The Board of Directors of your Company ('the Board') is pleased to present the 79th (Seventy-Ninth) Annual Report of Saregama India Limited ('Saregama' or 'the Company') together with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2026.
The Company delivered its highest-ever Adjusted EBITDA, growing 13% year-on-year, with the Adjusted EBITDA margin expanding by ~1,100 bps, driven by the continued expansion of its music intellectual property portfolio, increasing digital monetisation, disciplined investments in content creation and sustained growth across its diversified entertainment businesses. The Company continued to strengthen its leadership position in India's music and content ecosystem while maintaining a sharp focus on innovation, operational excellence, prudent capital allocation and robust corporate governance, thereby creating sustainable long-term value for its stakeholders.
Industry Landscape and Strategic Outlook
The Indian media and entertainment industry continues to witness robust structural growth, supported by increasing digital consumption, widespread smartphone and internet penetration, the rapid adoption of subscription-based and advertising-supported streaming platforms, the proliferation of connected devices, the expansion of the creator economy and growing global demand for Indian content. These trends continue to reshape content consumption patterns and create new avenues for monetisation across multiple digital and physical platforms.
long-duration asset class with recurring monetisation opportunities spanning audio and video streaming, social media, music publishing, licensing, films, television, gaming, live entertainment, consumer products and emerging technology- driven platforms, including artificial intelligence-enabled applications. The increasing consumption of regional content and the global appeal of Indian music further enhance the long-term value of high-quality intellectual property portfolios.
Against this evolving industry landscape, Saregama continues to strengthen its position as one of India's leading integrated content and entertainment companies by expanding its portfolio of premium intellectual property, investing in original content creation, deepening artist and creator partnerships, scaling its digital and creator-led businesses and selectively pursuing strategic investments and international expansion. The Company remains focused on building a diversified entertainment ecosystem capable of delivering sustainable growth and creating long-term value for all stakeholders.
1. FINANCIAL HIGHLIGHTS
Pursuant to the provisions of the Companies Act, 2013 ('the Act'), the applicable Indian Accounting Standards ('Ind AS') and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing
Regulations'), the Standalone and Consolidated Financial Statements of the Company for the Financial Year ended 31st March, 2026 have been prepared in accordance with the applicable statutory requirements.
Music intellectual property has emerged as a resilient,
A) The performance of the Company for the Financial Year ended on 31st March, 2026 is summarized below:
|
Particulars
|
Consolidated
|
Standalone
|
Consolidated
|
Standalone
|
| |
Year ended 31st March, 2026
|
Year ended 31st March, 2026
|
Year ended 31st March, 2025
|
Year ended 31st March, 2025
|
|
Total income
|
1,02,689
|
85,874
|
1,22,943
|
1,06,493
|
|
Profit from operations
|
29,202
|
30,044
|
27,111
|
27,181
|
|
Share of net profit of associate accounted for using the equity method
|
58
|
NIL
|
NIL
|
NIL
|
|
Exceptional item
|
853
|
853
|
(496)
|
NIL
|
|
Provision for Contingencies
|
NIL
|
NIL
|
NIL
|
NIL
|
|
Particulars
|
Consolidated
|
Standalone
|
Consolidated
|
Standalone
|
|
Year ended 31st March, 2026
|
Year ended 31st March, 2026
|
Year ended 31st March, 2025
|
Year ended 31st March, 2025
|
|
Profit before tax
|
28,408
|
29,191
|
27,607
|
27,181
|
|
Provision for Taxation
|
NIL
|
NIL
|
NIL
|
NIL
|
|
Current tax
|
7,053
|
6,872
|
6,529
|
6,415
|
|
Deferred Tax Charged
|
733
|
814
|
654
|
437
|
|
Profit for the year
|
20,622
|
21,505
|
20,424
|
20,330
|
|
Interim Dividend
|
8,676.43
|
8,676.43
|
8,676.43
|
8,676.43
|
|
Free Reserves
|
1,58,402.52
|
1,58,952.83
|
1,46,251.95
|
1,46,015.09
|
B) FINANCIAL PERFORMANCE REVIEW
During FY 2025-26, the Company delivered a resilient financial performance, supported by its diversified business model and disciplined execution. While total income moderated to ' 85,874 lakhs from ' 1,06,493 lakhs in the previous year, Profit before Tax and exceptional items increased to ' 30,044 lakhs from ' 27,181 lakhs. Profit after Tax, excluding exceptional items, also grew by 5.78% to ' 21,505 lakhs from ' 20,330 lakhs. The performance reflects the Company's continued focus on operational efficiency and sustainable growth. Further details are provided in the Management Discussion and Analysis.
C) TRANSFER TO RESERVES
Pursuant to the provisions of the Companies Act, 2013, the Board of Directors has decided not to transfer any amount to the General Reserve for the Financial Year ended 31st March, 2026. The balance amount available for appropriation has been retained in the Retained Earnings.
D) OPERATIONS/ STATE OF COMPANY'S AFFAIRS/NATURE OF BUSINESS
The operations, state of affairs and nature of business of the Company are detailed in the Management Discussion and Analysis forming part of the Integrated Annual Report.
E) DIVIDEND
I n line with the Company's consistent capital allocation and shareholder return philosophy, the Board of Directors, at its Meeting held on 5th November, 2025, declared an Interim Dividend of '4.50 per equity share (450% on the face value of Re.1 per equity share) for the Financial Year ended 31st March, 2026.
The Interim Dividend, aggregating ' 8,676.43 Lakhs, was paid to the eligible Members on and from 26th November, 2025, after deduction of tax at source, wherever applicable.
The Interim Dividend was declared in accordance with the Company's Dividend Distribution Policy formulated pursuant to Regulation 43A of the SEBI Listing Regulations. The Policy is available on the Company's website at https://sarega.ma/inv_ddp. There was no change in the Policy during the year under review.
In accordance with the applicable provisions of the Companies Act, 2013, the Interim Dividend is placed before the Members for confirmation at the ensuing 79th Annual General Meeting.
F) SUBSIDIARIES, ASSOCIATE AND JOINT VENTURES
As on 31st March, 2026, the Company had 8 (eight) subsidiaries (including step-down subsidiaries) and one Associate Company. During the year under review, changes in the subsidiary structure occurred pursuant to the acquisition of Finnet Media Private Limited by Pocket Aces Pictures Private Limited and the incorporation of Saregama Performing Arts & Music Festivals L.L.C S.O.C, UAE, details of which are provided under "Strategic Investments, Acquisitions and Corporate Developments" in this Report.
Pursuant to section 129(3) of the Companies Act, 2013, a statement containing the salient features of the financial statements of the subsidiaries and associate company in Form AOC-1 is attached as Annexure to the Consolidated Financial Statements of the Company and forms a part of this Integrated Annual Report.
The Consolidated Financial Statements of the Company, prepared in accordance with the applicable provisions of the Companies Act, 2013, the Ind AS and the SEBI Listing Regulations, together with the Audited Financial Statements of the subsidiaries, are available on the Company's website athttps://www.saregama.com/ static/investors.
G) STRATEGIC INVESTMENTS, ACQUISITIONS AND CORPORATE DEVELOPMENTS
During the Financial Year 2025-26, the Company continued to execute its long-term growth strategy through selective strategic investments, acquisitions and expansion into new business verticals. These initiatives were aimed at strengthening the Company's intellectual property portfolio, enhancing its content creation and digital capabilities, expanding its presence in the creator economy and live entertainment, and broadening its international footprint. Collectively, these strategic initiatives reinforce Saregama's integrated entertainment ecosystem and position the Company to create sustainable long-term value through diversified revenue streams, stronger competitive advantages and enhanced shareholder returns.
1. Pocket Aces Pictures Private Limited (Pocket Aces')
During the Financial Year under review, the Company further strengthened its investment in Pocket Aces, one of India's leading digital-first entertainment companies.
Pursuant to the terms of the Investment Agreement and Shareholders' Agreement executed in September 2023, the Company completed the second tranche acquisition on 3rd April, 2025, by acquiring 4111 securities, resulting in its fully diluted shareholding increasing to 90.93%.
Pocket Aces continues to strengthen the Company's digital entertainment ecosystem through its presence in creator management, digital content production, branded content and influencer marketing, complementing the Company's long-term strategy of expanding its content and intellectual property portfolio.
2. Acquisition of Finnet Media Private Limited ('Finnet) by Pocket Aces
During the Financial Year under review, Pocket Aces a subsidiary of the Company, acquired 100% of the
equity share capital of Finnet on 19th November, 2025, pursuant to the Share Purchase Agreement and Shareholders' Agreement executed with Finnet and its existing shareholders. Consequently, Finnet became a wholly owned subsidiary of Pocket Aces and a step-down subsidiary of the Company.
Finnet is engaged in influencer marketing, creator management and social media marketing. The acquisition strengthens the Group's presence in the rapidly expanding creator economy and enhances its digital content and creator-led business capabilities. In accordance with the transaction documents, Pocket Aces will also acquire 2,88,235 Optionally Convertible Preference Shares ('OCPS') of Finnet after the expiry of two years, subject to the agreed terms and conditions.
3. Incorporation of Saregama Performing Arts & Music Festivals L.L.C S.O.C
During the Financial Year under review, the Company incorporated its wholly owned subsidiary, Saregama Performing Arts & Music Festivals L.L.C S.O.C, in
Dubai Mainland, United Arab Emirates ('UAE'), pursuant to the approval of the Board of Directors at its meeting held on 5th September, 2025. The Commercial Licence was issued on 20th February, 2026.
The subsidiary has been established to expand the Company's international presence in the live entertainment and events business across the Middle East and other global markets through music festivals, concerts, artist management and related entertainment activities. The incorporation is aligned with the Company's long-term strategy of strengthening its global entertainment ecosystem and diversifying its revenue streams.
4. Strategic Investment in Bhansali Productions Private Limited (BPPL)
During the Financial Year under review, the Company entered into a strategic partnership with ('BPPL'), promoted by acclaimed filmmaker Mr. Sanjay Leela Bhansali, to strengthen its premium content portfolio and expand its intellectual property ecosystem.
Pursuant to the definitive transaction agreements executed on 16th December, 2025, the Company subscribed to 9,960 Compulsorily Convertible Preference Shares ('CCPS') of BPPL for an aggregate
consideration of '325 crore on 30th January, 2026.
The transaction also provides the Company with specified rights to make further investments, subject to the terms of the transaction agreements.
The investment is expected to strengthen the Company's presence in premium long-form content, enhance its content creation capabilities and support its long-term strategy of building a diversified, high- quality entertainment and intellectual property portfolio.
Collectively, the strategic investments undertaken during the year further strengthened the Company's integrated entertainment ecosystem by expanding its intellectual property portfolio, enhancing its digital capabilities, increasing its participation in the creator economy and strengthening its international presence. These initiatives are expected to support sustainable long-term growth and value creation for all stakeholders.
H) CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to the provisions of the Companies Act, 2013, the applicable Ind AS and SEBI Listing Regulations, the Consolidated Financial Statements of the Company, incorporating the financial statements of its subsidiaries and associate, form part of this Integrated Annual Report.
In accordance with section 136 of the Companies Act, 2013, the Audited Standalone and Consolidated Financial Statements, together with the financial statements of the subsidiaries, are available on the Company's website at www.saregama.com. Members may obtain copies of the financial statements of the subsidiaries by writing to the Company Secretary at co.sec@saregama.com.
2. SHARE CAPITAL
The Authorised Share Capital of the Company as on 31st March, 2026 was ' 25,00,00,000 divided into 25,00,00,000 Equity Shares of Re. 1/- each.
The issued, subscribed and paid-up Equity Share Capital of the Company as on 31st March, 2026 was ' 19,28,09,490 divided into 19,28,09,490 shares of Re.1/- each.
The Company has not issued any equity shares with differential voting rights, sweat equity shares or employee stock options during the Financial Year 2025-26.
The equity shares of the Company continue to be listed on BSE Limited ('BSE') and on National Stock Exchange of India Limited ('NSE'). The Company has paid the requisite listing fees to the Stock Exchanges for the Financial Year 2026-27.
3. CODE OF CONDUCT
The Company has in place a Code of Conduct and Ethics applicable to all Directors and Senior Management Personnel. The Code is available on the Company's website under the Investors section http://sarega.ma/ inv_code_of_conduct
All Directors and Senior Management Personnel have affirmed compliance with the Code for the Financial Year ended 31st March, 2026. A declaration to this effect, signed by the Managing Director in terms of the SEBI Listing Regulations, forms part of the Report on Corporate Governance.
4. CORPORATE GOVERNANCE
The Company has complied with the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations relating to Corporate Governance.
Pursuant to Regulation 34 read with Schedule V of the SEBI Listing Regulations, the Report on Corporate Governance, together with the certificate from M/s. Alwyn Jay & Co., Practicing Company Secretaries, confirming compliance with the conditions of Corporate Governance, forms part of this Integrated Annual Report as Annexure E'.
The Board continues to promote transparent engagement with shareholders, artists, employees, regulators, customers and other stakeholders through timely disclosures, ethical conduct and responsible governance practices.
5. UTILISATION OF PROCEEDS FROM QUALIFIED INSTITUTIONAL PLACEMENT
The Company had successfully completed a Qualified Institutional Placement ('QIP') in November 2021, raising ' 750 crore in accordance with the applicable provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013.
The proceeds of the QIP have been and continue to be utilised towards the objects stated in the Placement Document. As at 31st March, 2026, the unutilised balance
of ' 101.39 crore (Rupees One Hundred One Crore Thirty-Nine Lakhs Only) was invested in highly liquid instruments, including bank deposits and mutual funds, in accordance with the Company's approved investment policy, pending deployment.
There was no deviation or variation in the utilisation of the QIP proceeds from the objects stated in the Placement Document. The disclosure relating to the utilisation of proceeds, as required under Regulation 32 of the SEBI Listing Regulations forms part of this Integrated Annual Report.
6. ANNUAL RETURN
Pursuant to the provisions of section 92(3) and section 134(3)(a) of the Companies Act, 2013 read with the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company in Form MGT-7 for the Financial Year ended 31st March, 2026 is available on the Company's website and can be accessed at:
https://r.sareqama.com/resources/pdf/investor/Annual_
Return_in_Form_MGT-7_for_FY_2025-26.pdf
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL/ SENIOR MANAGEMENT PERSONNELA) Board of Directors
As of 31st March 2026, the Board consisted of 8 (eight) Directors, comprising 4 (four) Independent Directors (including a woman Independent Director), 3 (three) Non-Executive, Non-Independent Directors, and 1 (one) Managing Director.
The details of Board and Committee composition, tenure of directors and other details are available in the Corporate Governance Report, which forms part of this Integrated Annual Report. In terms of the requirements of the SEBI Listing Regulations, the Board has identified core skills, expertise and competencies of the Directors in the context of the Company's business for effective functioning. The key skills, expertise and core competencies of the Board of Directors are detailed in the Corporate Governance Report.
B) Retirement by rotation and subsequent re¬ appointment
In accordance with the provisions of section 152 and other applicable provisions, if any, of the Act, read
with the Articles of Association of the Company, Mr. Vikram Mehra, Managing Director is liable to retire by rotation at the 79th Annual General Meeting ('AGM') and, being eligible, offers himself for re-appointment as an Executive Director of the Company, liable to retire by rotation.
Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors recommends his re-appointment, Brief details, as required under Regulation 36 of the SEBI Listing Regulations and Clause 1.2.5 of the Secretarial Standard- 2, are provided in the Notice of the 79th AGM.
C) Resignation/ Cessation During the year under review:
• Mr. Pratip Chaudhuri and Mr. Vinod Kumar were appointed as Additional Directors (Non¬ Executive, Independent Directors) with effect from 31st July, 2025 and were subsequently approved by the Members at the 78th Annual General Meeting for a term of five consecutive years up to 30th July, 2030.
• Mr. Umang Kanoria and Mr. Santanu Bhattacharya ceased to be Independent Directors upon completion of their respective second consecutive terms with effect from 27th September, 2025 and 21st December, 2025 respectively. The Board places on record its sincere appreciation for their valuable guidance and contribution during their tenure.
The Company has received the requisite declarations from all Independent Directors confirming compliance with the criteria of independence prescribed under the Companies Act, 2013 and the SEBI Listing Regulations. In the opinion of the Board, all Independent Directors possess the requisite integrity, expertise and experience and fulfil the prescribed conditions of independence.
D) Key Managerial Personnel
During the year:
• Mr. Nayan Kumar Misra (FCS 26243) was appointed as Company Secretary & Compliance Officer with effect from 5th September, 2025.
• Ms. Priyanka Motwani resigned as Company Secretary & Compliance Officer with effect from 14th August, 2025.
• Mr. Pankaj Chaturvedi resigned as Chief Financial Officer and Key Managerial Personnel with effect from the close of business hours on 31st March, 2026. The Board places on record its appreciation for his valuable contribution during his tenure. The process of appointing a successor is underway in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations.
As on 31st March, 2026, the Company had the following Key Managerial Personnel as per section 2(51) and 203 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
|
Sr.
No.
|
Key Managerial Personnel
|
Designation
|
|
1.
|
Mr. Vikram Mehra
|
Managing Director
|
|
2.
|
Mr. Pankaj Chaturvedi*
|
Chief Financial Officer
|
|
3.
|
Mr. Nayan Kumar
|
Company Secretary &
|
| |
Misra
|
Compliance Officer
|
*During the year under review, Mr. Pankaj Chaturvedi resigned from the position of Chief Financial Officer and Key Managerial Personnel of the company w.e.f 31st March, 2026.
E) Senior Management
The composition of the Senior Management was in compliance with the applicable provisions of the SEBI Listing Regulations. Changes in Senior Management, wherever applicable, were duly disclosed to the Stock Exchanges.
F) Remuneration / Commission drawn from Holding / Subsidiary Company
None of the Directors received any remuneration or commission from the Holding Company or any Subsidiary Company during the Financial Year 2025-26.
G) Board Evaluation
The Nomination and Remuneration Committee ('NRC') and the Board have laid down the manner in which formal annual evaluation of the performance of the Board, Committees, Individual Directors and the Chairman & Managing Director has to be made. The evaluation process includes circulation of a
comprehensive questionnaire, through an external firm, to all Directors for evaluation of the Board and its Committees, Board composition and its structure, Board effectiveness, Board functioning, information availability, adequate discussions, etc. This questionnaire also includes specific criteria and the grounds on which all directors in their individual capacity would be evaluated. The Chairperson of NRC analyses the responses to the questionnaire and also considers the feedback obtained through in person discussion, to arrive at an unbiased assessment and the identified actionable areas and are discussed and acted upon. All Directors responded through a structured questionnaire giving feedback about the performance of the Board, its Committees, Individual Directors and the Chairman & Managing Director.
The Board performance evaluation inputs, including areas of improvement for the Directors, Board processes and related issues for enhanced Board effectiveness were discussed in the meeting of the NRC held on 6th January, 2026 and the Board of Directors held on 3rd February, 2026.
H) Independent Directors Meeting
A Separate meeting of the Independent Directors without the presence of the Chairman, the Managing Director or other Non-Independent Director(s) or any other Management Personnel was held on Tuesday, 3rd February, 2026.
The Independent Directors reviewed the performance of Non-Independent Directors, Committees of the Board and the Board as a whole along with the performance of the Chairman of the Company and assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for the Board to effectively and reasonably perform their duties.
I) Familiarization Programme for Independent Directors
All Independent Directors are familiarized with the operations and functioning of the Company at the time of their appointment and on an ongoing basis. The details of the training and familiarization program are provided in the Corporate Governance Report and is also available on the website of the Company athttps://sarega.ma/inv_fpd
8. POLICIES
A) Vigil Mechanism/Whistle Blower Policy
In compliance with section 177(9) of the Act and Regulation 22 of the SEBI Listing Regulations, the Company has adopted a Whistle Blower Policy establishing a vigil mechanism to enable Directors, employees and other stakeholders to report concerns regarding unethical behavior, suspected fraud, or violations of the Company's Code of Conduct or ethics policy.
The Policy provides adequate safeguards against victimization of individuals using the mechanism and offers direct access to the Chairperson of the Audit Committee. It is affirmed that no personnel were denied access to the Audit Committee and no complaints were reported under the mechanism during FY 2025-26.
Further, in line with Clause 6 of Regulation 9A of the SEBI (Prohibition of Insider Trading) Regulations, 2015, the Company ensures that employees are made aware of the Whistle Blower Policy, including its applicability for reporting any leakage of unpublished price sensitive information.
The said policy has been uploaded on the Company's website and can be accessed athttps://sarega.ma/ inv_wbp
B) Remuneration Policy
The Board has on the recommendation of the NRC, framed a policy for the selection and appointment of Directors, Key Managerial Personnel and Senior Management Personnel and their remuneration. The Remuneration Policy, including details of the remuneration paid during the year, the salient features of the Nomination and Remuneration Policy and highlights of any changes made during the year, are outlined in the Corporate Governance Report, which forms part of this Integrated Annual Report.
The said Policy is available on the Company's website and can be accessed at:https://sarega.ma/inv_nrp
Based on the recommendation of the NRC, the Board in its meeting held on 15th May, 2025, reviewed and amended the Nomination and Remuneration Policy of the Company.
C) Corporate Social Responsibility ('CSR')
Corporate Social Responsibility Report, pursuant to clause (o) of sub section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014 including salient features mentioned under outline of Company's CSR policy forms part of this Report as 'Annexure A'.
The Board has in place Corporate Social Responsibility Committee in compliance with provisions of section 135 of the Act, details of which are provided in the Corporate Governance Report forming part of the Integrated Annual Report. During the FY 2025-26, the Company has undertaken the CSR initiatives in the fields of promoting education. The Company, along with other companies of the Group, has set up the RP-Sanjiv Goenka Group CSR Trust to carry out CSR activities.
The details of the CSR Policy is also posted on the Company's website and may be accessed at: https://sarega.ma/inv_csr.
D) Dividend Distribution Policy
I n terms of the provisions of Regulation 43A of SEBI Listing Regulations, the Company has adopted a Dividend Distribution policy to determine the distribution of dividends in accordance with the applicable provisions. The policy can be accessed on the website athttps://sarega.ma/inv_ddp
E) Risk Management Policy
The Company has constituted a Risk Management Committee consisting of Board Members and Senior Managerial Personnel which is authorised to monitor and review Risk Management plan and risk certificate. The Committee is also empowered, inter alia, to review and recommend to the Board the modifications to the Risk Management Policy.
The Company has prepared a Risk Management policy to identify, evaluate the internal and external risks and opportunities, in particular, financial, operational, sectoral, sustainability (particularly, ESG related risks), information and cyber security risks. The policy also includes the business continuity plan and the measures to be undertaken for risk mitigation including systems and processes for internal control of identified risks.
Risk Management Policy enables the Company to proactively manage uncertainties and changes in the internal and external environment to limit negative impacts and capitalise on opportunities. The Company has laid down a comprehensive Risk Assessment and Minimisation Procedure in accordance with the requirements of the Act and the SEBI Listing Regulations, which is reviewed by the Risk Management Committee, and approved by the Board from time to time.
The Board, at its meeting held on Thursday, 14th May, 2026, reviewed and approved the updated Risk Management Policy which is available on the Company's website:https://sarega.ma/revised_ risk_management_policy
F) Insider Trading Prohibition Code
In compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the Board at its meeting held on Thursday, 14th May, 2026, approved the revised Insider Trading Prohibition Code, which is available on the Company's website athttps://sarega.ma/ inv_itp. The revised Code has been formulated to strengthen the governance framework relating to insider trading and includes amendments to the Code of Conduct for regulating, monitoring and reporting trades by designated persons and immediate relatives, the Policy and Procedures for investigating actual or suspected leaks of Unpublished Price Sensitive Information ('UPSI'), and the Code of Practices and Procedures for fair disclosure of UPSI. These revisions are aimed at ensuring greater transparency, accountability and compliance with regulatory requirements.
9. BOARD MEETINGS AND COMMITTEES
During the Financial Year 2025-26, the Board of Directors met 7 (seven) times. All the meetings were convened and conducted in accordance with the provisions of the Companies Act, 2013, SEBI Listing Regulations and the Secretarial Standard on Meetings of the Board of Directors ('SS-1') issued by the Institute of Company Secretaries of India. The gap between any two consecutive Board Meetings was within the period prescribed under the applicable laws.
To facilitate focused oversight and efficient discharge of its responsibilities, the Board has constituted various Committees in accordance with the provisions of the Companies Act, 2013 and the SEBI Listing Regulations. As on 31st March, 2026, the Board had the following Committees:
• Audit Committee ('AC');
• Nomination and Remuneration Committee ('NRC');
• Stakeholders' Relationship Committee ('SRC');
• Corporate Social Responsibility Committee ('CSR');
• Risk Management Committee ('RMC');
• Finance Committee('FC'); and
• Share Transfer Committee.
The terms of reference, composition of the Committees, number of meetings held, attendance of the Members and other statutory disclosures are set out in the Report on Corporate Governance, forming part of this Integrated Annual Report as 'Annexure E'.
During the year under review, all recommendations made by the Committees of the Board, including the Audit Committee, were accepted by the Board.
10. PARTICULARS OF EMPLOYEES
The disclosures relating to remuneration and other particulars as required under section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) 2014 ('Rules') forms part of this Report as 'Annexure B'.
The statement containing the particulars of employees required under Rule 5(2) and Rule 5(3) of the said Rules forms part of this Annual Report. However, pursuant to section 136 of the Companies Act, 2013, the Annual Report circulated to the Members does not include the aforesaid statement.
The statement is available for inspection by the Members at the Registered Office of the Company during business hours on all working days. Any Member desirous of obtaining a copy of the statement may write to the Company Secretary atco.sec@saregama.com.
None of the employees covered under the aforesaid statement is related to any Director of the Company.
11. PARTICULARS OF LOANS, GUARANTEES, SECURITIES AND INVESTMENTS
Particulars of loans, guarantees, securities provided and investments made by the Company during the Financial Year 2025-26, covered under the provisions of section 186 of the Companies Act, 2013, together with the purpose for which the loans, guarantees or securities are proposed to be utilised by the recipients, are disclosed in Note 11.5 and Note 35 to the Standalone Financial Statements forming part of this Integrated Annual Report.
12. RELATED PARTY TRANSACTIONS
The Company has adopted a Policy on Materiality of Related Party Transactions and on Dealing with Related Party Transactions in accordance with the applicable provisions of the Companies Act, 2013 and SEBI Listing Regulations. The Policy is available on the Company's website athttps://sarega.ma/inv_rpt.
All Related Party Transactions entered into during the Financial Year 2025-26 were in the ordinary course of business and on an arm's length basis. The Audit Committee reviewed and approved such transactions, including omnibus approvals for recurring transactions, in accordance with the applicable provisions of the Companies Act, 2013 and the SEBI Listing Regulations.
There were no material Related Party Transactions requiring approval of the Members under the Companies Act, 2013 or the SEBI Listing Regulations, nor were there any Related Party Transactions that could have a material conflict with the interests of the Company. Accordingly, the disclosure in Form AOC-2 pursuant to section 134(3) (h) read with section 188 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 is not applicable.
Details of the Related Party Transactions entered into during the year are disclosed in the relevant Notes to the Standalone and Consolidated Financial Statements.
13. RISK MANAGEMENT
The Company has established a robust Enterprise Risk Management ('ERM') Framework to identify, assess, monitor and mitigate strategic, operational, financial, legal, regulatory, cyber security and emerging risks across the organisation.
The Risk Management Committee ('RMC'), constituted in accordance with Regulation 21 of the SEBI Listing Regulations, assists the Board in overseeing the effectiveness of the Company's risk management framework. The Committee periodically reviews the key enterprise risks, mitigation strategies and the evolving risk landscape to ensure that appropriate risk management measures remain in place.
The Company's risk management framework is integrated with its strategic planning and business processes and is reviewed periodically to enhance its effectiveness in addressing existing and emerging risks.
Further details on the Company's risk management framework are provided in the Management Discussion and Analysis Report forming part of this Integrated Annual Report.
14. CYBER SECURITY AND INFORMATION SECURITY
The Company continues to strengthen its cyber security and information security framework through appropriate governance mechanisms, technology solutions and continuous monitoring to safeguard its information assets, digital infrastructure and business operations.
The Company undertakes periodic cyber security assessments, vulnerability assessments, penetration testing and employee awareness programmes to enhance its cyber resilience and preparedness against evolving cyber threats.
During the Financial Year 2025-26, no material cyber security incident requiring disclosure under the applicable laws or having a material adverse impact on the Company's business operations was reported.
15. DIGITAL TRANSFORMATION
Technology continues to be a key enabler of the Company's long-term growth strategy. The Company continues to invest in digital platforms, data analytics, artificial intelligence-enabled content discovery and customer engagement solutions to enhance operational efficiency, strengthen content monetisation and deliver an enhanced consumer experience across its entertainment ecosystem.
16. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate Internal Financial Controls ('IFC'), commensurate with the nature, size and complexity of its business.
The Company's Internal Financial Controls are designed to provide reasonable assurance regarding the orderly and efficient conduct of business, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and the timely preparation of reliable financial information.
The effectiveness of the IFC is reviewed periodically through management reviews, internal audits and other assurance mechanisms.
Based on the evaluation carried out during the Financial Year 2025-26, the Board is of the opinion that the Company's IFCs were adequate and operating effectively as at 31st March, 2026.
17. DEPOSITORY SYSTEM
As on 31st March, 2026, 99.87% of the Company's paid-up equity share capital comprising 19,25,56,850 equity shares were held in dematerialised form.
In accordance with the applicable SEBI Regulations and circulars, requests relating to transfer of securities are processed only in dematerialised form except in such cases as may be permitted under the applicable regulatory framework.
Members holding shares in physical form are encouraged to dematerialise their holdings to avail the benefits of electronic holding and facilitate seamless transactions.
The detailed procedure for dematerialisation and other investor services is available on the Company's website.
18. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of sections 124 and 125 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the Company transferred 13,640 equity shares, in respect of which dividends had remained unclaimed for seven consecutive years, to the Investor Education and Protection Fund ('IEPF') Authority during the Financial Year 2025-26. The said shares correspond to the dividend which had remained unclaimed for a
period of seven consecutive years from FY 2017-18. The corresponding unpaid or unclaimed dividends were also transferred to the IEPF in accordance with the applicable statutory provisions.
Before effecting such transfers, the Company complied with the prescribed requirements, including issuance of individual notices to the concerned shareholders and publication of newspaper advertisements. Members may claim the transferred shares and dividends from the IEPF Authority by following the prescribed procedure.
The Company Secretary & Compliance Officer of the Company is the Nodal Officer. Details of the Nodal Officer are displayed on the website athttps://www.saregama. com/static/investors.
19. AUDITORSA. STATUTORY AUDITORS
M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), continue as the Statutory Auditors of the Company and hold office until the conclusion of the 80th Annual General Meeting to be held in the year 2027, in accordance with the provisions of the Companies Act, 2013.
The Statutory Auditors have confirmed that they continue to satisfy the eligibility criteria prescribed under the Companies Act, 2013 and the Chartered Accountants Act, 1949 and are not disqualified from continuing as the Statutory Auditors of the Company.
The Statutory Auditors' Reports on the Standalone and Consolidated Financial Statements for the Financial Year ended 31st March, 2026 forms part of this Integrated Annual Report. The Audit Reports do not contain any qualification, reservation, adverse remark or disclaimer. The Notes to the Financial Statements referred to in the Audit Reports are self¬ explanatory and, therefore, do not call for any further comments under section 134(3)(f) of the Companies Act, 2013.
B. SECRETARIAL AUDITOR
Pursuant to section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 24A of the SEBI Listing Regulations, the Members, at the 78th Annual General Meeting held on 10th September, 2025, appointed M/s. Alwyn
Jay & Co., Company Secretaries (Firm Registration No. P2010MH021500;Peer Review Certificate No. 5936/2024), as the Secretarial Auditors of the Company for a term of five consecutive financial years commencing from Financial Year 2025-26.
The Secretarial Auditors have confirmed their eligibility for appointment and that they hold a valid Peer Review Certificate issued by the Institute of Company Secretaries of India.
The Secretarial Audit Report (Form MR-3) for the Financial Year ended 31st March, 2026 forms part of this Integrated Annual Report as 'Annexure C'. The Report does not contain any qualification, reservation, adverse remark or disclaimer.
The Annual Secretarial Compliance Report for the Financial Year ended 31st March, 2026, issued pursuant to Regulation 24A of the SEBI Listing Regulations, has been submitted to the Stock Exchanges within the prescribed timelines.
C. COST RECORDS AND COST AUDITOR
Pursuant to section 148(1) of the Companies Act, 2013 read with the applicable Rules made thereunder, the Company has made and maintained the prescribed cost records in respect of its applicable products and activities. The Cost Audit Report for the Financial Year ended 31st March, 2026 will be filed with the Central Government within the prescribed statutory timeline.
Based on the recommendation of the Audit Committee, the Board of Directors, at its Meeting held on 14th May, 2026, approved the re-appointment of M/s. Shome and Banerjee, Cost Accountants (Firm Registration No. 000001), as the Cost Auditors of the Company to conduct the audit of the cost records for the Financial Year ending 31st March, 2027, at a remuneration of ' 1,20,000 (Rupees One Lakh Twenty Thousand only), plus applicable taxes and reimbursement of travelling and out-of-pocket expenses actually incurred in connection with the cost audit.
The Cost Auditor have confirmed that they satisfy the eligibility and independence criteria prescribed under the Companies Act, 2013 and the applicable
Rules and are not disqualified from being appointed as the Cost Auditors of the Company.
I n accordance with section 148(3) of the Companies Act, 2013 read with the applicable Rules, the remuneration payable to the Cost Auditors is subject to ratification by the Members. Accordingly, an appropriate Resolution forms part of the Notice convening the ensuing Annual General Meeting for Members' approval.
D. INTERNAL AUDITOR
Pursuant to section 138 of the Companies Act, 2013 read with the Rules made thereunder, the Board of Directors, based on the recommendation of the Audit Committee, appointed Mr. Kamal Agarwal, Group Head - Internal Audit, RPSG Group, as the Chief Internal Auditor of the Company for the Financial Year 2025-26.
The Internal Audit function operates independently and follows a risk-based internal audit plan approved by the Audit Committee. The Audit Committee periodically reviews the scope and coverage of internal audits, significant audit observations, implementation of corrective actions and the adequacy and effectiveness of the Company's internal control systems.
REPORTING OF FRAUD BY AUDITORS
During the Financial Year under review, the Statutory Auditors, Secretarial Auditors and Cost Auditors have not reported any instance of fraud committed by the officers or employees of the Company under section 143(12) of the Companies Act, 2013 requiring reporting to the Central Government or the Audit Committee. Accordingly, no disclosure in this regard is required under section 134(3)(ca) of the Act.
!0. DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors acknowledges the responsibility for ensuring compliances with the provisions of section 134(3) (c) read with section 134(5) of the Act in the preparation of the Annual Accounts for the Financial Year ended on 31st March, 2026 and to the best of their knowledge and ability, confirm that:
a) i n the preparation of the annual accounts for the Financial Year ended on 31st March, 2026, the
applicable accounting standards have been followed and there are no material departures;
b) appropriate accounting policies have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit and loss of the Company for the period;
c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls laid down by the directors have been followed by the company and such internal financial controls are adequate and were operating effectively; and
f) proper systems to ensure compliance with the provisions of all applicable laws are in place and such systems were adequate and operating effectively.
21. FOREIGN EXCHANGE EARNINGS AND OUTGO
The Foreign Exchange earned in terms of actual inflows
during the year and the Foreign Exchange outgo during
the year in terms of actual outflows is given below:
|
Particulars
|
Current Year
|
Previous Year
|
|
Foreign Exchange used
|
6,333.92
|
15,766.06
|
|
Foreign Exchange earned
|
19,575.60
|
30,631.20
|
22. RATIO ANALYSIS
|
KEY RATIOS
|
STANDALONE
|
|
March 2026 |
|
March 2025
|
|
Net Profit Margin
|
26.0%
|
20.0%
|
|
Operating Profit Margin
|
32.0%
|
22.0%
|
|
Debt to Equity Times
|
0.06
|
NIL
|
|
Interest Coverage Times
|
127.9
|
482.2
|
|
Current Ratio (Times)
|
1.7
|
2.9
|
|
KEY RATIOS
|
STANDALONE
|
| |
March 2026 |
|
March 2025
|
|
Debtor Turnover (Days)
|
62.1
|
45.4
|
|
Inventory Turnover (Days)
|
611.5
|
348.2
|
|
Return on Networth
|
13.4%
|
13.7%
|
1.lnventory turnover ratio is higher due to increase in investment in music content and higher number of digital films under production.
2.lnterest Coverage ratio and Debt-Equity Ratio are not relevant for the previous year as company has zero debt as on 31st March, 2025.
23. EMPLOYEES STOCK OPTION SCHEME 2013
The Company believes that attracting, retaining and motivating talented employees is fundamental to creating sustainable long-term shareholder value. With this objective, the Company has implemented the Saregama Employee Stock Option Scheme, 2013 ('ESOP Scheme'), which enables eligible employees to participate in the long-term growth and value creation of the Company while aligning their interests with those of the shareholders.
The ESOP Scheme is administered by the Nomination and Remuneration Committee and is in compliance with the provisions of the Companies Act, 2013 and the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended.
During the Financial Year 2025-26, the Nomination and Remuneration Committee approved the grant, vesting and exercise of stock options in accordance with the terms of the ESOP Scheme and the applicable statutory provisions.
The disclosures required under Regulation 14 of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, together with the applicable SEBI Circulars, are available on the Company's website.
A certificate from the Secretarial Auditor confirming that the ESOP Scheme has been implemented in accordance with the applicable provisions of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and the resolutions passed by the Members will be placed before the Members at the ensuing Annual General Meeting.
Details of stock options granted, vested, exercised, lapsed and outstanding during the year are provided in the notes to the Financial Statements and the disclosures hosted on the Company's website.
24. SHARES KEPT IN ABEYANCE
Pursuant to the Rights Issue undertaken by the Company in 2005, the allotment of 5,290 equity shares of face value ' 10 each (equivalent to 52,900 equity shares of face value Re.1 each pursuant to the subdivision of equity shares) continues to remain in abeyance as on 31st March, 2026, pending disposal of certain litigation and receipt of the requisite statutory and regulatory approvals.
The Company continues to monitor the status of the pending matters and will take appropriate action in accordance with the applicable legal and regulatory requirements upon resolution of the outstanding issues.
25. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT(BRSR)
Regulation 34 of SEBI Listing Regulations requires top 1000 listed entities based on market capitalization (calculated as on 31st December of every Financial Year), a BRSR describing the initiatives taken by them from an environmental, social and governance perspective, in the format as specified by the Board from time to time.
The BRSR seeks disclosure on the performance of the Company against nine principles of the 'National Guidelines on Responsible Business Conduct ('NGRBCs'). Since, Saregama India Limited falls in Top 1000 listed entities as on 31st March, 2026, Business Responsibility and Sustainability Report for the Financial Year ended on 31st March, 2026 as stipulated under Regulation 34(3) of SEBI Listing Regulations is separately given and forms part of this Integrated Annual report as 'Annexure D'.
The BRSR reflects the Company's continued commitment towards responsible business practices, sustainable value creation, sound governance and long-term stakeholder value.
26. MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34 read with Schedule V of the SEBI Listing Regulations, the Management Discussion and Analysis Report for the Financial Year 2025-26 forms an integral part of this Integrated Annual Report. The Report
provides a detailed review of the Company's business performance, operational developments, industry outlook, opportunities, risks and future prospects.
27. DESIGNATED PERSON FOR BENEFICIAL INTEREST
Pursuant to Rule 9(3) of the Companies (Management and Administration) Rules, 2014, the Company Secretary & Compliance Officer has been designated as the person responsible for furnishing information to and extending co-operation with the Registrar of Companies in respect of declarations relating to beneficial interest in shares under the Companies Act, 2013.
28. MATERIAL CHANGES AND STATE OF AFFAIRS
There have been no material changes or commitments affecting the financial position of the Company between the close of the Financial Year ended 31st March, 2026 and the date of this Report.
During the year under review, there was no change in the nature of the Company's business.
29. SECRETARIAL STANDARDS
The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India ('ICSI) and approved by the Central Government under section 118(10) of the Companies Act, 2013.
The Company has also established appropriate systems and processes to ensure compliance with all applicable laws, rules, regulations and secretarial standards.
30. PREVENTION OF SEXUAL HARASSMENT
The Company has in place a Policy on Prevention of Sexual Harassment at Workplace in accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 which is available on the Company's website: https://sarega. ma/posh_policy. Adequate workshops and awareness programmes against sexual harassment are conducted across the organisation Internal Complaints Committees have been constituted at the applicable locations to redress complaints and promote a safe, secure and inclusive work environment.
During the Financial Year 2025-26, no complaint of sexual harassment was received or remained pending as on 31st March, 2026.
31. OTHER STATUTORY DISCLOSURES
Your Directors state that:
a) the Company has not accepted any deposits from the public falling within the ambit of section 73 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014.
b) during the year under review, there were no significant or material orders passed by the Regulators or Courts or Tribunal, which would impact the going concern status of the Company and its future operation.
c) during the year under review, there were no transactions requiring disclosure and reporting section related to pendency of any proceeding under the Insolvency and Bankruptcy Code, 2016.
d) during the year under review, there was no instance of one-time settlement with any bank or financial institution.
e) since, the Company is not a manufacturing company, the disclosure as per section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, related to conservation of energy and technology absorption is not applicable.
f) the Company has not issued any shares with differential voting rights as per the Act.
g) the Company has not issued any sweat equity shares under the Act.
h) there were no instances of non-exercising of voting rights in respect of shares purchased directly by employees under a scheme pursuant to section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014.
i) the company complies with the provisions of the Maternity Benefit Act, 1961, and provides maternity benefits to eligible women employees. Adequate facilities and support are provided in line with statutory requirements.
j) during the year under review, there is no loan taken from the Directors or their relatives by the Company.
k) all the relevant forms for updating the KYC information and Nomination details for holders of physical shares are provided on the website of the Company.
l) t he Company has complied with the requirement of submitting all the forms related to MSME to the Ministry of Corporate Affairs within the prescribed timelines.
m) the Company is complying with the applicable requirements of Integrated Reporting Framework. The Integrated Report forms part of the Annual Report of the Company.
32. ACKNOWLEDGEMENT
Your Company has been able to operate responsibly and efficiently because of the culture of professionalism, creativity, integrity, ethics, good governance and continuous improvement in all functions and areas as well as the efficient utilization of the Company's resources for sustainable and profitable growth.
Your Directors would like to express their sincere appreciation to its stakeholders, financial institutions, bankers, business associates, government authorities, customers and vendors for their continued support and co-operation. The Board looks forward to their continued support in the future. The Directors also place on record their deep sense of appreciation for the committed services rendered by the employees of the Company.
For And On Behalf Of The Board Of DirectorsNoshir Naval Framjee Vikram Mehra
Non-Executive, Independent Director Managing Director
DIN: 01646640 DIN: 03556680
Date: 14th May, 2026 Date: 14th May, 2026
Place: Kolkata Place: Kolkata
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