Zee Entertainment Enterprises (ZEEL) has reported its earnings for the fourth quarter and full fiscal year 2026, revealing a mixed performance marked by steady network share, a challenged advertising environment, and promising early traction in new digital ventures.
For the full fiscal year FY26, the company posted operating revenue of Rs 80,989 million, a decline of 2% year-on-year from Rs 82,941 million in FY25. Adjusted EBITDA margin stood at 9.3% for the year. Despite the revenue dip, Zee maintained a solid All India TV Network Share of 17.4% in FY26.
The fourth quarter told a more nuanced story. While Q4 FY26 revenues surged 71% year-on-year in headline terms, operating revenue for the quarter was down 11% year-on-year overall. Advertising revenue for Q4 came in at Rs 506 million, while subscription revenue reached Rs 999 million for the same period.
Domestic advertising had shown healthy traction through January and February, but momentum stalled sharply in March owing to the ongoing Middle East Crisis, which weighed on sentiment and spending. As a result, overall Q4 revenue declined 3% year-on-year.
On a more optimistic note, Zee made headway in the short-form video space with the launch of Bullet, its micro drama platform, which has recorded over 10 million downloads since launch, signaling early appetite for the format among Indian audiences.
