Saregama India Ltd Q2 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Nitin Sharma - Seabrook Private Limited - Analyst : Yeah, thank you for the opportunity. Two questions. First of all, I want to understand the timeline towards seeing the OTT platform shifting towards the subscription-only models. Has that timeline changed or shifted further? Where is it, if you can talk about in a general sense?

Question: Nitin Sharma - Seabrook Private Limited - Analyst : Understood. And related to this, just an overview, what is your understanding, because you regularly speak to the OTT platform. So is there a willingness to kind of bringing down the subscription prices to double-digit or they still believe that it is a triple-digit, low triple-digit where they are comfortable and want to stick?

Question: Nitin Sharma - Seabrook Private Limited - Analyst : Understood. Thank you. And the second question is more on the if you can provide color on how was the festive season for the industry since third quarter tends to be the biggest contributor for the sector. Any color would be helpful.

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yeah, thanks for the opportunity. Two questions from my side.

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yeah, is it better?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yes. So firstly, if you could -- in terms of giving better comfort to the entire investment community, right, if you could kind of directionally give a ballpark range in terms of how much our, say, YouTube revenue, say, in FY24 and '25 has grown and the period before that, say between '22 and '23? So why I'm asking this is that I understand that there were challenges in terms of the consolidation of the industry on OTT platform. But are there any issues that we are facing on an industry level as well on YouTube? Or how is it? I mean some color on YouTube would be very helpful, please.

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Correct, I understand that, but, safe to assume that our YouTube revenue would be growing in the range of 10% to 15%.

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Got it. Secondly, any qualitative color you can give, in terms of the consumption behavior on Spotify especially post them announcing --

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yes.

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Is it better now?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yeah, is this better?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Yeah, sorry, yeah, Any qualitative color you can give in terms of the consumption behavior on Spotify post them announcing a price increase in the Indian market that actually happened at the end of August or first week of September? And I know, I understand that the data sample would be smaller but just trying to understand the initial signs?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Okay got it and one more thing on just a clarification on Pocket Aces. So the revenue is kind of -- forms part of artist managed completely or there's something that flows to the Video segment as well?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : Or any split you have?

Question: Harssh K Shah - JM Financial Institutional Securities Pvt Ltd - Analyst : And lastly, do you retain the earlier guidance on Pocket Aces being breakeven in FY26?

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : Hi, thanks for the opportunity. So my question is regarding your guidance of 19% to 20% growth this year in the music business. Now just wanted to understand is this music licensing only or it includes artist management also?

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : Got it. And given that this number has been tracking around 12% in the first half, how do we see this guidance getting achieved in the second half? I mean, are we expecting a significant jump in your revenues in 3Q or 4Q? I mean, is that how we should look at it? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 05, 2025 / 9:30AM, SARE.NS - Q2 2026 Saregama India Ltd Earnings Call

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : And will it be a lumpy 4Q? Like, because we are already one month into the quarter, would it be fair to say that (inaudible).

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : Okay. And the second question is on your artist management vertical within your music space. Just to help us understand how big is this opportunity? Or how do you -- how big this opportunity do you expect it to become, let's say, two, three years down the line in terms of revenue or time perspective? And what kind of steady-state margins should we be expecting from this business? Currently, I think we are trending around single-digit margins, but (inaudible).

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : Okay. But from an opportunity perspective, how big do you see this business becoming, let's say--

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : Got it. And just a related question to that. Can you suggest who would be the peers in this talent management space who would be big enough to talk about, or for us to understand this space far better?

Question: Swapnil Potdukhe - JM Financial Institutional Securities Pvt Ltd - Analyst : But any names you can call out?

Question: Ravi Naredi - Naredi Investment Private Limited - Analyst : It is not so energetic result, but the segment revenue Video shown major downfall. So what are the reasons? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 05, 2025 / 9:30AM, SARE.NS - Q2 2026 Saregama India Ltd Earnings Call

Question: Ravi Naredi - Naredi Investment Private Limited - Analyst : Right. Sir, this video we are doing since last seven years, I think. So ultimately, can you tell what is our gain or profit or loss in seven years?

Question: Ravi Naredi - Naredi Investment Private Limited - Analyst : And sir, second question, I want to know, in these days, acquisition cost of music rights is as usual or it is a very higher side?

Question: Ravi Naredi - Naredi Investment Private Limited - Analyst : Okay, Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 05, 2025 / 9:30AM, SARE.NS - Q2 2026 Saregama India Ltd Earnings Call

Question: Ravi Naredi - Naredi Investment Private Limited - Analyst : How is going this music industry on paid basis? According to you, in how many years it will be 100% paid basis?