Shares of Zee Entertainment Enterprises Ltd extended their winning run for a fifth consecutive session on Monday. The stock settled 2.67 per cent higher at Rs 95.75, taking its cumulative gain over the last five trading sessions to 15.54 per cent.

The recent rally came after the media and entertainment company secured the rights to broadcast the 2026 FIFA World Cup in India. The tournament is scheduled to begin on June 11 across the United States, Canada and Mexico.

Zee said it will showcase key FIFA events for eight consecutive years, spanning from 2026 to 2034.

The company has also announced the launch of four dedicated sports channels -- Unite8 Sports 1, Unite8 Sports 1 HD, Unite8 Sports 2 and Unite8 Sports 2 HD.

Q4 FY26 performance

Nuvama Institutional Equities said Zee Entertainment reported a weak performance in the fourth quarter of FY26.

According to the brokerage, revenue declined 7 per cent year-on-year (YoY) and was broadly in line with estimates. However, adjusted EBITDA fell 51 per cent YoY and came in below expectations. Subscription revenue rose 4 per cent YoY.

"Domestic ad revenue grew in low single digits in January and February, but the Middle East crisis saw advertisers cut back on spends in March, resulting in overall ad revenue declining around 4 per cent YoY," Nuvama noted.

Simultaneously, the brokerage highlighted an improvement in the company's digital business (OTT platform). It said Zee5 turned EBITDA positive, with revenue growing 71 per cent YoY and 12 per cent quarter-on-quarter (QoQ).

"For FY26, Zee5's adjusted EBITDA was positive and a substantial improvement from an Rs 550 crore loss YoY. Subscription revenue grew 4 per cent YoY," Nuvama added.

Target price

Nuvama Institutional Equities has retained its 'Buy' rating on Zee. However, it reduced its 12-month target price on the stock to Rs 112 from Rs 133 earlier.