Saregama India Ltd
Saregama is the oldest music label company from India (established 1902, erstwhile "Gramophone Company of India" & then "HMV"). The company is aiming to be a pure-play content company supported by the global consumption boom. [1]
Since 2017, Saregama has been making headlines again owing to the launch of two unique initiatives, Saregama Carvaan and Yoodlee Films. [2]
- Market Cap ₹ 10,282 Cr.
- Current Price ₹ 533
- High / Low ₹ 689 / 403
- Stock P/E 50.6
- Book Value ₹ 81.6
- Dividend Yield 0.84 %
- ROCE 18.0 %
- ROE 13.4 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 37.6%
- Debtor days have improved from 64.6 to 45.4 days.
- Company's median sales growth is 18.1% of last 10 years
- Company's working capital requirements have reduced from 103 days to 73.2 days
Cons
- Company has a low return on equity of 13.5% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Entertainment Industry: Entertainment / Electronic Media Software
Part of Nifty 500 BSE SmallCap Nifty Media BSE Allcap BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
168 | 182 | 215 | 208 | 346 | 524 | 500 | 434 | 568 | 695 | 759 | 1,009 | |
142 | 164 | 200 | 200 | 312 | 492 | 435 | 309 | 382 | 479 | 504 | 739 | |
Operating Profit | 26 | 18 | 15 | 8 | 34 | 32 | 65 | 125 | 186 | 216 | 255 | 270 |
OPM % | 15% | 10% | 7% | 4% | 10% | 6% | 13% | 29% | 33% | 31% | 34% | 27% |
-3 | 4 | 0 | 16 | 14 | 60 | 11 | 29 | 33 | 53 | 58 | 56 | |
Interest | 3 | 1 | 0 | 2 | 3 | 7 | 7 | 3 | 5 | 6 | 3 | 1 |
Depreciation | 3 | 5 | 5 | 4 | 4 | 3 | 4 | 5 | 13 | 21 | 34 | 53 |
Profit before tax | 17 | 15 | 10 | 17 | 41 | 82 | 66 | 145 | 202 | 243 | 275 | 272 |
Tax % | 30% | -2% | 23% | 42% | 26% | 37% | 26% | 26% | 26% | 26% | 26% | 25% |
12 | 16 | 8 | 10 | 31 | 52 | 49 | 107 | 150 | 180 | 203 | 203 | |
EPS in Rs | 0.69 | 0.90 | 0.43 | 0.57 | 1.75 | 2.98 | 2.82 | 6.15 | 7.79 | 9.35 | 10.52 | 10.53 |
Dividend Payout % | 22% | 17% | 35% | 26% | 17% | 10% | 5% | 33% | 38% | 32% | 38% | 43% |
Compounded Sales Growth | |
---|---|
10 Years: | 19% |
5 Years: | 15% |
3 Years: | 21% |
TTM: | 33% |
Compounded Profit Growth | |
---|---|
10 Years: | 27% |
5 Years: | 33% |
3 Years: | 11% |
TTM: | 0% |
Stock Price CAGR | |
---|---|
10 Years: | 42% |
5 Years: | 82% |
3 Years: | 10% |
1 Year: | 31% |
Return on Equity | |
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10 Years: | 14% |
5 Years: | 15% |
3 Years: | 14% |
Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 19 | 19 | 19 | 19 |
Reserves | 158 | 169 | 173 | 324 | 365 | 409 | 396 | 492 | 1,353 | 1,313 | 1,443 | 1,556 |
7 | 4 | 0 | 0 | 13 | 61 | 7 | 1 | 1 | 1 | 0 | 0 | |
57 | 64 | 82 | 127 | 169 | 205 | 199 | 264 | 298 | 351 | 375 | 449 | |
Total Liabilities | 239 | 255 | 273 | 468 | 564 | 692 | 619 | 775 | 1,672 | 1,684 | 1,838 | 2,024 |
89 | 83 | 84 | 198 | 197 | 215 | 219 | 226 | 278 | 338 | 408 | 532 | |
CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 2 | 4 | 6 | 0 |
Investments | 50 | 48 | 48 | 123 | 139 | 137 | 80 | 135 | 670 | 228 | 368 | 420 |
100 | 124 | 141 | 147 | 229 | 340 | 320 | 412 | 723 | 1,114 | 1,057 | 1,073 | |
Total Assets | 239 | 255 | 273 | 468 | 564 | 692 | 619 | 775 | 1,672 | 1,684 | 1,838 | 2,024 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
24 | 2 | 29 | -8 | -7 | -23 | 85 | 187 | 96 | 94 | 103 | 339 | |
-14 | -1 | -1 | 3 | -11 | -20 | -10 | -138 | -632 | -153 | -8 | -214 | |
-10 | -6 | -8 | -3 | 9 | 38 | -72 | -47 | 677 | -75 | -83 | -96 | |
Net Cash Flow | -1 | -5 | 20 | -8 | -9 | -5 | 2 | 3 | 141 | -134 | 12 | 29 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 85 | 116 | 84 | 97 | 82 | 79 | 80 | 75 | 69 | 79 | 69 | 45 |
Inventory Days | 1,012 | 268 | 311 | 405 | ||||||||
Days Payable | 813 | 160 | 129 | 120 | ||||||||
Cash Conversion Cycle | 85 | 116 | 84 | 97 | 82 | 79 | 80 | 274 | 177 | 261 | 353 | 45 |
Working Capital Days | 54 | 93 | 35 | 74 | 89 | 128 | 115 | 40 | 87 | 105 | 131 | 73 |
ROCE % | 16% | 10% | 10% | 7% | 12% | 20% | 16% | 32% | 22% | 17% | 20% | 18% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
16 May - Audio link of Q4FY25 earnings call available on Saregama's website.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
16 May - Saregama management to attend investor conferences on 22nd and 29th May 2025 in Mumbai.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
16 May - Of Newspaper Publication for Annual Audited Financial Results (Standalone and Consolidated) for the Quarter and financial year ended on 31st March, 2025.
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Amendment To The Insider Trading Prohibition Code Of The Company
15 May - Saregama reports FY25 audited results, appoints secretarial auditor, updates insider code, increases PAPPL stake to 90.37%.
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Announcement under Regulation 30 (LODR)-Change in Management
15 May - Saregama India reports FY25 audited results, appoints secretarial auditor, updates insider code, increases PAPPL stake to 90.37%.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2025TranscriptNotesPPT
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Oct 2017Transcript PPT
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Aug 2017TranscriptNotesPPT
Market Position
The company is India’s only entertainment company with IP offerings across media channels (music, films, web series, short-format, and TV serials), delivery platforms (digital and physical), and business models (licensing, advertising, and retail). [1] It owns ~50% of all the music ever recorded in India. [2]