Zee Entertainment Enterprises Limited (ZEEL) reported a mixed performance in the second quarter of FY26, with revenue growth driven by digital and subscription gains offset by weaker advertising spends and higher content investments that weighed on profitability.

The company’s operating revenue rose 8% quarter-on-quarter to ₹1,969 crore, while profit after tax dropped 63% year-on-year to ₹76.5 crore, as per its earnings release filed with stock exchanges.

Zee’s EBITDA margin declined sharply to 7.4%, from 16% in the same quarter last year, primarily due to a soft advertising environment and an uptick in programming and marketing costs.

Digital growth offsets slowdown in TV advertising

Zee’s digital businesses — including ZEE5 and other online verticals — continued to perform strongly.

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