Zee Entertainment Q2 FY27 results: why reports show different profit figures
Zee Entertainment Enterprises Limited (NSE: ZEEL) filed its unaudited standalone and consolidated results for the quarter ended 30 September 2026 (July to September 2026, called Q2 FY27) with NSE on 30 October 2026, the day its board approved them, followed by an earnings update.
Published 4 November 2026 · Potoos Research Services
In short. For July to September 2026, Zee reported consolidated revenue from operations of Rs 22,246 million, up 13.0% from Rs 19,692 million a year earlier, and a consolidated profit of Rs 456 million, down 40.4% from Rs 765 million. All figures are in Rs million.
The numbers
The first two tables are consolidated, in Rs million, as printed in the company's statement of consolidated results. The statement lists revenue in three parts (advertisement, subscription, other sales and services); the revenue line below is their total, which matches the Rs 22,246 million the company gives in its earnings update. The change column is worked out by us.
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 22,246 | 19,692 | +13.0% |
| Total income (revenue plus other income) | 22,472 | 19,956 | +12.6% |
| Profit for the period | 456 | 765 | -40.4% |
| Profit attributable to shareholders of the company | 478 | 765 | -37.5% |
| Basic EPS (Rs) | 0.50 | 0.79 | -36.7% |
| Item | Apr to Sep 2026 | Apr to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 41,319 | 37,940 | +8.9% |
| Total income | 41,857 | 38,454 | +8.8% |
| Profit for the period | 1,199 | 2,202 | -45.5% |
| Profit attributable to shareholders of the company | 1,241 | 2,202 | -43.6% |
| Basic EPS (Rs) | 1.29 | 2.29 | -43.7% |
Zee also filed standalone results, for Zee Entertainment Enterprises Limited on its own without its subsidiaries. Here the profit went up, not down:
| Item | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue from operations | 20,638 | 18,478 | +11.7% |
| Other income | 2,089 | 214 | not shown (see note) |
| Total income | 22,727 | 18,692 | +21.6% |
| Profit for the period | 2,098 | 783 | +167.9% |
| Basic EPS (Rs) | 2.18 | 0.82 | +165.9% |
Why the two profits move in opposite directions: the standalone notes say other income “includes dividend received from a subsidiary company aggregating to Rs 1,924 million” for the quarter. A dividend paid by a subsidiary to its parent counts as income for the parent alone, but cancels out when the group is added up, so it does not lift the consolidated profit. No exceptional items appear in the quarter or half year.
Why news figures disagree
You may see Zee's quarter described with figures such as Rs 2.18 crore, Rs 2,175 crore or Rs 46 crore. Read against the filing: Rs 2.18 is the standalone basic EPS in rupees per share, not a profit. Rs 2,175 million (not crore) is the standalone profit before tax. The consolidated profit of Rs 456 million is about Rs 46 crore. One million is a tenth of a crore, so a number in million divided by 10 gives crore.
What the company said
These are the company's own words, from the earnings update it filed with NSE on 30 October 2026.
“Middle East Crisis Impacted Ad Environment & Investments in New Initiatives lowered profitability”
Zee Entertainment earnings update, 30 October 2026
“Domestic advertising revenue was flat; aided by FIFA and marquee shows such as Sa Re Ga Ma Pa and other fresh slate of launches”
Zee Entertainment earnings update, 30 October 2026
“Higher A&P spends due to FIFA 2026 and investments in other initiatives (Bullet & Music)”
Zee Entertainment earnings update, 30 October 2026
The results table shows the same picture: advertisement and publicity expenses were Rs 5,710 million in the quarter, against Rs 3,691 million a year earlier. Subscription revenue rose to Rs 13,324 million from Rs 10,230 million, while advertisement revenue was Rs 8,030 million against Rs 8,063 million.
What the auditor pointed to
The auditors, Walker Chandiok & Co LLP, gave a limited review with emphasis of matter paragraphs, and state their conclusion is not modified. They point readers to notes on: the ongoing SEBI investigation and show cause notices, a SEBI order dated 31 July 2026 that the company has appealed before the Securities Appellate Tribunal, and an investigation by the Ministry of Corporate Affairs; and the arbitration in London with JioStar India Private Limited over cricket broadcasting rights, in which JioStar claims damages of USD 1,097 million and the company has counterclaimed. The notes say the final evidentiary hearings are over and the tribunal's order is awaited. The consolidated review also repeats an emphasis of matter on a cancelled land lease at Jaipur for Zee Studios Limited, a subsidiary.
Dates
- Board meeting: 30 October 2026 (started 12:30 p.m., ended 3.15 p.m.). The board approved the results that day.
- Filed with NSE: 30 October 2026, with the earnings update later the same day.
- Dividend: none declared in this filing.
- Also filed that evening: an update to the list of officials authorised to decide and disclose material events, following a change of Company Secretary, effective 2 November 2026. Ms. Sangeeta Shetty is named as Chief Compliance Officer and Company Secretary.
Consolidated and standalone: consolidated figures add up Zee and its subsidiaries as one group. Standalone figures cover Zee Entertainment Enterprises Limited alone. This quarter they point in opposite directions, so check which one a headline quotes.
Rs million: ten lakh rupees. Ten million make one crore, so Rs 22,246 million is about Rs 2,225 crore. The filing reports in million, so this page does too.
Emphasis of matter: a paragraph in which the auditor points readers to a note they consider important. It does not change the auditor's conclusion.
Source
- Zee Entertainment, outcome of board meeting with unaudited standalone and consolidated results, 30 October 2026. nsearchives.nseindia.com
- Zee Entertainment, earnings update for Q2 FY27, 30 October 2026. nsearchives.nseindia.com
- Zee Entertainment, Regulation 30(5) update on authorised officials, 30 October 2026. nsearchives.nseindia.com
This page was written by Potoos Research Services, a SEBI-registered Research Analyst (INH000027380) in Chennai. Every figure above is copied from the company's filing, and every percentage change is worked out from the filing's own numbers.
This page reports what the company filed. It is not a recommendation to buy, sell or hold.
Common questions
What was Zee Entertainment's profit in Q2 FY27?
The consolidated profit for July to September 2026 was Rs 456 million (about Rs 46 crore), against Rs 765 million a year earlier, a change of -40.4%. The standalone profit was Rs 2,098 million, against Rs 783 million.
Why is the standalone profit higher than the consolidated profit?
Standalone other income includes a Rs 1,924 million dividend from a subsidiary. It counts as income for Zee on its own but cancels out in the group's consolidated figures.
What was Zee Entertainment's revenue in Q2 FY27?
Consolidated revenue from operations was Rs 22,246 million, against Rs 19,692 million a year earlier, a change of +13.0%.
Did Zee Entertainment declare a dividend with these results?
No dividend was declared in the 30 October 2026 results filing.
Is this page a recommendation?
No. It reports what the company filed. It is not a recommendation to buy, sell or hold.