ZEE profit sinks 40% YoY in Q2, but revenue rises on FIFA subscription growth

Zee Entertainment Enterprises (ZEE) reported a 40% year-on-year decline in consolidated net profit at ₹46 crore for the quarter ended September 30, 2026, even as operating revenue rose 13% to ₹2,225 crore, driven by subscription growth aided by the FIFA World Cup 2026.

Ebitda fell 52% to ₹71 crore, pulling the margin down to 3.2% from 7.4% a year earlier, as higher programming and promotional costs weighed on profitability.

Total expenditure rose 18% to ₹2,154 crore, with operating expenses increasing 14% to ₹1,225 crore and advertising and promotion (A&P) spends surging 55% to ₹571 crore. The increase reflected FIFA-related programming costs and investments in initiatives such as Bullet and Music.

Advertising revenue remained flat at ₹803 crore, while subscription revenue grew 30% to ₹1,332 crore. Domestic advertising was supported by FIFA, marquee shows such as Sa Re Ga Ma Pa and fresh content launches. The company expects the festive season to aid advertising growth.

FIFA 2026 and a strong content pipeline also drove higher digital average revenue per user (ARPU) and subscriber growth.

ZEE5 revenue more than doubled 101% to ₹626 crore, while Ebitda turned positive at ₹42 crore against a loss of ₹31 crore a year earlier. The platform released 34 shows and movies, including nine originals, during the quarter, maintaining stable usage and engagement.

Zee's TV network share stood at 20% in week 24 of 2026, its highest in more than 7 years. Television ratings remain suspended following the ministry of information and broadcasting's direction to the Broadcast Audience Research Council India to comply with the TV Ratings Guidelines 2026.