SAREGAMA.NS Saregama India Limited
INR·Price 463.50·Mkt cap 88.97BComputed from the latest reported financials and the current market price.
Who's the real player?
Partly exposed — some of its business rides this theme, the rest is elsewhere.
Is the business healthy?
Shaky fundamentals — weak cash generation or a stretched balance sheet. Tread carefully.
- ⚠Weak FCF conversion (<50% of net income turns into free cash)
- ⚠Receivables growing much faster than revenue (channel-stuffing risk)
- Strong balance sheet
- Good growth quality
- Positive returns on capital
Are the smart people buying?
No ownership-change data for this stock. The score reflects heavy growth investment (capex) and buybacks, not visible insider buying.
- High promoter/insider ownership
- Strong capex growth
- Active buybacks
What is management saying?
No earnings-call transcript or filings found for this stock.
Is the price right?
Intrinsic value 80.55 vs price 463.50 — screens expensive on a cash-flow DCF (-82.6% to intrinsic). Base DCF growth of 8% is not believable without context on industry norms or company-specific factors.
| Intrinsic / share | 80.55 |
| Price | 463.50 |
| Upside to intrinsic | -82.6% |
| Reverse-DCF implied g | 32.0% |
Base FCF 852.50M · growth 8.0% · discount 12.0% · terminal 5.0%.
Sensitivity — intrinsic value / share
Each cell is the intrinsic value at that growth (across →) and discount rate (down ↓). Center ★ is the base case. Cells green = above price (cheap), red = below (expensive).
| Growth rate → | |||||
|---|---|---|---|---|---|
| Disc ↓ ╲ g | 4% | 6% | 8% | 10% | 12% |
| 10% | 83.96 | 98.51 | 115.52 | 135.36 | 158.47 |
| 11% | 69.79 | 81.47 | 95.1 | 110.95 | 129.37 |
| 12% | 59.65 | 69.32 | ★ 80.55 | 93.59 | 108.71 |
| 13% | 52.04 | 60.21 | 69.68 | 80.64 | 93.32 |
| 14% | 46.12 | 53.13 | 61.25 | 70.62 | 81.44 |
Through the masters' eyes
Each investor's numeric rules, checked against this stock's metrics: exact math, no guesswork. Tap one to see which rules pass, fail, and what to judge yourself.
▶
Passes 2 of 2 of Peter Lynch's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 0.04
- Solid liquidity (current ratio ≥ 1.5) — now 1.75
- A simple business you understand
- Which 'type' it is (fast grower, stalwart, cyclical…)
- A believable growth story
Couldn't check from available data: PEG ≤ 1 (growth cheap vs price) — not available; Earnings growth ≥ 15% — not available
▶
Passes 2 of 3 of Rakesh Jhunjhunwala's numeric checks. Still judge the non-numeric criteria below for yourself.
- Net margin ≥ 10% — now 21%
- Conservative leverage (D/E ≤ 1.0) — now 0.04
- ROE ≥ 18% — now 12.2%
- A large, scalable opportunity
- Trustworthy, ambitious management
- Conviction to hold through volatility
Couldn't check from available data: Earnings growth ≥ 15% — not available
▶
Passes 3 of 6 of Benjamin Graham's numeric checks. Still judge the non-numeric criteria below for yourself.
- Strong liquidity (current ratio ≥ 1.5) — now 1.75
- Debt below equity (D/E ≤ 1.0) — now 0.04
- Financially safe (Altman Z ≥ 3) — now 11.12
- P/E ≤ 15 — now 42.75
- P/B ≤ 1.5 — now 5.23
- Graham number: P/E × P/B ≤ 22.5 — now 223.6
- A long record of stable earnings
- An uninterrupted dividend history
▶
Passes 2 of 4 of Radhakishan Damani's numeric checks. Still judge the non-numeric criteria below for yourself.
- Very low debt (D/E ≤ 0.5) — now 0.04
- Positive net margin — now 21%
- High returns on capital (ROCE ≥ 18%) — now 14.1%
- Consistent revenue (consistency ≥ 80%) — now 70.7%
- A durable consumer franchise
- Pricing power
- A long runway, bought patiently
▶
Passes 1 of 2 of Raamdeo Agrawal's numeric checks. Still judge the non-numeric criteria below for yourself.
- Longevity: revenue consistency ≥ 70% — now 70.7%
- Quality: ROCE ≥ 18% — now 14.1%
- Durability of the growth (longevity)
- Quality and honesty of management
Couldn't check from available data: Growth: earnings CAGR ≥ 15% — not available; Price: PEG ≤ 2 — not available
▶
Passes 1 of 2 of Vijay Kedia's numeric checks. Still judge the non-numeric criteria below for yourself.
- Manageable debt (D/E ≤ 1.0) — now 0.04
- ROE ≥ 15% — now 12.2%
- Ambitious, capable management
- A small company with a large opportunity
- Patience to hold for years
Couldn't check from available data: Strong earnings growth ≥ 20% — not available
▶
Passes 2 of 5 of Warren Buffett's numeric checks. Still judge the non-numeric criteria below for yourself.
- Net margin ≥ 10% — now 21%
- Conservative leverage (D/E ≤ 1.0) — now 0.04
- ROE ≥ 15% — now 12.2%
- Positive free cash flow — now -11.6%
- Trades below intrinsic value (margin of safety ≥ 0) — now -475.4%
- A business you can understand
- A durable competitive moat
- Honest, capable management
▶
Passes 1 of 4 of Charlie Munger's numeric checks. Still judge the non-numeric criteria below for yourself.
- Conservative leverage (D/E ≤ 1.0) — now 0.04
- High returns on capital (ROCE ≥ 15%) — now 14.1%
- ROE ≥ 15% — now 12.2%
- Trades below intrinsic value (margin of safety ≥ 0) — now -475.4%
- A high-quality, understandable business
- A durable moat
- Management of integrity
Financial statements (INR)
↗ sourceCash-flow lines highlighted — we trust cash over reported profit.
| Line | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | 9.85B | 11.71B | 7.58B | 7.06B | — |
| Operating income | 2.55B | 2.19B | 2.21B | 2.00B | — |
| EBITDA | 3.71B | 3.40B | 3.10B | 2.74B | — |
| Net income | 2.07B | 2.04B | 1.98B | 1.85B | — |
| Operating cash flow | 1.00B | 3.31B | 932.45M | 934.30M | — |
| Capex | -2.14B | -1.62B | -922.75M | -1.03B | — |
| Free cash flow | -1.14B | 1.70B | 9.71M | -97.15M | — |
| Total assets | 23.22B | 20.95B | 20.34B | 17.04B | — |
| Total equity | 16.93B | 15.83B | 14.69B | 13.42B | — |
| Total debt | 725.80M | 27.05M | 54.33M | 7.13M | — |
| Cash & equivalents | 281.70M | 693.91M | 567.49M | 166.98M | — |