Saregama India Ltd is India’s oldest music label, founded in 1902 as the Gramophone Company of India and later known as HMV. Today, it has transformed into a diversified content company with a strong portfolio in music, films (Yoodlee Films), and consumer electronics (Saregama Carvaan). The company owns one of the world’s largest music archives—over 50% of all music ever recorded in India—and monetizes its intellectual property across digital streaming, licensing, physical sales, and original content. With zero debt, consistent profitability, and a loyal customer base for its Carvaan devices, Saregama remains a unique play in India’s media and entertainment sector. This article provides a data-backed outlook on the Saregama share price target 2026–2030.
Saregama India Ltd: Company Overview
- Founded: 1902 (as Gramophone Company of India)
- Headquarters: Kolkata, West Bengal
- Key Segments: Music IP Licensing, Digital Streaming, Film Production (Yoodlee), Consumer Electronics (Carvaan)
- Market Position: India’s only integrated entertainment company with end-to-end control over content creation, distribution, and monetization
- Ownership: 60.39% held by promoters (RP-Sanjiv Goenka Group)—not a government company
Saregama benefits from recurring revenue via digital platforms (YouTube, Spotify, JioSaavn) and high-margin Carvaan sales. Its asset-light model and zero debt provide strong cash flow visibility.
Saregama India Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹340.00 |
| Market Capitalization | ₹6,553.59 Cr |
| No. of Shares Outstanding | 19.28 Cr |
| 52-Week High / Low | ₹603 / ₹319 |
| P/E Ratio (TTM) | 32.00 |
| P/B Ratio | 4.23 |
| EPS (TTM) | ₹10.62 |
| Book Value (TTM) | ₹80.32 |
| ROE | 14.55% |
| ROCE | 19.37% |
| Dividend Yield | 1.32% |
| Face Value | ₹1 |
| Cash | ₹510 Cr |
| Total Debt | ₹0 Cr |
| Sales Growth (YoY) | 33.01% |
| Profit Growth (YoY) | 0.15% |
| Promoter Holding | 60.39% |
Saregama India Ltd Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹360 – ₹400 |
| 2027 | ₹385 – ₹440 |
| 2028 | ₹410 – ₹480 |
| 2029 | ₹435 – ₹520 |
| 2030 | ₹460 – ₹560 |
Saregama India Ltd Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹360 | ₹400 |
Saregama reported 33% sales growth but flat profits (0.15% YoY) in FY2025, reflecting higher content investment and Carvaan inventory buildup. Trading at a P/E of 32x and P/B of 4.23x, the stock reflects a premium valuation for its IP moat. However, with zero debt and ₹510 Cr cash, the balance sheet is robust. A 2026 target of ₹360–₹400 assumes margin recovery and stable Carvaan demand.
Saregama India Ltd Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹385 | ₹440 |
The company’s focus on original content (web series, films) and international music licensing offers incremental growth. If EPS reaches ₹11.50–₹12.50 by FY27 and P/E stabilizes at 32–34x, the 2027 range of ₹385–₹440 is realistic.
Saregama India Ltd Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹410 | ₹480 |
By 2028, benefits from scale in digital monetization and new Carvaan variants (e.g., Carvaan Mini, regional editions) should support profitability. Assuming EPS of ₹12.50–₹14.00 and P/E of 33–35x, the ₹410–₹480 band is justified.
Saregama India Ltd Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹435 | ₹520 |
Long-term tailwinds include rising digital consumption, global interest in Indian music, and film OTT monetization. Risks include content underperformance and competition from Sony Music or Zee. Using a P/E of 34–36x on projected EPS (~₹13–₹15), the 2029 target is ₹435–₹520.
Saregama India Ltd Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹460 | ₹560 |
Over a five-year horizon, Saregama’s value lies in its irreplaceable music archive and brand trust—not explosive volume growth. A terminal P/E of 35–37x on FY30 EPS (~₹13.50–₹15.10) supports the ₹460–₹560 range.
Saregama India Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (RP-SG Group) | 60.39% |
| Public & Retail | 20.37% |
| Foreign Institutional Investors (FII) | 14.18% |
| Domestic Institutional Investors (DII) | 5.06% |
| Others | 0% |
High promoter holding ensures strategic continuity, while rising FII interest reflects global confidence in India’s content story.
Saregama India Ltd: Strengths vs Risks
Strengths:
- Zero debt and ₹510 Cr cash—exceptional balance sheet strength
- Ownership of India’s largest music IP library (50%+ of all recordings)
- Diversified monetization: digital, physical, licensing, films
- Asset-light, high-margin business model with recurring revenue
Risks:
- Flat profit growth despite 33% sales rise—margin pressure from content costs
- Rich P/B (4.23x) leaves little room for execution misses
- Carvaan demand may plateau; digital ad revenue is volatile
- Small float (19.28 Cr shares) increases volatility
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 3–5+ years |
| Volatility | Higher than market average (small-cap media stock) |
| Dividend/Income Potential | Yes (1.32% yield + consistent payouts) |
| Best For | Quality-focused investors seeking exposure to India’s IP and entertainment boom |
- Disappointing profit growth (0.15%) despite strong sales
- Concerns over Carvaan inventory buildup and content ROI
- Broader market rotation away from richly valued small-caps
Final Verdict
Saregama India Ltd is a high-quality, debt-free content company with an unmatched music archive and growing film/tech ambitions. While the current valuation is premium, its cash-rich balance sheet and IP moat justify a place in long-term portfolios. Our Saregama share price target 2026–2030 (₹360 to ₹560) reflects steady appreciation driven by content monetization—not speculation.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – Saregama Consolidated Page (FY2025 + TTM)
- Finology Ticker – SAREGAMA Financial Ratios & Valuation
- Saregama Investor Presentation (Q3 FY26, Jan 2026)
- BSE India – Annual Report FY2025
- Ministry of Information & Broadcasting – Media Sector Outlook 2025
