Saregama India has acquired a Rs 325 crore equity stake in Bhansali Productions, the film studio founded by filmmaker Sanjay Leela Bhansali, in a partnership that goes beyond a conventional financial investment. Along with the stake, Saregama secures exclusive rights to all future soundtracks produced by the studio, signalling a deliberate shift in how premium film music is valued and acquired.
For decades, Indian film music rights have been traded in a speculative, project-by-project market, priced against opening weekend projections, star power and streaming expectations. As acquisition costs continue to climb, Saregama has chosen to step outside that cycle. Its partnership with Bhansali Productions replaces volatility with a formula-based, long-term framework that removes competitive bidding and prioritises continuity over episodic deal-making.
Under the agreement, Bhansali Productions retains full ownership of its film intellectual property and complete creative autonomy. Saregama gains assured access to one of Indian cinema’s most enduring and monetisable music catalogues.
The structure offers predictability in costs and longevity in returns, an increasingly rare advantage in India’s content economy.
Bhansali Productions enters the partnership from a position of financial strength. The studio remains debt-free, reported revenues of Rs 304 crore in FY25, and posted a profit after tax of Rs 45 crore. The capital will be used to expand production capacity and scale output without compromising the filmmaker’s auteur-led approach.
Avarna Jain, Vice Chairperson of Saregama India, describes the partnership as a strategic alignment rather than a transactional acquisition. “Bhansali Productions represents the kind of creative legacy that compounds over time,” she says. “This partnership strengthens our catalogue while creating sustained value for shareholders.”
The investment also reflects a broader shift underway at Saregama. Over the next 12 to 24 months, the company plans to wind down in-house film production and focus instead on equity partnerships with established studios. The strategy reduces production risk while guaranteeing access to premium content at a time when competition for marquee projects continues to intensify.
Bhansali’s films, known for their music-led storytelling and visual scale, have consistently delivered long-tail value across platforms. Under the new structure, soundtrack rights will transfer to Saregama through a pre-agreed formula rather than individual negotiations.
Financial details such as valuation and board representation were not disclosed. The investment is expected to be earnings-accretive for Saregama by FY27. Kotak Investment Banking advised Bhansali Productions on the transaction.
In an industry often driven by speed and spectacle, the Saregama Bhansali alliance feels intentionally measured. It reflects a shared belief that creative legacy, when supported by patient capital, can outlast market cycles and generate value long after release-day momentum has passed.