ZEEL Q3 FY26 Earnings: Revenue Up 15% YoY to ₹22,801 Mn, EBITDA ₹2,405 Mn
Zee Entertainment Enterprises Limited reported Q3 FY26 revenue of ₹22,801 million, up 15% YoY, driven by digital growth and subscription revenue. EBITDA was ₹2,405 million. The company maintained ₹21,837 million in cash reserves. ZEE5 saw 39% YoY revenue growth, achieving positive EBITDA.
The revenue growth and positive digital performance are favorable, but the overall EBITDA decline for the nine-month period and the soft advertising market temper the impact.
The company reported a significant YoY increase in revenue and positive EBITDA for its digital business, indicating operational improvements and growth.
Zee Entertainment Enterprises Limited (ZEEL) has announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Q3 FY26).
For the third quarter of FY26, ZEEL reported a significant 15% year-on-year (YoY) increase in Operating Revenue, reaching ₹22,801 million. This growth was primarily driven by a 73% YoY increase in Q3 FY26 revenues for the digital business and strong performance in subscription and other sales and services.
EBITDA for Q3 FY26 stood at ₹2,405 million, with an EBITDA margin of 10.5%. While advertising revenue saw a 10% YoY decline due to a soft advertising environment and reduced FMCG spending, subscription revenues grew by 9% YoY. Other Sales & Services revenue also increased significantly by 170% YoY, largely due to the sale of distribution rights for two blockbuster movies and a shift in the ILT20 league matches.
The company's digital business, ZEE5, recorded positive EBITDA in Q3 FY26, with YoY revenue growth of 39%. For the nine months ended December 31, 2025 (9M FY26), Operating Revenue was ₹60,741 million, a marginal 1% decrease YoY. EBITDA for 9M FY26 was ₹6,149 million, a 33% decrease YoY, with the EBITDA margin at 10.1%, impacted by a soft advertising environment and higher A&P spends.
ZEEL maintained a healthy balance sheet, with Cash and Cash Equivalents totaling ₹21,837 million as of December 2025. The company also highlighted its ESG performance, achieving a score of 51 out of 100 in the S&P Global ESG Corporate Sustainability Assessment 2025, placing it in the 96th percentile across the Media, Movies & Entertainment sector globally.
Key initiatives in Q3 FY26 included the release of 39 shows and movies, with a focus on strengthening viewership across channels like Zee TV, Zee Marathi, and Zee Tamil, and monetization efforts for channels such as Zee Kannada and Zee Bangla. The company expects the momentum in performance improvement to sustain, driven by growth and operating leverage.
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Zee Entertainment Enterprises Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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