Zee Media Q2 FY27 Results: Revenue Rises 1.5% To ₹181.4 Crore, But EBITDA Declines 73.5% To ₹4.5 Crore

Zee Media Corporation Limited reported consolidated operating revenue of ₹181.4 crore in Q2 FY27, compared with ₹178.7 crore in the corresponding quarter last year. Operating profit, measured as earnings before interest, tax, depreciation and amortisation (EBITDA), declined to ₹4.5 crore from ₹17.1 crore.

For the first half of FY27, reported operating revenue stood at ₹372.3 crore, against ₹361.1 crore a year earlier. However, the previous year's figure included ₹50.6 crore from content sales and other linear revenue. Excluding this contribution, like-for-like revenue grew 19.9%.

The Zee Media share price closed at ₹7.36 on 13 November, up 2.08% on the National Stock Exchange (NSE).

Zee Media Q2 Results Snapshot

Operating revenue increased 1.5% year on year, but operating expenditure grew faster, rising 9.5% to ₹176.9 crore from ₹161.6 crore. Consequently, quarterly EBITDA declined 73.5% to ₹4.5 crore.

The expense mix shows pressure from operating costs and other expenses. Operating costs increased 33.4% to ₹46.8 crore, while other expenses rose 11.5% to ₹69.4 crore. Employee benefits expenses moved in the opposite direction, declining 5.5% to ₹60.6 crore.

The sequential performance was also weaker. Revenue fell 4.9% from ₹190.9 crore in Q1 FY27, while expenditure increased 1.3% from ₹174.6 crore. EBITDA consequently declined 72% from ₹16.3 crore in the preceding quarter.

What Were The Main Revenue Contributors?

Advertising remained the company's principal revenue source, generating ₹174.5 crore in Q2 FY27, up 2.9% from ₹169.6 crore a year earlier. Subscription revenue declined 25.4% to ₹6.8 crore from ₹9.1 crore.

Other sales and services contributed ₹0.1 crore, compared with nil revenue in the year-ago quarter. Advertising therefore accounted for almost all the company's quarterly operating revenue, while subscription income remained under pressure.

Zee Media H1 FY27 Highlights

The growth in the first half of FY27 was led by the company's linear television advertising business. Revenue from this segment rose 29.5% to ₹265.4 crore from ₹204.9 crore. Digital advertising revenue reached ₹88.8 crore, up 2.9%.

Operating expenditure increased 8.4% to ₹351.5 crore from ₹324.2 crore. Operating costs rose 42.1% to ₹98 crore, while employee benefits expenses declined 2.5% to ₹127 crore. Other expenses increased 1.1% to ₹126.5 crore.

H1 EBITDA stood at ₹20.8 crore, down 43.6% from ₹36.9 crore in the previous year. The decline in operating profit, despite stronger like-for-like revenue, points to the impact of the higher cost base during the period.

Raktim Das, Chief Executive Officer (CEO) of Zee Media Corporation, said the half-year performance reflected the strength of the company's core business and the steps being taken to expand its operations.

Source

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