What’s new

• Q1 revenue ₹132 cr, down 6% YoY, weighed by deferred B2B deals and soft ads.
• EBITDA loss narrowed to ~₹2 cr from ₹56 cr; net loss was ₹8 cr.
• Management completed the inventory charge-off initiative and guided for double-digit revenue growth led by digital.
• Aspiration of 20%+ EBITDA margins over 2–3 years flagged on the call.

Why it matters

The sharp loss compression shows that Shemaroo's cost restructuring and inventory cleanup are working. But a revenue drop in the traditional business shows the challenge of replacing linear TV and syndication income with digital. The 20% margin target is ambitious against the current EBITDA loss.

What we’re watching

• Digital revenue growth trajectory in coming quarters.
• Whether B2B syndication deals recover in H2.
• Margin progression toward the 20% aspirational target.

The full read

Shemaroo's Q1 results tell a story of two businesses. Traditional media, B2B syndication and advertising, is still under pressure, pulling revenue down 6% to ₹132 crore. But the digital business is growing, and the multi-year inventory charge-off is behind it. The payoff: EBITDA loss crashed from ₹56 crore to ₹2 crore. Net loss stood at ₹8 crore. Management is now guiding for double-digit revenue growth led by digital, with a longer-term aspiration of 20%+ EBITDA margins. That is a big jump from the current loss-making level. The next two quarters will show whether the ad environment and syndication pipeline recover, and whether digital can sustain enough momentum to make that margin target credible.

Primary source: BSE · NSE