Tips Music Limited has informed the Exchange about Investor Presentation
April 23, 2026
To, Listing Department BSE Limited P.J Towers, Dalal Street, Fort, Mumbai - 400 001
To, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 050
Scrip Code: 532375
Symbol: TIPSMUSIC
Subject: Submission of Investor Presentation
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we enclose herewith a copy of Investor Presentation with respect to Audited Financial Results of the Company for the quarter and financial year ended March 31, 2026.
The same shall be uploaded on our website https://tips.in
We request you to kindly take the above information on record.
Thanking You,
For TIPS MUSIC LIMITED (Formerly known as Tips Industries Limited)
Bijal R. Patel Company Secretary
Encl: a/a
Investor Presentation Q4 & FY26
Safe harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Tips Music Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
Company Overview
KEY FACTS
Only listed player to expense off 100% of content cost in the quarter of release
Catalogue comprises of music in over 25 languages available across multiple platforms globally Employees (FY2026)
Debt free company with ₹ 267 cr of cash & investments
Established A&R capability
98 Employees (FY2026)
70% Revenue through digital platforms (FY2026)
25+ Partners across media business
153.1 mn subscribers on YouTube
Founded Year 1988
Website www.tips.in
Industry Media & Entertainment
Target Indian Subcontinent & Diaspora
3
What Makes Us Unique
Optimising Capital Allocation
Optimising Capital Allocation
Sustainably Increasing market share
Sustainably Increasing market share
Our Content Powers Global Platforms
Global Platforms Our Content Powers
Releases Upcoming Music
Upcoming Music Releases
Key Growth Drivers Ahead
Key Growth Drivers Ahead
Wave The Subscription
The Subscription Wave
Growing listenership Increasing Content Addition
Growing listenership & Increasing Content Addition
Optimising Capital Allocation : Total Payout to shareholders in FY26 Rs 166.18 Cr
Consistently rewarding shareholders through Buybacks & Dividends
(Crs)
Reducing Equity Shares*
17.31
15.96
15.36
-26%
14.32
12.97 12.84 12.78 12.78 12.78
13
4
2
2
10
2
0.5
5
7
4
2
14
2
2
19
0.3
2
275
271
267
166
77
71
89
59
47
62
56
40
6 0.3
0.3
0.3
0.2
33
21
13
0.0 3
0.1
3
2015-16
2016-17
2017-18
2018-19
2019-20
2020-21
2021-22
2022-23
2023-24
2024-25
2025-26
2009 2010 2013 2016 2020 2023 2024 2025 2026
Total Payout for FY26 – Rs. 166.18 Cr.
Net Cash/Debt
Content Cost
Interest Cost
Dividend
Buybacks
*Note : No. of shares after share split
5
Sustainably Increasing Market Share: Revenues Surged 2x in Last 3 Years
Music Sector*
Revenues
(₹ Crs)
(₹ Crs)
5,527
8.3%
4,716
3,979
3,906
4,348
376
311
+29.0%
242
187
136
CY23
CY24
CY25
CY26E #
CY28E
#
FY22
FY23
FY24
FY25
FY26
*Source: EY-FICCI M&E Report 2026; # EY Estimates. Note: Music industry revenue are presented net-of-tax, live performance and artist management.
6
Our Content Powers Global Platforms
Digital Platforms
Sync Deals
Content Broadcasters
7
Upcoming Music Releases
Kahani Mein Twist
JC
20 Prominent Non-Film Songs
8
Key Growth Drivers Ahead
Subscription
Monetization of shorts
Public Performance Rights
Royalty from AI
•
•
•
Industry Subscription Revenue is growing by approx. 40-50% CAGR
Paid subscriptions are projected to almost double, from the current 14.4 million to approx. 28–30 million as new features roll out and free streaming is disincentivized
Spotify has raised premium subscription prices by 28% in India for the first time since its 2019 launch, alongside the introduction of new subscription tiers
Shorts consumption far exceeds other digital formats; monetization can significantly step up revenues
•
Current fixed price model will migrate to share of advertising revenue
• Over 1 trillion Shorts have been viewed in India since its 2020 launch
• Industry Revenue is growing at approx. 40-50% CAGR and expected to surpass INR 2,500-3,000 crores over the next 5 years
• Better Intellectual Property (IP) monetization through stronger enforcement of public performance rights
Group Music Warner (WMG)and Universal Music Group(UMG) have signed a spate of deals in the AI space including UMG's recent deal with Nvidia
• Music Industry's aim is to create a legal framework for training AI on copyrighted music and use AI ethically to protect the rights of Creators and copyright holders
*Source: EY-FICCI M&E Report 2025;EY-FICCI M&E Report 2026; Industry News: Financial Content
9
Global Subscription Streams Account For 3x the Revenue of Ad-supported Streams
Global Music Revenue Sources
2.2%
2.8%
9.7%
51.2%
CY2024
16.4%
2.0%
2.5%
9.3%
52.4%
CY2025
16.6%
17.7%
17.1%
Subscription audio streams
Ad-supported streams
Synchronisation
Performance rights
Physical
Download & Other digital
In 2025, streaming comprised 69.6% of total revenues and 52% of all streams were subscription based
STREAMING Streaming grew by US$1.6 billion to reach US$22 billion for the first time, representing 69.6% of total recorded music revenue. Subscription streaming rose 8.8%, while ad-supported grew 4.3%
PHYSICAL Physical formats grew by US$390 million, reaching US$5.3 billion globally in 2025, an 8.0% increase and the fastest growth rate across all segments
PERFORMANCE RIGHTS Performance rights revenues grew by 0.3% in 2025, reaching US$2.9 billion, and accounting for 9.3% of global recorded music revenue
*Source: IFPI GMR (2026)
10
Growing Listenership & Increasing Content Addition
Evergreen & Rich content of over 34,000 songs across genres, languages & decades giving us high visibility of music revenue
New Songs Added
66 New releases in Q4FY26
896
733
443
399 66 108
133
92
Q4FY26
Q3FY26
Q2FY26
Q1FY26
FY23
FY24
FY25
FY26
Annual YouTube Views (in. Bn)
+37%
193.9
228.3
210.4
112.7
FY23
FY24
FY25
FY26
59.6
FY22
Quarterly YouTube Views (in. Bn)
56.7
56.7
52.0
53.2
48.5
Q4FY25
Q1FY26
Q2FY26
Q3FY26
Q4FY26
The negative growth in total views in FY26 is primarily on account of YT shorts, which is not a significant contributor to revenue/profit yet.
11
Financial Performance
Summary of Last 10 Quarters
(₹ Crs)
100.0
90.0
80.0
70.0
64.8
63.3
60.0
50.0
40.0
30.0
20.0
10.0
0.0
103.9
88.1
89.2
94.3
80.6
77.7
78.5
73.9
43.6
48.2
44.2
58.7
59.0
53.2
45.7
Cumulative (10 quarters)
Revenue 814.3
Content Cost 168.9
34.7
25.8
23.9
30.6
29.9
23.5
14.7
12.7
13.8
14.6
13.3
13.6
8.9
Profit after Tax 443.7
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Revenue
PAT
Mar-25 Content Cost
Jun-25
Sep-25
Dec-25
Mar-26
13
Summary of Last 5 Years
(₹ Crs)
186.8
76.5
62.4
135.6
64.6
32.7
241.6
127.2
55.6
375.5
216.6
+30.0%
310.7
166.6
71.0
59.2
FY22
FY23
FY24
FY25
FY26
Revenue
PAT
Content Cost
14
Business Performance
(₹ Crs)
Revenue
Op. EBITDA
Op. EBITDA Margins (%)
+32%
103.9
78.5
+106%
76.9
37.3
2650 bps
74.0
47.5
Q4FY25
Q4FY26
Q4FY25
Q4FY26
Q4FY25
Q4FY26
Revenue
Op. EBITDA
Op. EBITDA Margins (%)
+21%
375.5
310.7
+33%
275.8
206.7
690 bps
73.4
66.5
FY25
FY26
FY25
FY26
FY25
FY26
15
Industry Leading Financial Performance
(₹ Crs)
Revenue
+26%
311
376
187
242
EBIT & EBIT Margin
55.1%
66.8%
67.8%
74.1%
292
+40%
224
171
106
FY23
FY24
FY25
FY26
FY23
FY24
FY25
FY26
ROE
EPS
81%
86%
92%
64%
+42%
13.0
9.9
16.9
5.9
FY23
FY24
FY25
FY26
FY23
FY24
FY25
FY26
16
Profit & Loss Statement
Particulars (Rs. in Crs)
Revenue From Operations
Content Cost
Employee Benefits Expenses
Other Expenses
Op. EBITDA
Op. EBITDA %
Other Income
Depreciation and Amortisation Expense
Op. EBIT
Finance Costs
PBT
Tax
PAT
PAT %
EPS*
Q4FY26
Q4FY25
103.9
13.6
8.2
5.3
76.9
74.0%
3.8
0.6
80.1
0.0
80.0
21.0
59.0
78.5
29.9
4.6
6.7
37.3
47.5%
4.7
0.6
41.4
0.1
41.3
10.7
30.6
56.8%
39.0%
4.6
2.4
Y-o-Y
32%
-55%
106%
94%
94%
93%
Q3FY26
Q-o-Q
10%
53%
3%
2%
2%
1%
94.3
8.9
5.7
5.2
74.5
79.0%
4.8
0.6
78.7
0.0
78.6
20.0
58.7
62.2%
4.6
Y-o-Y
21%
-17%
33%
31%
31%
30%
FY26
375.5
59.2
20.3
20.1
275.8
73.4%
18.8
2.5
292.1
0.2
291.9
75.1
216.6
57.7%
16.9
FY25
310.7
71.0
13.2
19.8
206.7
66.5%
19.0
2.2
223.5
0.3
223.2
56.6
166.6
53.6%
13.0
Note (Other) comprehensive income/(loss) during the quarter was Rs. -1.89 lakh (Q4FY25 – Rs. 2.33 lakhs; Q3Y26 – Rs. -0.58 lakhs)..
17
Balance Sheet
Equity & Liabilities (₹ in Cr)
Equity Share Capital
Other Equity
Total Equity
Financial Liabilities
(i) Lease Liabilities
Provision
Other Non-Current Liabilities
Total Non-Current Liabilities
Financial Liabilities
(i) Lease Liabilities
(ii) Trade Payables
Non- Current Liabilities
Current Liabilities
(a) total outstanding dues of micro enterprises and small enterprises
(b) total outstanding dues of creditors other than micro enterprises and small enterprises
(iii) Other Financial Liabilities
Provision
Other Current Liabilities
Current tax liability (Net) Total Current Liabilities
Total Equity & Liabilities
Mar’26
Mar’25
Assets (₹ in Cr)
Mar’26
Mar’25
12.8
247.2
260.0
3.8
1.3
0.0
5.1
12.8
196.8
209.5
2.0
0.6
17.9
20.5
1.3
1.4
1.3
11.9
5.7
0.3
74.3
2.1
96.9
362.0
0.3
19.1
2.4
0.0
85.8
0.3
109.3
339.4
Property, plant and equipment
Non-Current Assets
Other intangibles
Investment Property
Capital Work in Progress
Financial Assets
(i) Loans
(ii) Other Financial Assets
Income Tax Assets (Net)
Deferred Tax Assets
Other Non‐Current Assets
Total Non-Current Assets
Financial Assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Bank balances other than (ii) above
(v) Loans
(vi) Other Financial Assets
Other Current Assets
Total Current Assets
Total Assets
Current Assets
14.1
0.1
0.1
0.0
0.1
26.7
3.3
0.9
14.5
59.8
149.9
34.3
7.2
0.8
0.2
83.7
26.2
302.3
362.0
6.2
0.2
0.1
0.7
0.0
21.1
4.2
0.5
5.7
38.8
95.5
27.5
40.8
0.4
0.1
116.9
19.5
300.6
339.4
18
Cash Flow Statement
Cash Flow Statement (Rs. Crs.)
Cash Flow from Operating Activities
Profit before Tax
Adjustment for Non-Operating Items
Operating Profit before Working Capital Changes
Changes in Working Capital
Cash Generated from Operations
Less: Direct Taxes paid
Net Cash from Operating Activities
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Net increase/ (decrease) in Cash & Cash equivalent
Add : Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Mar’26
Mar’25
291.9
-13.1
278.8
-9.1
269.8
-72.8
197.0
-62.8
-167.9
-33.6
40.8
7.2
223.2
-13.2
210.1
-30.8
179.4
-59.2
120.2
10.6
-138.5
-7.7
48.5
40.8
19
Music – A Digital Journey
Digital Advertising – Key Driver of Indian Music Industry
Indian Digital Ad Industry
(₹ Crs)
71,621
+30%
49,251
40,685
29,784
21,353
15,782
98,034
84,977
India's digital advertising industry reached Rs 71,621 crore in 2025, up from Rs 49,251 crore in 2024, and is projected to grow at a CAGR of 17% between CY2025 and CY2027. By then, digital media is expected to account for 70% of total ad spend in India.
The digital advertising industry is increasingly driven by rising domestic consumption, higher participation in digital commerce, and supportive policy initiatives such as MSME digitalisation and the Make in India program.
The highest proportion of digital advertising spends is accounted by social media (29%, ₹21,057 crore), followed closely by online video (28%, ₹20,004 crore). Paid search contributes 23% (₹16,581 crore), while display banners account for 16%.
Social media and online video dominate due to high engagement, while paid search maintains a significant share as it consistently reaches users who are ready to purchase and delivers measurable business results.
On average, people in India spend about 1.2 trillion hours (+9%) on their phones.
YouTube is India’s largest ad-supported online video platform by reach and watch time, with adults aged 18+ spending over 72 minutes on average per day.
CY2020
CY2021
CY2022
CY2023
CY2024
CY2025 CY2026E CY2027E
*Source: Dentsu Digital Advertising Report 2026; EY-FICCI M&E Report 2026
21
Digital Advertising will Dominate Media Spending in India for the Next Few Years
Advertising spends on different media
Advertising spends across various media (%) - Forecast
OOH
14.0%
Radio
Cinema
4.0%
1.0% 1.0%
Television
21.0%
59.0%
Digital
70
65
60
55
50
45
40
35
30
25
20
15
10
5
42
42
26 26
3 3 1
29
23
2 2 0
39
35
22
2 2 0
54
25
16
4 1 0
48
29
18
4 2 0
65
18
12
4 1 1
59
21
14
4 1 1
70
Digital
15
10
4 1 1
Television
OOH
Radio
Cinema
0 2020
2021
2022
2023
2024
2025
2026E
2027E
The current pie of digital ad spends constitutes 59% of the advertising spends in 2025, and moving forward at the end of 2027, the percentage is expected to increase to 70%.
Note: Advertising spend was recalibrated in 2023 to account for long-tail spending by small and medium enterprises (SMEs)
*Source: Dentsu Digital Advertising Report 2026
22
Few Industry Reports
Digital Advertising in India dentsu
IFPIGlobal Music Report
dentsu Digital Advertising in India
IFPI Global Music Report
EY Media Entertainment Report 2026 FICCI
FICCI
EY Media & Entertainment
Report 2026
23
Thank You
Company Details:
Tips Music Limited
CIN: L92120MH1996PLC099359
investorrelations@tips.in
Email id: investorrelations@tips.in
Investor Relations Advisors:
MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services
Mamta.nehra@in.mpms.mufg.com
Ms. Mamta Nehra | Ms. Ayushi Gupta Mamta.nehra@in.mpms.mufg.com | Ayushi.gupta@in.mpms.mufg.com
Ayushi.gupta@in.mpms.mufg.com