Financial Performance Highlights

Quarterly Performance (Q1 FY27)

  • Total Revenue: ₹103.8 crore
  • Employee Benefits Expenses: ₹4.0 crore
  • Other Expenses: ₹4.3 crore
  • Operating EBITDA: ₹53.5 crore (50.3% margin)
  • Other Income: ₹5.8 crore
  • Depreciation and Amortization: ₹1.0 crore
  • Operating EBIT: ₹58.4 crore
  • Finance Costs: ₹0.1 crore
  • PBT: ₹58.3 crore
  • Tax: ₹14.6 crore
  • PAT: ₹43.9 crore (41.2% margin)
  • EPS: ₹3.4
  • Other comprehensive income during the quarter: ₹19.55 lakh

Comparative Performance

  • PAT decreased by 4% compared to Q1 FY26 (₹45.7 crore)
  • Operating EBITDA decreased by 5% compared to Q1 FY26 (₹56.5 crore)
  • Operating EBIT decreased by 5% compared to Q1 FY26 (₹61.6 crore)

Balance Sheet Position (as of March 31, 2026)

Equity & Liabilities

  • Equity Share Capital: ₹12.8 crore
  • Other Equity: ₹247.2 crore
  • Total Equity: ₹260.0 crore
  • Total Non-Current Liabilities: ₹5.1 crore (including Lease Liabilities of ₹3.8 crore)
  • Total Current Liabilities: ₹96.9 crore (including Trade Payables of ₹13.2 crore)
  • Total Equity & Liabilities: ₹362.0 crore

Assets

  • Total Non-Current Assets: ₹59.8 crore (including Property, plant and equipment of ₹14.1 crore)
  • Total Current Assets: ₹302.3 crore (including Investments of ₹149.9 crore, Trade receivables of ₹34.3 crore, Cash and cash equivalents of ₹7.2 crore)
  • Total Assets: ₹362.0 crore

Cash Flow Statement (FY26)

  • Cash Generated from Operations: ₹269.8 crore
  • Direct Taxes paid: ₹72.8 crore
  • Net Cash from Operating Activities: ₹197.0 crore
  • Cash Flow from Investing Activities: ₹-62.8 crore
  • Cash Flow from Financing Activities: ₹-167.9 crore
  • Net decrease in Cash & Cash equivalent: ₹33.6 crore
  • Cash and cash equivalents at year end: ₹7.2 crore

Key Growth Drivers and Industry Context

Subscription Growth

  • Industry subscription revenue growing at approximately 40-50% CAGR
  • Expected to surpass ₹2,500-3,000 crores over next 5 years
  • Spotify expects 150 million paid subscribers in India

Shorts Monetization

  • Over 1 trillion Shorts viewed in India since 2020 launch
  • Current fixed price model expected to migrate to share of advertising revenue
  • Shorts consumption far exceeds other digital formats

Public Performance Rights

  • Better IP monetization through stronger enforcement of public performance rights
  • Performance rights revenues reached US$2.9 billion globally in 2025 (9.3% of global recorded music revenue)

AI Royalty Opportunities

  • Warner Music Group and Universal Music Group have signed deals in AI space
  • Industry aim to create legal framework for training AI on copyrighted music
  • Focus on ethical AI use to protect rights of creators and copyright holders

Global Music Revenue Context (2025)

  • Streaming comprised 69.6% of total revenues
  • 52% of all streams were subscription based
  • Global music labels earn 50-90 paise per stream vs 4-10 paise in India
  • Physical formats grew by US$390 million to US$5.3 billion (8.0% growth)

Digital Advertising Industry Context

  • India's digital advertising industry reached ₹71,621 crore in 2025 (from ₹49,251 crore in 2024)
  • Projected CAGR of 17% between CY2025 and CY2027
  • Digital media expected to account for 70% of total ad spend in India by 2027
  • Social media contributes 29% (₹21,057 crore), online video 28% (₹20,004 crore)
  • People in India spend about 1.2 trillion hours (+9%) on phones
  • YouTube users spend over 72 minutes daily on average

Additional Information

  • Investor presentation available on company website: https://tips.in
  • Investor relations contacts: Ms. Mamta Nehra and Ms. Ayushi Gupta at MUFG Intime India Private Limited
  • Company CIN: L92120MH1996PLC099359