ICICI Direct has given Hold recommendation for Saregama India with a target price of Rs. 4260 in its research report issued on Oct 13, 2021

ICICI Direct’s research report on Saregama India

Saregama India (Saregama) is India’s oldest music label with ~1.3 lakh songs across various languages, which is monetised over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials (Tamil) and creates low budget films as well as web series for OTT platforms through Yoodlee Films.


We expect digital monetisation to provide sustained growth but given the sharp run up (up 160% in last six months), maintain HOLD on the stock. We value Saregama at Rs 4260 i.e. 45x FY23E P/E.

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