NSE: TIPSMUSIC · BSE: 532375
TIPS MUSIC LIMITED
Owns and licenses a recorded-music catalogue, earning primarily through streaming, downloads, and film soundtracks. Revenue splits between Audio Product Sales (music monetised on digital platforms like YouTube) and Film Distribution/Production Income (soundtracks tied to Hindi films); segment data for the period ending 2021-12-31 showed Audio Product Sales at 60.4% of segment revenue and Film Distribution at 39.6%. The business has tilted heavily digital — about 75% of FY26 revenue came from digital channels — and the catalogue spans 38,000+ songs. FY26 revenue was ₹375.5 cr at an EBITDA margin of 78.4%, with employee cost at 5.4% of revenue, other opex at 21.1%, depreciation at 0.7%, and capex at just 1.7%, making it a largely asset-light, IP-driven model. Content acquisition is the principal cost — budgeted at ₹90–100 cr for FY27 — and the business held ₹345 cr of cash and investments as of June 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Audio Product Sales/Income (60%), Film Distribution/Production Income (40%). Asset-light, IP-driven music licensing; high EBITDA margin (78.4% in FY26).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 136 | 187 | 242 | 311 | 376 |
| EBITDA (ex other income) | 86 | 102 | 158 | 207 | 276 |
| margin % | 63.6 | 54.6 | 65.6 | 66.5 | 73.4 |
| Owners' profit | 65 | 77 | 127 | 167 | 217 |
| EPS, as reported (₹) | 99.56 | 5.91 | 19.80 | 0.00 | 16.96 |
| ROE % · ROCE % | 63.0 · 65.3 | 56.2 · 76.0 | 70.8 · 66.9 | 79.5 · 97.1 | 83.4 · 110.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 29 | 82 | 233 | 120 | 197 |
| Capex | (0) | (1) | (3) | (2) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81 | 78 | 78 | 88 | 89 | 94 | 104 | 107 |
| Profit before tax | 64 | 59 | 41 | 62 | 72 | 79 | 80 | 58 |
| Net profit | 48 | 44 | 31 | 46 | 53 | 59 | 59 | 44 |
| EPS (₹) | 3.77 | 3.46 | 0.00 | 3.59 | 4.16 | 4.59 | 4.62 | 3.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TIPS MUSIC LIMITED ◆ | 10,163 | 47.4 | 39.10 | — | 83.4 | 110.1 | — | 55.7 |
| SAREGAMA INDIA LIMITED | 10,110 | 45.6 | 5.96 | 27.4 | 12.2 | 15.7 | 17.4 | 37.0 |
| NETWORK18 MEDIA & INV LTD | 3,722 | — | 0.75 | 35.9 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. | 1,036 | — | 1.67 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. | 391 | — | 0.52 | 5.2 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 282 | — | 1.05 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED | 183 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 59 | 12.7 | 0.19 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.4 | 22.0 | 5 of 5 | 0% |
| P/B | 39.1 | 0.9 | 11 of 11 | 0% |
| ROCE | 110.1 | (3.1) | 2 of 12 | 91% |
| ROE | 83.4 | (1.2) | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.0 | 1 of 11 | 70% |
| EBITDA margin | 55.7 | 12.4 | 2 of 13 | 92% |
| Revenue growth | 20.9 | (2.8) | 4 of 11 | 70% |
| Profit growth | (4.7) | 56.4 | 8 of 12 | 36% |
| Market cap | 10163 | 183 | 1 of 13 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Tips Music Q2 FY27 earnings call transcript, revenue up 35% YoY | investor communications | medium | — | — |
| 16 Oct 2026 · Newspaper publication of Q2 and H1 FY27 unaudited financial results | compliance | minimal | — | — |
| 15 Oct 2026 · Tips Music posts Q2 FY26 earnings call audio online | investor communications | low | — | — |
| 15 Oct 2026 · Tips Music Q2FY27: Revenue up 35%, EBITDA Margins fall 550 bps | investor communications | medium | — | — |
| 15 Oct 2026 · TIPS Music Q2 FY27: Revenue up 35% YoY, PAT up 23% YoY | compliance | low | — | — |
| 15 Oct 2026 · Q2 results approved; Rs 6.50 interim dividend declared | corporate actions | high | — | — |
| 15 Oct 2026 · Tips Music Q2 PAT up 63% YoY, declares Rs 6.50 interim dividend | results | high | — | — |
| 15 Oct 2026 · Strong Q2 FY27 results, 650 percent dividend, buyback done | results | high | — | — |
| 12 Oct 2026 · Tips Music Q2FY27 analyst call on Oct 15 at 4:30 PM | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Quarterly dematerialisation certificate submitted to exchanges | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.