SAREGAMASaregama India LimitedNSE:SAREGAMATechnicalAnalystSucritSaregama India Ltd. (CMP ₹516.00, NSE: SAREGAMA) The SmartWay Research Desk | 22 July 2026 A Kolkata‑based music and entertainment company, incorporated in 1946. Saregama is India’s oldest music label and a diversified content player, operating across music publishing, film production, television serials, and digital platforms. Its flagship product Carvaan has been a major consumer success. Promoter Holding (Mar 2026): RP‑Sanjoy Goenka Group — 59.18% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹1,842 Cr vs ₹1,612 Cr in FY25 (+14.3% YoY). → Good Net Profit: FY26 PAT ₹412 Cr vs ₹362 Cr in FY25 (+13.8% YoY). → Good Operating Margin: FY26 EBITDA ₹612 Cr, margin 33.2% vs 32.5% last year (+70 bps). → Good Equity Capital: Stable, face value ₹1. → Good Dividend Policy: Dividend ₹6.00/share declared for FY26. → Good Asset Building: Investments in digital music rights, OTT content, and Carvaan upgrades. → Good Sales: Strong demand from Carvaan devices and digital streaming royalties. → Good Expense: Content acquisition costs remain high. → Neutral/Good EPS: FY26 EPS ₹14.25 vs ₹12.50 last year (+14.0%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 59.18% (no pledges) FII Holding: 12.12% DII Holding: 18.34% Retail & Others: 10.36% Strategic Moves & Innovations Expansion in digital music licensing and OTT partnerships. Focus on Carvaan upgrades and new product launches. Partnerships with global streaming platforms for catalog monetization. Diversification into film and web series production. Cash Flow & Balance Sheet Strength Market cap ~₹9,800 Cr. Debt‑to‑equity ratio ~0.18 (low leverage). Book value per share ₹82.40; P/B ~6.3. EPS (TTM) ₹14.25; P/E ~36.2. Risk Factors High P/E ratio ~36.2, indicating premium valuations. Dependence on music catalog monetization and Carvaan sales. Exposure to competition in OTT and digital content. Competition from Tips Industries, Zee Entertainment, and Sun TV. Investor Takeaway Saregama has delivered steady FY26 performance, supported by music streaming royalties, Carvaan sales, and digital expansion. With strong promoter backing, dividend payouts, and leadership in music IP, Saregama remains a premium play on India’s entertainment and digital content growth story. At CMP ₹516.00, valuations are moderate to expensive (P/E ~36.2, P/B ~6.3), reflecting growth expectations but also sectoral risks.