Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Zee Entertainment Enterprises Ltd

ZEEL
Entertainment & Media

Zee Entertainment Enterprises Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: the price moved −24.1% in a year while annual EPS moved −60.1% — the difference is re-rating, and re-rating has to be repaid with earnings.

The price is in a confirmed uptrend (3 weeks in) while the P/E sits at the 64th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −155.3% year on year, and 239% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.

Stage
Mixed
partial read
Price
₹107
−24.1% 1Y
P/E
36.3×
64th pctile
of its own 10-year range
Revenue (Mar 26)
₹2,025 Cr
−7.3% YoY
Profit (Mar 26)
₹−104 Cr
−155.3% YoY
Operating margin
−13.0%
−27.0 pp YoY
ROCE
3%
FY26
ROIC
1.3%
vs WACC 12.0% → −10.7 pp
Cash conversion
239%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Zee Entertainment Enterprises Ltd trades at ₹107, in a confirmed uptrend and 3 weeks into that stage. That is +9.1% against its own 200-day average. It sits at 68% of a 52-week range of ₹73 to ₹124. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks.

Today the stock is in a confirmed uptrend — week 3 of stage 2, confirmed. At ₹107 it trades +9.1% versus its 200-day average and sits at 68% of its 52-week range (₹73–₹124).

Jul 26: ₹107 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+9.1% versus the 200-day line, week 3 of stage 2
Price50-day avg200-day avg
S2S4S4₹300₹239₹178₹117₹56.0₹107₹99Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4S4₹300₹239₹178₹117₹56.0₹107₹99Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (544 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −73% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 13 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 64th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Zee Entertainment Enterprises Ltd trades at 36.3× P/E, mid-range by its own standards (64th percentile). Its long-run median P/E is 28.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 36.3× is mid-range by its own standards (64th percentile), against a long-run median of 28.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 36.3× vs a 28.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 85× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (64th percentile)
P/EMedianEPS (TTM) (quarterly)
90.6×₹21.868.4×₹16.446.3×₹10.924.1×₹5.51.9×₹0.0×36.20×₹3Mar 16Aug 18Sep 21Feb 24Jul 26
90.6×₹21.868.4×₹16.446.3×₹10.924.1×₹5.51.9×₹0.0×36.20×₹3Mar 16Sep 21Jul 26
PEG 2.34 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
5.6×4.2×2.8×1.4×0.0××2.34×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
5.6×4.2×2.8×1.4×0.0××2.34×Q1 FY22Q2 FY24Q4 FY26
P/E
36.3×
64th percentile of 10y
PEG
1.18
as reported

🚨 Why the multiple sits where it does: over the past year annual EPS moved −60.1% against a −24.1% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the −12.5%/yr price move, ~−20.3%/yr came from earnings growth and ~+7.8 pp from the multiple (expanding); over 10y, of the −13.8%/yr price move, ~−10.9%/yr came from earnings growth and ~−2.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Zee Entertainment Enterprises Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 3.0% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
9.9%333%4.8%213%−0.3%94%−5.4%−26%−11%−146%%%−2.4%−60.1%−59.8%Jun 23Sep 24Mar 26
9.9%333%4.8%213%−0.3%94%−5.4%−26%−11%−146%%%−2.4%−60.1%−59.8%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
9.5%7.7%6.0%4.3%2.5%%3%FY23FY24FY26
9.5%7.7%6.0%4.3%2.5%%3%FY23FY24FY26
Revenue growth
Flat
latest −2.4% · span −9.1% to +8.5%
Profit growth
Falling
latest −60.1% · span −112.9% to +381.6%
EPS growth
Falling
latest −59.8% · span −113.0% to +381.0%
ROCE
Falling
latest 3.0% · span 3.0%–9.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue −2.4% in FY26, profit −60.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
21%332%14%217%7.0%103%0.0%−12%−6.8%−127%%%−2.4%−60.1%FY16FY21FY26
21%332%14%217%7.0%103%0.0%−12%−6.8%−127%%%−2.4%−60.1%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (−2.4%) with the last 8 annualized (−3.2%). Spikes shown pinned (▲).
revenue stabilising, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
9.9%333%4.8%213%−0.3%94%−5.4%−26%−11%−146%%%−2.4%−60.1%Jun 23Sep 24Mar 26
9.9%333%4.8%213%−0.3%94%−5.4%−26%−11%−146%%%−2.4%−60.1%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue−2.4%+0.0%+0.9%+3.4%
Profit−60.1%+78.1%−19.3%−10.5%
EPS−60.1%+78.0%−19.5%−10.5%
Share price−24.1%−20.8%−12.5%−13.8%
Revenue YoY (Mar 26)
−7.3%
latest quarter vs a year ago
Profit YoY (Mar 26)
−155.3%
latest quarter vs a year ago
Revenue 10y
3.4%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

40.5/100 — rank 17 of 25 in Entertainment & Media · 87% evidence confidence

Zee Entertainment Enterprises Ltd scores 40.5 out of 100 against the 25 companies it is compared with in Entertainment & Media, ranking 17. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 8.4 + 9.7 + 13.3 + 9.1 = 40.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Zee Entertainment Enterprises Ltd reported ₹2,025 Cr of revenue in the Mar 26 quarter, −7.3% year on year. Over 10 years it has compounded at 3.4% a year. The last full year, FY26, came in at ₹8,099 Cr. The last four reported quarters add to ₹8,099 Cr.

Zee Entertainment Enterprises Ltd reported ₹2,025 Cr of revenue in the Mar 26 quarter, −7.3% year on year. Over 10 years it has compounded at 3.4% a year. The last full year, FY26, came in at ₹8,099 Cr. The last four reported quarters add to ₹8,099 Cr.

FY26 revenue came in at ₹8,099 Cr (−2.4% on the year), capping 10 years at 3.4% compound. The latest quarter (Mar 26) printed ₹2,025 Cr, −7.3% year on year.

FY26 revenue ₹8,099 Cr (−2.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
3.4% a year over 10 years
RevenueYoY growth
9.3k21%7.0k14%4.7k7.0%2.3k0.0%0−6.8%₹ Cr%₹8,099−2.4%FY16FY21FY26
9.3k21%7.0k14%4.7k7.0%2.3k0.0%0−6.8%₹ Cr%₹8,099−2.4%FY16FY21FY26
Mar 26: ₹2,025 Cr (−7.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
2.6k23%2.0k12%1.3k1.1%658−9.9%0−21%₹ Cr%₹2,025−7.3%Jun 23Sep 24Mar 26
2.6k23%2.0k12%1.3k1.1%658−9.9%0−21%₹ Cr%₹2,025−7.3%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged −2.0% growth against the decade's 3.4% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −2.4% over the last 4 quarters against −3.2%/yr over the last 8 — stabilising; TTM profit −60.1% vs +38.6%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: −13.0% this quarter (−27.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Zee Entertainment Enterprises Ltd's operating margin is −13.0% in the Mar 26 quarter, −27.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0% to 32.0%. The current quarter is running below every full year in that window.

Zee Entertainment Enterprises Ltd's operating margin is −13.0% in the Mar 26 quarter, −27.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0% to 32.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −13.0%, −27.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 5.0%–32.0%.

🚨 Why the margin moved: operating margin went −26.2 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 5.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 5.0–32.0% band over 13 years
operating marginYoY change (pp)
34%7.8%26%1.2%19%−5.5%11%−12%2.8%−19%%%5%−10%FY14FY20FY26
34%7.8%26%1.2%19%−5.5%11%−12%2.8%−19%%%5%−10%FY14FY20FY26
Mar 26: −13.0% operating margin (−27.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
18%8.6%9.9%−0.9%1.5%−11%−6.9%−20%−15%−30%%%−13%−27%Jun 23Sep 24Mar 26
18%8.6%9.9%−0.9%1.5%−11%−6.9%−20%−15%−30%%%−13%−27%Jun 23Sep 24Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit −155.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Zee Entertainment Enterprises Ltd posted a net loss of ₹104 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹271 Cr. The 10-year compound rate is −10.5%. That loss is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹188 Cr. 2 of the last 12 reported quarters were loss-making.

Zee Entertainment Enterprises Ltd posted a net loss of ₹104 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹271 Cr. The 10-year compound rate is −10.5%. That loss is 5.1% of the quarter's revenue. The same quarter a year earlier earned ₹188 Cr. 2 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−104 Cr, −155.3% year on year. On the full year, FY26 printed ₹271 Cr (−60.1%), and the 10-year compound rate is −10.5%.

FY26 profit ₹271 Cr (−60.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
−10.5% a year over 10 years
Net profitYoY growth
2.4k420%1.8k282%1.2k144%5990.0%0−133%₹ Cr%₹271−60.1%FY16FY21FY26
2.4k420%1.8k282%1.2k144%5990.0%0−133%₹ Cr%₹271−60.1%FY16FY21FY26
Mar 26: ₹−104 Cr (−155.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
2341,466%1431,031%53595%−38160%−129−275%₹ Cr%₹−104−155.3%Jun 23Sep 24Mar 26
2341,466%1431,031%53595%−38160%−129−275%₹ Cr%₹−104−155.3%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed −7.3% and the margin −27.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −50.6% vs revenue −2.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 239% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 239% of Zee Entertainment Enterprises Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹708 Cr of operating cash against ₹271 Cr of profit. After ₹123 Cr of capital spending, ₹585 Cr was left as free cash.

FY26: operating cash of ₹708 Cr against reported profit of ₹271 Cr, leaving free cash of ₹585 Cr after ₹123 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 239% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹708 Cr vs profit ₹271 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
239% of 3-year profit arrived as cash
Operating cashNet profitFree cash
2.4k1.7k985268−449₹ Cr₹708₹271₹585FY16FY21FY26
2.4k1.7k985268−449₹ Cr₹708₹271₹585FY16FY21FY26
FY26: CFO = 261% of profit (three-year rate 239%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
323%239%155%70%−14%%261%FY16FY21FY26
323%239%155%70%−14%%261%FY16FY21FY26

Why conversion sits at 239%: the cash cycle tightened 491 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 78-day cycle and ₹337 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Zee Entertainment Enterprises Ltd's cash conversion cycle runs 78 days in FY26, down from 569 days in FY21. Capital spending ran ₹337 Cr over the last 3 years. At FY26 sales of ₹8,099 Cr each day of that cycle holds about ₹22.2 Cr, so roughly ₹1,731 Cr sits inside the business at any moment.

FY26: debtors at 78 days (an asset-light business — no inventory to speak of) — for a full cycle of 78 days, tighter than FY21's 569.

In money terms: at FY26 sales of ₹8,099 Cr, each day of the cycle holds about ₹22.2 Cr — so the 78-day loop keeps roughly ₹1,731 Cr sitting inside the business at any moment.

FY26: a 78-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−491 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
9427074722370days78d739d78d130dFY14FY17FY20FY23FY26
9427074722370days78d739d78d130dFY14FY20FY26

On the investment side: capital spending of ₹337 Cr over the last 3 fiscal years against ₹804 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹123 Cr, work-in-progress ₹4.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
753482211−60−331₹ Cr₹123₹4FY16FY18FY21FY23FY26
753482211−60−331₹ Cr₹123₹4FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 3% and the ROIC − WACC spread is −10.7 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Zee Entertainment Enterprises Ltd earns a ROCE of 3% in FY26. Return on invested capital clears the cost of that capital by −10.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.3% net margin on 0.57× asset turns.

FY26 ROCE is 3%.

🚨 Why the return is what it is — the wiring (FY26): 3.3% net margin × 0.57× asset turns × 1.21× balance-sheet leverage ≈ 2.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 1.3% − 12.0% = a −10.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 3% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEROIC (annual)WACC
33%25%16%7.6%−1.0%%3%1.4%FY14FY20FY26
33%25%16%7.6%−1.0%%3%1.4%FY14FY20FY26
Q4 FY26: ROCE 1.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%9.5%6.2%2.8%−0.6%%1.1%1.5%Q1 FY24Q2 FY25Q4 FY26
13%9.5%6.2%2.8%−0.6%%1.1%1.5%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Zee Entertainment Enterprises Ltd carries total debt of ₹265 Cr against shareholder equity of ₹11,728 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹265 Cr against shareholder equity of ₹11,728 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹265 Cr at 0.02× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
3470.032×2600.026×1730.020×870.014×00.008×₹ Cr×₹2650.02×FY22FY24FY26
3470.032×2600.026×1730.020×870.014×00.008×₹ Cr×₹2650.02×FY22FY24FY26
Mar 26: debt ₹265 Cr, debt-to-equity 0.02 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
3560.031×2670.028×1780.025×890.022×00.019×₹ Cr×₹2650.02×Mar 23Jun 24Mar 26
3560.031×2670.028×1780.025×890.022×00.019×₹ Cr×₹2650.02×Mar 23Jun 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 14.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 14.5 points of Zee Entertainment Enterprises Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 7.8% of the company. Foreign institutions moved +1.2 points over the same window, to 20.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −14.5 points over 8 quarters to 7.8%; Foreign institutions: +1.2 points over 8 quarters to 20.1%; Promoters: +0.0 points over 8 quarters to 4.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: domestic institutions drove it (−14.5 points), absorbed on the other side by foreign institutions (+1.2 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
64%48%32%16%0.0%%4.0%25.3%10.8%59.8%Mar 24Mar 25Mar 26
64%48%32%16%0.0%%4.0%25.3%10.8%59.8%Mar 24Mar 25Mar 26
Domestic institutions cut 14.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
73%55%36%17%−1.1%%4.0%20.1%7.8%68.0%Jun 23Dec 24Jun 26
73%55%36%17%−1.1%%4.0%20.1%7.8%68.0%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Zee Entertainment Enterprises Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Entertainment & Media Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Zee Entertainment Enterprises Ltd this page36.3×₹10,130 CrDeteriorating
Prime Focus Ltd95.6×₹22,463 CrNo read
Sun TV Network Ltd12.8×₹19,188 CrMixed
Amagi Media Labs Ltd184.0×₹13,176 Cr
Nazara Technologies Ltd11.6×₹11,236 CrNo read
Nazara Technologies Ltd11.6×₹11,199 CrNo read
PVR Inox Ltd32.9×₹10,448 CrNo read
Network 18 Media & Investments Ltd₹4,413 CrNo read
City Pulse Multiventures Ltd2,154.0×₹4,329 CrNo read
Hathway Cable & Datacom Ltd25.1×₹1,905 CrDeteriorating
Media Matrix Worldwide Ltd271.0×₹1,585 CrTurning around
Den Networks Ltd8.7×₹1,296 CrDeteriorating
Panorama Studios International Ltd80.8×₹1,266 CrDeteriorating
Panorama Studios International Ltd30.2×₹1,116 CrTopping out
Balaji Telefilms Ltd₹1,024 CrNo read
Bright Outdoor Media Ltd43.7×₹875 CrNo read
New Delhi Television Ltd₹865 CrNo read
City Pulse Multiventures Ltd426.0×₹779 CrNo read
T.V. Today Network Ltd26.8×₹695 CrMixed
Hindustan Media Ventures Ltd4.4×₹688 CrNo read
GTPL Hathway Ltd85.5×₹682 CrDeteriorating
H T Media Ltd4.3×₹565 CrNo read
Dish TV India Ltd₹519 CrNo read
Entertainment Network (India) Ltd258.0×₹504 CrNo read
Nila Spaces Ltd17.6×₹501 CrNo read
Zee Media Corporation Ltd74.8×₹498 CrNo read
Basilic Fly Studio Ltd9.4×₹481 CrNo read
DAPS Advertising Ltd8.5×₹11 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Zee Entertainment Enterprises Ltd's share price today?

Zee Entertainment Enterprises Ltd trades at ₹107, −24.1% over the past year. The company is valued at ₹10,130 Cr. The stock sits at 68% of its 52-week range of ₹73–₹124, +9.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 3 weeks in. — as of 24 July 2026.

What were Zee Entertainment Enterprises Ltd's latest quarterly results?

Zee Entertainment Enterprises Ltd reported revenue of ₹2,025 Cr and a net loss of ₹104 Cr for the Mar 26 quarter. Revenue fell 7.3% and profit fell 155.3% year on year. Earnings per share were ₹−1.08. The operating margin was −13.0%, 27.0 pp lower than a year earlier. — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's revenue?

Zee Entertainment Enterprises Ltd reported revenue of ₹2,025 Cr in the Mar 26 quarter, −7.3% year on year. For the full FY26 fiscal year, revenue was ₹8,099 Cr (−2.4%). Over the last 10 years revenue compounded at 3.4% a year. — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's profit?

Zee Entertainment Enterprises Ltd earned ₹−104 Cr of net profit in the Mar 26 quarter, −155.3% year on year. Full-year FY26 profit was ₹271 Cr. The operating margin ran −13.0% in the latest quarter. — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's market cap?

Zee Entertainment Enterprises Ltd's market capitalisation is ₹10,130 Cr at a share price of ₹107. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's P/E ratio?

Zee Entertainment Enterprises Ltd trades at a P/E of 36.3×, at the 64th percentile of its own 10-year range, against a long-run median of 28.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Zee Entertainment Enterprises Ltd pay a dividend?

Yes — Zee Entertainment Enterprises Ltd's dividend payout was 71% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd overvalued?

On its own history, Zee Entertainment Enterprises Ltd looks mid-range against its own history: its P/E of 36.3× sits at the 64th percentile of its 10-year range (long-run median 28.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd growing?

Not right now — Zee Entertainment Enterprises Ltd's latest numbers are shrinking: latest-quarter revenue −7.3% year on year, profit −155.3%, and the margin −27.0 pp at −13.0%. The 10-year compound rates are 3.4% (revenue) and −10.5% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Zee Entertainment Enterprises Ltd performing?

Zee Entertainment Enterprises Ltd is in a confirmed uptrend, 3 weeks in. Its latest quarter's revenue fell 7.3% and profit fell 155.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 13 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Zee Entertainment Enterprises Ltd in?

Mixed — no clean majority across the growth curves, ROCE slipping at 3.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth −2.4% latest, profit growth −60.1% latest, eps growth −59.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 3 of stage 2), trading +9.1% versus its 200-day average and at 68% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd beating the market?

On recent form, yes — Zee Entertainment Enterprises Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 13 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved −73% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.

Will Zee Entertainment Enterprises Ltd's share price go up?

This page publishes no price forecast for Zee Entertainment Enterprises Ltd. What it measures instead: the share price is ₹107, the price is in a confirmed uptrend 3 weeks in. Its P/E of 36.3× sits at the 64th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Zee Entertainment Enterprises Ltd?

Promoters hold 4.0% of Zee Entertainment Enterprises Ltd, foreign institutions 20.1%, domestic institutions 7.8% and the public 68.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 14.5 points over 8 quarters. — as of 24 July 2026.

Does Zee Entertainment Enterprises Ltd have too much debt?

No — Zee Entertainment Enterprises Ltd's debt-to-equity is 0.02, and operating profit covers the interest bill 9×. FY26 borrowings were ₹265 Cr against equity of ₹11,730 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's capex?

Zee Entertainment Enterprises Ltd spent ₹337 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹123 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Zee Entertainment Enterprises Ltd's cash flow?

Zee Entertainment Enterprises Ltd generated ₹708 Cr of operating cash flow in FY26 and ₹585 Cr of free cash flow after ₹123 Cr of capital spending. Reported profit that year was ₹271 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd's profit real cash?

Yes — over the last 3 fiscal years, 239% of Zee Entertainment Enterprises Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹708 Cr against reported profit of ₹271 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Zee Entertainment Enterprises Ltd in its business cycle?

Zee Entertainment Enterprises Ltd's FY26 operating margin was 5.0%, against a 13-year band of 5.0%–32.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran −13.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Zee Entertainment Enterprises Ltd story?

The sharpest disagreement: the price moved −24.1% in a year while annual EPS moved −60.1% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Zee Entertainment Enterprises Ltd a stock worth studying right now?

This is not investment advice. The machine read: Zee Entertainment Enterprises Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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