Alpha | Saregama India Ltd. – Equity Research Desk

August 25, 2022 . Equities Desk

Saregama India Ltd. – Musical play

Saregama India ltd (SIL) is one of India’s largest music recording and publishing companies. It was initially established as a branch of Electrical & Musical Industries Limited, London (EMI) in 1901, before being taken over by the RP-Sanjiv Goenka Group of Kolkata. The company has several milestones to its credit in the history of recording and publishing Indian music. It produced the first song that was recorded in India in 1902 by Gauhar Jan. It currently has a music library of more than 1.42 lakh songs. Folk and light classical music, especially ghazals, and old Hindi film music, acquired from reputed film houses, form the backbone of this collection.


Saregama has been expanding its business from distribution of music, both in digital and physical mode to producing movies and television content, in line with the changing trends of the music and the entertainment industry. We recommend a BUY rating in the stock with the target price (TP) of Rs.485, 40x FY24E EPS. 

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