Zee Entertainment Enterprises’ consolidated net profit fell 47% year-on-year to Rs 76 crore in the first quarter of fiscal 2027, compared with Rs 144 crore in the year-ago period.
Moneycontrol News
August 11, 2026 / 09:23 IST
As per the company’s quarterly numbers, Zee5 remained a key bright spot, with revenue rising 57.6% year-on-year to Rs 457 crore and EBITDA at Rs 4.4 crore in Q1FY27.
- Zee Entertainment’s Q1 profit fell 47% to Rs 76 crore.
- Ad revenue declined 11.5%; subscription revenue rose 15.8%.
- Zee5 revenue grew 57.6%; brokerages have mixed views.
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Zee Entertainment shares were in the red in opening trade on Tuesday after the company reported its quarterly results a day earlier. Stocks of Zee Entertainment were trading at Rs 92.10, down 2.46% or Rs 2.32, at 9:16 am on Tuesday.
The company reported a sharp decline in its first-quarter profit, while advertising revenue remained under pressure despite strong growth in subscription revenue.
Zee Entertainment Enterprises’ consolidated net profit fell 47% year-on-year to Rs 76 crore in the first quarter of fiscal 2027, compared with Rs 144 crore in the year-ago period. Revenue from operations increased 4.5% year-on-year to Rs 1,908 crore from Rs 1,825 crore. Advertising revenue declined 11.5% to Rs 671 crore from Rs 759 crore, while subscription revenue rose 15.8% year-on-year to Rs 1,137 crore.
At the operating level, EBITDA declined 65.4% year-on-year to Rs 79 crore, with EBITDA margin at 4.1%. The company attributed the pressure to a weak advertising environment, higher programming costs following the acquisition of FIFA rights and elevated advertising and promotional spends linked to the launch of new sports channels.
As per the company’s quarterly numbers, Zee5 remained a key bright spot, with revenue rising 57.6% year-on-year to Rs 457 crore and EBITDA at Rs 4.4 crore in Q1FY27.
Brokerages have divergent views on the stock. In its latest note, PL Capital upgraded Zee Entertainment to ‘Buy’ from ‘Accumulate’, with a target price of Rs 116 against a CMP of Rs 94. The brokerage expects margin recovery from 2HFY27, supported by improving viewership share and stronger traction in the digital business.
“Accordingly, we expect EBITDA margins to improve to 8.9%/13.7% in FY27E/FY28E, respectively,” PL Capital said.
“Led by improving viewership share, rising profitability in digital business and expected recovery in ad-environment we upgrade Z IN to BUY (earlier ACCUMULATE) with a TP of Rs 116 (13xFY28E EPS; no change in target multiple),” it said.
PL Capital noted that Zee’s viewership share peaked at 20% in week 24 during the quarter, while digital business revenue grew 57.6% year-on-year.
Motilal Oswal, however, has retained its ‘Neutral’ rating on Zee Entertainment with an unchanged target price of Rs 100 against a CMP of Rs 94. The brokerage described the quarter as “another subdued quarter”, with ad revenue declining around 11.5% year-on-year and EBITDA falling around 65%, despite around 16% year-on-year growth in subscription revenue.
“Zee5 delivered robust 58% YoY revenue growth with adjusted EBITDA profitability for the third consecutive quarter. However, the continued decline in linear TV profitability (revenue -5.5% YoY, EBITDA -75% YoY) continues to take the sheen off Zee5’s turnaround,” Motilal Oswal said.
The brokerage expects FIFA to provide a boost in the second quarter, with the full benefit of FIFA subscription packs and related content costs expected to be reflected in 2Q. “Management remains cautiously optimistic of recovery in ad revenue, with an improving macro-economic outlook ahead of the upcoming festive season and interventions (selective re-entry into sports, forays into kid entertainment, micro drama),” it said.
Motilal Oswal has cut its FY27/FY28 EBITDA estimates by 24%/14%, citing a subdued advertising environment and higher content investments. It expects revenue to grow at a CAGR of 4% over FY26-29E, while FY29E EBITDA and PAT are expected to remain below FY25 levels.
“We reiterate our Neutral rating with an unchanged TP of Rs 100, premised on 14x Sep’28E P/E,” Motilal Oswal said.
On the other hand, Elara Capital has retained its ‘Sell’ rating on Zee Entertainment with a target price of Rs 80.
“Factoring in Q1, we raise revenue estimates 5% but cut EPS estimates 1-5% for FY26-29E,” the brokerage said. Elara Capital said Q1 advertising revenue fell 11.5% year-on-year due to the Middle East conflict, weak FMCG spending and diversion of ad spends towards cricket, partly offset by 16% subscription growth. “Early read from the FIFA deal is positive, yielding 10-12% standalone contribution, per our assessment, with subscriber-led indirect benefit (per ZEE5, B2C user base doubled),” it said, while cautioning that “uplift from the FIFA deal is transient”.
The brokerage also flagged structural concerns, saying “the migration of FMCG advertising to quick commerce and digital platforms, coupled with margin compression to mid-single digit, points to underlying structural weakness.” It expects subscription growth to settle at 6-7% post FIFA, while “EBITDAM has compressed to mid-single digit from ~12.5% a year ago.”
Moneycontrol News
first published: Aug 11, 2026 09:19 am
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Surabhi Pandey
