The figures have been stated in INR ( ? millions [unless stated otherwise] in this Management Discussion and Analysis [MD&A]. Investors are hereby informed that this discussion may contain forward-looking statements that may involve risks and uncertainties including, but not limited to, risks inherent in the Companys growth strategy, dependence on certain businesses, and dependence on availability of qualified and trained manpower and other factors. The following discussion and analysis should be read in conjunction with the Companys financial statements included herein and the notes thereto.
The global economy remained resilient during FY26 despite navigating complex geopolitical uncertainties and macroeconomic environment. According to the IMFs World Economic Outlook [April 2026], it grew by 3.4% in 2025 and expected to grow by 3.1% in 2026. Growth remained uneven and fragmented across regions, reflecting weaker economic momentum in several large economies, including the United States and China. Looking ahead, however, global growth is anticipated to improve modestly to 3.2% in 2027.
The advanced economies recorded growth of 1.9% during 2025, while emerging markets and developing economies expanded by 4.4%, continuing to outperform developed markets. Asia remains a principal engine of global growth, expanding by 5.4%, led by Indias robust growth of 7.6% and Chinas growth of 5%. Going forward, while most of the developing and emerging economies in the world are likely to see subdued growth in 2026, the medium-term outlook remains constructive, supported by favourable demographic trends, rising domestic consumption and continued investment.
trends, rising domestic consumption and continued investment.
Source: https://www.imf.org/-/media/files/publications/weo/2026/april/english/text.pdf
India remained one of the worlds fastest-growing major economies during FY2025-26, demonstrating resilience amid geopolitical uncertainty, supply-side challenges and a volatile global macroeconomic environment.
As per MoSPIs provisional estimates for FY26, Indias real GDP grew by 7.7% in 2025-26, following three years of growth exceeding 7%. Nominal GDP grew at an even stronger pace, reflecting continued economic momentum and healthy underlying demand across sectors.
Economic activity remained broad-based, with real and nominal Gross Value Added [GVA] increasing by 7.9% and 9.1%, respectively. Growth was led by manufacturing, construction, trade, transportation, communication and professional services, underscoring the resilience of Indias secondary and tertiary sectors. Several
The advanced economic-mises recorded growth of 1.9% during 2025, while emerging markets and developing economies expanded by 4.4%, continuing to outperform developed markets.
service-oriented industries, including information technology, financial services, real estate and media-related services, recorded double-digit growth during the year, reinforcing their role as key contributors to economic expansion.
Looking ahead, the Reserve Bank of India (RBI) projects the Indian economic growth at 6.9% in FY27, driven by resilient domestic demand, continued expansion in the services and manufacturing sectors, rising capital formation, growth in service exports and an improving external environment.
Indias favourable macroeconomic fundamentals provide a supportive environment for the media and entertainment industry.
Source: https://rbidocs.rbi.org.in/rdocs/AnnualReport/PDFs/OAR29052026F5B979AF274E445ABB1593EB226906335.PDF
https://www.mospi.gov.in/uploads/latestReleases/latest release_1780655857536_5ac01869-caa4-422d-b7a7-57b81da60932_Press_Note_on_GDP_Estimates_for_Q4_2025-26_and_PE_FY_2025-26_F.pdf
The global media and entertainment (M&E) industry continued its structural transformation during 2025, driven by rapid advances in technology, evolving consumer behaviour and accelerating convergence of traditional and digital mediums.
According to Mordor Intelligence, global industry revenue reached approximately USD 3.12 trillion during 2025 and is projected to grow to USD 3.78 trillion over the next five years, representing a compound annual growth rate (CAGR) of 3.93%.
Legacy media players across the globe are increasingly gravitating towards digital streaming, connected television, AI-integration, creator-led ecosystems and immersive consumer experiences. These continue to
Digital advertising revenue seen growing at a CAGR of 9.2% through 2030 with USD 26.5 billion, from USD 18.8 billion in 2026, led by growth in connected TV, retail media, and performance marketing
reshape both content production and monetization, creating new opportunities for media companies ready to adapt to such shifting audience expectations.
Leading industry research published by PwC, EY and other market observers indicate multiple ongoing structural trends underway that will define the future of the global media and entertainment industry.
Digital media and advertising platforms are winning the race for audience engagement and ad spends. Creator ecosystems, algorithms, and short-form video have developed a media experience for consumers that is personalised, not dependent on a particular platform, and readily available.
Advertising is expected to continue to dominate industry. Digital advertising revenue seen growing at a CAGR of 9.2% through 2030 with USD 26.5 billion, from USD 18.8 billion in 2026, led by growth in connected TV, retail media, and performance marketing (PwCs Global Entertainment & Media Outlook 2026-2030).
Media companies are rapidly integrating linear, streaming and premium digital services into a single offering to consumers. Bundling services is the new path to content engagement and retention.
In each segment of the value chain - content creation, production, recommendation and monetisation - AI has transformed how content is being experienced. While AI is seen improving productivity, quality and premium journalism, original storytelling and trusted editorial oversight is expected to continue to differentiate established media brands.
Beyond consumption of static content, companies are developing experiences, such as live events, sporting matches, themed events, creator communities, interactive digital content experiences, thereby diversifying revenue sources and driving loyal audience engagement.
Print advertising is declining while digital advertising is surging, contributing as much as 80% to the total ad revenue. OTT platforms increasingly depend on Advertising-Based Video on Demand (AVOD) to support subscription growth. E-commerce platforms expand paid search advertising thereby capturing a substantial chunk of paid search revenue.
The news publishing industry is undergoing one of its most significant structural transitions in recent years as advances in artificial intelligence realign content discovery and audience behaviours.
One of the industrys biggest structural shifts of the last decade is playing out in publishing, as artificial intelligence changes the way users discover content and how they interact with information. Referral traffic from traditional search is on the wave for many news organisations, as AI summarisation increasingly becomes a readers initial touch-point. This is leading the publishers to optimise content for AI engines, deepening their direct reader relationships, and widening their net for traffic generation.
Video remains, by far, the top engagement format, with publishers allocating greater investment to platforms like YouTube, TikTok and other ecosystems leveraging AI. New formats also extend to creator-led journalism and community publishing.
The industry is also witnessing a broad-based diversification of revenue models. Beyond subscriptions and conventional advertising, publishers are increasingly monetising intellectual property, licensing content, providing specialised information services and developing direct-to-consumer offerings. Artificial intelligence is further enabling intelligent personalisation, automation and monetisation across
One of the industrys biggest structural shifts of the last decade is playing out in publishing, as artificial intelligence changes the way users discover content and how they interact with information.
news platforms. All of this has reinforced the need for trusted editorial oversight and responsible journalism.
As per Open Source Software - Sourcefabric for News Media: Article titled The News Industry in 2026: Key Trends and Predictions, released in Mar 31, 2026
https://www.mordorintelligence.com/industry-reports/media - andentertainment-market-landscape
https://www.pwc.com/gx/en/issues/business-model-reinvention/outlook/insights-and-perspectives.html
https://www.ey.com/en_lu/insights/media-entertainment/2026-me-trendssimplicity-authenticity-and-the-rise-of-experiences
https://www.sourcefabric.org/blog/the-news-industry-in-2026-key-trendsand-predictions
The Indian media and entertainment (M&E) industry exhibited robust growth of more than 9% in the calendar year (CY) 2025 to reach ? 2.78 trillion (USD 32 billion). The industry is undergoing structural transformation as digital platforms, data-driven business models and evolving consumer preferences redefine content creation, distribution and monetisation.
Digital media remained the largest media segment, becoming first to cross ? 1 trillion mark in the industry, driven by growing advertising and subscription. Digital advertising grew by 26%
The Indian media and entertainment (M&E) industry exhibited robust growth of more than 9% in the calendar year (CY) 2025 to reach ? 2.78 trillion (USD 32 billion).
to reach ? 947 billion, taking hold of 63% of total Indian M&E ad revenues, while digital subscription revenue grew by 60% to ? 163 billion.
The number of active Connected TV (CTV) households increased by 33% and reached 40 million, driving a spike in CTV ad revenues to the tune of ? 99 billion, with a 42% growth over the previous year. Paid video subscriptions rose to 216 million because of premium sports and films while overall digital subscription revenue surged by 60%. Films segment reached ? 205 billion with more than 1,900 film released with 65% regional films. Moreover, regional content prevailed on OTT with 56% share.
Share of advertising revenue remained above 53% in total M&E industry revenue. Advertising revenue exceeded the subscription revenue in 2025.
Advertising growth surpassed subscription growth in 2025, driven by digital performance, e-commerce marketing and regulatory and structural changes in subscriptions models.
Here is the service-based breakdown of the industry:
| Service Type | 2024 Revenue ( \u20b9 billion) | 2025 Revenue ( \u20b9 billion) | YoY Growth (%) | 2025 Share of Industry (%) |
| Advertising | 1,322 | 1,500 | 13.5% | 53.86% |
| Subscription | 1,231 | 1,285 | 4.4% | 46.14% |
| Total M&E Industry | 2,553 | 2,785 | 9.1% | 100.00% |
Live events surged by 43.5% while digital media took a leap of 30.4%, registering highest growth in the industry. Digital media captured approximately 40% share in industry revenue in 2025. Out-of-home and music segments registered double-digit growth of more than 10% over the previous year. Film segment noticed 9% growth in 2025 with 1,900+ films, including regional ones. Print segment grew by 1% on the backdrop of stable print ad revenue. Linear TV contracted as more households continued to shift to broadband-powered Connected TV setups. Its revenue dropped by more than 9% in 2025. The gaming segment was hit by real-money gaming ban in late 2025. Radio segment registered negative growth for various reasons, including reach, less ad volumes and pricing.
Share of advertising revenue remained above 53% in total M&E industry revenue. Advertising revenue exceeded the subscription revenue in 2025. The percentage growth in advertising revenue was also more than that of the industry. Subscription revenue, though increased in absolute numbers, recorded single-digit growth of just 4.4% in FY26.
Industry consolidation accelerated, with mergers, acquisitions and content monetisation - particularly in sports - emerging as key levers for sustaining profitability.
Premium films and sports content increasingly adopted paid and selective streaming models, contributing to an 8-10% decline in digital and satellite content acquisition costs.
Connected TV (CTV) advertising continued to gain share, reaching ? 99 billion as CTV penetration expanded to 40 million households, resulting in a gradual shift of advertising budgets away from traditional linear television.
The film segment recorded strong growth,
supported by higher ticket prices and growing consumer preference for premium viewing formats. During 2025, 37 films crossed the ? 1 billion box-office milestone.
Digital advertising accounted for 63% of total advertising spend, reflecting the industrys shift towards performance marketing and measurable outcomes. E-commerce and point-of-sale advertising grew 50% to ? 220 billion, with MSMEs continuing to drive digital advertising through highly targeted local campaigns.
The gaming industry demonstrated resilience, with non-real-money games growing 15% as consumer preferences shifted towards casual and mid-core gaming formats.
Demand for live and experiential entertainment strengthened significantly, with the live events segment expanding 44% to ? 145 billion. Media companies increased investments in IP-led concerts, music festivals, cultural events and premium experiential offerings to capitalise on consumers growing preference for immersive, real-world experiences.
Sources: https://frames.ficci.in/M&E-Report-2026.pdf https://pitch-Madison-Advertising-Report-2026.pdf/
A structural shift has been witnessed in the Indian news media industry, wherein conventional print media maintains a steady base, while digital news platforms experienced headwinds due to AI disruption and changing consumption patterns.
According to FICCI, the key trends observed in the Indian News Media industry include:
Online news traffic declined by 9% in 2025, as AI-generated search summaries reduced direct referrals. Some publishers experienced traffic declines exceeding 30%. News organisations expanded hyperlocal coverage by strengthening their network of district-level correspondents and stringers. YouTube (55%) and WhatsApp (46%) emerged as the leading news consumption platforms, with an increasing number of journalists launching independent news channels on YouTube. Digital news monetisation remained constrained, with subscription revenues of ? 5 billion - just 3% of print advertising revenues - driven primarily by lifestyle- and finance-focused platforms. According to Pitch Madison, in 2025: News media advertising grew over 7% to ? 1,152.91 billion, with legacy television accounting for 54% [down 1% YoY] and digital news 46% [up over 18% YoY]. MSMEs contributed ? 358 billion, representing 38% of digital advertising spend - equivalent to linear TV advertising expenditure. Meanwhile, Q-commerce advertising surged 202% YoY to ? 40 billion.
E-commerce and point-of-sale advertising grew 50% to ? 220 billion, with MSMEs continuing to drive digital advertising through highly targeted local campaigns.
The traditional news media landscape continued to evolve, with the following structural shifts:
Linear TV declined 5% to ? 328.55 billion, with airtime volumes down 10%. Connected TV (CTV) advertising doubled to ? 60 billion, attracting advertisers seeking measurable, IP-based advertising solutions. Print remained resilient in English and select editions, while regional print continued to decline. Radio increasingly focused on hyperlocal and city-centric advertising. Out-of-Home [OOH] advertising benefited from the rapid adoption of digital formats.
Zee Media Corporation Limited (ZMCL or the Company) is among Indias foremost multilingual news media companies, with diversified operations spanning television broadcasting, digital publishing and mobile-first news platforms. Listed on both the BSE and NSE, the Company commands a trusted and reputed network of national, regional and international news brands that resonate with millions of viewers across disparate geographies, languages and platforms.
For over three decades, since pioneering private satellite news broadcasting with the launch of Zee News, the Company has demonstrated continued evolution and adapted to developments in the fastchanging media ecosystem.
Subsequently, ZMCL introduced Indias first global English-language news channel, offering a distinct Indian perspective on global events, and has further diversified its portfolio to align with shifting audience behaviours and emerging advancements in media technology.
Today, ZMCL operates an integrated, multi-platform news ecosystem that marries the scale of linear television with the agility of digital publishing. The Companys media offerings comprise television channels, digital news channels, numerous online platforms, digital news platforms, websites, mobile applications and emerging digital content properties.
Currently, the Zee Media network encompasses 16 television news channels, including 1 global, 4 national, and 11 regional channels; along with 3 digitally-new channels; and multiple digital properties and 14 mobile applications. Through linear content broadcast in 12 languages including English and Hindi, the Company serves diverse audience communities ranging from regional viewers to national audiences and the India diaspora worldwide. During the same period, Zee Media network reached a diverse set of digital-savvy and digitally engaged audience in 12 languages, including English and Hindi.
Supporting these extensive operations is one of the countrys largest editorial teams and infrastructure with a robust network of correspondents for real
For over three decades, since pioneering private satellite news broadcasting with the launch of Zee News, the Company has demonstrated continued evolution and adapted to developments in the fast-changing media ecosystem.
time reporting and a team of highly experienced editors ensuring speed, context and credibility of reportage. Investments have also been channelled into modern newsroom technology, integrated production workflows, and collaborations with esteemed domestic and international news agencies to strengthen the quality, accuracy and timeliness of news delivered on each platform.
| Entity | Relationship | Channels / Mandate |
| Zee Akash News Private Limited | Wholly-owned Subsidiary | Zee 24 Ghanta; a premier 24-hour Bengali news channel |
| Indiadotcom Digital Private Limited | Wholly-owned Subsidiary | 36 digital properties, including Zee News, Zee Business, WION, Zee Bharat, DNA India, and others |
| Pinewz Digital Private Limited | Wholly-owned Subsidiary | Citizen-led, AI-powered hyper-local news platform and mobile application |
| Zee Media Inc., Delaware, USA (pending regulatory approval) | Wholly-owned Subsidiary | NA |
Today, ZMCL operates an integrated, multi-platform news ecosystem that marries the scale of linear television with the agility of digital publishing. The Companys media offerings comprise television channels, digital news channels, numerous online platforms, digital news platforms, websites, mobile applications and emerging digital content properties.
At a time when the boundaries between broadcast, publishing and social media industries are blurring, ZMCL is well-positioned as a future-forward news organisation striving to generate enduring value for viewers, advertisers and shareholders by combining editorial excellence with technology adaptation and disciplined execution.
The parent entity, ZMCL, oversees the Companys portfolio of linear television news channels, while its wholly-owned subsidiaries oversee digital expansion, regional broadcasting and technology-enabled news delivery. This structure enables focused management of individual businesses while fostering enhanced synergies across business units within the broader Zee Media ecosystem.
The following table sets out Zee Networks complete portfolio of linear and digital channels:
| S. No. | Channel | Genre & Coverage | Language |
| 1 | ZEE NEWS | NATIONAL NEWS & CURRENT AFFAIRS | HINDI |
| 2 | WION (WORLD IS ONE NEWS) | GLOBAL & NATIONAL NEWS | ENGLISH |
| 3 | ZEE BUSINESS | BUSINESS & FINANCIAL NEWS | HINDI |
| 4 | ZEE BHARAT | NATIONAL & REGIONAL NEWS | HINDI |
| 5 | ZEE 24 TAAS | REGIONAL NEWS (MAHARASHTRA) | MARATHI |
| 6 | ZEE 24 GHANTA | REGIONAL NEWS (WEST BENGAL) | BENGALI |
| 7 | ZEE 24 KALAK | REGIONAL NEWS (GUJARAT) | GUJARATI |
| 8 | ZEE UTTAR PRADESH UTTARAKHAND | REGIONAL NEWS (UP & UTTARAKHAND) | HINDI |
| 9 | ZEE MADHYA PRADESH CHHATTISGARH | REGIONAL NEWS (MP & CHHATTISGARH) | HINDI |
| 10 | ZEE BIHAR JHARKHAND | REGIONAL NEWS (BIHAR & JHARKHAND) | HINDI |
| 11 | ZEE RAJASTHAN | REGIONAL NEWS (RAJASTHAN) | HINDI |
| 12 | ZEE PUNJAB HARYANA HIMACHAL | REGIONAL NEWS (PUNJAB, HARYANA & HP) | PUNJABI & HINDI |
| 13 | ZEE DELHI NCR HARYANA | REGIONAL NEWS (DELHI, NCR & HARYANA) | HINDI |
| 14 | SALAAM TV | NATIONAL ISLAMIC LIFESTYLE & NEWS | URDU |
| 15 | ZEE TAMIL NEWS (DIGITAL) | REGIONAL NEWS (TAMIL NADU) | TAMIL |
| 16 | ZEE TELUGU NEWS | REGIONAL NEWS (ANDHRA PRADESH & TELANGANA) | TELUGU |
| 17 | ZEE KANNADA NEWS | REGIONAL NEWS (KARNATAKA) | KANNADA |
| 18 | ZEE MALAYALAM NEWS | REGIONAL NEWS (KERALA) | MALAYALAM |
| 19 | ZEE J&K LADAKH (DIGITAL) | REGIONAL NEWS (J&K AND LADAKH) | HINDI |
In addition to its television network, the Company has progressively expanded its digital footprint across 32 content websites spanning news, lifestyle, sports, technology, health, and entertainment, and a suite of 14 smartphone applications delivering news in Hindi, English, and ten regional languages.
Indiadotcom Digital Private Limited serves as the Companys digital publishing arm, with an extensive portfolio of news websites and digital media brands that collectively represent one of Indias largest digital news networks. Zee Akaash News Private Limited strengthens the Companys regional broadcasting presence through Zee 24 Ghanta, while Pinewz Digital Private Limited reflects ZMCLs strategic investment in AI-enabled hyperlocal journalism.
together, these platforms/properties create an integrated operating model that enables the Company to leverage common editorial capabilities, technology infrastructure and brand equity while addressing the unique requirements of individual businesses.
Zee Media Corporation Limited (ZMCL) operates one of Indias most extensive multilingual news ecosystems, delivering trusted multi-genre, multi-language, and multi-format content across its linear channels, websites, and applications. Capitalising on its legacy of pioneering 24 × 7 news broadcasting in India, the Company operates from a position of structural advantage, built on decades of industry exposure, a sophisticated broadcasting infrastructure, and a deep repository of editorial talent.
The Companys editorial network, comprising bureaus and correspondents strategically deployed across the country, enables it to capture developments at the point of origin and transform local insights into nationally relevant content. This nationwide presence is complemented by international correspondents and partnerships with leading global news agencies.
An integrated newsroom, supported by advanced production infrastructure and technology-enabled workflows, forms the backbone of ZMCLs content operations. Outside Broadcast (OB) vans equipped with Electronic News Gathering (ENG) capabilities and real-time reporting systems enable seamless content creation and distribution across television and digital platforms.
As audience preferences continue to evolve, ZMCL remains focused on expanding its digital content portfolio and strengthening engagement with emerging consumer segments. During FY2025-26, ZMCL introduced SOL (Souls Own Lab), a dedicated spiritual content channel on YouTube, expanding its presence in high-engagement, premium, interest-led content categories. The Company also made its foray into esports ecosystem with Arena of Champions.
The Companys editorial network, comprising bureaus and correspondents strategically deployed across the country, enables it to capture developments at the point of origin and transform local insights into nationally relevant content.
The Companys distribution strategy is designed to maximise audience reach through a diversified, platform-neutral approach that reflects the evolving dynamics of content consumption. In line with this strategy, ZMCL appointed Zee Entertainment Enterprises Limited (ZEEL) as its channel distribution partner, in order to leverage synergies and achieve greater efficiencies in carriage costs and subscription revenue, while ensuring wider accessibility of its content.
It proactively responds to market and regulatory dynamics by redesigning distribution bundles, optimizing channel packaging and pricing, expanding its portfolio of regional news brands and strengthening its digital presence through dedicated websites and mobile applications. It has tailored its content and content bundles for the mass and niche audience, integrating multiple platforms.
ZMCs owned-and-operated digital ecosystem - including proprietary websites, native mobile applications and an active social media presence - extends reach beyond conventional broadcasting, targeting the youth and premium segments. This integrated distribution model enables audiences to access trusted news seamlessly across devices, creating deeper engagement, strengthening brand affinity and enhancing opportunities for long-term audience monetisation.
Leveraging the scale and diversity of its expansive media and distribution ecosystem, ZMCL offers integrated marketing solutions that combine content, advertising, digital engagement and experiential platforms to help brands connect meaningfully with their target audiences.
Its solutions extend beyond conventional advertising to include custom content creation, branded storytelling, intellectual property (IP) development, integrated campaign execution and bespoke product launches across television, digital platforms, mobile applications, social media and partner-led events. This multi-platform approach enables brands and advertisers to build stronger consumer relationships while benefiting from the Companys extensive audience reach and trusted editorial environment.
At the centre of this offering is R.I.S.E. (Results, Integration, Strategy and Engagement), ZMCLs proprietary, omni-channel marketing and brand-building framework that unifies data, content and distribution to deliver measurable marketing outcomes. Complementing this is Zeefluence, the Companys integrated influencer marketing platform powered by advanced analytics to understand and activate creators for effective campaign outcomes.
Additionally, the Company also curates a portfolio of knowledge-led forums and industry platforms that convene leaders across business, finance, technology, mobility and education. These initiatives extend ZMCLs role beyond news dissemination by fostering informed dialogue and creating meaningful engagement opportunities for stakeholders.
Collectively, these capabilities reinforce ZMCLs evolution as an integrated media and communications Company that creates value for audiences, partners, advertisers and shareholders through trusted content, scalable distribution and diversified engagement.
Against the backdrop of structural shift in M&E industry, ZMCLs business strategy continues to be focused on strengthening its multi-platform news ecosystem, expanding audience engagement, diversifying monetisation opportunities and driving operational efficiencies.
ZMCLs owned-andoperated digital ecosystem- including proprietary websites, native mobile applications and an active social media presence- extends reach beyond conventional broadcasting, targeting the youth and premium segments.
Building an Integrated Media Ecosystem ZMCLs long-term strategy centres on developing an integrated media ecosystem where television, digital publishing, mobile applications, social platforms and experiential properties operate as complementary audience touchpoints rather than standalone businesses.
During FY2025-26, the Company expanded its portfolio beyond conventional television news through new websites, digital channels, mobile applications and specialised content verticals. It further strengthened audience engagement through knowledge forums, branded live events and proprietary content initiatives, while continuing to diversify into emerging interest categories through platforms such as Swl:ch on new-age content and lingo. This broader ecosystem allows ZMCL to participate across a wider spectrum of audience communities and advertising opportunities, reducing dependence on any single platform while enhancing long-term monetisation potential.
Scaling Through Localisation: One Network - Many Languages and Channels
The diverse domestic cultural landscape, together with a growing global integration, presents significant opportunities for differentiated news consumption. ZMCL continues to leverage this structural advantage through a localisation strategy that combines the scale of its media network with the relevance of regional journalism.
Its portfolio of regional television channels, together with platforms such as Pinewz, enables the Company to deliver content tailored to regional, hyperlocal and language-specific audiences.
Delivering on Audience-led Content Strategy
ZMCL continuously monitors and evaluates audience behaviour, content preferences and platform dynamics to refine its editorial strategy and optimise content delivery across its network.
The Companys integrated approach brings together editorial, production and packaging teams to develop platform-specific experiences while maintaining consistent editorial standards. This collaborative model enables the Company to deliver timely, relevant and engaging news content across television, digital platforms and mobile applications.
Alongside national and international news coverage, ZMCL continues to strengthen its local reporting capabilities through customised regional programming, ensuring that content reflects the cultural and linguistic preferences of individual markets. The Company also places significant emphasis on contextual reporting - combining on-ground journalism, expert analysis, live event
coverage and multiple editorial perspectives - to deliver comprehensive and credible news coverage while helping mitigate risks associated with misinformation.
Expanding Content Monetization
As the media landscape evolves, content is increasingly emerging as a long-term strategic asset rather than a single-use broadcast product. Reflecting this shift, ZMCL has progressively transformed from a traditional news broadcaster into a content and intellectual property-led media organisation.
The Company continues to diversify revenue beyond conventional advertising and subscription income by unlocking the value of its extensive content library and proprietary brand and content IPs. During the third quarter of FY2025-26, ZMCL generated 801.9 million from licensing of archival content, recognised as Revenue from Operations. Building on this momentum, the Company continues to explore additional monetisation opportunities and licensing deals by leveraging more than three decades of archival footage across documentaries, OTT platforms, research, education and others.
Strengthening advertising-led, subscriptionsupported revenue model
Advertising remains the primary driver of the Companys revenue model, supported by subscription income and carriage fees from cable and DTH operators. As marketing budgets continue to shift towards integrated, ROI-driven campaigns, ZMCLs diversified media and platform ecosystem enable brands and advertisers to engage audiences across television, digital, mobile and experiential
platforms through a unified proposition.
Multi-pronged financial strategy for sustainable growth
The Company further reinforced its balance sheet strength with capital infusion through the issuance of FCCBs, warrants and Foreign Portfolio Investor (FPI) participation. ZMCL also continued to meet all its debt and interest servicing obligations during the year, aided by disciplined financial management and commitment to building a stronger, more resilient and sustainable business.
Collectively, these strategic priorities reinforce ZMCLs evolution from a traditional television broadcaster into a diversified, technology-enabled, platform-agnostic and future-forward media enterprise. By combining trusted content with integrated distribution, disciplined execution and diversified monetisation, the Company remains well-positioned to navigate wider industry transformation while delivering sustainable value for stakeholders.
The Company continues to diversify revenue beyond conventional advertising and subscription income by unlocking the value of its extensive content library and proprietary brand and content IPs.
For more than three decades, the Zee brand has established itself as one of Indias most recognised and trusted names in news broadcasting. Built on a legacy of journalistic credibility, consistency and wide consumer acceptance, the brand enjoys strong recall among audiences, advertisers, distribution partners and other audiences.
This enduring brand equity represents a meaningful strategic asset, enabling the Company to strengthen audience acquisition, deepen advertiser relationships and support the successful extension of the Zee franchise across emerging platforms and content formats. As media consumption continues to fragment across multiple screens and devices, ZMCL continues to leverage the strength of its brand through a unified omnichannel presence while benefiting from strategic collaboration and synergies across the broader Zee ecosystem.
ZMCLs vast network ecosystem spans multiple regions and diversified languages, enabling the Company
One of ZMCLs distinctive competitive advantages lies in its comprehensive news ecosystem approach, wherein content creation, editorial operations and multi-platform distribution functions act as a unified operating model.
to engage audiences across diverse geographies, demographic segments and content preferences. Through a combination of regional and national television channels, digital platforms, websites and mobile applications, the Companys exponential reach offers an industry benchmark, reflecting the cultural and linguistic diversity of the Indian media market.
Our diversified operating model further extends beyond audience expansion to provide greater business resilience and helps mitigate audience concentration risk - variations in viewership within individual markets are often offset by the performance of other brands across the portfolio, creating a balanced and scalable network that supports sustainable audience engagement and commercial growth.
One of ZMCLs distinctive competitive advantages lies in its comprehensive news ecosystem approach, wherein content creation, editorial operations and multi-platform distribution functions act as a unified operating model. This integration enables content to be efficiently repurposed and distributed with minimal incremental cost, while maintaining editorial consistency, speed and quality.
The ability to move content seamlessly across platforms enhances operational agility and shortens time-to-audience: an increasingly important differentiator in todays fast-moving content consumption environment. The brand reputation, scale, and diversity of the Companys media portfolio help attract, develop and retain experienced editors, anchors and digital media professionals. This depth of editorial talent, combined with robust technological capabilities and disciplined newsroom processes, enables ZMCL to deliver superior content experiences while sustaining long-term competitive advantage across an increasingly
dynamic media landscape.
Collectively, these key business strengths provide ZMCL with a differentiated competitive value proposition. The combination of its trusted brand legacy, exponential and diversified audience reach, integrated operations, and editorial excellence enables the Company to beneficially respond to changing market dynamics, thereby creating enduring value for stakeholders.
During the year ended FY2025-26, ZMCL bolstered its position as one of Indias dominant multilingual news networks across television and digital mediums. Our platform-agnostic strategy and integrated operations backed by trusted content allowed us to reach consumers in various formats. Zee Media Network reached a substantial audience of 212 million average monthly viewers across our linear TV network, which consists of numerous popular national and regional news brands.
At the same time, our websites registered average monthly 91.2 million users, while apps collectively recorded 7.97 million monthly average users and increase in downloads to 13.55 million downloads during the year. The network observed collective social media reach of 1.05 billion on leading social media platforms - Facebook, Instagram, X, and YouTube.
The Relative Share of Zee News improved from 7.8% (FY25) to 9.1% (FY26). Zee News Daily Average Time spent by Viewer (ATsV) increased by 21% compared to previous year.
The Channels viewership increased by 19.6% while Hindi News Genre grew by 3.6% in FY26 VS. FY25. Zee News was ranked No.1 in Free Platform Reach consistently since FY25. Overall Reach Rank has improved from 5th to 3rd in current financial over previous year. Its flagship show - Baat Pate Ki (7:30pm- 8:00 PM) maintained its No.1 rank in FY26, as in previous year. Zee News channels prime-time programs Deshhit, DNA, Taal Thok Ke, and Rajneeti ranked among the top programs of Hindi News Genre.
Zee Business continued to dominate the Business News genre with a commanding 60.5% market share in FY26. It secured an ATSV of 35.9 minutes, outperforming the nearest competitor by 14.7 minutes.
On Budget Day during Speech, Zee Business remained number one channel by securing 49.6% share. Zee Business reached more than 7 lakhs individuals every week (HSM Male 22+ ABC TG) in FY26.
Companys global channel WION recorded monthly Reach of 2.7 lakh among India Urban - Male 22+ AB TG. WION sustained an ATSV of approximately 10 minutes and ranked 3rd in the English News genre. Gravitas and WION Pulse continue to stand out as impactful flagship properties, delivering strong recall and differentiated positioning in the English News domain.
During 21st to 25th week of 2025,Zee MPCG remained No.1 in the region. Zee MPCG achieved the No.1 position in ATSV, recording an average viewing time of 16 minutes.
Zee Rajasthan has been dominating the Rajasthan News Genre since FY 20-21, In FY25-26 continues to be No.1 with 40.2% market share. During 27th week of 2025 Zee Rajasthan was at the peak with 58% share in FY26.
The channel continued its legacy of market leadership by holding the No.1 position consistently with 83.2% share in FY26. Achieved highest average daily ATSV of 22 minutes and Avg. weekly reach of 1.4 million during the reported period.
Zee Delhi NCR Haryana maintained No.1 position in Delhi NCR News genre with 49.7% share. The channel is consistently No.1 in Reach & ATSV in the region.
The Bengali news channel, Zee 24 Ghanta, recorded an average monthly reach of 18 million individuals. The channels viewership increased by 39% as compared to FY24-25 vs FY 25-26.
Zee 24 Taas average monthly reach stood at monthly 24.5 million individuals. Zee 24 Taas captured 12% market share in Marathi News Genre in FY26.
Zee 24 Kalak average monthly reach was 9.9 Mn individuals during FY26. The channel held 17.8% market share of the region in FY26. Zee 24 Kalak ATSV has ranked up from 3rd in FY25 to 1st in FY26.
Source:BARC/TG: 15+/ 22+ MABC/22+MAB/Markets:India,HSM,India Urban, Regional /Period:Apr25- Feb26 (Wk 1425- 0826)Time:0600- 2400 Hrs Screen:TV)
ZMCLLmaintainsarbustinternalcontrolandgovernance framework designed to support the integrity, efficiency and sustainability of its operations. The framework is commensurate with the scale, complexity and evolving nature of the Companys business and is intended to provide reasonable assurance regarding operational
effectiveness, safeguarding of assets, compliance with applicable laws and regulations, prevention of fraud and the reliability of financial reporting.
Supporting this framework is a comprehensive Management Information System (MIS) that enables continuous monitoring of operational and financial performance across the organisation. The system provides timely information to management, facilitates informed decision-making and supports proactive identification of emerging risks and operational variances. Material deviations from approved plans, together with significant business developments, are reviewed periodically and reported to the Board of Directors every quarter.
A dedicated internal audit function conducts regular, risk-focused audits across all business units, operating under the oversight of the Audit Committee. Independent statutory auditors complement this governance framework through the audit of the Companys financial statements.
Findings from both internal and statutory audits are reviewed by the Audit Committee and subsequently placed before the Board of Directors, reinforcing accountability, transparency and sound corporate governance across the organization.
The news media industry operates as a dynamic, intensely competitive landscape encompassing hundreds of national and regional channels. In this environment, quality talent remains a decisive differentiator. ZMCL recognises this imperative and has built robust systems to attract, develop, and retain top-tier professionals.
Guided by the Companys strategic objectives, ZMCL has designed and implemented human resources policies that attract the right talent and foster a performance-driven yet engaging work environment aligned with long-term organisation goals. Continued investments in learning, employee development and workplace engagement reinforce the Companys ability to respond to an evolving media landscape while supporting long-term business execution.
The Companys employee strength stood at 2,042 as on March 31, 2026, compared to 1,720 individuals at the close of the prior financial year. Its workforce comprised 79% men and 21% women and 77% permanent employees. Contractual or temporary employees were 23% of the workforce and most of them were women.
Age-based Employee Composition
| Age Group | Percentage |
| 30-40 | 35% |
| 40-50 | 36% |
| 50-60 | 10% |
| 20-30 | 19% |
Tenure-based Employee Composition
| Tenure | Percentage |
| 6-10 Years Above | 13% |
| 10 Years | 13% |
| 3-5 Years | 24% |
| 0-2 Years | 50% |
The media and entertainment industry carries a set of inherent risks that affect all participants, irrespective of scale or market position. As an integral constituent of this industry, Zee Media Corporation Limited is exposed to these uncertainties despite the depth and breadth of its linear and digital news networks. The Company actively identifies, monitors, and assesses risks, and adopts proactive mitigation measures to protect its operations and financial health.
The principal risks facing the Company and the corresponding mitigation strategies are outlined below.
Risk: The Indian news media landscape remains highly competitive, with established national and regional brands competing alongside a proliferating base of state and local operators for audience viewership across segments. The availability of free news content has further intensified the competitive environment, making audience retention an ongoing challenge.
Mitigation: ZMCL differentiates itself through the depth, diversity, and credibility of its content, distributed across linear channels and integrated digital platforms in multiple languages and tailored to specific audience. The Companys ability to efficiently repurpose content across television and digital platforms enhances operational leverage while strengthening audience engagement. Top editorial and technical talent, combined with investments in technology, and its strong brand equity, sustain the Companys competitive advantage.
Risk: Technological innovation continues to reshape the media and entertainment industry at an unprecedented
Findings from both internal and statutory audits are reviewed by the Audit Committee and subsequently placed before the Board of Directors, reinforcing accountability, transparency and sound corporate governance across the organization.
pace. The rapid evolution of artificial intelligence, connected TV, OTT streaming, and broadband infrastructure continually challenge existing business models. The pace of digital change can outstrip the speed at which companies can identify and implement technical solutions, creating operational and strategic execution risks.
Mitigation: Investment in technology is a strategic priority for ZMCL. The Company continues to strengthen its capabilities through ongoing investments in technology infrastructure, platform development and specialized talent; along with timely system upgrades. The Company has successfully integrated digital platforms into its conventional news architecture, establishing a robust linear-and-digital network. Human-led AI deployment within hyper-local reporting enhances productivity without compromising on content quality and authenticity, positioning ZMCL as one of the few news organisations to operate a scalable, technology-enabled network.
Risk: Advertising has overtaken subscription as the primary revenue driver across the media and entertainment industry, increasing media companies dependence on advertising. Advertising revenues are inherently susceptible to fluctuations in economic conditions, advertiser sentiment, consumer demand, and competitive pressures, introducing variability into the revenue base.
Mitigation: The Company has diversified its revenue base across regional channels, digital platforms, content licensing and integrated content monetisation solutions. Initiatives such as the deployment of an effective YouTube strategy, the launch and relaunch of digital-first channels, the introduction of integrated media solutions (leveraging the full Zee network), and the R.I.S.E. marketing communications framework broaden commercial opportunities while reducing dependence on any single advertising segment.
Risk: As a content-driven business, ZMCL relies heavily on its trademarks, content assets, and intellectual properties to generate revenues. Any unauthorised use or adverse legal outcomes affecting the Companys intellectual property rights could adversely impact commercial value, revenue generation and brand reputation.
Mitigation: The Company has implemented robust policies and processes governing the identification, development, protection, utilisation, and commercial exploitation of its intellectual properties. A dedicated internal IP team, supported by external professional legal advisors, actively monitor and safeguard intellectual assets, to ensure IP rights are effectively managed and enforced. Regular internal stakeholder awareness programmes further reinforce a culture of vigilance and responsible IP management across the organization.
awareness programmes further reinforce a culture of vigilance and responsible IP management across the organization.
Risk: Sustaining long-term relevance in a rapidly evolving media landscape requires constant innovation and continuous investments in new platforms, products, and business models. While these initiatives create opportunities for future growth, they also carry inherent execution risk, and outcomes may be adversely affected by competitive responses and other uncontrollable external factors.
Mitigation: New initiatives at ZMCL are evaluated through a rigorous framework supported by a planning process, which is in turn informed by data-driven research, analysis and leadership consensus. Management establishes measurable milestones, reviews performance and adopts contingency plans where appropriate. The Company applies disciplined go/no-go decision frameworks, enabling capital to be allocated prudently while protecting overall financial health.
Risk: Geopolitical developments, public policy changes, social and consumer trends, and macroeconomic conditions influence consumer spending, corporate advertising budgets, and overall business sentiment. Macro-economic events can positively or adversely affect business, and such factors may directly or indirectly affect the Companys operating environment.
Mitigation: ZMCLs diversified business model is designed to offset performance variations across segments, providing stability during economic downturns and macro uncertainty. Strong regional presence further mitigates localised disruptions.
Management continuously monitors macroeconomic indicators and adjusts business and strategic priorities, operating plans, and capital decisions to respond appropriately to changing market conditions.
Risk: As a news media organization, the Company operated within an environment where editorial accuracy, objectivity, credibility, and responsible journalism are fundamental. Inaccurate reporting, misinformation or non-compliance with applicable laws and regulations may expose the Company to legal proceedings, regulatory action and/or reputational damage.
Mitigation: Editorial integrity remains central to ZMCLs operating philosophy. The Company operates under stringent editorial guidelines and a framework that mandates structured workflows, rigorous fact-checking protocols and approval processes for all news content across platforms. The Company also conducts regular training programmes to reinforce ethical reporting standards in journalism, responsible reporting practices, and the use of digital verification tools.
Risk: Skilled talent is a critical asset across the media and entertainment industry. Editorial excellence, digital innovation and operational performance depend on the ability of the Company to attract, develop and retain highly skilled, talented and experienced professionals. The competition for key executives, senior journalists, technical professionals, digital media specialists, and leadership talent remains intense and persistent across the industry.
Mitigation: The Company continues to invest in a people-first, merit-based culture and employs
comprehensive talent retention strategies, including competitive compensation structures and a stimulating, collaborative work environment. An agile, integrated organisational processes; with streamlined workflows, leadership development and continuous learning opportunities along with progressive HR policies; strengthens employee engagement, fosters innovation, and supports building long-term organizational capability.
Risk: The Company operated in a highly regulated environment, governed by multiple statutory and industry bodies, including the Ministry of Information and Broadcasting (MIB), the Telecom Regulatory Authority of India (TRAI), the Securities and Exchange Board of India (SEBI), the Ministry of Corporate Affairs (MCA), as well as the Income Tax Authorities. Changes in regulatory requirements may influence content distribution, censorship, compliance obligations, tax liabilities and can also impose additional operational burdens.
Mitigation: The Companys well-resourced compliance team, comprising experienced legal and industry professionals, works closely with the business teams to ensure proactive regulatory monitoring and full compliance with all applicable laws. ZMCLs senior management actively engages with industry bodies and policymakers to represent the media industrys interests, enabling constructive participation in policy dialogue while supporting effective governance and regulatory compliance.
The Company regularly reviews its risk framework to ensure that emerging risks are identified early and addressed through appropriate governance, operational and strategic responses.
Standalone and Consolidated Financials as on March 31, 2026:
The table below presents Standalone and Consolidated Financials for the Current and Previous Financial Years.
| Statement of Profit and Loss for the year ended | Standalone 2026 | Standalone 2025 | Consolidated 2026 | Consolidated 2025 |
| Revenues | ||||
| Revenue from operations | 5,715.33 | 4,548.78 | 7,591.75 | 6,219.15 |
| Other income | 177.01 | 86.36 | 171.51 | 110.61 |
| Total Revenues | 5,892.34 | 4,635.14 | 7,763.26 | 6,329.76 |
| Expenses | ||||
| Operational cost | 1,065.36 | 1,055.54 | 1,589.21 | 1,390.73 |
| Employee benefits expense | 1,788.22 | 1,612.32 | 2,526.47 | 2,205.39 |
| Other expenses | 1,880.22 | 2,175.13 | 2,419.08 | 2,807.74 |
| Total Expenses | 4,733.80 | 4,842.99 | 6,534.76 | 6,403.86 |
| Operating Profit / (Loss) | 1,158.54 | (207.85) | 1,228.50 | (74.10) |
| Finance costs | 186.90 | 298.05 | 194.60 | 304.00 |
| Depreciation and amortisation expense | 837.97 | 941.20 | 1,043.70 | 1,190.36 |
| Profit / (Loss) before exceptional items and tax | 133.67 | (1,447.10) | (9.80) | (1,568.46) |
| Exceptional Items (net) | - | 88.06 | (47.91) | (30.40) |
| Profit / (Loss) before tax | 133.67 | (1,359.04) | (57.71) | (1,598.86) |
| Less: Tax expense | (35.56) | (355.58) | (76.63) | (404.71) |
| Profit / (Loss) after tax | 169.23 | (1,003.46) | 18.92 | (1,194.15) |
| Profit / (Loss) after tax before minority interest | 169.23 | (1,003.46) | 18.92 | (1,194.15) |
| Profit / (Loss) after tax | 169.23 | (1,003.46) | 18.92 | (1,194.15) |
| Other Comprehensive Income (OCI) | ||||
| Items that will not be reclassified to profit or loss | ||||
| Change in Fair value of investments | - | - | 1.86 | 1.19 |
| Re-measurement gains/(losses) of defined benefit obligations | 10.05 | 9.11 | 13.06 | 9.72 |
| Income tax effect on above | (2.53) | (2.29) | (3.30) | (2.61) |
| Other Comprehensive Income/(loss) for the year | 7.52 | 6.82 | 11.62 | 8.30 |
| Total Comprehensive income/(loss) for the year | 176.75 | (996.64) | 30.54 | (1,185.85) |
| Earning per equity share of \u20b9 1 each fully paid up | ||||
| - Basic ( \u20b9 ) | 0.27 | (1.60) | 0.03 | (1.91) |
| - Diluted ( \u20b9 ) | 0.27 | (1.60) | 0.03 | (1.91) |
| Balance Sheet as at | Standalone 2026 | Standalone 2025 | Consolidated 2026 | Consolidated 2025 |
| Assets | ||||
| Non-current assets | ||||
| Property, plant and equipment | 561.06 | 757.40 | 685.37 | 905.85 |
| Capital work-in-progress | 3.22 | 8.83 | 3.22 | 8.83 |
| Right-of-use assets | 650.39 | 917.96 | 656.77 | 936.04 |
| Goodwill | - | - | - | 47.91 |
| Other intangible assets | 1,021.42 | 1,379.45 | 1,890.18 | 2,393.81 |
| Financial assets | ||||
| Investments | 3,782.78 | 4,032.78 | 416.33 | 427.88 |
| Other financial assets | 41.95 | 83.16 | 54.94 | 100.28 |
| Income tax assets (net) | 169.41 | 79.58 | 217.69 | 116.65 |
| Deferred tax assets (net) | 918.33 | 885.30 | 1,126.35 | 1,052.61 |
| Other non-current assets | 36.22 | 1.24 | 38.42 | 1.76 |
| 7,184.78 | 8,145.70 | 5,089.27 | 5,991.62 | |
| Current assets | ||||
| Financial assets | ||||
| Trade receivables | 2,874.20 | 1,718.01 | 3,144.18 | 1,992.62 |
| Cash and cash equivalents | 4.96 | 2.95 | 84.68 | 135.62 |
| Bank Balances other than cash and cash equivalents | 3.49 | 3.20 | 10.17 | 6.64 |
| Loans | 7.00 | - | - | - |
| Other financial assets | 124.06 | 64.13 | 83.96 | 59.55 |
| Other current assets | 172.77 | 312.77 | 302.27 | 597.43 |
| 3,186.48 | 2,101.16 | 3,625.26 | 2,791.86 | |
| Non-current assets held for sale | 16.52 | 20.08 | 16.52 | 20.08 |
| Total | 10,387.78 | 10,266.84 | 8,731.05 | 8,803.56 |
| Equity and Liabilities | ||||
| Equity | ||||
| Equity share capital | 625.43 | 625.43 | 625.43 | 625.43 |
| Other equity | 3,821.37 | 3,644.62 | 1,612.23 | 1,581.69 |
| 4,446.80 | 4,270.05 | 2,237.66 | 2,207.12 | |
| Non-current liabilities | ||||
| Financial liabilities | ||||
| Borrowings | 7.21 | 16.99 | 8.09 | 17.81 |
| Lease liabilities | 493.66 | 728.78 | 493.66 | 735.93 |
| Trade payables | - | 174.22 | - | 174.22 |
| Other financial liabilities | - | 273.59 | 9.11 | 292.16 |
| Provisions | 290.38 | 281.43 | 378.56 | 357.11 |
| Other non-current liabilities | - | - | 0.96 | 2.65 |
| 791.25 | 1,475.01 | 890.38 | 1,579.88 |
| Balance Sheet as at | Standalone 2026 | Standalone 2025 | Consolidated 2026 | Consolidated 2025 |
| Current liabilities | ||||
| Financial liabilities | ||||
| Borrowings | 97.35 | 765.58 | 97.70 | 766.22 |
| Lease liabilities | 225.62 | 205.05 | 232.77 | 217.22 |
| Trade payables | ||||
| - Dues of micro enterprises and small enterprises | - | - | 5.28 | 1.65 |
| - Dues of creditors other than micro enterprises and small enterprises | 1,102.40 | 694.62 | 1,469.84 | 1,094.40 |
| Other financial liabilities | 3,464.69 | 2,645.18 | 3,479.55 | 2,664.60 |
| Other current liabilities | 244.08 | 193.31 | 297.12 | 250.56 |
| Provisions | 15.59 | 18.04 | 20.75 | 21.63 |
| Current tax liabilities (net) | - | - | - | 0.28 |
| 5,149.73 | 4,521.78 | 5,603.01 | 5,016.56 | |
| Total | 10,387.78 | 10,266.84 | 8,731.05 | 8,803.56 |
The following description presents a detailed analysis of the Consolidated Financials of the Company for the year ended 31 March 2026 vis-a-vis 31 March 2025.
Revenue from Operations: The operating Revenues of the Company increased from 6,219.15 million in FY25 to 7,591.75 million in FY26, registering a strong growth of 22.07%. The Company earned 78% revenue from advertising, 5% from subscription and 17% from content archive licensing. In FY26, the revenue composition changed in favour of content archive licensing whose contribution was nominal in the previous year. The Company monetized 1,320.39 million from the content archive in this year as against 4.25 million in FY25, registering a surge. Advertising revenue increased by 2.10% while subscription revenue declined by 14.02% over the year. However, channel management fees were nil during the year.
Other Income: Other income has increased from 110.61 million in FY25 to 171.51 million in FY26. This increase was driven by rental income and gain on sale of non-current assets.
Operational Cost: The Companys operational costs increased by 14.27% to 1,589.21 million in FY26 as against the operational cost of 1,390.73 million in FY25. The increase in operational costs was primarily attributable to additional costs incurred towards the increased number of events organised during the financial year.
Employee Benefit Expenses: Companys employee benefit expenses increased to 2,526.47 million in FY26 from 2,205.39 million in FY25. It recorded an increase of 14.56% to the tune of 321.80 million. The increase was in line with industry standards and also due to increase in number of employees.
Finance Cost: ZMCLs finance cost reduced to 194.60 million in FY26 from 304 million in the previous year, registering substantial reduction of 36% amounting to 109.4 million. The decline is majorly attributed to repayment of borrowings which lead to decrease in interest on borrowings.
Depreciation and amortisation expense: The depreciation and amortization expense decreased by ? 146.66 million to ? 1,043.7 million in FY26 from ? 1,190.36 million in FY25. The decrease was primarily attributable to lower additions to property, plant and equipment and increased disposal/write-off of assets during the year.
Other Expenses: The Company continued to cut down costs and rationalize expenses, maintaining efficiency. Other expenses have declined by ? 388.66 million to ? 2,419.08 million in FY26 from ? 2,807.74 million in FY25. This reduction was driven by lower marketing, distribution and promotion expenses, discounts and advertisement expenses.
Exceptional Items: Exceptional Items or expenses stood at ? 47.91 million during FY26 as against exceptional expenses of ? 30.4 million in the previous financial year. The Company recognized impairment of goodwill and intangible assets as only exceptional expense.
Tax Expense: The Company obtained total tax credit of ? 76.63 million in FY26 against tax credit of ? 404.71 million during the previous year. Substantial reduction of ? 328.08 million was noticed in total tax credit obtained by the company. Both the current and deferred taxes are in line with the Income Tax Act,1961.
Profitability: The Consolidated profitability at EBITDA level improved significantly during FY 26 from FY 25. The EBITDA (profit) increased to 1,056.99 million compared to a loss of 184.71 million, by nearly 672% riding on reduction of other expenses and increase in revenue from operations.
Further, the improvement in profitability during the current financial year was supported by a reduction in finance costs.
Non-Current Assets: The block of tangible assets (Property, plant, and equipment) and intangible assets including capital work-in-progress and Right-Of-Useassets for FY26 stands at 3,235.54 million in FY26 vs. 4,292.44 million in FY25. The reduction is on account of disposal and impairment recognized in intangible assets.
Investment in associates (TMPL and TRNPL): They had been assessed for impairment as per Ind-AS 36 - Impairment of Assets as of 31 March 2024 and based on an independent valuers assessment, were fully provided for during that same year.
Financial assets:
Non-current Investments have declined on aggregate basis to 416.33 million in FY26 from 427.88 million in FY25. This reduction was due to decrease in valuation of alternate investments by the Company.
Other non-current financial assets reduced to 54.94 million in FY26 from 100.28 million in FY25. The movements in tax assets viz. increase in Income tax assets, from 116.65 million in FY25 to 217.69 million in FY26 and increase in Deferred tax assets (net), from 1,052.61 million in FY25 to 1,126.35 million in FY26
are due to significant depreciation on property, plant and equipment and unabsorbed depreciation as per the Income Tax Act, 1961 / the Companies Act, 2013 and allowances for doubtful debts and advances.
Other non-current assets have increased from 1.76 million in FY25 to 38.42 million in FY26 largely due to rise in non-current portion of balances with government authorities (Indirect taxes).
Trade receivables have increased from 1,992.62 million in FY25 to 3,144.18 million in FY26, due to increased revenue.
Cash and cash equivalents and other Bank Balances have decreased to 94.85 million in FY26 from 142.26 million in the previous year.
Other financial assets have increased from 59.55 million in FY25 to 83.96 million in FY26.
Other current assets which include tax assets have reduced to 302.27 million in FY26 from 597.43 million as prepaid expenses and balances with government authorities for indirect tax assets have reduced considerably during FY26.
Total equity includes Equity Share Capital and Other Equity. Although the equity share capital remains steady at 625.43 million and certain components of Other Equity viz. capital reserve, securities premium, general reserve did not change. Further, retained earnings and other comprehensive income have shown an aggregate increase of 30.54 million, reflecting the results of operations of the previous years.
Non-current Borrowings have declined to 8.09 million in FY26 from 17.81 million in FY25. This balance exclusively comprises the long-term portion of vehicle loans.
Other non-current lease liabilities have reduced to 493.66 million from 735.93 million, in line with the terms and tenure of the underlying lease agreements.
Non-current Other Financial Liabilities of 9.11 million denote other deposits from other parties, reflecting lower payment obligations.
Non-current Provisions which include provisions for gratuity and leave benefits, have increased to 378.56 million vs 357.11 million in previous year, based on actuarial assumptions.
Current Borrowings have reduced significantly from 766.22 million in FY25 to 97.70 million in FY26, primarily on account of repayment of unsecured loan during the year.
primarily on account of repayment of unsecured loan during the year.
Current lease liabilities stand at 232.77 million in FY26 as against 217.22 million in FY25.
Trade payables have increased to 1,475.12 million as against 1,096.05 million in the previous year.
Other financial liabilities (current) have increased by 814.95 million to 3,479.55 million in FY26 mainly due to increase in other payables.
Other current liabilities have increased to 297.12 million in FY26 from 250.56 million in FY25.
Current provisions for employee benefits stand at 20.75 million as against 21.63 million in the previous year, in line with actuarial assumptions.
Current tax liabilities (net) are nil as at end of FY26, which stood at 0.28 million during previous year.
Details of Significant Change in Key Financial Ratios:
| Ratio | FY 26 | FY 25 | % Change | Remarks for > 25% or < -25% Change |
| Debtors Turnover (x) | 2.96 | 3.07 | -3.79% | - |
| Inventory Turnover (x) | - | - | - | - |
| Interest Coverage Ratio (x) | 2.05 | -0.06 | 3,418.77% | Increased due to positive earnings. |
| Current Ratio (x) | 0.65 | 0.56 | 16.26% | - |
| Debt Equity Ratio (x) | 0.05 | 0.36 | -86.69% | Decreased due to repayment of short-term borrowings during the year. |
| Operating Profit Margin (%) | 13.92% | -2.97% | 568.78% | Improved due to increase in revenue. |
| Net Profit Margin (%) | 0.25% | -19.20% | 101.30% | Increased due to positive earnings. |
| Return on Networth - RoNW (%) | 0.85% | -54.11% | 101.56% | Increased due to positive earnings and repayment of short-term borrowings. |
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