Saregama India and Sanjay Leela Bhansali promoted Bhansali Productions announced a strategic partnership anchored by a significant equity investment by Saregama in Bhansali Productions.
According to the filing, the partnership brings together Bhansali Productions’ cinematic storytelling with Saregama’s position in music and live events, aiming to build a next-generation media and entertainment operation.
Bhansali Productions and Sanjay Leela Bhansali are known for creating films and OTT series that are significant in terms of content and commerce. With this fund infusion, Bhansali Productions will expand its content slate across formats while retaining the IP of all its films going forward.
As part of the partnership, Bhansali Productions will exclusively sell all its future film music to Saregama, based on a pre-agreed formula. This ensures Saregama a steady pipeline of film music and helps manage long-term market share and acquisition costs.
Aligned with its evolving content strategy, Saregama will gradually scale down in-house film production over the next one to two years, focusing on strategic partnerships.
The investment is expected to be EPS accretive for Saregama by FY27, improving margins across both its music and video segments.
Bhansali Productions, founded in 1996 by Sanjay Leela Bhansali, is recognised for its distinctive cinematic style, artistic standards, and commercial success. The studio has produced works including Hum Dil De Chuke Sanam, Devdas, Goliyon Ki Raasleela Ram-leela, Bajirao Mastani, Padmaavat, Gangubai Kathiawadi, Rowdy Rathore, and the Netflix series Heeramandi.
With over 10 feature films planned over the next three years, the studio continues to scale its output while preserving its auteur-driven approach.
Bhansali Productions’ immediate slate includes Love and War, directed by Sanjay Leela Bhansali, starring Ranbir Kapoor, Alia Bhatt, and Vicky Kaushal; and Do Deewane Shehar Mein, directed by Ravi Udyawar, starring Siddhant Chaturvedi and Mrunal Thakur. For FY25, Bhansali Productions reported revenue of Rs 304 crore, EBITDA of Rs 60 crore, and PAT of Rs 45 crore.
Under the partnership framework, Bhansali Productions will retain complete creative control, while Saregama will provide governance oversight and financial discipline, creating a structure that supports both artistic and long-term institutional growth.
Avarna Jain, Vice Chairperson at Saregama India, said, “This partnership underscores Saregama’s strategy of aligning with India’s finest creative minds while delivering long‑term value to shareholders. Bhansali Productions’ excellence in storytelling and content creation perfectly complements our leadership in music and entertainment.”
Sanjay Leela Bhansali, Founder of Bhansali Productions, said, “For me, powerful and meaningful cinema requires time, trust, and a deep respect for the process. In Saregama, we have found a partner that understands this philosophy. We share a deep respect for art, music, and storytelling that is both grounded in tradition and resonates with audiences across generations.”
