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Zee Entertainment Q4 Review: Zee5 Saves The Day In A Sports-Dominated Quarter, ICICI Securities Maintains Buy
ICICI Securities maintains Buy with a target price of Rs 185, based on 20 times one-year forward P/E multiple (FY27E).
09 May 2025, 12:38 PM IST 
Zee has recommended a final dividend of ~Rs 2.4 per share for FY25. (Photo: Glenn Carstens Peters /Unsplash)
Zee’s overall ad revenue was down 11% QoQ/24.6% YoY to Rs 8.4 billion. Domestic ad revenue declined 11.6% QoQ/27% YoY to Rs 7.9 billion. Subscription revenue remained flat QoQ/up 3.9% YoY in Q4 FY25 to Rs 9.9 billion. Zee’s consolidated revenue was up 10.4% QoQ/0.7% YoY to Rs 21.8 billion, 4.8% lower than our estimate.
