In , Tips Music Ltd (Music Licensing) is outperforming Nifty 500 with +17.5% relative strength. Fundamentals: Strong. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: Paid Subscriber Growth: >50%
“I think, compared to last year, this year, they have more than 50% subscribers. So, if it continues in this pattern, then... we will achieve the growth of 30%.”
What: Hindi Film Slate: 4-5 movies
“We have Imtiaz Ali, Diljit Dosanjh... then there is a David Dhawan, Varun Dhawan movie... So, about 4-5 mid-size Hindi movies planned for the fiscal.”
What: EBITDA Margin: 79%
Impact: 700 bps expansion
“Operating EBITDA margins came in at 79% versus 72%. ... we are maintaining our EBITDA impact. So, going forward also we will maintain that.”
What: EBITDA Margin of 79%
“Operating EBITDA margins came in at 79% versus 72%. ... we are very focused on our content. We do not mind paying more, but our focus is on the quality content.”
What: 20% → 25%
“allow us to upwardly revise our PAT growth guidance to 25% for this year from 20% earlier.”
Earnings deceleration risks from management commentary
Trigger: Platforms currently operate on fixed-fee deals which under-monetize high-volume content.
Management view: Management is pushing for revenue-share models in upcoming renewals (June/Next Year).
Monitor: regulatory
Trigger: Regulatory changes in labor laws required a one-time provisioning.
Impact: PAT impact: ₹0.97 Cr
Management view: One-time impact, not expected to recur at this scale.
Monitor: labor
Key quotes from recent conference calls
“We are sticking to that 20% growth, what we have projected and told all of you. So we are sticking to that, we will grow by 20% this year. [Previous Revenue Growth guidance]”
“We are happy to announce our partnership with B4U TV as our broadcast partner, enabling wider reach to our rich catalogue among television audiences globally. [Initiative: B4U TV Partnership]”
“In case of shorts, we are saying over a medium to long term, that model would move from a fixed fee to a revenue share. [Initiative: YouTube Shorts Monetization Shift]”
“They should give us a profit-sharing basis. They should start monetizing that service, maybe by way of subscription or by way of doing more advertisement. [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹94.29 Cr
Why: Growth was driven by strong momentum in content usage across platforms and the virality of catalogue tracks on Instagram.
Revenue growth accelerated from 11% in Q2 to 21% in Q3.
EBITDA
₹74.5 Cr
Why: Margin expansion was aided by higher revenue scale and disciplined content acquisition costs despite a one-time labor code impact.
EBITDA margins improved significantly from 72% to 79% year-on-year.
PAT
₹58.7 Cr
Why: Profit growth followed the strong EBITDA performance and improved operational efficiencies.
PAT margins for the quarter stood at 62%.
Other Highlights
• Interim dividend of ₹5 per share declared, totaling ₹166.18 crores payout for the year.
• YouTube subscriber base reached 145.3 million collectively.
• One-time employee expense of ₹96.7 lakhs due to new labor code implementation.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Catalogue Revenue Contribution
85%
Why: The 90s repertoire continues to trend on social media, driving consistent streams.
New Release Revenue Contribution
15%
Why: Lower contribution this quarter due to fewer major film releases.
YouTube Subscriber Base
145.3 million
Why: Driven by viral tracks and consistent content releases.
Content Cost as % of Revenue
18%
Why: Lower than the 25% target as one major movie shifted to next year.
Paid Subscription Revenue Mix
10%
Why: Industry-wide shift toward paid walls is slowly increasing this mix.
Revenue Market Share
7-8%
Why: Steady growth in market share as catalogue performance outpaces industry averages.
Cash and Liquid Balance
₹303 Cr
Why: Strong internal accruals and disciplined spending.
New Songs Released (Q3)
108
Why: Comprised of 70 film and 38 non-film tracks.
Forward-looking targets from management for FY26-FY27
Revenue Growth Target
26.5%
OPM Guidance
25%
20% for FY26; 25-28% for FY27
RAISED
18% of revenue
Content Acquisition
Guidance Changes
PAT Growth: 20% → 25%
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +33% | +26% | Stable |
| PAT (Net Profit) | +90% | +41% | Accelerating |
| OPM | 74.0% | +2600 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Tips Music Ltd's latest quarterly results (Mar 2026) show
Tips Music Ltd's profit is growing with an accelerating trend.
Tips Music Ltd's revenue growth trend is stable.
Tips Music Ltd's operating margin is volatile.
Tips Music Ltd's long-term compounding rates
Tips Music Ltd's earnings growth is accelerating with weakening on a sequential basis.
Tips Music Ltd's trailing twelve month (TTM) performance
Tips Music Ltd appears significantly undervalued based on our fair value analysis.
Tips Music Ltd's current PE ratio is 38.2x.
Tips Music Ltd's current PE is 38.2x.
Tips Music Ltd's price-to-book ratio is 31.9x.
Tips Music Ltd is rated Strong with a fundamental score of 63.41/100. This score is calculated from objective financial metrics
Tips Music Ltd has a debt-to-equity ratio of N/A.
Tips Music Ltd's return ratios over recent years
Tips Music Ltd's operating cash flow is positive (FY2026).
Tips Music Ltd's current dividend yield is 2.01%.
Tips Music Ltd's shareholding pattern (Mar 2026)
Tips Music Ltd's promoter holding has remained stable recently.
Tips Music Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Tips Music Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Tips Music Ltd has 5 key growth catalysts identified from recent earnings analysis
Tips Music Ltd has 2 key risks worth monitoring
In Q3 FY26, Tips Music Ltd's management highlighted
Tips Music Ltd's management has provided the following forward guidance for FY26-FY27
Tips Music Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Tips Music Ltd may be worth studying
Tips Music Ltd investment thesis summary:
Tips Music Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
