GECs
Zee Entertainment wraps FY25 with a bang
MUMBAI: Zee Entertainment Enterprises Ltd (Zeel) has closed its financial year on a high note, reporting a 32 per cent rise in EBITDA to Rs 11,962 million for FY25, powered by sharp cost control and solid performance across its digital and television businesses. The company’s board has recommended a dividend of Rs 2.43 per equity share of Re 1, subject to shareholder approval at the upcoming annual general meeting.
Zee’s traditional TV business held its ground, maintaining a stable 16.8 per cent share of the Indian TV network viewership, even as sports broadcasts slightly ate into general entertainment viewership. Notably, Zeel’s regional channels — Zee Marathi, Zee Kannada, and Zee Telugu — emerged as strong performers.
On the digital front, Zeel’s streaming platform Zee5 recorded a six per cent year-on-year increase in revenue, reaching Rs 9,760 million in FY25. Even more impressive was the platform’s ability to rein in losses, slashing its EBITDA losses by Rs 5,572 million over the year. Zee5’s growth was fuelled by 20 new original titles, which helped it maintain user engagement despite a challenging digital ad market.
Zee Studios had a busy quarter, releasing eight films across Hindi and regional languages, bolstering its presence in the domestic film market. Meanwhile, Zee Music Co (ZMC) continued its YouTube dominance, reaching 164 million subscribers with a whopping 190 billion views in FY25. ZMC added 14.7 million new subscribers during the year, solidifying its position as the second-largest music label on YouTube.
Zee’s financials reflected strong cost discipline. Total revenue for FY25 stood at Rs 82,941 million, with an EBITDA margin of 14.4 per cent — a 390 basis point increase from FY24. Profit after tax (PAT) from continuing operations surged by 245 per cent to Rs 6,874 million, a testament to the company’s focus on profitability.
The balance sheet looked rock-solid with cash and cash equivalents swelling to Rs 24.1 billion by March 2025, including Rs 2 billion from the first tranche of Foreign Currency Convertible Bonds (FCCB). The company’s net profit for the year came in at Rs 6,795 million, a massive 381 per cent jump over FY24.
* Operating revenue for FY25: Rs 82,941 million, down four per cent YoY due to advertising pressure.
* Expenditure fell by eight per cent to Rs 70,979 million, reflecting strong cost control.
* EBITDA for FY25 rose to Rs 11,962 million, with a margin of 14.4 per cent, up 390 bps YoY.
* Profit before tax (PBT) from continuing operations surged 143 per cent to Rs 9,261 million.
* Zee’s all-India TV network share: 16.8 per cent, marginally down by 30 basis points YoY.
* Regional powerhouses included Zee Marathi, Zee Kannada, and Zee Telugu.
* TV revenues saw a mixed bag, with advertising under pressure but subscription and syndication revenue offering a cushion.
* Zee5 revenue: Rs 9,760 million, up 6 per cent YoY.
* EBITDA losses cut by Rs 5,572 million in FY25.
* Original content: 20 new titles, driving user engagement.
* Syndication revenue provided an additional boost.
* Zee Studios: Eight films released in Q4 FY25 across Hindi and regional languages.
* Notable releases included Chirodini Tumi Je Amar (Zee Bangla), Naa Ninna Bidalaare (Zee Kannada), Lakshmi Nivasam (Zee Telugu), and Gatti Melam (Zee Tamil).
* Zee Studios maintained its focus on a balanced mix of in-house and distributed titles.
* ZMC: Total subscribers: 164 million across all channels, up 14.7 million YoY.
* Total video views: 190 billion in FY25.
* ZMC remains the second-largest music label on YouTube globally.
GECs
Sahara One reports financial results, notes director exit and business realignment
Muted revenues, steady expenses and strategic adjustments shape company’s current phase
MUMBAI: In a tale where the sands seem to be slipping faster than they can be gathered, Sahara One Media and Entertainment Limited has reported another quarter of wafer-thin income and widening losses, even as a boardroom exit adds to the unease.
The company informed the Bombay Stock Exchange that its board, in a meeting held on April 4, approved its unaudited financial results for the quarter ended September 30, 2025. The numbers paint a stark picture. Total income for the quarter stood at just Rs 0.13 lakh, unchanged sequentially and sharply down from Rs 0.26 lakh a year earlier.
Losses, meanwhile, deepened. The company posted a net loss of Rs 24.16 lakh for the quarter, compared to Rs 18.81 lakh in the June quarter and Rs 39.69 lakh in the same period last year. For the six months ended September 2025, the cumulative loss stood at Rs 39.69 lakh, while the full-year loss for FY25 was reported at Rs 60.72 lakh.
Expenses continued to outweigh income by a wide margin. Total expenses for the quarter came in at Rs 24.30 lakh, led by employee benefit costs of Rs 6.51 lakh and other expenses of Rs 17.78 lakh. Earnings per share remained in the red at Rs (0.11) for the quarter.
The balance sheet reflects a company with significant assets on paper but limited operational momentum. Total assets stood at Rs 23,065.57 lakh as of September 30, 2025, broadly unchanged from March 2025. Equity share capital remained steady at Rs 2,152.50 lakh, while total equity was reported at Rs 18,004.85 lakh.
Cash and cash equivalents saw a modest uptick to Rs 6.75 lakh from Rs 4.68 lakh earlier, supported by a positive operating cash flow of Rs 180.01 lakh for the period.
Yet, beneath these numbers lies a more complex narrative. The company’s auditors flagged their inability to obtain sufficient evidence to form a conclusion on the financial statements, citing lack of access to records. They also raised concerns over the company’s ability to continue as a going concern, pointing to insufficient funds, delayed recoveries, and stalled content investments.
Adding to the governance overhang, the company disclosed that Rana Zia has resigned as whole-time director, effective October 16, 2025, citing other professional commitments. The resignation, noted and accepted by the board, also brings an end to her role across company committees.
Regulatory pressures continue to loom large. The Securities and Exchange Board of India has already initiated penal actions for non-compliance with listing norms, with trading in the company’s shares remaining suspended. There is also a risk of promoter demat accounts being frozen.
Legacy legal issues remain unresolved. A substantial deposit of Rs 694,027.88 thousand linked to the long-running OFCD dispute involving Sahara group entities is still under the purview of the Supreme Court of India. Restrictions on asset disposal continue to weigh on the company’s financial flexibility.
Operationally, challenges persist across multiple fronts. Advances worth Rs 1,92,916 thousand given for film content remain stuck, with delays in project completion and uncertain recoverability. The company’s YouTube channel, despite being operational, has generated no revenue for over three years due to compliance lapses. In a further twist, management has indicated that revenues may have been fraudulently diverted through unauthorised changes to its AdSense account, with a police complaint in the works.
There are also missed revenue opportunities. Television content rights continue to be used by a related party despite the expiry of the licence agreement, with fresh negotiations still underway.
For now, Sahara One Media and Entertainment Limited appears caught between legacy disputes and present-day operational hurdles. As losses linger and governance questions mount, the road to recovery looks less like a sprint and more like a slow trudge through shifting sands.
