Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Tips Music Limited (NSE: TIPSMUSIC) Q4 2026 Earnings Call dated Apr. 23, 2026
Corporate Participants:
Kumar Taurani — Chairman and Managing Director
Girish Taurani — Executive Director
Analysts:
Ayushi Gupta — Analyst
Ravi Naredi — Analyst
Unidentified Participant
Akshay Kolekar — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q4FY26 earnings conference call of Kips Music Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Ayushi Gupta from MUFG in Time Private Limited.
Thank you. And over to you, Ms. Gupta.
Ayushi Gupta — Analyst
Thank you. Good evening ladies and gentlemen. I welcome you to the Q4 and FY26 earnings conference call of Tips Music Limited to discuss this quarter’s performance. We have from the management, Mr. Kumar Torani, Chairman and Managing Director, Mr. Girish Torani, Executive Director and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statements made in today’s call may be forward looking in nature and may involve risk and uncertainties.
For more details, kindly refer to the credential and other filings that can be found on the company’s website. Without further ado, I would like to hand over the call to the management for their opening remarks and then we can open the floor for Q and A. Thank you. And over to you sir.
Kumar Taurani — Chairman and Managing Director
Thank you and good evening everyone. Welcome to the Q4 and FY26 earning Call of Tips Music Limited. I would like to thank you all for joining us today. I am pleased to share that our strong growth was driven by both digital and non Digital segments. In FY26 we distributed a total dividend dividend of Indian Rupees 166 crores to our shareholders. It is a source of joy for me. Looking ahead, we will continue to focus on building high quality music content, strengthening our market position and driving sustainable long term growth.
With that, I would like to hand over to Girish for his comments.
Girish Taurani — Executive Director
Thank you and good evening everyone. In Q4FY26 we witnessed an encouragement engagement across platforms supported by a healthy mix of new releases and continued strength in our catalog. We released 66 new songs in the quarter including 47 film songs and 19 non film songs. While continuing to prioritize quality over quantity in our strategy on YouTube, the song too Jane Hai Kaha by lucky Ali crossed 10 million views. While the song Tahzeeb and Jamuna Kinare recorded 2.4 million views each. Our YouTube subscriber base has grown to 153 million.
On Instagram, a catalog song Diwana Muje Kar Gaya from the movie Khoda Gava generated 3 billion views. While the song Daya Daya Re from the movie Dilka Rishta generate recorded 1.5
Kumar Taurani — Chairman and Managing Director
Billion views. I will now hand over the call to Shashant to take you through the financial performance in detail. Thank you everybody.
Girish Taurani — Executive Director
Thanks Girish. Welcome to the Q4FY26 earnings call. I am pleased to present the financial highlights for the quarter which reflect the company’s strong performance. The company recorded quarterly revenue of rupees 103.9 crores delivering a yoy growth of 32%. Operating EBITDA for the quarter stood at rupees 76.9 crores reflecting a yoy growth of 106%. Additionally, PAT for Q4FY26 came in at rupees 59 crores making a 93% yoy increase. Please note that during the quarter the employee cost increased by 78% YY on account of provisions made for annual increments.
For FY26, the revenue came in at rupees 375.5 crores marking a 21% growth while PAT amounted to rupees 216.6 crores showing a YOY increase of 30%. With this I conclude my opening remarks and open the floor for Q and A.
Questions and Answers:
Operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the test on telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kavish Parekh from 361 Capital. Please go ahead.
Girish Taurani
Hi team. Good evening and thank you for the opportunity. Congratulations on a great set of numbers. My first question is on your growth stellar show this quarter 32% growth. What explains this performance and what are your thoughts going into F27? What kind of growth do you envisage and what would be the key drivers for the same?
Kumar Taurani
See I think this quarter as usual I always maintain Kiara repertor 90s repertoire is really doing exceptionally well. So that is the main advantage we have and that on continued basis is doing well for next year performance. We expect it’s too early but I our target is to achieve Same numbers like 20% on top line growth and 20% bottom line growth, that is our target and we will try and achieve that.
Girish Taurani
Any one off revenues or something to call out for this quarter Because I understand that repertoire is growing at my assumption was it was growing at somewhere around 16 to 80 odd percent but 32% is far beyond that. So any one of that you may want to call out?
Kumar Taurani
I don’t think so. Sushant Kuch Hay sir. No, nothing. Commission, nothing. One off over here.
Girish Taurani
Understood? Understood, understood. Second, on your views. So while I do understand that the decline in total views was on account of YouTube shorts, what explains this continued decline in short views? And while I understand it does not contribute to revenues or profits yet in a sizable manner, the whole idea behind sustaining high views is that it provides you with some negotiating power with YouTube. I think the deal for YouTube shorts is slated for renewal in a quarter or so. Do you envisage any impact on the same on account of this decline in views?
Kumar Taurani
Sushant
Girish Taurani
Kavish we don’t see any material impact of this declining views and as we have said earlier, it happens in let’s say one quarter or half year. One of the shots goes viral and the views let the increase multiple. But underlying let’s say whatever views currently also there on a healthy run rate for us. So we don’t see any impact of this decline on view on our let’s say YouTube shorts renewal deal.
Ravi Naredi
So would you so are you suggesting or implying that the period when you were at your peak number of say somewhere around 56, 57 odd million that was on account of a few reels that may have gone viral and then this current rate is more of a normalized rate for you. Is that the way to read into it?
Girish Taurani
Yes, yes that would be the right way.
Ravi Naredi
And I think the pertaining to the deal renewal in June 26, what kind of a jump would you anticipate in this deal value here? I believe Mr. Hari
Girish Taurani
Nair was instrumental in negotiating partnerships with Warner and duty of shots. Now with him stepping down, what is the plan to take this forward and how have you also managed to find a replacement for the position?
Kumar Taurani
Not yet. Kavish. We are estimating how much how we handle this and we will start negotiating with them by this month end or next month Beginning
Girish Taurani
Sure, but understood. Okay. And lastly, could you lay down the content release or content slate that is planned for F27? What are the key movies expected both in the and regional and where would content spends range as a percent of top line for F27? You can refer to slide 8 which we have put onto our investor presentation in terms of the key slate.
Ravi Naredi
All right. I think there were a few movies, maybe three or four odd movies. But anything more than that.
Kumar Taurani
We are open to acquiring anything. But you know that a market is very competitive. So we will. We are very cautious what kind of a project and how. How we are recovering our money in stipulated time. So that is our criteria. So we will keep on acquiring.
Girish Taurani
Understood. So as a percent of top line, we could range somewhere between 20 to 25%. Is that the right. All right. Absolutely. Thank you so much and all the rest. Thank you. Thank you.
Operator
Thank you. We have next question from Sharma from J Financial. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. Firstly, congratulations on good set of numbers. My first question is on the revenue mix. Digital revenue for FY26 is around 70% whereas that is what it was in the range of 71 to 75% in the last three quarters. So there seems to to be a slight dip in this quarter. Just wanted to understand what led to this decline. Also could you briefly explain what is included in the non digital revenue and what drove the segment this quarter?
Ravi Naredi
Sushant,
Girish Taurani
On the revenue piece, the 70% is for the whole year. We had said at the start of the year, let’s say a couple of platforms had closed down. So there were a couple of headwinds on the digital growth. On the non digital piece, particularly let the brand publishing and public performance have done well for us for the full year.
Unidentified Participant
Okay, understood. My second question is on employee benefit expenses. We see a noticeable increase in the cost during the quarter even though the number of employees has gone down. I understand this increases due to the provisioning of this annual hike as you mentioned earlier. Just wanted to understand if this is a new run rate going forward.
Girish Taurani
No, no, this won’t be the new run rate. Let’s say this is, let’s say at the Every. Let’s say Q4 we make a provision for increment. So this quarter, let’s say this is the performance, the provisions is on the higher side. But otherwise let’s say if you see the overall count of employees has reduced from 105 to 98. And let’s say we would be at let’s say the earlier Q3 or Q2 run rates on each in terms of the implied cost.
Unidentified Participant
Okay, okay, understood. Thank you. Thank you.
Operator
Thank you. Next question from the line of Akshay Kolika from Dalal and Ro. Please go ahead.
Akshay Kolekar
Thank you for the opportunity. So the ma’, am, first question is on basically the YouTube view has been declined like 7.8% in Aqua 26 yet your revenue has grown by 21%. So can you quantify the revenue per view trend has been here on your increasing or is it because of the short consumed screen time more so that without proposal to monetize yet. So the reason I’m asking this question is because I just wanted to understand whether YouTube is paying more per stream due to subscription mis shift.
Kumar Taurani
Shashan, you only replace this
Girish Taurani
On the decline on YouTube views. We have categorize mentioned that it’s primary on account of YouTube shorts which have the views of which have declined on the long videos. The growth has been there as per our expectation and that has been let’s say driving our revenue.
Akshay Kolekar
Okay, understand my second question is on the content cost. Basically the contents cost as a percentage of revenue is currently like 15.8% compared to 23% last year. So why there is certain fall in a content cost? Because you have mentioned that 18% of revenue will be the content cost.
Kumar Taurani
Can you please repeat this?
Akshay Kolekar
The question is basically the content cost as a percentage of revenue is currently 15.8% when compared to last year it is 23%. So why there is a fall in a year on year and the target you are mentioning is around I guess 18% of revenue like earlier call.
Kumar Taurani
So there is a one movie called Hai Jawani Toshkona Hai which was actually was supposed to release in February March technical and music was supposed to release in January. That got postponed to June. So that was a hit we have. Otherwise we could have reached our target. And this, this happens in our business sometimes content goes here and there.
Akshay Kolekar
Okay, and one more last question. Could you just give the bifurcation of revenue like how much is from YouTube and how much is from Warner non digital revenue. So because quantify the how much revenue come from Warner.
Kumar Taurani
Sorry, we can’t give you that. It’s a competition world. We can’t reveal that. Sorry about that.
Akshay Kolekar
Yeah, sure. Yeah, that’s it from myself. Thank you.
Operator
Thank you. Next question from Singh from NTIC Advisory ll.
Akshay Kolekar
Hello. Hello.
Ravi Naredi
Hello. Hello.
Kumar Taurani
Yeah,
Operator
Audible.
Ravi Naredi
So. Good evening sir and congrats on the good set of numbers. I have one question regarding the outlook for the FY27. Last call. You upgraded the PET guidance to 25% and delivered 30%. Due to strong momentum, can we expect to achieve 30% top line and 30% bottom line growth forever 27
Kumar Taurani
See our target. Actually mentally you ask me. Yes, I want to achieve that. But for comfort of the people like you over Investors I don’t want to over promise. So let’s keep at present, 2020 percent. Let 1 2/4 pass. And then we will again tell you where we are moving this year.
Akshay Kolekar
Thank you sir. That’s it.
Ravi Naredi
So.
Operator
Thank you. Next question from the line of Ravi Nadiri investments. Thank
Ravi Naredi
You. Toran, Just want to ask. Content cost lowest in March question quarter since last two few years. So we are preparing for new release movies in. Releasing in quarter one financial year 27.
Kumar Taurani
Yeah. Music is released. And I think one Muhaya. Both movies are releasing also in first quarter. 22nd of May and the 12th of June. And we we will have both movies will be account for this quarter. First quarter.
Girish Taurani
Okay. And how much music cost of all above? About two movies. Can you tell the amount?
Kumar Taurani
We can’t give you exact number.
Girish Taurani
Total
Kumar Taurani
Number you will see in the first quarter.
Girish Taurani
Yes, sir. How much you paid subscription revenue percentage in our overall top line?
Kumar Taurani
Yeah, Sushant, please clarify.
Girish Taurani
Paid subscription would be in the range of. Let’s say 10 to 15% of the digital revenue.
Ravi Naredi
15% of digital revenue. And from shorts, how much revenue we earned in financial year 26
Girish Taurani
From YouTube shorts? It won’t be material, Raviji. Not the material.
Ravi Naredi
And what is the distribution of digital revenue and other revenue? In our total figure
Girish Taurani
We have given in the presentation around let’s say 70% now comes from digital and 30% is from non digital. We have diversified our revenue base. Now let’s say publishing, public performance, brand are all contributing to the revenue.
Ravi Naredi
And can you tell in next five years how much screen this revenue will be there that will be paid subscription revenue.
Kumar Taurani
Subscription industry estimates become minimum. I think 7 crore, 8 crore people will be doing subscription
Ravi Naredi
In five years.
Kumar Taurani
Yes.
Ravi Naredi
Okay. Thank you very much. And nice result. Definitely you had given.
Kumar Taurani
Thank you. Thank you.
Operator
Thank you. Next question is from the line of Vishal Mehta from Oakland Capital. Please go ahead.
Girish Taurani
Hello. Hello. Sir. Just wanted to clarify. So in case of if the music release happens in quarter one then the content cost for that is also accounted for in Q1 itself, right?
Ravi Naredi
Yeah.
Girish Taurani
Okay. And one more thing. Would it be possible to share what is the percentage contribution of paid subscribers to our overall revenues?
Kumar Taurani
Sushant can
Girish Taurani
Do
Kumar Taurani
We have that.
Girish Taurani
Vishal, on an overall basis, let’s say 10 to 15% of the digital business.
Akshay Kolekar
10 to 15% of the digital business. And what would this number be for last year? Approximately
Girish Taurani
Last year let’s say it would be. Let’s say around that 10 to 12%. It has inched higher for us. Subscription business is growing at around let’s say 30 to 40 CAGR. So it has inched higher for us this year.
Ravi Naredi
Okay,
Girish Taurani
Got it. And also just one question. There was this news article today about Warner Chapel Music setting up a publishing arm in India. How does something like that impact us? Would it be a benefit for us? Would be a competitor for us? I mean, could you just explain to us what is the impact of this?
Operator
Sushant?
Girish Taurani
It would be positive. Vishal, the setting up a business in India is a huge positive for us. We won’t able to divulge more details, but let’s say the good positive.
Akshay Kolekar
Got it. Great. Thanks so much. Wish you all the best for the next year. Thank you.
Operator
Thank you. Next question is from the line of Sanidya from Unicorn Assets. Please go ahead.
Girish Taurani
Hi sir. Am I audible?
Operator
Yes, you are.
Girish Taurani
Yeah. First of all, great size. And secondly, I would really like to say to the management that I think you should clarify on the content cost part that okay, we had some lags and or shift in the movies Release and therefore Q1 is where we’ll see most of the content cost being eventually expensed. So there might be some confusion with the market participants that. Okay, Q1 if. If we show higher content cost in terms of percentage. So we should always look yearly content cost rather than just looking quarter on quarter.
That should be the message. And secondly, could you give some sense around like we are seeing very good buzz around the recent music that we published and I think the revenues will come in for all the content costs and much more than that. But how much should we expect from the like? Not specifically two movies but as a whole we shall remain within the target
Ravi Naredi
For the year. Right. That should be the expectations.
Girish Taurani
Yes, that is true. The current, let’s say whatever songs we have released for the upcoming two movies that they are doing great for us. Fingers crossed. I think this should do well and it would help us to achieve our targets.
Ravi Naredi
Great. And this lastly. So anything that we have already experienced advance paid, suitable. This is just a
Girish Taurani
Question for compliance because of course it’s a related party kind of thing. We don’t want any compliance issues. Of course we trust the managements. But have we expense any advance in the balance sheet in some sort or created any liabilities for ourselves this quarter
Kumar Taurani
Or this year or it will. Everything will be paid next year to TIPS Films by the TIPS Music.
Girish Taurani
So I won’t able to share the exact details. But let’s say it would be driven by the contractual terms between the films and TIPS Music and it would get arm’s length and as for the industry.
Ravi Naredi
Yeah. Balance sheet purpose because of course FY26 doesn’t show any revenue from the upcoming movies and therefore the balance sheet has any stuff we can look forward and. Okay, we can understand that. Okay. There must be some exception items that would be followed by the next week’s expenses, the next year’s expenses.
Girish Taurani
So little. Whenever let the songs get released. We’ll expense it off.
Ravi Naredi
Have you made any provisions in the balance sheet already?
Girish Taurani
No, no, no. Not. Not in terms of the cost. No.
Ravi Naredi
Okay. Nothing. Yeah.
Girish Taurani
We follow very clear policy. Once the song is released of any movie album, we would extend it on that day the entire album cost
Ravi Naredi
In the pnl. Right. Nothing from nothing goes through the balance sheet even if it is with the TIPS films. Even
Girish Taurani
If it is a partner for us. Great. That really helps. Thank you.
Operator
Thank you. Next question is from the line of Swaraj Mehta from Perpetual Capital Advisors. Please go ahead.
Girish Taurani
A good set of numbers. My question was for music streaming companies. Can telecom building the company like Spotify with the packages, the JIO packages or V packages like Netflix is bundled. Does that change or bring proportional growth for us and is there a change in realization when we get it bundled through a recharge
Kumar Taurani
By core versus buying directly? Thank you.
Girish Taurani
Primarily let’s say in terms of bundled we don’t prefer any bundled services honestly in that the payout would be lesser. Primarily pure play music platforms like Spotify is much more appreciated rather than let say any bundling services with the telecom players.
Akshay Kolekar
Okay, got it. Thank you.
Operator
Thank you. Next question is from the line of a Joani from Exchange.
Ravi Naredi
Thank you for the opportunity. Sir, you explained earlier in the call that your library worked and as a result the growth was higher. But sir, over the last few quarters the growth rates have been much different from this quarter. Right. And while I understand the business is not linear given that is a consumer led business, there is yoy numbers tend to not be dramatically off. Would you is this growth partly because your end adjustments with Warner or something like that? What changed this dramatic shift on growth rate and what part of it was adjustment led versus just linear behavior.
And I know the CFO sir did say that there’s nothing one off but I’m not able to get hold of why the number was significantly higher versus compared to the last few quarters that have been around the 20s and 90s handled.
Girish Taurani
There was no one off. I again reiterated there was no one off, there was no adjustments. These are all recurring revenue which has flown to us.
Ravi Naredi
Sure, sure. So If I may just to better understand this, our honor arrangements would be in some form usage based, right? So if for a given period you have you expected certain number of streams where at what point does it at every month end or every quarter end. You do some maths on so many number of streams consumed into so much revenue or is it on an annual basis
Girish Taurani
We get let’s say detailed, let’s say operational data in terms of number of streams from mono. So let’s say our revenue recognitions are based on that.
Ravi Naredi
Sure, sure. And we do not have. Sorry, sorry, you were saying something?
Girish Taurani
No, no, please continue. So
Ravi Naredi
This looks like a step change in the consumer behavior. And is that something essentially are you seeing some sudden change in. Because you must have also very. When in the last call. You obviously didn’t expect this or even if you did, you all didn’t call it out. Right. Which means that something came out of which was not expected. If you could point us out to that.
Kumar Taurani
No, no. Last quarter we told you yes, we are achieving 20% top line. And on the contrary, I told you I’m doing bottom line will be 25% plus. I told this to you.
Ravi Naredi
This quarter is very good. And now while I said I completely understand that your aspirations are very high but I’m trying to understand the underlying better.
Kumar Taurani
Please understand our repertoire is doing really good. If you go Instagram or many, many songs are trading trending. That trending if effect comes to YouTube and Spotify even subject impact.
Ravi Naredi
Yes, yes, absolutely. Absolutely. No sir, that is great. I’m glad to hear that. It is not that the businesses I mean the repertoire is working really well. Best of luck for the nation.
Kumar Taurani
My one old song that from song from Jeet. Suddenly and it’s doing very, very good on other platforms as well. So these are. These things keep happening with the repertoire companies. Our Hamara repertoire as I have mentioned always my repertoire is very fresh. Still fresh. Yes. And it has a potential so. And we are also recreate many of our songs. So that’s. That’s the majorly. It’s from our catalog.
Ravi Naredi
Absolutely, sir. So best of luck. Wishing you the best for the next year as well. Thank you.
Kumar Taurani
Thank you.
Operator
Thank you. The next question is from the line of Nikhil from tbf. Please go ahead.
Ravi Naredi
Hi, can you hear me?
Girish Taurani
Yes, you’re audible. Nathan.
Ravi Naredi
Hi. Great. Congratulations for a great set of numbers Mr. Tarani and the team. I have one question on the industry.
Girish Taurani
The industry as per one of the reports has grown at 10% in 2025. But if you break down that growth, the digital licensing is only 2%. And as per that report, the YouTube road is actually negative 8%. And even though the subscription has been picking up while
Ravi Naredi
The growth is coming up more from the other licensing and other income. So if you can explain us how the industry could be shaping up in YouTube particularly and other parts would be very helpful. Thanks.
Girish Taurani
In terms of that industry report, we can’t comment much but for us, let’s say YouTube has grown as per our expectations and we continue to see that growth going ahead, let’s say primarily in terms of the digital ad spend also growing and the subscription also picking up.
Ravi Naredi
Okay. But have you seen a slower growth in YouTube particularly compared to Spotify or others?
Girish Taurani
No. No. Okay. Okay, thanks.
Operator
Thank you. The next question is from the line of Rajita Grwal from Nilgiri Advisors. Please go ahead.
Girish Taurani
Hello. Good evening sir. Just a question on the strategy going forward. One is you have your own repertoire. The. So have you ever considered acquiring another label, some local regional label to increase your song data?
Kumar Taurani
We have acquired one Gujarati Kachi channel. Kachi music. Gujarati music and where we got 4,000 songs. So we have occurred that we are open to that and whenever we feel the price is right and we can do that, we will do that. Sorry,
Girish Taurani
When was this acquisition done on the
Akshay Kolekar
Gujarati label?
Kumar Taurani
Last quarter we did. When we did this
Girish Taurani
Second quarter. This is somewhere in July. August.
Akshay Kolekar
Okay. Okay. Any other transaction which you. You would be considering, actively considering now.
Kumar Taurani
Hello.
Girish Taurani
So we let it. There is, let’s say a lot of opportunities comes on the table. But let’s say we are skeptical in terms of the valuations and what is there to offer. So anything which fits in our budget we would definitely go for.
Ravi Naredi
Okay. Okay. And one quick clarification on. On the two movies that are coming up, they’re going to be released soon. The one the movie
Kumar Taurani
Has just one song, right? Or did I get that wrong?
Girish Taurani
The song could get released. Let’s say now only one song has released. Let as we come closer to the movie release date, there are a couple of songs more which will get released.
Kumar Taurani
Okay. And their cost will be. Will appear in Q1 then.
Girish Taurani
Yeah. Yes. Okay. Thank you. That’s happens. Thank you.
Operator
Thank you. The next question is from the line of Shanik Mehta from Indual. Please go ahead.
Girish Taurani
Yeah. Can you hear me?
Operator
Yes. You are audible.
Girish Taurani
So thank you for the fantastic results. I’ve been a shareholder for you for last several years, almost more than three years. Thank you. I’m seeing a very clear consistency around your content cost. It has remained around 60, 70 crores for last 3, 4 years. Now this year in FY27 you will have this David Dhawan films and also the Intyaz Ali CR Rahman project. Do you think this content cost may climb up back to the 70, 71 crores that we had in FY25? Can we see that as an expected number or do you think it will be still in the 60 crore range that we had this year?
Kumar Taurani
I feel in our budget is more than that. I think we want to spend around 80, 90 crores this year. So. And we are trying for that and hopefully we’ll achieve that.
Girish Taurani
Okay, so with that 80, 90 crores, you expect the profit growth to be over the 20% level that you mentioning?
Kumar Taurani
Yes, we maintain that. Yeah, absolutely.
Girish Taurani
All right. Okay. Thank you.
Operator
Thank you. The next question is from the line of Yash Maheshwari from 70 Capital. Please go ahead.
Ravi Naredi
Hi sir. Congratulations for a good set of numbers. So first of all, actually sir, I watched one of your interviews where you mentioned about the public performance segment that can grow tremendously in next 5 or 10 years. And you mentioned a fig of 10 to 20,000 crores. So can you please shed some light on that? What’s on that? Like do you think the growth is coming on that part? Hello.
Kumar Taurani
Yeah, Sushant.
Girish Taurani
On the public performance. Yes. What? We believe there is an exponential growth which can come in this segment. Currently, let’s say that industry size is roughly around 500 crores. We expect at least to grow in next three, three years, at least to 3,000 crores. Just purely based on compliance. And also let the public performance licenses are now available online. Let’s say there is a website where you can go and take the public performance license. So that’s the key which has been created by the players in the market.
So let’s say we are very excited about the public performance market going at more than 50% CAGR.
Ravi Naredi
Okay, so do you believe that in next 5 or 10 years this could reach to 10,000, maybe 20,000 crores as mentioned by Pranish in one of the interviews. Actually,
Kumar Taurani
No, no. Actually I told you it can happen. But that then depend upon the government support. People are taking over contract. You know, we have around in India we have 100,000 restaurants only. Only thousand restaurants take our license. So we have to really reach that figure. And it is possible. It’s possible in 10 years time. We can. We. We can achieve that one in UK. UK do billion, billion pound business every. Every year. So you can imagine.
Ravi Naredi
So do you believe the government would be is pushing on that part and you know is supporting on that part. Also currently talking about that.
Kumar Taurani
Yes, we are. We are talking to government and on the instance of government told us keep do that online all that those systems. So we are putting on that all in the place and I we expect very positive about this business. You must have seen the artists performing 8,000, 10,000 rupees per show ticket. Maybe going up to even 1 lakh rupees. So it’s a really a great business. And it’s now people are ready to pay money and go for such a big huge shows.
Ravi Naredi
Sure. And also sir, in last past few con calls you mentioned that there would be a year where sudden jump would be there of around 40 or maybe 80, 50%. So do you think like we are adding that pace right now
Kumar Taurani
50%. What?
Ravi Naredi
As in few of your previous call you mentioned there might be there might come a year where you might grow at 40 or 50% suddenly. So do you believe?
Kumar Taurani
Yes, Yes. I am waiting for that year. I think. I think it will come. Let. Let the subscription grow. It will come.
Ravi Naredi
Okay. Okay. Okay. And last question. Sir, I was watch. I was reading in your reports where the revenue segment in their notes to account you. You are having 75% of revenue from international markets and 25% of domestic. So could you please explain that for also
Kumar Taurani
I don’t think it’s a reverse. I think
Girish Taurani
Yes, that is primarily let’s say the receipts that is let in foreign currency denominated. So annual report. Let’s say the breakup is primarily let’s say in terms of the receipt of foreign currency which we receive. So primarily it is due to let’s say YouTube bona. We receive it in international currency. 75% happens in India.
Ravi Naredi
Okay, got it. So they said that the remedy is only domestic only. It’s just that currency is in U.S. Right?
Girish Taurani
Yes, the billing happens over there.
Ravi Naredi
Okay, okay. Okay. That was it. Thank you so much. Congratulation.
Girish Taurani
Thank you. Thank
Ravi Naredi
You.
Operator
Thank you. The next question is from the line of Mr. Vance from Serene Alpha. Please go ahead.
Unidentified Participant
Thanks for the opportunity sir. So my first question is you have indicated 20 growth target for FY27. So should this be interpreted as a conservative target?
Kumar Taurani
For at present you take this as conservative or bullish. Whatever you want to do. You do that. We will tell you exactly in next 12 quarters.
Unidentified Participant
Okay sir. And so my second question is given that the strong cash generation and shareholder returns in terms of dividends and buybacks. What constraints or consideration are Limiting incremental investment in content acquisition or growth opportunities. At this stage
Kumar Taurani
We are really looking for more content. We should acquire and we can convince people like you. We can have a maybe less patient. But actually we are not getting content. I have to match the quality and the price of the content. So if I pay say tomorrow 40 crore rupees to a film producer and acquire 6, 7 songs of his film and suddenly it is doing business of only 2,3 crores and there’s no future in that content. 38,37 crores going directly in the drain. So with our experience in their business, so we don’t want to do that.
It’s better we should all take dividend and we should have money to place somewhere else. So that is our main worry and we are very cautious and careful about that.
Unidentified Participant
Okay, Got it sir. Thanks.
Kumar Taurani
Thank you.
Operator
Thank you. The next question is from the line of Yashvarjan Sinha from mipl. Please go ahead.
Girish Taurani
Hi, am I audible?
Operator
Yes, you are.
Girish Taurani
Yeah. Hi. Congratulations on a great set of numbers. My only concern was similar to what you said earlier Torani sir, where ideally you would also be like to spend more on content, but the market is currently overvalued. I wanted to understand how do you strategize what content to buy. How do you know when something is overvalued or undervalued? Because from the way I saw it, if we’re not spending more on content today, in a way we’re also sacrificing on future growth, right? Because like you said earlier, one of your old songs suddenly went viral and because of that you got a great, you know, growth quarter.
So wanted to understand your thinking around this bit a bit better.
Kumar Taurani
Okay. Okay. Let me take your only question as an answer. You said other companies are buying if they are growing with that content, just see that they are not growing. It’s a myth. So I think we have to be very, very cautious. And what our strategy now, if you see everybody is actually following that. They are, they are acquiring film companies and. And they want constantly quality content to come to them. But it’s very tough I think. And, and more or less and plus we want only one or two outside producers film.
We don’t want more content. So actually we are the best placed in the music business today. So trust me, what we are doing is actually others are following us. But. And our policy is the best policy we are having.
Girish Taurani
Understood. Understood. Just one last follow up to that. An earlier participant mentioned that Warner is also going to be setting up a publishing practice. In India. And the CFO sir mentioned that we will somehow be benefiting from that. If possible, could you maybe provide some color around that? And second order to that. Are we expecting the market to cool down for content?
Kumar Taurani
Not immediately, but ultimately it will 100% it will cool down. Number one. Number two, as far as publishing Warner Publishing is concerned, we are already with. We are doing business with Sony Publishing and they are really, really doing great job for us. We are really very happy with them.
Girish Taurani
Okay, thank you so much for your responses. And once again congratulations on a great set of numbers this quarter. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Rohan advance from Prad Capital. Please go ahead.
Ravi Naredi
Yeah, thank you for the opportunity. Sir, I wanted to know in our Q4 quarterly revenue of 104 crores what was the digital contribution and the non digital contribution? Because in the PPT you’ve given only for the full FY. So I wanted to know for Q4
Kumar Taurani
Then same is applicable. 70, 30 do that.
Ravi Naredi
Okay. Digital revenue relative to the earlier quarter. So Mera understanding.
Kumar Taurani
That’s a running business. Ultimately if you see as a consumer music consumption. So I think. I think that’s not a really worry sometimes Sav yoga share subscription digital revenue 80. So that is nothing really. We are not worried or we are not even thinking think of that
Ravi Naredi
Sir. Or conversely Non digital revenue Q4.
Kumar Taurani
We are doing well on publishing, public performance brand side. We are getting good revenues.
Ravi Naredi
Okay. And this is sustainable Q4 major non digital peace. Quarter per quarter.
Kumar Taurani
You have to analyze us throughout the year wise. Third, fourth quarter compared to first two quarters. And again depending upon first quarter. Performance. We don’t know how customers behave. And plus music or impact. It will take a lot of time but same quarter. What is our business? Our business is music or music consumption. Up to age of 40, 45. From 15 to 40 music consumption. I think repetitive wise catalog wise we will be the number one company. Last year though. Sorry come away. New releases make impact.
So again catalog will bounce back and that should compare to other labels. Our catalog is the best performing now.
Ravi Naredi
Understood. Understood. Thank you sir. And all the best.
Kumar Taurani
Thank you. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Makaran Bhosikar from Pro Invest near Miti. Please go ahead.
Girish Taurani
Hello sir. Thank you for the opportunity. My questions have been answered. Thank you.
Kumar Taurani
Thank you. Thank you.
Operator
Thank you. We have a follow up question from Ravi Naridi from Naridi Investments Private Limited. Please go ahead. Sirani.
Girish Taurani
Sir, just. I think since last few Months to ask you can we think like binaka geet mala one hour music show shop song of tips industries. Which one is at 1 to 15 number in this week? And if it gives a good advertisement to our songs and library
Kumar Taurani
Actually.
Girish Taurani
Okay. Okay. Okay.
Kumar Taurani
Thank you.
Operator
Thank you. The next question is from the line of vishwa from iifl capital asset management ltd. Please go ahead. Sir, You are. Yes.
Ravi Naredi
Thank you. Hi Adrian. Congratulations. Good. Fifth of Fembur. A few questions from my side. This is for this quarter. Would it be possible to give us volume growth and value growth in terms of how much growth would have come from increasing streams versus the premiumization plate?
Girish Taurani
Yes. We don’t share that data in terms of breakup of volume and value growth.
Ravi Naredi
Okay. In our presentation it is mentioned that the industry is expected to grow at 8%. That is we have been doing far better growing at 20 25%. Right. And historically,
Girish Taurani
Even whenever we discuss our growth lever, majority of them are linked to the industry as well. Monetization for the industry is getting better. So I was just surprised that why is industry
Ravi Naredi
Growing at 8%? And of course our repertoire is whether that is leading to stream growth as well. But just your thoughts on it that why such a huge difference between industry growth and our growth?
Girish Taurani
At the end of the day it all depends on the catalog and what we have said earlier. Also let’s say we have one of the best catalogs in the industry.
Ravi Naredi
Okay. So still any kind of number of that you would like to build on the volume growth that the majority of the growth is coming, is it from the streaming group? Would that be a fair assumption?
Girish Taurani
So primarily it would be more towards the streaming growth. That is right. But I won’t able to divulge more details on that.
Operator
Thank you. Ladies and gentlemen, due to time constants, this was the last question. I would now like to hand the conference over to Ms. Ayusha Gupta for closing comments.
Ayushi Gupta
Like to thank the management for taking the time out for this conference call today. And also thank all the participants. If you have any queries, please feel free to contact us. We are MUFG in Time Private Limited Investor Relation Advisors for TIPS Music Limited. Thank you so much.
Operator
Thank you. On behalf of Tips Music Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Kumar Taurani
Thank you.