ZEE Entertainment Enterprises Annual Report 2025-26

FY26 Highlights

FY26 marked a year of strategic progress, with new growth platforms, stronger digital performance, wider audience engagement and continued investment in long-term value creation.

Business Initiatives

Fresh Content and Free-to-Air Expansion

Expanded the content slate and re-entered the Free-to-Air market

‘Z’ R.I.S.E

Launched the Results, Integration, Strategy and Engagement initiative for retail, SME and MSME advertisers

In-Show Brand Integration

Strengthened through character-led ‘Dilfluencer Moments’

Syndication and Content Library Monetisation

Expanded monetisation across platforms and markets, supported by a Multi-Channel Network licence

Animation, Visual Effects, Gaming and Comics (AVGC)

Announced an investment of up to ₹1,160 million in Phantom Digital Effects Limited to strengthen content creation capabilities

New Initiatives

Bullet

Launched as a mobile-first micro-drama platform for Gen Z and millennial audiences

Kidz

Launched on ZEE5, marking our expansion into kids’ entertainment

Syndication

Launched to engage entrepreneurs across Bharat, particularly Tier 2 and Tier 3 markets

Live Entertainment

Made an investment of ₹200 million in Culture of Real Experiences Private Limited to expand into live entertainment

Regional Sports

Expanded our presence across regional and emerging sports to build local relevance

₹80,989 million

Operating revenue

₹7,547 million

Adjusted EBITDA*

9.3%

Adjusted EBITDA margin*

₹27,595 million

Cash and cash equivalents as at March 31, 2026

*Adjusted EBITDA excludes the impact of the change in estimates relating to the movie rights inventory amortisation pattern and additional impairment, aggregating ₹4,084 million.

Viewership and Digital Highlights

17.4%

All-India television network share, up 60bps YoY

800 million+

Monthly omni-channel unique reach

4.5+

ZEE5 app rating on Android Play store and iOS app store

300+

Average Watch time (Mins)

53%

ZEE5 revenue growth YoY

176 million

YouTube subscribers across Zee Music Company channels

217 billion

Video views across Zee Music Company’s YouTube channels

Adjusted EBITDA Breakeven

Delivered by ‘Z’s digital business

ESG Highlights

Top 5%

Ranked among global Media, Movies and Entertainment companies in the S&P Global Corporate Sustainability Assessment 2025

20.5%

Women representation

30,182

CSR beneficiaries

3.4%

Reduction in energy consumption from electricity

137,011

Employee learning hours

98%

Procurement from domestic vendors

About ‘Z’

Legacy. Evolution.
Leadership in Entertainment.

Zee Entertainment Enterprises Limited (‘Z’) is one of India’s leading content and technology companies, with an integrated presence across broadcast television, digital entertainment, studios, music and sports. For more than three decades, we have created and distributed stories rooted in culture, language and lived experience for audiences in India and international markets.

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CEO’s Message

Dear Shareholders,

At the centre of our growth story lies a simple yet powerful promise.

A promise to create enduring value and strengthen the trust that defines our relationship with each one of you, our precious shareholders

Punit Goenka

Chief Executive Officer
Zee Entertainment Enterprises Limited

Read Full Message

Business Model

Broadcast | Digital | Studios | Music | Sports

Our integrated portfolio enables content, audiences, technology and commercial capabilities to be shared across businesses, improving reach, engagement and monetisation.

Stakeholder Engagement

At ‘Z’, stakeholder engagement drives how content is imagined, produced and delivered to millions of viewers.

Material Matters

Materiality assessment is important to how we understand our responsibility to both the people and the planet.

Risk Management

The media and entertainment landscape continues to evolve rapidly, shaped by changing audience preferences, platform fragmentation, technological advancement, regulatory developments and macroeconomic uncertainty.

Our Strategy

‘Z’s strategy is focussed on building a future-ready content and technology ecosystem.

Operating revenue stood at ₹80,989 million, 2% lower year-on-year. Growth in subscription revenue, driven by digital business, and other sales and services partly offset the decline in advertising revenue.

Adjusted EBITDA stood at ₹7,547 million, excluding one time impact of ₹4,084 million arising from a change in estimates of movie-rights inventory amortisation and additional impairment.

Adjusted EBITDA margin stood at 9.3% which excludes the impact arising from the revision in movie-rights inventory amortisation estimates and additional impairment.

Profitability was impacted by lower advertising revenue, strategic growth investments and certain one-off expenses, including higher legal costs.

01/04

ZEE5 revenue increased by 53% to ₹14,888 million, driven by enhanced content offerings, growth in the subscriber base, an improved pricing strategy and increased contribution from syndication. The digital business achieved EBITDA breakeven and turned profitable during the year on a comparable basis.

In FY26, revenue from the movies business increased by 3% to ₹4,561 million, driven by increase in number of movies released and produced.

01/02

Net worth increased to ₹117,281 million as at March 31, 2026, compared with ₹115,334 million in FY25, reflecting the continued strength of the Company’s capital base.

Cash and treasury investments stood at ₹27,595 million as at March 31, 2026, reflecting improved liquidity and prudent financial management.

Content inventory and advances declined to ₹67.6 billion from ₹70.5 billion, reflecting disciplined acquisitions and optimised capital allocation.

01/03

Television network share increased by 60 bps year-on-year to 17.4%, supported by gains across Hindi and other language markets.

Subscription revenue increased by 4% and other sales and services increased by 2%, partly offsetting a 10% decline in advertising revenue during FY26.

Overall Operating cost stood at ₹77,526 million, including ₹4,084 million relating to the revision in movie-rights inventory amortisation estimates and additional impairment. Excluding this impact, overall operating cost stood at ₹73,442 million and remained broadly stable year-on-year, supported by cost optimisation across programming, manpower and overheads. These savings were partly offset by investments in digital growth, content creation and new initiatives. Operating costs increased by 8%, A&P expenditure rose by 24% and other expenses increased by 23%, while personnel costs declined by 9%.

Business Segment Review

Digital

Across screens and languages, ‘Z’ strengthened its digital business by combining regional storytelling, flexible monetisation, new-age formats and technology-led discovery.

With a wide content portfolio, ZEE5 has become one of India’s largest producers of Indian language entertainment.

View Website

Bullet marked ‘Z’s entry into the fast-growing micro-drama space.

View Website

Business Segment Review

Broadcast (Domestic)

Across India’s television homes, ‘Z’ strengthened audience connection through language-led stories, sharper content decisions and wider reach across linear, digital and on-ground touchpoints.

Business Segment Review

Broadcast (International)

Across global markets, we took Indian stories to more screens, strengthening reach, relevance and monetisation across linear, FAST, digital and on-ground touchpoints.

Business Segment Review

Studios

Across theatres, platforms and markets, we strengthened Zee Studios as ‘Z’s integrated film vertical through a wider multilingual slate, stronger distribution capabilities and cross-platform monetisation.

Business Segment Review

Music

We strengthened Zee Music Company’s role as a high-scale music engine within ‘Z’s content ecosystem, combining film music, independent releases, regional depth and cross-platform amplification.

Business Segment Review

Sports

Across screens and stadiums, we expanded our sports play through scalable properties, regional formats, digital-first experiences and fan-led engagement.

Business Segment Review

Zee Live

We are bringing ‘Z’s storytelling closer to audiences by transforming content, culture and communities into shared live experiences.

Business Segment Review

Syndication

Through focussed licensing and wider market access, ‘Z’ extended the commercial life of its content library across platforms, territories and emerging formats.

01/08

ESG at ‘Z’

At ‘Z’, ESG informs the way we think about growth, operations, and the impact we create. As a Company built on the power of storytelling, we recognise our ability to influence perceptions and conversations, and seek to do so thoughtfully and responsibly.

At ‘Z’, we are committed to understand, manage and reduce our environmental footprints through strategic action towards carbon emission reduction, energy conservation, water management and responsible waste handling to strengthen both ecological and business resilience.

Employees

FY26 was a defining year in ‘Z’s transformation journey as the Company continued to strengthen its position as a future-ready, omni-channel media and entertainment enterprise.

At ‘Z’, we believe that lasting change begins when people are empowered with opportunities to learn, thrive and shape their own futures.

Stories have a unique power to shape perceptions, influence conversations and reflect the values of the society.

The impact of business extends far beyond its own operations. At ‘Z’, we view our supply chain as a strategic enabler of sustainable growth.

In an industry where credibility, creativity and public trust are closely intertwined, strong governance serves as a strategic enabler of long-term success.

Mr. R. Gopalan

Chairman

Mr. Uttam Prakash Agarwal

Independent Director

Mr. Shishir Desai

Independent Director

Dr. Venkata Ramana Murthy Pinisetti

Independent Director

Ms. Deepu Bansal

Independent Director

Ms. Divya Rupchand Karani

Independent Director

Mr. Saurav Adhikari

Non-Executive
Non-Independent

Chairman Member

A – Audit Committee
R – Risk Management Committee
N – Nomination and Remuneration Committee
S – Stakeholders Relationship Committee
C – Corporate Social Responsibility Committee

Board expertise

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Director	Understanding the business of Media, Entertainment, content and broadcasting	Strategy and planning	Financial and governance	International business	Other management skills
R. Gopalan	Yes	Yes	Yes	Yes	Yes
Deepu Bansal	Yes	Yes	Yes	Yes	Yes
Venkata Ramana Murthy Pinisetti	Yes	Yes	–	–	Yes
Shishir Babubhai Desai	Yes	–	Yes	Yes	Yes
Uttam Prakash Agarwal	Yes	Yes	Yes	Yes	Yes
Saurav Adhikari	Yes	Yes	Yes	Yes	Yes
Divya Rupchand Karani	Yes	Yes	Yes	Yes	Yes

Standalone

Consolidated

Standalone Balance Sheet

As at 31 March 2026

Swipe to view full table(₹ Million)

Particulars	Note	Mar-26	Mar-25
ASSETS
Non-current assets
(a) Property, plant and equipment	5a	3,430	3,856
(b) Capital work-in-progress	5b	35	14
(c) Investment property	6	470	480
(d) Goodwill	7a	1,261	1,261
(e) Other intangible assets	7a	206	433
(f) Intangible assets under development	7b	23	–
(g) Financial assets
(i) Investments	8	8,961	8,157
(ii) Other financial assets	9	447	1,053
(h) Non-current tax assets (net)		3,485	1,911
(i) Deferred tax assets (net)	10	3,878	3,510
(j) Other non-current assets	11	1,839	38
Total non-current assets		24,035	20,713
Current assets
(a) Inventories	12	57,248	64,122
(b) Financial assets
(i) Investments	13	12,304	11,564
(ii) Trade receivables	14	14,705	13,920
(iii) Cash and cash equivalents	15a	5,855	4,281
(iv) Bank balances other than (iii) above	15b	810	2,869
(v) Loans	44	357	–
(vi) Other financial assets	9	3,882	3,162
(c) Other current assets	11	4,908	6,694
Total current assets		100,069	106,612
Non-current assets classified as held for sale/disposal	32	4,909	–
Total assets		129,013	127,325
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital	16	961	961
(b) Other equity	17	104,671	105,616
Total equity		105,632	106,577
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Long term borrowings	18	1,761	1,580
(ii) Lease liabilities	34	146	781
(b) Provisions	19	1,264	1,418
Total non-current liabilities		3,171	3,779
Current liabilities
(a) Financial liabilities
(i) Short term borrowings	18	16	21
(ii) Lease liabilities	34	653	729
(iii) Trade payables
– Total outstanding dues of micro and small enterprises	44	1,038	393
– Total outstanding dues of creditors other than micro and small enterprises	44	13,422	11,373
(iv) Other financial liabilities	20	1,681	1,891
(b) Other current liabilities	21	3,205	2,433
(c) Provisions	19	188	129
Total current liabilities		20,203	16,969
Liabilities directly associated with assets classified as held for sale /disposal		7	–
Total liabilities		23,381	20,748
Total equity and liabilities		129,013	127,325

See accompanying notes to the standalone financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Standalone Statement of Profit and Loss

For the year ended 31 March 2026

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Particulars	Note	Mar-26	Mar-25
Revenue
Revenue from operations	22	75,670	77,124
Other income	23	764	1,918
Total income	I	76,434	79,042
Expenses
Operational cost	24	47,990	44,180
Employee benefits expense	25	7,094	7,880
Finance costs	26	420	296
Depreciation and amortisation expense	27	1,783	2,142
Fair value gain on financial instruments at fair value through profit and loss	28	(568)	(427)
Other expenses	29	18,739	14,850
Total expenses	II	75,458	68,921
Profit before exceptional items and tax	III=(I-II)	976	10,121
Exceptional items	30	94	1,061
Profit before tax	IV	882	9,060
Less: Tax expense
Current tax	31	57	1,942
Current tax- earlier years	31	49	(11)
Deferred tax	31	(429)	116
Total tax expense	V	(323)	2,047
Profit for the year	VI=(IV-V)	1,205	7,013
Other comprehensive income
(a) Items that will not be reclassified to profit or loss
(i) Re-measurement of defined benefit obligation		121	132
(ii) Fair value changes of equity instruments through other comprehensive income (FVOCI)		124	–
(b) Income-tax relating to items that will not be reclassified to the profit or loss		(61)	(33)
Total other comprehensive income	VII	184	99
Total comprehensive income for the year	VIII=(VI+VII)	1,389	7,112
Earnings per Equity share (face value ₹ 1 /- each)
Basic	33	1.25	7.30
Diluted	33	1.25	7.30

See accompanying notes to the standalone financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Standalone Statement of Cash Flows

For the year ended 31 March 2026

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Particulars	Mar-26	Mar-25
A. Cash flow from operating activities
Profit before tax	882	9,060
Adjustments for:
Depreciation and amortisation expense	1,783	2,142
Allowances for doubtful debts and advances (net)	713	46
Exceptional items (refer note 30)	–	920
Liabilities and excess provision written back	(76)	(86)
Unrealised loss / (gain) on exchange adjustments (net)	85	31
Profit on sale of property, plant and equipment (net)	(10)	–
Interest expenses	265	264
Fair value gain on financial instruments classified as fair value through profit and loss	(568)	(427)
Dividend income	(0)	(931)
Profit on sale of investments	(121)	(151)
Rent income	(153)	(254)
Interest income	(283)	(491)
Financial asset written off	10	–
Operating profit before working capital changes	2,527	10,123
Adjustments for :
Decrease in inventories	3,720	1,719
(Increase)/decrease in trade and other receivables	(3,274)	3,375
Increase/ (decrease) in trade and other payables	3,368	(5,239)
Cash generated from operations	6,341	9,978
Direct taxes paid (net)	(1,680)	(868)
Net cash flow generated from operating activities (A)	4,661	9,110
B. Cash flow from investing activities
Purchase of property, plant and equipment / capital work-in-progress	(1,033)	(668)
Purchase of other intangible assets	(235)	(51)
Sale of property, plant and equipment, intangible assets	35	31
Proceeds from sale of digital publishing business	–	10
Investment in fixed deposits	(9,002)	(3,802)
Proceeds from sale / redemption of current investments	23,018	12,096
Proceeds from fixed deposits	11,050	1,011
Investment in subsidiary	(10)	0
Investment in Optionally convertible debentures of subsidiary	(595)	–
Loan given to others	(350)	–
Purchase of current investments	(23,099)	(23,339)
Funding for subsidiary closure cost	–	(65)
Dividend received from subsidiary / others	0	931
Interest received	287	414
Rent received	153	254
Net cash flow generated from/(used in) investing activities (B)	219	(13,178)
C. Cash flow from financing activities
Payment of lease liabilities	(692)	(607)
Payment of Interest on lease liabilities	(109)	(169)
Proceeds from long-term borrowings	14	2,025
Repayment of long-term borrowings	(27)	(28)
Dividend paid on equity shares	(2,334)	(961)
Interest paid	(158)	(95)
Proceeds on receipt of assignment of receivables	–	220
Net cash flow (used in)/generated from financing activities (C)	(3,306)	385
Net cash inflow / (outflow) during the year (A+B+C)	1,574	(3,683)
Cash and cash equivalents at the beginning of the year	4,281	7,964
Net cash and cash equivalents at the end of the year (refer note 15a) ^#	5,855	4,281

‘0’ (zero) denotes amounts less than a Million.
^# Includes balance with banks in current and deposit accounts and cheques in hand
For reconciliation of borrowings refer note 18 and 34a(iii)
See accompanying notes to the standalone financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Consolidated Balance Sheet

As at 31 March 2026

Swipe to view full table(₹ Million)

Particulars	Note	Mar-26	Mar-25
ASSETS
Non-current assets
(a) Property, plant and equipment	5a	4,971	5,506
(b) Capital work-in-progress	5b	35	14
(c) Investment property	6	470	480
(d) Goodwill	7a	3,310	3,304
(e) Other intangible assets	7a	305	756
(f) Intangible assets under development	7b	23	–
(g) Investments accounted for using the equity method	8a	28	26
(h) Financial assets
(i) Investments	8b	417	357
(ii) Other financial assets	9	547	1,145
(i) Non current-tax assets (net)		4,879	3,234
(j) Deferred tax assets (net)	10	4,506	4,101
(k) Other non-current assets	11	2,290	149
Total non-current assets		21,781	19,072
Current assets
(a) Inventories	12	65,123	67,748
(b) Financial assets
(i) Investments	13	12,303	11,564
(ii) Trade receivables	14	17,243	15,325
(iii) Cash and cash equivalents	15a	7,978	7,204
(iv) Bank balances other than (iii) above	15b	6,957	5,296
(v) Loans	44	357	–
(vi) Other financial assets	9	4,695	3,405
(c) Other current assets	11	5,507	7,636
Total current assets		120,163	118,178
Non-current assets classified as held for sale/disposal	41	211	91
Total assets		142,155	137,341
EQUITY AND LIABILITIES
Equity
(a) Equity Share capital	16	961	961
(b) Other equity	17	116,338	114,373
Equity attributable to shareholders		117,299	115,334
Non-controlling interests (Refer note 43 (2))		(18)	–
Total equity		117,281	115,334
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Long term borrowings	18	1,761	1,580
(ii) Lease liabilities	33	180	818
(b) Provisions	19	1,413	1,579
Total non-current liabilities		3,354	3,977
Current liabilities
(a) Financial liabilities
(i) Short term borrowings	18	16	21
(ii) Lease liabilities	33	694	790
(iii) Trade payables	44	14,669	11,907
(iv) Other Financial Liabilities	20	2,084	2,235
(b) Other current liabilities	21	3,661	2,747
(c) Provisions	19	253	189
(d) Current tax liabilities (net)		115	114
Total current liabilities		21,492	18,003
Liabilities directly associated with assets classified as held for sale/disposal	41	28	27
Total liabilities		24,874	22,007
Total equity and liabilities		142,155	137,341

See accompanying notes to the consolidated financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Consolidated Statement of Profit and Loss

For the year ended 31 March 2026

Swipe to view full table(₹ Million)

Particulars	Note	Mar-26	Mar-25
A. Continuing Operations
Revenue
Revenue from operations	22	80,989	82,941
Other income	23	1,461	1,234
Total Income	I	82,450	84,175
Expenses
Operational cost	24	48,594	45,172
Employee benefits expense	25	8,424	9,266
Finance costs	26	448	327
Depreciation and amortisation expense	27	2,172	2,785
Fair value gain on financial instruments at fair value through profit and loss	28	(524)	(159)
Other expenses	29	20,508	16,541
Total expenses	II	79,622	73,932
Profit before share of profit in joint venture, exceptional items and tax from continuing operations	III=(I-II)	2,828	10,243
Share of profit in joint venture	IV	2	4
Profit before exceptional items and tax from continuing operations	V=(III+IV)	2,830	10,247
Exceptional items	VI, 30	94	986
Profit before tax from continuing operations	VII=(V+VI)	2,736	9,261
Less : Tax expense
Current tax	31	375	2,094
Current tax - earlier years	31	49	(11)
Deferred tax	31	(401)	304
Total tax expense	VIII	23	2,387
Profit for the year from continuing operations	IX=(VII-VIII)	2,713	6,874
B. Discontinuing Operations
Loss before tax from discontinuing operations	37	–	(79)
Tax reversal from discontinuing operations	37	–	–
Loss for the year from discontinuing operations	X	–	(79)
Profit for the year	XI= (IX+X)	2,713	6,795
Other comprehensive income / (loss)
In respect of continuing operations:
A Items that will not be reclassified to profit or loss
(a) (i) Re-measurement of defined benefit obligation		120	131
(ii) Fair value changes of equity instruments through other comprehensive income (FVOCI)		124	–
(b) Income-tax relating to items that will not be reclassified to profit or loss		(62)	(33)
	XII	182	98
B Items that will be reclassified profit or loss
Exchange differences on translation of financial statements of foreign operations	XIII	1,404	313
Total other comprehensive income from continuing operations	XIV=(XII+XIII)	1,586	411
In respect of discontinuing operations:
Total other comprehensive income from discontinuing operations	XV	–	–
Total other comprehensive income for the year	XVI=(XIV+XV)	1,586	411
Total comprehensive income for the year	XVII=(XI+XVI)	4,299	7,206
Profit/(Loss) for the year
Attributable to:
Shareholders of the Company	XVIII=(XI-XIX)	2,731	6,795
Non-controlling interests	XIX	(18)	–
		2,713	6,795
Total comprehensive income/(loss) for the year
Attributable to:
Shareholders of the Company	XX=(XVII-XXI)	4,317	7,206
Non-controlling interests	XXI	(18)	–
		4,299	7,206
Earnings per Equity share from continuing operations (face value ₹ 1 /- each) — Note 32
Basic (₹)		2.82	7.16
Diluted (₹)		2.82	7.16
Earnings per Equity share from discontinuing operations (face value ₹ 1 /- each) — Note 32
Basic (₹)		–	(0.08)
Diluted (₹)		–	(0.08)
Earnings per Equity share (face value ₹ 1 /- each) — Note 32
Basic (₹)		2.82	7.08
Diluted (₹)		2.82	7.08

See accompanying notes to the consolidated financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Consolidated Statement of Cash Flows

For the year ended 31 March 2026

Swipe to view full table(₹ Million)

Particulars	Mar-26	Mar-25
A. Cash flow from operating activities
Profit/(loss) before tax from:
Continuing operations	2,736	9,261
Discontinuing operations (Refer note 37)	–	(79)
Adjustments for :
Depreciation and amortisation expense	2,172	2,785
Allowances for doubtful debts, advances and others	712	(274)
Exceptional items (Refer note 30)	–	920
Liabilities and excess provision written back	(87)	(91)
Unrealised loss on exchange adjustments (net)	84	33
Profit on sale of property, plant and equipment (net)	(29)	(5)
Profit on sale of investments	(127)	(151)
Interest expenses	294	296
Fair value gain on financial instruments classified as fair value through profit and loss	(524)	(159)
Share of profit in joint venture	(2)	(4)
Dividend income	(0)	–
Rent Income	(148)	(254)
Interest income	(1,066)	(677)
Operating profit before working capital changes	4,015	11,601
Adjustments for :
Decrease in inventories	2,784	1,416
(Increase)/decrease in trade and other receivables	(1,967)	3,722
Increase/(decrease) in trade and other payables	4,317	(4,399)
Cash generated from operations	9,149	12,340
Direct taxes paid (net)	(2,068)	(734)
Cash flow generated from operating activities (A)	7,081	11,606
B. Cash flow from investing activities
Purchase of property, plant and equipment / capital work-in-progress	(1,362)	(848)
Purchase of intangible assets	(242)	(68)
Sale of property, plant and equipment/intangible assets	53	36
Proceeds from sale of digital publishing business	–	10
Purchase of subsidiaries	(10)	–
Investment in fixed deposit	(13,222)	(6,246)
Proceeds from fixed deposits	11,550	1,741
Loans given to others	(350)	–
Purchase of current investments	(23,099)	(23,339)
Proceeds from sale / redemption of current investments	23,037	12,096
Dividend received	0	–
Interest received	506	583
Rent received	148	254
Net cash flow (used in) investing activities (B)	(2,991)	(15,781)
C. Cash flow from financing activities
Payment of lease liabilities	(753)	(732)
Payment of interest on lease liabilities	(117)	(176)
Proceeds from long-term borrowings	14	2,025
Repayment of long-term borrowings	(27)	(28)
Dividend paid on equity shares	(2,334)	(961)
Interest paid	(177)	(120)
Proceeds from assignment of receivables	–	220
Net cash flow (used in)/from financing activities (C)	(3,394)	228
Net cash flow inflow/(outflow) during the year (A+B+C)	696	(3,947)
Effect of exchange differences on translation of foreign currency cash and cash equivalents	78	20
Cash and cash equivalents at the beginning of the year	7,204	11,131
Net cash and cash equivalents at the end of the year (Refer note 15(a)) ^#	7,978	7,204

‘0’ (zero) denotes amounts less than a Millions.
^# includes balance with banks in current and deposit accounts, cheques in hand and cash in hand (Refer Note 15(a)).
For reconciliation of borrowings refer Note 18 and 33 a (iii)
See accompanying notes to the consolidated financial statements

In terms of our report attached

For Walker Chandiok & Co LLP
Chartered Accountants
Firm Registration No: 001076N/N500013

Ashish Gupta
Partner
Membership No: 504662

Place: Mumbai
Date: 19 May 2026

For and on behalf of the Board of Directors

R Gopalan
Chairman
DIN: 01624555

Uttam Prakash Agarwal
Director
DIN: 00272983

Punit Goenka
CEO

Mukund Galgali
Deputy CEO and
Chief Financial Officer

Ashish Agarwal
Company Secretary

Place: Mumbai
Date: 19 May 2026

Last Five Years Financial Highlights

Year Ending March 31

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Year Ending March 31	Consolidated					Standalone
Year Ending March 31	2026	2025 @	2024 @	2023 @	2022 @	2026	2025	2024	2023	2022
Revenue Account
Income from Operations	80,989	82,941	86,372	80,879	81,857	75,670	77,124	80,750	74,219	75,111
Total Expenses	77,526	70,979	77,300	69,868	64,054	73,822	66,910	71,797	63,924	57,397
Operating Profit	3,463	11,962	9,072	11,011	17,803	1,848	10,214	8,953	10,296	17,714
% to Income from Operations	4.3%	14.4%	10.5%	13.6%	21.7%	2.4%	13.2%	11.1%	13.9%	23.6%

Last Five Years Financial Highlights

Year Ending March 31

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Year Ending March 31	Consolidated					Standalone
Year Ending March 31	2026	2025 @	2024 @	2023 @	2022 @	2026	2025	2024	2023	2022
Revenue Account
Income from Operations	80,989	82,941	86,372	80,879	81,857	75,670	77,124	80,750	74,219	75,111
Total Expenses	77,526	70,979	77,300	69,868	64,054	73,822	66,910	71,797	63,924	57,397
Operating Profit	3,463	11,962	9,072	11,011	17,803	1,848	10,214	8,953	10,296	17,714
% to Income from Operations	4.3%	14.4%	10.5%	13.6%	21.7%	2.4%	13.2%	11.1%	13.9%	23.6%
Other Income	1,461	1,234	1,293	797	1,201	764	1,918	1,123	2,732	1,193
PBIDT and Fair Value adjustments	4,925	13,196	10,365	11,808	19,005	2,612	12,132	10,076	13,027	18,907
Financial Expenses	448	327	721	702	438	420	296	691	676	404
Fair value through profit and loss	(524)	(159)	(38)	(58)	37	(568)	(427)	(285)	236	(1,744)
Depreciation / Amortisation	2,172	2,785	3,091	3,127	2,213	1,783	2,142	2,227	1,917	1,106
Add: Share of Results of Associates and Joint Ventures	2	4	4	(1)	1	–	–	–	–	–
Profit Before Tax & Exceptional Items	2,830	10,247	6,595	8,036	16,318	976	10,121	7,443	10,198	19,141
Exceptional Items	(94)	(986)	(2,784)	(3,355)	(1,333)	(94)	(1,061)	(3,129)	(6,669)	(1,271)
Taxation	23	2,387	1,819	2,167	4,447	(323)	2,047	1,299	1,891	4,481
Profit After Tax before non controlling interest	2,713	6,874	1,992	2,514	10,538	1,205	7,013	3,015	1,639	13,389
Less: Non Controlling Interest	(18)	–	–	–	(88)	–	–	–	–	–
Profit After Tax for the year	2,731	6,874	1,992	2,514	10,626	1,205	7,013	3,015	1,639	13,389
% to Total Income	3.3%	8.2%	2.3%	3.1%	12.7%	1.6%	8.9%	3.7%	2.1%	17.5%
Dividend	1,921	2,334	961	–	2,882	1,921	2,334	961	–	2,882
Dividend Rate	200%	243%	100%	–	300%	200%	243%	100%	–	300%
Capital Account
Share Capital – Equity	961	961	961	961	961	961	961	961	961	961
Reserves & Surplus	116,338	114,373	107,767	106,258	107,667	104,671	105,616	99,102	96,152	97,516
Deferred Tax Balances	(4,506)	(4,101)	(4,542)	(4,229)	(3,080)	(3,878)	(3,510)	(3,781)	(3,300)	(2,259)
Non-Controlling Interests	(18)	–	–	–	–	–	–	–	–	–
Loan Funds**	1,761	1,580	32	40	21	1,761	1,580	32	40	20
Capital Employed	114,535	112,813	104,218	103,030	105,569	103,514	104,647	96,314	93,853	96,238
Eff. Capital Employed	119,041	116,914	108,760	107,259	108,649	107,393	108,157	100,095	97,153	98,497
Eff. Networth	117,299	115,334	108,728	107,219	108,627	105,632	106,577	100,063	97,113	98,477
Tangible and intangible assets	9,115	10,060	12,137	13,787	13,123	5,425	6,044	7,526	8,916	6,864
Investments (Including Current Investments)	12,748	11,947	391	349	651	21,265	19,721	7,900	9,616	11,651
Net Assets	92,672	90,806	91,690	88,894	91,795	76,825	78,882	80,888	75,321	77,723
Capital Deployed	114,535	112,813	104,218	103,030	105,569	103,514	104,647	96,314	93,853	96,238
Closing market price per share of ₹1	72.14	98.34	138.55	212.25	288.35	72.14	98.34	138.55	212.25	288.35
Market capitalisation	69,292	94,457	133,080	203,870	276,965	69,292	94,457	133,080	203,870	276,965

“0” (Zero) denotes amounts less than a million

@ Financial highlights for 2025, 2024, 2023 and 2022 are calculated based on Continuing operations of the Group

**Loan funds represents non current portion of borrowings i.e. Foreign Currency Convertible bonds (FCCB) and vehicle loans.

Performance Ratios – An Analysis

Year Ending March 31

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Year Ending March 31	Unit	Consolidated					Standalone
Year Ending March 31	Unit	2026	2025 $	2024 $	2023 $	2022 $	2026	2025	2024	2023	2022
Financial Performance
Advertisement Income/Income from Operations	(%)	39.8%	43.3%	47.0%	50.2%	53.7%	39.8%	43.9%	48.2%	52.0%	55.7%
Subscription Income/Income from Operations	(%)	50.4%	47.3%	42.4%	41.2%	39.7%	49.1%	45.8%	39.8%	38.0%	36.9%
Operating Profit/Income from Operations	(%)	4.3%	14.4%	10.5%	13.6%	21.7%	2.4%	13.2%	11.1%	13.9%	23.6%
Other Income/Total Income	(%)	1.8%	1.5%	1.5%	1.0%	1.4%	1.0%	2.4%	1.4%	3.6%	1.6%

Performance Ratios – An Analysis

Year Ending March 31

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Year Ending March 31	Unit	Consolidated					Standalone
Year Ending March 31	Unit	2026	2025 $	2024 $	2023 $	2022 $	2026	2025	2024	2023	2022
Financial Performance
Advertisement Income/Income from Operations	(%)	39.8%	43.3%	47.0%	50.2%	53.7%	39.8%	43.9%	48.2%	52.0%	55.7%
Subscription Income/Income from Operations	(%)	50.4%	47.3%	42.4%	41.2%	39.7%	49.1%	45.8%	39.8%	38.0%	36.9%
Operating Profit/Income from Operations	(%)	4.3%	14.4%	10.5%	13.6%	21.7%	2.4%	13.2%	11.1%	13.9%	23.6%
Other Income/Total Income	(%)	1.8%	1.5%	1.5%	1.0%	1.4%	1.0%	2.4%	1.4%	3.6%	1.6%
Programming Cost/Income from Operations	(%)	56.6%	50.6%	52.8%	49.8%	44.9%	59.3%	53.0%	54.7%	52.1%	45.9%
Personnel Cost/Income from Operations	(%)	10.4%	11.2%	11.8%	10.2%	10.1%	9.4%	10.2%	10.9%	9.1%	9.2%
Selling and Admin Expenses/Income from Operations	(%)	25.3%	19.9%	19.4%	20.9%	18.8%	24.8%	19.3%	17.3%	19.2%	16.7%
Total Operating Cost/Income from Operations	(%)	95.7%	85.6%	89.5%	86.4%	78.3%	97.6%	86.8%	88.9%	86.1%	76.4%
Financial Expenses/Income from Operations	(%)	0.6%	0.4%	0.8%	0.9%	0.5%	0.6%	0.4%	0.9%	0.9%	0.5%
Tax/Income from Operations	(%)	0.0%	2.9%	2.1%	2.7%	5.4%	-0.4%	2.7%	1.6%	2.5%	6.0%
PAT for the year/Total Income	(%)	3.3%	8.2%	2.3%	3.1%	12.7%	1.6%	8.9%	3.7%	2.1%	17.5%
Tax/PBT	(%)	0.9%	25.8%	47.7%	46.3%	29.7%	-36.6%	22.6%	30.1%	53.6%	25.1%
Dividend Payout/PAT for the year	(%)	70.8%	34.0%	48.3%	0.0%	27.3%	159.4%	33.3%	31.9%	0.0%	21.5%
Dividend Payout/Effective Networth	(%)	1.6%	2.0%	0.9%	0.0%	2.7%	1.8%	2.2%	1.0%	0.0%	2.9%
Balance Sheet
Debt-Equity ratio (Total loans/Eff. Networth)	(%)	1.5%	1.4%	0.0%	0.0%	0.0%	1.7%	1.5%	0.0%	0.0%	0.0%
Current ratio (Current assets/Current liabilities)	(x)	5.6	6.6	5.0	4.3	5.0	5.0	6.3	4.6	4.0	4.9
Capital Output Ratio (Inc from Ops/Eff. Capital employed)	(x)	0.7	0.7	0.8	0.8	0.8	0.7	0.7	0.8	0.8	0.8
Tangible / intangible assets Turnover (Inc from Ops/ Tangible / intangible assets)^{^}	(x)	14.0	12.3	9.8	7.7	8.5	18.2	16.1	12.9	9.7	13.4
Cash & cash equivalents/Total Eff. capital employed	(%)	12.5%	10.7%	11.0%	7.5%	11.7%	6.2%	6.6%	8.0%	4.5%	6.4%
RONW (PAT for the year/Eff. Networth)	(%)	2.3%	6.0%	1.8%	2.3%	9.7%	1.1%	6.6%	3.0%	1.7%	13.6%
ROCE (PBIT/Eff. Capital employed)	(%)	2.7%	8.2%	4.2%	5.0%	14.2%	1.2%	8.7%	5.0%	4.3%	18.6%
Per Share Data ^#
Total Income per share	(₹)	85.8	87.6	91.3	85.0	86.5	79.6	82.3	85.2	80.1	79.4
Dividend per share	(₹)	2.00	2.43	1.00	0.00	3.00	2.00	2.43	1.00	0.00	3.00
Indebtedness per share	(₹)	1.8	1.6	0.0	0.0	0.0	1.8	1.6	0.0	0.0	0.0
Book value per share	(₹)	122.1	120.1	113.2	111.6	113.1	110.0	110.9	104.2	101.1	102.5
Earnings per share	(₹)	2.8	7.2	2.1	2.6	11.1	–	–	–	–	–
PE Ratio -Price/EPS Ratio (Share Price as of March 31,)	(x)	25.5	13.7	66.8	81.1	26.1	–	–	–	–	–

Note :

$ Performance ratios for 2025, 2024, 2023 and 2022 is calculated based on Continuing operations of the Group

^ Excludes Goodwill on consolidation of ₹ 3,310 million (₹ 3,304 million) and ₹ 1,261 million (₹ 1,261 million) for the consolidated and standalone entity respectively.

# Annualised

Expanding Horizons

FY26 Highlights

Business Initiatives

Fresh Content and Free-to-Air Expansion

‘Z’ R.I.S.E

In-Show Brand Integration

Syndication and Content Library Monetisation

Animation, Visual Effects, Gaming and Comics (AVGC)

New Initiatives

Bullet

Kidz

Syndication

Live Entertainment

Regional Sports

Financial Highlights

₹80,989 million

₹7,547 million

9.3%

₹27,595 million

Viewership and Digital Highlights

17.4%

800 million+

4.5+

300+

53%

176 million

217 billion

Adjusted EBITDA Breakeven

ESG Highlights

Top 5%

20.5%

30,182

3.4%

137,011

98%

About ‘Z’

Legacy. Evolution. Leadership in Entertainment.

CEO’s Message

At the centre of our growth story lies a simple yet powerful promise.

A promise to create enduring value and strengthen the trust that defines our relationship with each one of you, our precious shareholders

Punit Goenka

Business Model

Stakeholder Engagement

Material Matters

Risk Management

Our Strategy

Key Performance Indicators

Business Segment Review

Digital

Business Segment Review

Broadcast (Domestic)

Business Segment Review

Broadcast (International)

Business Segment Review

Studios

Business Segment Review

Music

Business Segment Review

Sports

Business Segment Review

Zee Live

Business Segment Review

Syndication

ESG at ‘Z’

Environmental

Social

Employees

Communities

Responsible Content

Supply Chain

Governance

Board of Directors

Mr. R. Gopalan

Mr. Uttam Prakash Agarwal

Mr. Shishir Desai

Dr. Venkata Ramana Murthy Pinisetti

Ms. Deepu Bansal

Ms. Divya Rupchand Karani

Mr. Saurav Adhikari

Board expertise

Legacy. Evolution.
Leadership in Entertainment.