Tips Music Ltd(TIPSMUSIC)

NSE: TIPSMUSICBSE: 532375

₹ 720-0.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,181 crWebsite: www.tips.inUpdated: 24 Oct 2026

About

Tips Music Ltd is an Indian music label that acquires, produces and monetises film and non-film music rights across digital platforms, broadcast, public performance and brand licensing. The company reported FY26 revenue of ₹375.51 Cr and PAT of ₹216.75 Cr, with digital platforms generating approximately 70% of revenues. Its evergreen catalogue of over 38,000 songs, spanning three decades, drives roughly 85% of revenues.^[1]

Revenue mix

Digital platforms contributed 75% of total revenue in Q1 FY27, up from 70% for full-year FY26.^[2]
Non-digital revenue, made up of brand publishing and public performance, contributed approximately 30% of FY26 revenues.^[3]
Subscription-based revenue across platforms was 10-15% of total revenue in Q1 FY27. Ad-supported streams made up the rest of digital income.^[2]
Digital licensing made up 62.4% of India's music industry revenues, according to the FY25 annual report.^[4]

Content library

The catalogue totals over 38,000 songs. This includes about 4,000 Gujarati songs acquired from Studio Radha in FY26, which were fully digitised by the end of Q4 FY26.^[2]
Content older than three years generates approximately 85% of revenues. Releases from the past three years contribute the remaining 15%.^[2]
The catalogue covers Hindi film music from 1988 onwards, plus regional and non-film content.^[5]
73 new songs were released in Q2 FY27, the same number as in Q1 FY27.^[6][2]

Digital reach and viewership

YouTube subscribers reached 164.5 mn in H1 FY27, up from 158.3 million in Q1 FY27 and 153.1 million at the end of Q4 FY26.^[6][2]
Quarterly YouTube views were 57.4 bn in Q2 FY27, against 56.7 billion in Q1 FY27. FY26 YouTube views totalled 228.3 billion, up 37% YoY.^[6][2]
Older catalogue tracks rank among the most viewed on Meta platforms. 'Tere Aane Se' recorded 1.5 billion views, 'Saajan Saajan' 850 million and 'Kahin Aag Lage Lag Jaaye' 700 million (Q2 FY26).^[7]

Key operating numbers

Content cost was ₹26.2 cr in Q2 FY27, against ₹13.3 cr a year earlier (+97%). H1 FY27 content cost was ₹70.8 cr, against ₹36.8 cr (+93%).^[6]
The company expenses 100% of content cost in the quarter in which it is incurred (Q2 FY27 call).^[6]
Q1 FY27 content cost rose 90% YoY to ₹44.6 Cr, driven by two film music releases in mid-May and June.^[2]
The FY27 content spend budget was raised to ₹90-100 Cr, from earlier guidance of ₹80-90 Cr (Q1 FY27).^[2]
Paid subscribers on streaming platforms are growing at a 40-50% CAGR. Subscription share of revenue is well below the global benchmark of 50%+ (Q1 FY27).^[2]

Distribution and licensing partnerships

The content distribution arrangement with Warner Music Group is locked until FY28. Overflow revenues are expected from FY28 onwards.^[7]
A partnership with B4U TV, announced in Q3 FY26, distributes the Tips catalogue to television audiences globally.^[5]
The YouTube Shorts fixed-fee contract expired in June 2026. As of Q2 FY27, management expects Shorts monetisation to move from a fixed price to a share of advertising revenue.^[2][6]
Management expects public performance rights industry revenue to pass INR 2,500-3,000 cr over the next 5 years, at about 40-50% CAGR (Q2 FY27 call).^[6]

Content pipeline

The FY27 release pipeline includes music from Balaji Telefilms, Tips Films and regional and non-film releases, with at least 5 films tentatively lined up.^[2]
Two large Hindi film acquisitions for FY27 are the Diljit Dosanjh/AR Rahman/Imtiaz Ali project and a David Dhawan/Varun Dhawan film. Three mid-size films are also lined up.^[5]

Recent developments

The board scheduled a meeting on 5 August 2026 to choose a buyback format. Total planned distribution for FY27 is ₹217 Cr, equal to FY26 PAT.^[2]
Total shareholder payout in FY26 was ₹166.18 Cr through dividends and buybacks. The equity share count has fallen 26% since 2009.^[3]
As of Q1 FY27, the company was still searching for a senior business development/A&R executive to replace Hari Nair, who has left.^[2]

Market Cap

₹9,181 Cr

High / Low

₹786 / 483

Stock P/E

40.5

Price / Book

28.4

Book Value

₹20

EPS

₹17.0

No. of Shares

12.78 Cr

ROCE

122.9%

ROE

92.3%

OPM

74.1%

Debt / Equity

0.00

Sales

₹376 Cr

Net Profit

₹217 Cr

Promoter holding

64.3%

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Tips Music Ltd(TIPSMUSIC)

About

Revenue mix

Content library

Digital reach and viewership

Key operating numbers

Distribution and licensing partnerships

Content pipeline

Recent developments

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