year. If I have to look at on a full year basis, we maintain our guidance of the music vertical growing between 20% to 23% year-on-year. On the profitability front, we had stated in FY24 that it would take us 2 to 3 years before the growth in EBITDA and profit began to follow the revenue growth trajectory. Page 2 of 21 Saregama India Limited August 04, 2026 We are entering that cycle now where content bought 2 to 3 years ago has started to contribute towards positive margins. Albums like Stree 2, Amaran, Rocky Aur Rani Kii Prem Kahaani, Goat, Sarkaru Vaari Paata, etc., are hit albums, which are now contributing positive margins. There's another data point which is worth sharing. In FY'26, 60% of all music revenue at Saregama came from music released post 2000. I'm repeating. 60% of the revenue in last financial year came from music of the 21st century. So, while at Saregama, we proudly steward the musical and heritage of India, we take care of it, we cherish it, we try to monetize it. But the fact is that we are now a new age IP company with a large part of our revenue coming from brand-new IP, which has 60 to 80 years of life left in front of it. Overall, the company released 750-odd originals and premium recreations across Hindi, Bhojpuri, Punjabi, Tamil, Telegu, Marathi, Bengali and Haryanvi songs. Albums like Krishnavataram, which was a Hindi album or a Marathi song Ved Lavla, these were able to hit top charts -- music charts during the quarter. Our spend on new music content this year is expected to be anything between Rs. 300 crores to Rs. 350 crores. Most of that is already committed. Big albums lined up including Love and War, which is coming out in January, Rajinikanth's Dharman, which is a Kamal Haasan's Company's production; Telegu Cinema's most awaited film Paradise; Dharma's film with Kartik Aaryan called Naagzilla and another Bhansali Productions film with Tiger Shroff are some of the albums which are expected to release in this financial year. We have also entered into a multi-language multiyear deal with a partner for Indian pop content. This is across Hindi, Tamil and Malayalam languages. We are successfully holding on to a leadership position in Haryanvi in partnership with the erstwhile NAV promoters. This quarter finally saw us release new Punjabi songs after a long gap, and we want to follow this up with a very big Arjan Dhillon album later this quarter, that is Q2. We continue with our guidance of a 5-year payback period, followed by 60 to 80 years of returns. Music catalog globally is increasingly treated as an infrastructure-like inflation-linked asset class, which is why institutional capital is now flowing into the space through either JVs or direct catalog purchases. Our 180,000-odd song catalog growing at close to 5,000 to 6,000 new releases every year is exactly the kind of asset that compounds value over decades. The push from digital platforms like Spotify, YouTube, JioSaavn, Amazon to build paid subscription revenue continues in the country with more and more labels working proactively along with the platforms to accelerate this process. A recent Indian consumer study done by E&Y and the apex music body called IMI states that 64% of free music customers in India are ready to shift to a reasonably priced paid service if the free content stops. It just tells us what we always knew this is the success of the video streaming apps in the country or the paid television services li [Showing first 8,000 characters — download PDF for full document]