Zee Entertainment Q4 Review: Zee5 Saves The Day In A Sports-Dominated Quarter, ICICI Securities Maintains Buy

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ICICI Securities Report

Zee Entertainment Enterprises Ltd.'s Q4 FY25 ad revenues were impacted (-11% QoQ/-24.6% YoY) by ad wallet recalibration towards cricket (CT and IPL). Q1 FY26E is also likely to be impacted, in our view, due to IPL and geopolitical volatility. However, ad revenue recovery hopes persist given consolidation in linear broadcasting and clear intent from HUL’s leadership to invest in brands.

Zee5 revenue growth accelerated to 16% YoY in Q4FY25, from 3% YoY in 9M FY25 aided by meaningful contribution from syndication deals (content sharing with other OTTs) and unbundling of content to cater to specific language preferences.

Growth in ZEE Music remained subdued given sustained consolidation in streaming platforms. This should improve from FY26E (low base). Management reiterated its 18–20% Ebitda guidance by Q4FY26. Maintain Buy.

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