20-quarter listed-company comparison

Music Licensing Stocks in India

Music Licensing: Saregama India Ltd owns the largest revenue base; Tips Music Ltd has the fastest current growth.

01 · the index people search for

Nifty Music Licensing Index — Constituents & Performance

All 2 listed Indian Music Licensing companies are named here, largest first — the same constituent set people search for as the Nifty Music Licensing index. Every figure on this page is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

Saregama India Ltd₹10.2K Cr
Tips Music Ltd₹8.6K Cr

02 · sector relative strength, before individual stocks

Is Music Licensing outperforming NIFTY 500?

Music Licensing has outperformed NIFTY 500 by 11.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 10.8%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Saregama India Ltd is the strongest against the sector itself at +4.5%. Readings are as of 2026-08-09.

+10.8%Sector vs NIFTY 500 · 13 weeks

+11.9%Sector vs NIFTY 500 · 52 weeks

2/2Stocks leading NIFTY 500

1/2Stocks leading sector

Sector metric: 46.3 as of 2026-08-09 · NARROWING · rising.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Music Licensing has outperformed NIFTY 500 by 11.9% over 52 weeks and 10.8% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Saregama India Ltd leads with revenue of ₹1,041 crore, based on 2 of 2 comparable companies through Jun 2026.

Companies

complete canonical membership

Combined market value

₹18.7K Cr

Saregama India Ltd

Revenue growing

1/2

positive TTM year-on-year growth

Beating NIFTY 500

2/2

positive Mansfield relative strength

Comparing 2 of 2

03 · research priority, made explicit

Best Music Licensing Stocks in India (Aug 2026), Ranked by Data

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%

Tips Music Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 97% evidence confidence.

How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

Top 10 Music Licensing Stocks in India

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Tips Music LtdTIPSMUSIC	63.1/100Mixed-positive evidence97% evidence	FADING	27.2/35 Revenue 21.2% · PAT 27.2% · OPM change -14 pp 100% evidence	20.0/25 ROCE 118% · OPM 50% 100% evidence	10.9/20 P/E 40× · PEG 1.25 85% evidence	5.0/20 RS sector -7% · RS bench 12.7% · 1Y 13.9%8 of 12 weeks ahead 100% evidence
Exact sum: 27.2 + 20 + 10.9 + 5 = 63.1 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7% and the one-year return is 13.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
2Saregama India LtdSAREGAMA	57.9/100Mixed-positive evidence97% evidence	LEADER	17.6/35 Revenue -11.3% · PAT 8.3% · OPM change 8 pp 100% evidence	16.4/25 ROCE 17.8% · OPM 35% 100% evidence	4.3/20 P/E 44.6× · PEG 6.97 85% evidence	19.6/20 RS sector 4.5% · RS bench 25.9% · 1Y 6.4%12 of 12 weeks ahead 100% evidence
Exact sum: 17.6 + 16.4 + 4.3 + 19.6 = 57.9 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

04 · what price has already done

Market action

Tips Music Ltd has the strongest one-year price move in Music Licensing at +13.9%. Saregama India Ltd leads on Mansfield relative strength against NIFTY at +25.9%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

05 · the story behind the numbers

Music Licensing — the story behind the numbers

This is the written read behind the Music Licensing figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 2 themes are live here.

The sector is benefiting from a massive shift toward paid digital consumption and significant operating leverage from legacy catalogues. While revenue growth has been slightly behind annual targets on a 9-month basis, the expansion in margins and the raised PAT guidance suggest a highly profitable scaling phase.

In the Music Licensing sector, TIPSMUSIC demonstrated a notable acceleration in Q3 FY26, with revenue growing 21% YoY to ₹94.29 Cr. This follows a slower 11% growth in Q2, suggesting a recovery in content momentum. The 9-month revenue growth stands at 17%, which currently trails the full-year target of 20%.

How old this read is: STALE — this read comes from our Music Licensing sector brief dated 19 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Live theme	Severity	Evidence on file
Negotiation risk for short-form platforms like YouTube Shorts regarding the transition from fixed-fee to revenue-sharing models.Named for TIPSMUSIC	medium	“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.” Management is pushing for profit-sharing in upcoming renewals scheduled for June and next year.
One-time employee expense due to new labor code implementation.Named for TIPSMUSIC	low	“Employee expenses reflect a one-time impact of INR 96.7 lakhs related to the implementation of the new labour code.” Management identified this as a one-time impact of ₹96.7 lakhs.

Sources: our Music Licensing sector brief, 19 Apr 2026 · company earnings-call transcripts.

06 · compare level, then change

Revenue Scale & Growth Durability

Saregama India Ltd has the highest Revenue among the 2 Music Licensing companies compared here, at ₹1,041 crore. Tips Music Ltd is next at ₹394 crore. Tips Music Ltd has the highest Revenue growth at 21.2%, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Saregama India Ltd is the scale leader at ₹1,041 crore, 164.2% ahead of Tips Music Ltd. Tips Music Ltd's growth is 21.2% from a ₹394 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderSaregama India Ltd · ₹1,041 crore

Gap164.2% versus #2 · Tips Music Ltd

Persistence5/8 recent comparable periods

Coverage2/2 companies · 39 observations

Investor read: Saregama India Ltd is the scale benchmark; Tips Music Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Saregama India Ltd's growth falls below Tips Music Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

Revenuelargest

1Saregama India Ltd SAREGAMA₹1.0K Cr

2Tips Music Ltd TIPSMUSIC₹394 Cr

Revenue growthfastest growers

1Tips Music Ltd TIPSMUSIC21%

2Saregama India Ltd SAREGAMA-11%

Revenue · company comparison

2/2 level · 2/2 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Company	Revenue	Revenue growth	Reported
Saregama India Ltd SAREGAMA	₹264 Cr	28%	Jun 2026
Tips Music Ltd TIPSMUSIC	₹107 Cr	22%	Jun 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021₹145 Cr

Dec 2021₹150 Cr

Mar 2022—

Jun 2022₹169 Cr

Sep 2022₹189 Cr

Dec 2022₹182 Cr

Mar 2023₹204 Cr

Jun 2023₹163 Cr

Sep 2023₹172 Cr

Dec 2023₹204 Cr

Mar 2024₹263 Cr

Jun 2024₹205 Cr

Sep 2024₹242 Cr

Dec 2024₹483 Cr

Mar 2025₹241 Cr

Jun 2025₹207 Cr

Sep 2025₹230 Cr

Dec 2025₹260 Cr

Mar 2026₹287 Cr

Jun 2026₹264 Cr

Tips Music Ltd · TIPSMUSIC

Sep 2021₹96 Cr

Dec 2021₹44 Cr

Mar 2022₹-33 Cr

Jun 2022₹34 Cr

Sep 2022₹50 Cr

Dec 2022₹51 Cr

Mar 2023₹52 Cr

Jun 2023₹53 Cr

Sep 2023₹61 Cr

Dec 2023₹65 Cr

Mar 2024₹63 Cr

Jun 2024₹74 Cr

Sep 2024₹81 Cr

Dec 2024₹78 Cr

Mar 2025₹78 Cr

Jun 2025₹88 Cr

Sep 2025₹89 Cr

Dec 2025₹94 Cr

Mar 2026₹104 Cr

Jun 2026₹107 Cr

Revenue growth · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202261%

Sep 202230%

Dec 202221%

Mar 2023—

Jun 2023-3.6%

Sep 2023-9.0%

Dec 202312%

Mar 202429%

Jun 202426%

Sep 202441%

Dec 2024137%

Mar 2025-8.4%

Jun 20251.0%

Sep 2025-5.0%

Dec 2025-46%

Mar 202619%

Jun 202628%

Tips Music Ltd · TIPSMUSIC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022-48%

Dec 202216%

Mar 2023—

Jun 202356%

Sep 202322%

Dec 202327%

Mar 202421%

Jun 202440%

Sep 202433%

Dec 202420%

Mar 202524%

Jun 202519%

Sep 20259.9%

Dec 202521%

Mar 202633%

Jun 202622%

07 · compare level, then change

Operating Economics & Margin Trend

Tips Music Ltd has the highest OPM among the 2 Music Licensing companies compared here, at 50%. Saregama India Ltd is next at 35%. Saregama India Ltd has the highest Margin change at +8 percentage points, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Tips Music Ltd leads opm at 50%; Saregama India Ltd leads margin change at +8 percentage points.

LeaderTips Music Ltd · 50%

Gap42.9% versus #2 · Saregama India Ltd

Persistence4/8 recent comparable periods

Coverage2/2 companies · 40 observations

Investor read: Tips Music Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

OPMhighest

1Tips Music Ltd TIPSMUSIC50%

2Saregama India Ltd SAREGAMA35%

Margin changefastest expanders

1Saregama India Ltd SAREGAMA+8.0 pp

2Tips Music Ltd TIPSMUSIC−14.0 pp

Operating margin · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Tips Music Ltd TIPSMUSIC	50%	−14.0 pp	Jun 2026
Saregama India Ltd SAREGAMA	35%	+8.0 pp	Jun 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 202131%

Dec 202136%

Mar 202229%

Jun 202231%

Sep 202231%

Dec 202235%

Mar 202324%

Jun 202331%

Sep 202335%

Dec 202332%

Mar 202427%

Jun 202425%

Sep 202425%

Dec 202417%

Mar 202533%

Jun 202527%

Sep 202530%

Dec 202535%

Mar 202642%

Jun 202635%

Tips Music Ltd · TIPSMUSIC

Sep 202161%

Dec 202163%

Mar 202260%

Jun 202266%

Sep 202255%

Dec 202251%

Mar 202351%

Jun 202367%

Sep 202382%

Dec 202367%

Mar 202448%

Jun 202474%

Sep 202474%

Dec 202472%

Mar 202548%

Jun 202564%

Sep 202576%

Dec 202579%

Mar 202674%

Jun 202650%

Margin change · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021−3.5 pp

Dec 2021+6.3 pp

Mar 2022+0.7 pp

Jun 2022−4.1 pp

Sep 2022+0.2 pp

Dec 2022−1.2 pp

Mar 2023−4.5 pp

Jun 2023−0.2 pp

Sep 2023+4.3 pp

Dec 2023−3.0 pp

Mar 2024+3.0 pp

Jun 2024−6.0 pp

Sep 2024−10.0 pp

Dec 2024−15.0 pp

Mar 2025+6.0 pp

Jun 2025+2.0 pp

Sep 2025+5.0 pp

Dec 2025+18.0 pp

Mar 2026+9.0 pp

Jun 2026+8.0 pp

Tips Music Ltd · TIPSMUSIC

Sep 2021+4.7 pp

Dec 2021+3.7 pp

Mar 2022−9.4 pp

Jun 2022−0.8 pp

Sep 2022−6.5 pp

Dec 2022−11.7 pp

Mar 2023−8.6 pp

Jun 2023+1.4 pp

Sep 2023+27.2 pp

Dec 2023+16.0 pp

Mar 2024−3.0 pp

Jun 2024+7.0 pp

Sep 2024−8.0 pp

Dec 2024+5.0 pp

Mar 20250.0 pp

Jun 2025−10.0 pp

Sep 2025+2.0 pp

Dec 2025+7.0 pp

Mar 2026+26.0 pp

Jun 2026−14.0 pp

08 · compare level, then change

Profit Scale & Acceleration

Saregama India Ltd has the highest Net profit among the 2 Music Licensing companies compared here, at ₹221 crore. Tips Music Ltd is next at ₹215 crore. Tips Music Ltd has the highest Profit growth at 27.2%, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Saregama India Ltd leads with ₹221 crore of TTM profit, 2.8% above Tips Music Ltd. Tips Music Ltd shows 27.2% growth from a ₹215 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderSaregama India Ltd · ₹221 crore

Gap2.8% versus #2 · Tips Music Ltd

Persistence4/8 recent comparable periods

Coverage2/2 companies · 39 observations

Investor read: Saregama India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Saregama India Ltd SAREGAMA₹221 Cr

2Tips Music Ltd TIPSMUSIC₹215 Cr

Profit growthfastest growers

1Tips Music Ltd TIPSMUSIC27%

2Saregama India Ltd SAREGAMA8.3%

Net profit · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Saregama India Ltd SAREGAMA	₹52 Cr	41%	Jun 2026
Tips Music Ltd TIPSMUSIC	₹44 Cr	-4.4%	Jun 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021₹34 Cr

Dec 2021₹43 Cr

Mar 2022—

Jun 2022₹41 Cr

Sep 2022₹46 Cr

Dec 2022₹53 Cr

Mar 2023₹44 Cr

Jun 2023₹43 Cr

Sep 2023₹48 Cr

Dec 2023₹52 Cr

Mar 2024₹54 Cr

Jun 2024₹37 Cr

Sep 2024₹45 Cr

Dec 2024₹62 Cr

Mar 2025₹60 Cr

Jun 2025₹37 Cr

Sep 2025₹44 Cr

Dec 2025₹51 Cr

Mar 2026₹74 Cr

Jun 2026₹52 Cr

Tips Music Ltd · TIPSMUSIC

Sep 2021₹21 Cr

Dec 2021₹20 Cr

Mar 2022₹9 Cr

Jun 2022₹17 Cr

Sep 2022₹21 Cr

Dec 2022₹20 Cr

Mar 2023₹18 Cr

Jun 2023₹27 Cr

Sep 2023₹40 Cr

Dec 2023₹35 Cr

Mar 2024₹26 Cr

Jun 2024₹44 Cr

Sep 2024₹48 Cr

Dec 2024₹44 Cr

Mar 2025₹31 Cr

Jun 2025₹46 Cr

Sep 2025₹53 Cr

Dec 2025₹59 Cr

Mar 2026₹59 Cr

Jun 2026₹44 Cr

Profit growth · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202252%

Sep 202235%

Dec 202223%

Mar 2023—

Jun 20234.9%

Sep 20234.4%

Dec 2023-1.9%

Mar 202423%

Jun 2024-14%

Sep 2024-6.3%

Dec 202419%

Mar 202511%

Jun 20250.0%

Sep 2025-2.2%

Dec 2025-18%

Mar 202623%

Jun 202641%

Tips Music Ltd · TIPSMUSIC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20220.0%

Dec 20220.0%

Mar 2023100%

Jun 202359%

Sep 202390%

Dec 202375%

Mar 202444%

Jun 202463%

Sep 202420%

Dec 202426%

Mar 202519%

Jun 20254.6%

Sep 202510%

Dec 202534%

Mar 202690%

Jun 2026-4.4%

09 · compare level, then change

Return On Capital Employed

Tips Music Ltd has the highest ROCE among the 2 Music Licensing companies compared here, at 118%. Saregama India Ltd is next at 17.8%. The same company also holds the highest ROCE change, at +23.8 percentage points. 2 of 2 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Tips Music Ltd leads ROCE at 118%, 100.2 percentage points above Saregama India Ltd. Tips Music Ltd has the strongest latest improvement at +23.8 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderTips Music Ltd · 118%

Gap562.9% versus #2 · Saregama India Ltd

Persistence6/8 recent comparable periods

Coverage2/2 companies · 33 observations

Investor read: Tips Music Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Tips Music Ltd TIPSMUSIC118%

2Saregama India Ltd SAREGAMA18%

ROCE changefastest improvers

1Tips Music Ltd TIPSMUSIC+23.8 pp

2Saregama India Ltd SAREGAMA+1.0 pp

Return on capital · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	ROCE	ROCE change	Reported
Tips Music Ltd TIPSMUSIC	117%	+23.8 pp	Jun 2026
Saregama India Ltd SAREGAMA	14%	+1.0 pp	Jun 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 202121%

Dec 202111%

Mar 2022—

Jun 20229.5%

Sep 20229.9%

Dec 20229.9%

Mar 202314%

Jun 2023—

Sep 202313%

Dec 202317%

Mar 202412%

Jun 202417%

Sep 202411%

Dec 202416%

Mar 202513%

Jun 202517%

Sep 202513%

Dec 202515%

Mar 202614%

Jun 2026—

Tips Music Ltd · TIPSMUSIC

Sep 202149%

Dec 2021—

Mar 202263%

Jun 2022—

Sep 202258%

Dec 2022—

Mar 202372%

Jun 2023—

Sep 202371%

Dec 202394%

Mar 202463%

Jun 202497%

Sep 202483%

Dec 2024104%

Mar 202589%

Jun 202593%

Sep 202581%

Dec 2025104%

Mar 2026103%

Jun 2026117%

ROCE change · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−10.8 pp

Dec 2022−0.9 pp

Mar 2023—

Jun 2023—

Sep 2023+3.3 pp

Dec 2023+6.9 pp

Mar 2024−2.0 pp

Jun 2024—

Sep 2024−1.8 pp

Dec 2024−0.4 pp

Mar 2025+0.7 pp

Jun 2025−0.4 pp

Sep 2025+1.3 pp

Dec 2025−1.1 pp

Mar 2026+1.0 pp

Jun 2026—

Tips Music Ltd · TIPSMUSIC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022+8.1 pp

Dec 2022—

Mar 2023+9.2 pp

Jun 2023—

Sep 2023+13.7 pp

Dec 2023—

Mar 2024−9.9 pp

Jun 2024—

Sep 2024+12.2 pp

Dec 2024+9.4 pp

Mar 2025+26.5 pp

Jun 2025−4.0 pp

Sep 2025−2.1 pp

Dec 2025+0.1 pp

Mar 2026+14.1 pp

Jun 2026+23.8 pp

10 · compare level, then change

Valuation Against Growth & Quality

Tips Music Ltd has the lowest PEG among the 2 Music Licensing companies compared here, at 1.25×. Saregama India Ltd is next at 6.97×. The same company also holds the lowest P/E, at 40×. 2 of 2 companies report a comparable reading, the latest through Jun 2026. Its PEG series carries 12 reported observations across the 20-quarter window.

What the numbers say: Tips Music Ltd has the lowest comparable PEG at 1.25×, 82.1% below Saregama India Ltd. Only 2 of 2 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderTips Music Ltd · 1.25×

Gap82.1% versus #2 · Saregama India Ltd

Persistence0/8 recent comparable periods

Coverage2/2 companies · 21 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

PEGlowest PEG

1Tips Music Ltd TIPSMUSIC1.3

2Saregama India Ltd SAREGAMA7.0

P/Elowest P/E

1Tips Music Ltd TIPSMUSIC40.0

2Saregama India Ltd SAREGAMA44.6

Valuation · company comparison

2/2 level · 2/2 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Saregama India Ltd SAREGAMA	7.0	43.5	Jun 2026
Tips Music Ltd TIPSMUSIC	1.3	37.6	Jun 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.5

Sep 20221.6

Dec 20221.6

Mar 2023—

Jun 20237.9

Sep 20233.9

Dec 2023—

Mar 20241.9

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20254.5

Jun 2025—

Sep 2025—

Dec 20255.6

Mar 2026—

Jun 20267.0

Tips Music Ltd · TIPSMUSIC

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20220.6

Sep 20221.1

Dec 2022—

Mar 20232.0

Jun 20230.8

Sep 20231.5

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 20241.5

Mar 20251.4

Jun 20251.6

Sep 20252.5

Dec 20252.7

Mar 20262.1

Jun 20261.3

P/E · reported quarter history

Saregama India Ltd · SAREGAMA

Sep 202150.2

Dec 202166.9

Mar 202253.2

Jun 202241.8

Sep 202238.6

Dec 202239.2

Mar 202332.0

Jun 202340.3

Sep 202337.4

Dec 202337.9

Mar 202435.7

Jun 202454.2

Sep 202457.1

Dec 202448.0

Mar 202549.8

Jun 202548.2

Sep 202545.5

Dec 202533.9

Mar 202632.9

Jun 202643.5

Tips Music Ltd · TIPSMUSIC

Sep 202128.4

Dec 202138.0

Mar 202240.8

Jun 202226.9

Sep 202230.5

Dec 202230.2

Mar 202325.3

Jun 202345.2

Sep 202346.1

Dec 202341.7

Mar 202449.4

Jun 202441.2

Sep 202461.2

Dec 202466.6

Mar 202550.0

Jun 202551.7

Sep 202544.3

Dec 202538.8

Mar 202634.0

Jun 202637.6

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Music Licensing comparison names 4 specific ways its own evidence can mislead, all listed below. All 2 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still be a low-base artefact.

Keep these limits visible

A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 2 Music Licensing companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-08-14. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-08-14 · weekly price and relative-strength history

Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.

Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.

Source standing2 cross-checked · 0 unverified · 0 withheld, of 2 graded companies.

How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

13 · questions investors ask, short speakable answers

Music Licensing company comparison FAQs

These 23 answers restate the Music Licensing comparison above in question form. Every one is computed from the same 2 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.

Is the Music Licensing sector outperforming NIFTY 500?

Music Licensing has outperformed NIFTY 500 by 11.9% over 52 weeks and 10.8% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.

Which Music Licensing company is largest by revenue?

Saregama India Ltd leads with revenue of ₹1,041 crore, based on 2 of 2 comparable companies through Jun 2026.

Which Music Licensing company is growing fastest?

Tips Music Ltd has the fastest current revenue growth at 21.2%, across 2 of 2 comparable companies.

Which Music Licensing company has the strongest 4-Factor Sector Score?

Tips Music Ltd ranks first at 63.1/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Music Licensing company has the lowest comparable PEG?

Tips Music Ltd has the lowest comparable PEG at 1.25, among 2 of 2 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Music Licensing comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Is there a Nifty Music Licensing index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Music Licensing, this page builds its own equal-weight basket of 2 listed Music Licensing companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Music Licensing stocks in India?

Ranked by this page's four-factor score, Tips Music Ltd places first among 2 listed Music Licensing companies, followed by Saregama India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Music Licensing stocks are listed in India?

This comparison covers 2 listed Music Licensing companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Music Licensing company is the biggest?

Saregama India Ltd is the largest, with trailing-twelve-month revenue of ₹1,041 crore, ahead of Tips Music Ltd at ₹394 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.

Which Music Licensing company has the best profit margins?

Tips Music Ltd has the highest operating margin at 50%, from 2 of 2 comparable companies. Saregama India Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Music Licensing company makes the most profit?

Saregama India Ltd earns the most, at ₹221 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Tips Music Ltd has the fastest profit growth at 27.2%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Music Licensing company earns the highest return on capital?

Tips Music Ltd leads on return on capital employed at 118%, across 2 of 2 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Music Licensing stock is the cheapest?

On PEG — where a LOWER number is cheaper — Tips Music Ltd screens cheapest at 1.25×. All 2 companies qualify for the ratio comparison. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Is the Music Licensing sector beating the market?

Music Licensing has outperformed NIFTY 500 by 11.9% over the last 52 weeks and 10.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Music Licensing stock has the strongest price momentum?

Saregama India Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Music Licensing company scores highest for research priority?

Tips Music Ltd scores 63.1 out of 100 with 97% evidence confidence, from 27.2 points on growth and earnings, 20 on capital efficiency, 10.9 on valuation and 5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Music Licensing companies does this comparison cover, and over what period?

It compares 2 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Music Licensing sector?

The 2 Music Licensing companies on this page carry ₹18,743 crore of combined market value. Saregama India Ltd is the largest at ₹10,167 crore, about 54% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.

How is the Music Licensing sector performing?

2 of the 2 covered Music Licensing companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 11.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.