Zee Entertainment Q3 FY26 ad revenue falls by 9% to Rs 851 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a sequential improvement in subscription revenue in the third quarter of FY26, even as advertising income declined amid subdued spending by fast-moving consumer goods (FMCG) companies.

According to a stock exchange filing, Zee’s subscription revenue rose 2.6% quarter-on-quarter to Rs 1,050.2 crore in Q3 FY26, compared with Rs 1,023 crore in the preceding quarter. On a year-on-year basis, subscription revenue grew 7% from Rs 982.5 crore in Q3 FY25, aided by higher digital revenues.

Advertising revenue, however, fell during the quarter. Zee reported ad revenue of Rs 851.5 crore in Q3 FY26, down 9.46% from Rs 940.6 crore in the same quarter last year. The company attributed the decline to a slowdown in FMCG advertising spends, though it said it remains optimistic about a recovery in brand-building investments in the coming quarters.

Despite the pressure on advertising income, Zee’s total income increased 14% year-on-year to Rs 2,298.5 crore in Q3 FY26, compared with Rs 2,013.3 crore in the corresponding period last fiscal.

Profit after tax declined 5.5% year-on-year to Rs 154.8 crore in the quarter, from Rs 163.6 crore in Q3 FY25. The company reported an EBITDA margin of 10.5%, with EBITDA at Rs 240 crore. Cash and cash equivalents stood at Rs 21.8 billion at the end of the quarter.

Zee highlighted continued traction in its digital business, with ZEE5 recording year-on-year revenue of Rs 1,018 crore over the nine-month period ended FY26.

In international markets, the company reported advertising revenue of Rs 55 crore and subscription revenue of Rs 87 crore during the third quarter.