Zee Entertainment Enterprises’ share price jumped as much as 4% in intraday trade on the BSE on Thursday, January 22, ahead of the company’s December quarter earnings.
Zee Entertainment’s share price opened at ₹82.22 against its previous close of ₹81.94 and rose 4% to an intraday high of ₹85.15, looking set to snap its four-day losing streak. Over the last four sessions, the stock had crashed by over 9%.
Zee Entertainment’s shares are witnessing fresh buying interest ahead of the company’s Q3 results 2026.
In an exchange filing on January 14, Zee Entertainment said its board of directors would consider and approve its unaudited financial results both on a standalone and consolidated basis for the quarter and nine months ended December 31, 2025.
Improved stock market sentiment amid easing geopolitical risks seems to have also contributed to the rise in the stock price.
Zee Entertainment Q3 results preview
According to Nuvama Institutional Equities, Zee’s revenue may increase 14.5% year-on-year (YoY) to ₹23 billion.
“Strong revenue growth is likely on the back of five times growth in ‘Other Sales and Services’. Q3 reported the release of Kantara and Akhanda (Telugu) to which Zee had distribution rights,” Nuvama highlighted.
Nuvama expects Zee’s programming costs to rise 30% YoY. Subscription revenue to continue its momentum, rising 7% YoY.
“Zee5 shall report strong growth in ad as well as subscription revenue. Ad revenue shall fall 8% YoY, marking its seventh consecutive quarter of decrease. This is mainly due to FMCG companies still spending slowly on ads. EBITDA shall dip 19% YoY due to higher costs related to the distribution of Kantara and Akhand. Consequently, EBITDA margin of 11.5% shall contract nearly 470bp YoY/but improve nearly 340bp QoQ,” said Nuvama.
Kotak Institutional Equities underlined that Zee’s ad environment saw some improvement in Q3 but was still not back to normal, as FMCG witnessed trade disruptions due to GST rate rationalization.
“We expect Zee’s ad revenues to decline 7% YoY (versus Q2’s 11% decline), even as subscription revenue growth could accelerate to +8% (from Q2’s +5%), led by Zee5 language packs. We build in ₹3.75 billion other operating revenues, which would include the pan-India distribution income from Kantara,” said Kotak.
Kotak expects Zee’s EBITDA to decline 20% YoY ₹2.5 billion, as margin could compress 505 bps YoY to 11%, due to “advancement of ILT20, inferior revenue mix (Kantara), and adverse operating leverage.”
PBT and recurring PAT are estimated to decline by 19% and 31% YoY, respectively, said Kotak.
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