Financial Performance Highlights

Q2 FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue From Operations: ₹120.1 Cr, up 35% YoY from ₹89.2 Cr in Q2 FY26
  • Content Cost: ₹26.2 Cr, increased 97% YoY from ₹13.3 Cr
  • Operating EBITDA: ₹84.6 Cr, up 25% YoY with margin of 70.5% (vs 76.0% in Q2 FY26)
  • PAT: ₹65.5 Cr, up 23% YoY from ₹53.2 Cr with PAT margin of 54.6%
  • EPS: ₹5.1

H1 FY27 Performance (Half Year Ended September 30, 2026)

  • Revenue From Operations: ₹226.6 Cr, up 28% YoY from ₹177.3 Cr
  • Content Cost: ₹70.8 Cr, increased 93% YoY from ₹36.8 Cr
  • Operating EBITDA: ₹138.2 Cr, up 11% YoY with margin of 61.0% (vs 70.1% in H1 FY26)
  • PAT: ₹109.4 Cr, up 11% YoY from ₹98.9 Cr with PAT margin of 48.3%
  • EPS: ₹8.6
  • Total Dividend Payout for H1FY27: ₹127.1 Cr (including buyback)
  • Q2 FY27 Interim Dividend: ₹6.5 per share

Balance Sheet Position (as of September 30, 2026)

  • Total Equity: ₹324.2 Cr (vs ₹260.0 Cr in March 2026)
  • Equity Share Capital: ₹12.7 Cr
  • Other Equity: ₹311.5 Cr
  • Total Assets: ₹410.1 Cr (vs ₹362.0 Cr in March 2026)
  • Cash & Cash Equivalents: ₹8.5 Cr
  • Bank Balances (other than cash): ₹0.8 Cr
  • Investments: ₹211.0 Cr
  • Total Current Assets: ₹381.7 Cr
  • Debt-free company with cash & investments of ₹311 Cr

Cash Flow Statement (H1 FY27)

  • Cash Generated from Operations: ₹118.3 Cr
  • Direct Taxes Paid: ₹35.7 Cr
  • Net Cash from Operating Activities: ₹82.6 Cr
  • Cash Flow from Investing Activities: -₹34.9 Cr
  • Cash Flow from Financing Activities: -₹46.4 Cr
  • Net increase in Cash & Cash equivalent: ₹1.4 Cr

Business Overview & Operational Metrics

  • Only listed player to expense off 100% of content cost in the quarter of release
  • Catalogue comprises over 38,000 songs across 25 languages
  • 73% revenue through digital platforms (H1 FY27)
  • 164.5 million subscribers on YouTube
  • 94 employees as of Q2 FY27
  • 25+ partners across media business
  • Founded in 1988, targeting Indian Subcontinent & Diaspora

Key Growth Drivers Identified

1. Monetization of Shorts: Migration from fixed price model to share of advertising revenue model. Over 1 trillion Shorts viewed in India since 2020 launch. Industry revenue growing at 40-50% CAGR expected to surpass ₹2,500-3,000 Cr over next 5 years.

2. Public Performance Rights: Better IP monetization through stronger enforcement of public performance rights.

3. Royalty from AI: Creating legal framework for training AI on copyrighted music and using AI ethically to protect rights of creators and copyright holders. References deals by Warner Music Group and Universal Music Group in AI space.

Industry Context

  • Global streaming comprised 69.6% of total revenues in 2025
  • 52% of all streams were subscription based in 2025
  • Global music labels earn 50-90 paise per stream vs Indian labels earning 4-10 paise per stream
  • Physical formats grew by US$390 million globally in 2025 (8.0% increase)
  • Performance rights revenues reached US$2.9 billion globally in 2025 (9.3% of global recorded music revenue)
  • India's digital advertising industry reached ₹71,621 Cr in 2025, projected to grow at 17% CAGR between CY2025-CY2027

Investor Relations Contacts

  • Company Email: investorrelations@tips.in
  • Investor Relations Advisors: MUFG Intime India Private Limited
  • Contacts: Mr. Nikunj Jain (nikunj.jain@in.mpms.mufg.com), Ms. Ayushi Gupta (ayushi.gupta@in.mpms.mufg.com)