# Music Licensing — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice.

## 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: 11%
52-week sector return versus NIFTY 500: 12%
Stocks leading NIFTY: 2/2
Stocks leading sector: 1/2

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

Companies: 2
Combined market value: ₹18.7K Cr

## 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.

1. Tips Music Ltd (TIPSMUSIC): 63/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 27.2/35 | Capital efficiency 20.0/25 | Valuation 10.9/20 | Relative strength 5.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks
   - 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.
2. Saregama India Ltd (SAREGAMA): 58/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 17.6/35 | Capital efficiency 16.4/25 | Valuation 4.3/20 | Relative strength 19.6/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - 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.

## 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.

### Strongest one-year price performers
1. Tips Music Ltd (TIPSMUSIC): 14%
2. Saregama India Ltd (SAREGAMA): 6.4%

### Strongest relative strength versus NIFTY 500
1. Saregama India Ltd (SAREGAMA): 26%
2. Tips Music Ltd (TIPSMUSIC): 13%

## 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.

### Live themes, worst first
- MEDIUM | Negotiation risk for short-form platforms like YouTube Shorts regarding the transition from fixed-fee to revenue-sharing models. | Management is pushing for profit-sharing in upcoming renewals scheduled for June and next year. | quoted: "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." | named for TIPSMUSIC
- LOW | One-time employee expense due to new labor code implementation. | Management identified this as a one-time impact of ₹96.7 lakhs. | quoted: "Employee expenses reflect a one-time impact of INR 96.7 lakhs related to the implementation of the new labour code." | named for TIPSMUSIC

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

## Revenue Scale & Growth Durability

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.

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.

Evidence: Saregama India Ltd · ₹1,041 crore | 164.2% versus #2 · Tips Music Ltd | 5/8 recent comparable periods | 2/2 companies · 39 observations

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

### Revenue — largest
1. Saregama India Ltd (SAREGAMA): ₹1.0K Cr
2. Tips Music Ltd (TIPSMUSIC): ₹394 Cr

### Revenue growth — fastest growers
1. Tips Music Ltd (TIPSMUSIC): 21%
2. Saregama India Ltd (SAREGAMA): -11%

### 20-quarter Revenue history
- 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
- 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

### 20-quarter Revenue growth history
- SAREGAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 61% | Sep 2022 30% | Dec 2022 21% | Mar 2023 — | Jun 2023 -3.6% | Sep 2023 -9.0% | Dec 2023 12% | Mar 2024 29% | Jun 2024 26% | Sep 2024 41% | Dec 2024 137% | Mar 2025 -8.4% | Jun 2025 1.0% | Sep 2025 -5.0% | Dec 2025 -46% | Mar 2026 19% | Jun 2026 28%
- TIPSMUSIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -48% | Dec 2022 16% | Mar 2023 — | Jun 2023 56% | Sep 2023 22% | Dec 2023 27% | Mar 2024 21% | Jun 2024 40% | Sep 2024 33% | Dec 2024 20% | Mar 2025 24% | Jun 2025 19% | Sep 2025 9.9% | Dec 2025 21% | Mar 2026 33% | Jun 2026 22%

## Operating Economics & Margin Trend

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

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.

Evidence: Tips Music Ltd · 50% | 42.9% versus #2 · Saregama India Ltd | 4/8 recent comparable periods | 2/2 companies · 40 observations

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

### OPM — highest
1. Tips Music Ltd (TIPSMUSIC): 50%
2. Saregama India Ltd (SAREGAMA): 35%

### Margin change — fastest expanders
1. Saregama India Ltd (SAREGAMA): +8.0 pp
2. Tips Music Ltd (TIPSMUSIC): −14.0 pp

### 20-quarter OPM history
- SAREGAMA: Sep 2021 31% | Dec 2021 36% | Mar 2022 29% | Jun 2022 31% | Sep 2022 31% | Dec 2022 35% | Mar 2023 24% | Jun 2023 31% | Sep 2023 35% | Dec 2023 32% | Mar 2024 27% | Jun 2024 25% | Sep 2024 25% | Dec 2024 17% | Mar 2025 33% | Jun 2025 27% | Sep 2025 30% | Dec 2025 35% | Mar 2026 42% | Jun 2026 35%
- TIPSMUSIC: Sep 2021 61% | Dec 2021 63% | Mar 2022 60% | Jun 2022 66% | Sep 2022 55% | Dec 2022 51% | Mar 2023 51% | Jun 2023 67% | Sep 2023 82% | Dec 2023 67% | Mar 2024 48% | Jun 2024 74% | Sep 2024 74% | Dec 2024 72% | Mar 2025 48% | Jun 2025 64% | Sep 2025 76% | Dec 2025 79% | Mar 2026 74% | Jun 2026 50%

### 20-quarter Margin change history
- 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
- 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 2025 0.0 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

## Profit Scale & Acceleration

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.

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.

Evidence: Saregama India Ltd · ₹221 crore | 2.8% versus #2 · Tips Music Ltd | 4/8 recent comparable periods | 2/2 companies · 39 observations

Definition: 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 profit — largest
1. Saregama India Ltd (SAREGAMA): ₹221 Cr
2. Tips Music Ltd (TIPSMUSIC): ₹215 Cr

### Profit growth — fastest growers
1. Tips Music Ltd (TIPSMUSIC): 27%
2. Saregama India Ltd (SAREGAMA): 8.3%

### 20-quarter Net profit history
- 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
- 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

### 20-quarter Profit growth history
- SAREGAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 35% | Dec 2022 23% | Mar 2023 — | Jun 2023 4.9% | Sep 2023 4.4% | Dec 2023 -1.9% | Mar 2024 23% | Jun 2024 -14% | Sep 2024 -6.3% | Dec 2024 19% | Mar 2025 11% | Jun 2025 0.0% | Sep 2025 -2.2% | Dec 2025 -18% | Mar 2026 23% | Jun 2026 41%
- TIPSMUSIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 100% | Jun 2023 59% | Sep 2023 90% | Dec 2023 75% | Mar 2024 44% | Jun 2024 63% | Sep 2024 20% | Dec 2024 26% | Mar 2025 19% | Jun 2025 4.6% | Sep 2025 10% | Dec 2025 34% | Mar 2026 90% | Jun 2026 -4.4%

## Return On Capital Employed

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.

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.

Evidence: Tips Music Ltd · 118% | 562.9% versus #2 · Saregama India Ltd | 6/8 recent comparable periods | 2/2 companies · 33 observations

Definition: 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.

### ROCE — highest
1. Tips Music Ltd (TIPSMUSIC): 118%
2. Saregama India Ltd (SAREGAMA): 18%

### ROCE change — fastest improvers
1. Tips Music Ltd (TIPSMUSIC): +23.8 pp
2. Saregama India Ltd (SAREGAMA): +1.0 pp

### 20-quarter ROCE history
- SAREGAMA: Sep 2021 21% | Dec 2021 11% | Mar 2022 — | Jun 2022 9.5% | Sep 2022 9.9% | Dec 2022 9.9% | Mar 2023 14% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 12% | Jun 2024 17% | Sep 2024 11% | Dec 2024 16% | Mar 2025 13% | Jun 2025 17% | Sep 2025 13% | Dec 2025 15% | Mar 2026 14% | Jun 2026 —
- TIPSMUSIC: Sep 2021 49% | Dec 2021 — | Mar 2022 63% | Jun 2022 — | Sep 2022 58% | Dec 2022 — | Mar 2023 72% | Jun 2023 — | Sep 2023 71% | Dec 2023 94% | Mar 2024 63% | Jun 2024 97% | Sep 2024 83% | Dec 2024 104% | Mar 2025 89% | Jun 2025 93% | Sep 2025 81% | Dec 2025 104% | Mar 2026 103% | Jun 2026 117%

### 20-quarter ROCE change history
- 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 —
- 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

## Valuation Against Growth & Quality

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.

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.

Evidence: Tips Music Ltd · 1.25× | 82.1% versus #2 · Saregama India Ltd | 0/8 recent comparable periods | 2/2 companies · 21 observations

Definition: 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.

### PEG — lowest PEG
1. Tips Music Ltd (TIPSMUSIC): 1.3
2. Saregama India Ltd (SAREGAMA): 7.0

### P/E — lowest P/E
1. Tips Music Ltd (TIPSMUSIC): 40.0
2. Saregama India Ltd (SAREGAMA): 44.6

### 20-quarter PEG history
- SAREGAMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5 | Sep 2022 1.6 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 7.9 | Sep 2023 3.9 | Dec 2023 — | Mar 2024 1.9 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 4.5 | Jun 2025 — | Sep 2025 — | Dec 2025 5.6 | Mar 2026 — | Jun 2026 7.0
- TIPSMUSIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6 | Sep 2022 1.1 | Dec 2022 — | Mar 2023 2.0 | Jun 2023 0.8 | Sep 2023 1.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 2.5 | Dec 2025 2.7 | Mar 2026 2.1 | Jun 2026 1.3

### 20-quarter P/E history
- SAREGAMA: Sep 2021 50.2 | Dec 2021 66.9 | Mar 2022 53.2 | Jun 2022 41.8 | Sep 2022 38.6 | Dec 2022 39.2 | Mar 2023 32.0 | Jun 2023 40.3 | Sep 2023 37.4 | Dec 2023 37.9 | Mar 2024 35.7 | Jun 2024 54.2 | Sep 2024 57.1 | Dec 2024 48.0 | Mar 2025 49.8 | Jun 2025 48.2 | Sep 2025 45.5 | Dec 2025 33.9 | Mar 2026 32.9 | Jun 2026 43.5
- TIPSMUSIC: Sep 2021 28.4 | Dec 2021 38.0 | Mar 2022 40.8 | Jun 2022 26.9 | Sep 2022 30.5 | Dec 2022 30.2 | Mar 2023 25.3 | Jun 2023 45.2 | Sep 2023 46.1 | Dec 2023 41.7 | Mar 2024 49.4 | Jun 2024 41.2 | Sep 2024 61.2 | Dec 2024 66.6 | Mar 2025 50.0 | Jun 2025 51.7 | Sep 2025 44.3 | Dec 2025 38.8 | Mar 2026 34.0 | Jun 2026 37.6


## What can make this comparison misleading?
- 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.

## Every company
- Saregama India Ltd (SAREGAMA) — market value ₹10.2K Cr; latest fundamentals Jun 2026
- Tips Music Ltd (TIPSMUSIC) — market value ₹8.6K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 0. Graded companies: 2.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-14.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.