Zee Entertainment Enterprises Limited (ZEEL) has announced its financial results for the quarter and nine months ended December 31, 2025. The company reported a significant 73% year-on-year increase in digital revenue, reaching ₹418 crore (INR 4,180 million) for the quarter. This growth was driven by the release of 39 shows and movies, including 11 original series, across 7 languages on its digital platform, ZEE5, coupled with a revised pricing strategy. For the first time, ZEEL's digital business achieved a positive EBITDA of ₹56.4 crore (INR 564 million), a substantial improvement from a loss of ₹136.2 crore (INR 1,362 million) in the same quarter last year. This turnaround was aided by syndication revenues and a revised pricing agreement with a telco player, along with improved advertising revenues. Overall subscription revenue grew by 7% year-on-year, attributed to the digital business growth and successful contract renewals in the Broadcast segment. The broadcast business maintained its position as India's number 2 TV entertainment network, with a viewership share of 17.5%, a gain of 60 basis points year-on-year. Zee TV showed strong GRP growth, Zee Bangla regained leadership, and ZEE was the fastest-growing network in the South with a 17.7% share. Zee Marathi achieved a market share of 33.6%. Advertising revenues saw a 6% quarter-on-quarter increase, though they declined 9% year-on-year, attributed to softness in FMCG spending. The company is optimistic about a gradual recovery in advertising spends. The Music business garnered over 51 billion total video views with more than 175 million subscribers on YouTube. The Studio business released 8 movies and acquired rights for 'Kantara Chapter 1' and 'Akhanda 2', contributing to a 7x year-on-year growth in other sales and services. Overall operating costs increased by 12% quarter-on-quarter due to programming costs for the ILT20 cricket matches and movie acquisitions. Excluding these, operational costs would have declined by mid-single digits sequentially. EBITDA margin improved by 310 basis points to 10.5%, and Profit After Tax stood at ₹154.8 crore (INR 1,548 million), a 2x sequential growth. Cash and treasury investments were ₹2180 crore (INR 21.8 billion) as of December 2025. ZEEL also achieved a score of 51 out of 100 in the S&P Global Corporate Sustainability Assessment, ranking it among the top 5% of global players in the media and entertainment sector.
