Shemaroo Entertainment Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Shemaroo Entertainment Ltd filed with BSE on 28 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Shemaroo reported Q1 FY27 revenue of approximately Rs 132 crore, down 6% year-on-year, with EBITDA loss narrowing sharply to around Rs 2 crore from Rs 56 crore a year earlier and net loss reducing to about Rs 8 crore. Management attributed the digital revenue decline of 17% to deferred B2B syndication deals amid geopolitical uncertainty, while traditional media revenue grew 5% on select B2B licensing deal closures. Management also discussed debt levels, inventory balances, margin trajectory, and updates on ShemarooMe Gujarati, YouTube channel milestones, and new content initiatives.
Numbers mentioned
Revenue from operations: approximately INR 132 crores (Q1 FY27)
p. 4
“revenue from operations stood at approximately INR 132 crores, reflecting a 6% year-on-year decline”
Ashish Gupta, page 4 of the filed PDF · View the filing
EBITDA loss: around INR 2 crores (Q1 FY27)
p. 4
“The company significantly narrowed its EBITDA loss to around INR 2 crores compared to INR 56 crores in the corresponding quarter last year.”
Ashish Gupta, page 4 of the filed PDF · View the filing
Net loss: approximately INR 8 crores (Q1 FY27)
p. 4
“Net loss also materially reduced to approximately INR 8 crores.”
Ashish Gupta, page 4 of the filed PDF · View the filing
New initiatives expenses: around INR 20 crores (Q1 FY27)
p. 4
“With regards to the new initiatives, expenses in the 1st Quarter of the Financial Year 2027 amounted to around INR 20 crores.”
Ashish Gupta, page 4 of the filed PDF · View the filing
EBITDA for existing operations (adjusted): around INR 18 crores (Q1 FY27)
p. 4
“Adjusting for these investments, the EBITDA for existing operations for the quarter would have been around INR 18 crores.”
Ashish Gupta, page 4 of the filed PDF · View the filing
Digital media revenue: approximately INR 56 crores (Q1 FY27)
p. 4
“The digital media revenues for the 1st Quarter stood at approximately INR 56 crores, registering a year-on-year decline of approximately 17%.”
Ashish Gupta, page 4 of the filed PDF · View the filing
Traditional media revenue: around INR 76 crores (Q1 FY27)
p. 4
“Traditional media revenues for the quarter were around INR 76 crores and up 5% year-on-year.”
Ashish Gupta, page 4 of the filed PDF · View the filing
YouTube channel Shemaroo Filmi Gaane subscribers: 74.7 million (as of Q1 FY27)
p. 5
“the flagship channel Shemaroo Filmi Gaane surpassed 74.7 million subscribers”
Hiren Gada, page 5 of the filed PDF · View the filing
YouTube channel Shemaroo Entertainment subscribers: 61.9 million (as of Q1 FY27)
p. 5
“Shemaroo Entertainment crossed the 61.9 million subscriber milestone this quarter”
Hiren Gada, page 5 of the filed PDF · View the filing
Portfolio views across YouTube channels: approximately 9 billion views (Q1 FY27)
p. 5
“the company garnered approximately 9 billion views during the quarter, reflecting sustained digital engagement”
Hiren Gada, page 5 of the filed PDF · View the filing
Debt: INR 311 crores (as of Q1 FY27 end)
p. 16
“We are at INR 311 crores. No, we closed the quarter at INR 311 crores.”
Hiren Gada, page 16 of the filed PDF · View the filing
Inventory: INR 348 crores (as of Q1 FY27 end)
p. 17
“Inventory, we closed the quarter at INR 348 crores.”
Hiren Gada, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Debt reduction — by end of the year
stated conditionally by Hiren Gada
p. 7
“So, on the debt side, I think by the end of the year, so we may have quarterly ups and downs and particularly given the whole geopolitical and other situation, there could be a little here and there around.”
Hiren Gada, page 7 of the filed PDF · View the filing
EBITDA profitability — EBITDA positive · for the year
stated as an aspiration by Hiren Gada
p. 8
“Let me, if I have to give a conservative view, the aim will be for the year to be EBITDA positive at least.”
Hiren Gada, page 8 of the filed PDF · View the filing
Bottom-line profitability — bottom-line positive · next year
stated conditionally by Hiren Gada
p. 8
“And yes, I think we are very confident that next year we will be bottom-line positive also.”
Hiren Gada, page 8 of the filed PDF · View the filing
Digital revenue growth — double-digit growth rate · FY27
stated as an aspiration by Hiren Gada
p. 8
“So, as I said to the previous caller also, digital we are anticipating or we are looking forward to a double-digit growth rate.”
Hiren Gada, page 8 of the filed PDF · View the filing
Traditional revenue growth — flattish · FY27
stated as an aspiration by Hiren Gada
p. 8
“And traditional should probably be flat to, yes, I would imagine it would be flattish, not a degrowth.”
Hiren Gada, page 8 of the filed PDF · View the filing
Overall top-line growth — double-digit growth · next 2-3 years
stated as an aspiration by Hiren Gada
p. 7
“So, I think definitely we are aiming at a double digit plus kind of a growth.”
Hiren Gada, page 7 of the filed PDF · View the filing
EBITDA margin — upwards of 20% · 2-3 year perspective
stated as an aspiration by Hiren Gada
p. 15
“I think if I see a 2-3 year perspective, I think definitely upwards of 20% EBITDA is something that we should aim for.”
Hiren Gada, page 15 of the filed PDF · View the filing
New initiatives expense reduction — more than 50% reduction versus FY26 · FY27
stated firmly by Hiren Gada
p. 11
“And to the second part of the question, yes, as of now, we are on track to, for, for what we have.”
Hiren Gada, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margin improvement is a function of both revenue growth and cost reduction, and mix of revenue, and declined to specify a threshold.
Answered by Hiren Gada
Asked by Rehan Sayyed: What would normalized EBITDA margin have been excluding new initiative investments, and what revenue threshold is needed to sustain positive EBITDA without cutting investment?
p. 6
“So, margin growth or margin improvement is combination of revenue increasing and cost reduction. So, it is not only on revenue side.”
Hiren Gada, page 6 of the filed PDF · View the filing
Management said the library is fully utilized on digital, with declining traditional media monetization offset by digital growth.
Answered by Hiren Gada
Asked by Rehan Sayyed: How much of the content library remains commercially under-monetized?
p. 6
“today if we are generating as we have shared earlier in the call, 9 billion views for the quarter. That shows that there is a very strong traction of the content on the digital media side.”
Hiren Gada, page 6 of the filed PDF · View the filing
Management confirmed a debt reduction plan without a specific number, targeted EBITDA positivity this year and bottom-line positivity next year, and guided to double-digit digital growth with flattish traditional revenue.
Answered by Hiren Gada
Asked by Tanmay Golecha: Is there a debt reduction plan, when will P&L turn profitable, and what is the FY27 revenue breakup between digital and traditional?
p. 7
“But we definitely have a debt reduction plan for this year.”
Hiren Gada, page 7 of the filed PDF · View the filing
Management said growth is constrained by underlying industry growth and a preference to balance growth with profitability rather than burn cash.
Answered by Hiren Gada
Asked by Dhwanil Desai: Given digital media growth of only 9-10% from FY24 to FY26, why not aspire to 20%+ growth, and what are the challenges?
p. 9
“So, the idea for us also is to maintain a profitable growth rate and not burn out.”
Hiren Gada, page 9 of the filed PDF · View the filing
Management said margins vary widely by value chain position and content mix, from near-zero on newly acquired content to 80-90% on fully charged-off legacy content.
Answered by Hiren Gada
Asked by Dhwanil Desai: Is the digital business, excluding ShemarooMe, a high EBITDA margin business like 25-30%?
p. 9
“But for what I acquire new, the margins could be zero, it could be minus, it could be now marginally positive, depending on whether I overpaid, overbid or at what rates I have acquired.”
Hiren Gada, page 9 of the filed PDF · View the filing
Management confirmed the reduction is on track and driven by scaling back traditional media investments while increasing digital investments.
Answered by Hiren Gada
Asked by Dhwanil Desai: Are new initiative expenses being cut by more than 50% in FY27 versus FY26 as guided, and is that on track?
p. 11
“Yes, in fact, we are well on track.”
Hiren Gada, page 11 of the filed PDF · View the filing
Management said margin is not linearly tied to revenue, and depends on content mix and ongoing cost efficiency initiatives.
Answered by Hiren Gada
Asked by Chirag: At a run-rate of Rs 600 crore top line, is Rs 50-60 crore EBITDA and Rs 30-32 crore interest expense a correct understanding?
p. 11
“So, basically, without giving much more color, essentially, at this point, I would say it is not exactly one-to-one linear correlation of top line to margin.”
Hiren Gada, page 11 of the filed PDF · View the filing
Management said the route to profitability depends on building a large permanent subscriber base and reducing churn, and estimated the platform is about two years away from profitability.
Answered by Hiren Gada
Asked by Chirag: When will the OTT platform reach break-even given the initial capex curve?
p. 13
“And while we haven't reached that point yet and it is still some time away, I would imagine we are at least about two years away from that point”
Hiren Gada, page 13 of the filed PDF · View the filing
Management said they do not currently disclose such platform-level data and do not intend to.
Answered by Hiren Gada
Asked by Chirag: Does the company disclose DAUs, MAUs, or subscriber numbers for ShemarooMe?
p. 13
“No, we have not been. And at this point, at least we don't intend to.”
Hiren Gada, page 13 of the filed PDF · View the filing
Management said the charge-off process is now in a normal cycle based on consumption policy.
Answered by Hiren Gada
Asked by Akshay Darji: Are there any remaining inventory write-down risks?
p. 16
“No. Now we are in a normal charge-off cycle. So, whatever as per consumption, as per our policy, that is being charged off accordingly.”
Hiren Gada, page 16 of the filed PDF · View the filing
Management said the aspiration is upwards of 20% EBITDA margin over a 2-3 year horizon, acknowledging uncertainty on timing.
Answered by Hiren Gada
Asked by Dhwanil Desai: What is the steady-state margin the company is aiming for over the next 2-3 years?
p. 15
“I think let's currently not split hair for that right now. But I think suffice to say that aspiration should be of a significantly higher margin.”
Hiren Gada, page 15 of the filed PDF · View the filing
Management said monetization on Shorts has not materially improved and the needle has barely moved.
Answered by Arghya Chakravarty
Asked by Chirag: Is there any update on YouTube Shorts monetization policy changes?
p. 17
“Monetization is still not happening to the kind of extent that one had assumed. The needle has nearly not moved.”
Arghya Chakravarty, page 17 of the filed PDF · View the filing
Management said the FAST ecosystem has been degrowing globally and the company has scaled down to two channels, treating it as an experimental stage.
Answered by Hiren Gada
Asked by Raunak Pathak: What is the performance of FAST channels like Shemaroo Bollywood and Shemaroo Filmi Gaane?
p. 18
“In terms of the FAST ecosystem globally, it has actually been degrowing in the last, I would say about almost 18 to 12 to 18 months, it has been degrowing.”
Hiren Gada, page 18 of the filed PDF · View the filing
Management said they are technologically ready but have not committed to content acquisition until monetization becomes clearer.
Answered by Arghya Chakravarty
Asked by Raunak Pathak: Is the company planning to enter the short drama/micro-drama segment given its growth?
p. 18
“But to press the pedal on that will take some time unless we are very sure about what is happening on the monetization front of short form.”
Arghya Chakravarty, page 18 of the filed PDF · View the filing
Management said monetization from advertising has not been sufficient to make some channels break-even given the subdued ad environment.
Answered by Arghya Chakravarty
Asked by Raunak Pathak: Have TV broadcast channels like Shemaroo TV, Shemaroo Umang, MarathiBana and Shemaroo Josh reached break-even and are they profitable individually?
p. 19
“And while the monetization has been steady, but in some channels, the monetization is not good enough to make it a break-even business.”
Arghya Chakravarty, page 19 of the filed PDF · View the filing
Risks flagged
Deferred B2B syndication deals due to geopolitical uncertainty
p. 4
“Digital revenue for the quarter declined by 17% year-on-year, as select B2B syndication deals were deferred on account of geopolitical uncertainty, coupled with the inherently lumpy nature of this B2B side of the business.”
Hiren Gada, page 4 of the filed PDF · View the filing
Subdued advertising environment for traditional business due to BARC blackout and macro pressures
p. 4
“Given the ongoing BARC blackout, continuing macroeconomic pressures, and geopolitical tensions, the overall advertising outlook for our traditional business is expected to remain subdued in the near term.”
Hiren Gada, page 4 of the filed PDF · View the filing
BARC ratings blackout impacting traditional media and syndication revenue
p. 8
“we started the year with this whole geopolitical uncertainty and that has kind of got compounded last one month with this BARC ratings blackout.”
Hiren Gada, page 8 of the filed PDF · View the filing
YouTube Shorts monetization has not materially developed despite content investment
p. 17
“there has been no movement. Monetization is still not happening to the kind of extent that one had assumed.”
Arghya Chakravarty, page 17 of the filed PDF · View the filing
Global FAST channel ecosystem degrowth reducing monetization potential
p. 18
“So there was a point when there was a huge number of FAST channels up there and that number has shrunk significantly now globally.”
Hiren Gada, page 18 of the filed PDF · View the filing
Prolonged subdued advertising market affecting break-even of ad-led TV channels
p. 19
“the whole advertising market has remained subdued. And while the monetization has been steady, but in some channels, the monetization is not good enough to make it a break-even business.”
Arghya Chakravarty, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.