Saregama India Limited — Investor Meet, 22-12-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Saregama India has announced a strategic equity deal with Bhansali Productions (BPPL). Saregama will initially invest Rs. 325 Cr from internal funds for a 28-49.9% stake, convertible in Oct '28 based on BPPL's future performance. This secures exclusive future film music rights from BPPL, covering 30-40% of Saregama’s Hindi film music, at pre-agreed costs lower than competitive bidding. Saregama will gradually exit its own video production, redeploying Rs. 150-175 Cr. BPPL reported FY25 revenue of Rs. 304 Cr, EBITDA of Rs. 60 Cr, and PAT of Rs. 45 Cr. Saregama will have financial control over BPPL, expecting the deal to be EPS accretive by FY27 and improve music margins. Management is highly confident in this strategic shift.