{"id":181705,"date":"2026-04-21T13:46:45","date_gmt":"2026-04-21T17:46:45","guid":{"rendered":"https:\/\/alphastreet.com\/india\/tips-music-limited-tipsmusic-q3-2026-earnings-call-transcript\/"},"modified":"2026-04-21T13:46:45","modified_gmt":"2026-04-21T17:46:45","slug":"tips-music-limited-tipsmusic-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/tips-music-limited-tipsmusic-q3-2026-earnings-call-transcript\/","title":{"rendered":"Tips Music Limited (TIPSMUSIC) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Tips Music Limited (NSE: TIPSMUSIC) Q3 2026 Earnings Call dated Jan. 19, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Kumar Taurani<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Hari Nair<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Girish Taurani<\/strong> \u2014 Executive Director<\/em><\/p>\n

Sushant Dalmia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Ayushi Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Jyoti Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Ravi Naredi<\/strong> \u2014 Analyst<\/em><\/p>\n

Akshay Kolekar<\/strong> \u2014 Analyst<\/em><\/p>\n

Ben Smith<\/strong> \u2014 Analyst<\/em><\/p>\n

Saket Mehrotra<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhargav Buddhadev<\/strong> \u2014 Analyst<\/em><\/p>\n

Garvit Goyal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Q3FY26 earnings conference call of Tips Music Limited. As a reminder, all participants line 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 this conference call, please signal an operator by pressing Star then zero on your touchtone 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.<\/p>\n

Thank you. And over to you, Ms. Gupta.<\/p>\n

Ayushi Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good evening ladies and gentlemen. I welcome you to the Q3 and 9 month FY26 earnings conference call of Tips Music Limited to discuss this quarter’s performance. We have from the management, Mr. Komar Durrani, Chairman and Managing Director, Mr. Girish Torani, Executive Director, Mr. Hari Nair, Chief Executive Officer and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statement made in today’s call may be forward looking in nature and may involve risks and uncertainties.<\/p>\n

For more details, kindly refer to the investor presentation 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.<\/p>\n

Kumar Taurani<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Happy New Year. Good evening everyone and thank you for joining us for the Q3 and 9 month FY26 earning goal of Tips Music Limited. We truly appreciate your time and continued support. We are experiencing strong momentum of our content usage across all platforms. These encouraging Trends support our 20% revenue growth guidance and allow us to upwardly revise our PAT growth guidance to 25% for this year from 20% earlier. With these results, the board has approved a dividend of rupees five per share amounting to rupees 63.91 crore with a total payout of 166.18 crore in this year.<\/p>\n

With this, the company has fulfilled its commitment to return 100% of last year’s pat to shareholders. With that, I would now like to invite our CEO Mr. Hari Nair who will provide more details on our business hareem. Over to you.<\/p>\n

Hari Nair<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Thank you sir. I wish everyone a Happy new year. Our cumulative YouTube channel subscriber base has grown significantly to 145.3 million due to virality of few catalog tracks on Instagram. We saw 100x spike in content creation views and streams on respective platforms. We are Happy to announce our partnership with before youe TV as our broadcast partner, enabling wider reach to our rich catalog among television audiences globally. I will now request Girish to share insights on the content business across platforms.<\/p>\n

Thank you everyone.<\/p>\n

Girish Taurani<\/strong> \u2014 Executive Director<\/em><\/p>\n

Thank you Hari. Good evening everyone. Wish you all a very happy new Year. I’m excited to share some key highlights from the quarter. Our music content Portfolio expanded by 108 new releases this quarter comprising of 70 film and 38 non film tracks on YouTube. The performance was headlined by a new track from the film Soulmates titled Share Gumava and also Halki Halki Senami by Deepraq, amassing a total of 7.1 million and 6.2 million YouTube views respectively. Our catalogue also maintained a significant moment on Instagram.<\/p>\n

Soldier Soldier Miti Bate Bolkar from the film soldier generated 2.7 billion views while Teri Lieh from the film Sorry from Prince reached 2.1 billion views. Creations this quarter Mehri Kahani, which was from an album from Atem Aslam’s song became the personal anthem for many to express their young version versus today. It was used by our MD Mr. Kumar Trani, Virat Kohli, Ajay Devgn and many more on Instagram. Furthermore, as Instagram celebrated its 15th anniversary, we are extremely honored that Ghini Laghahu from the film Ramaya Astavaheha was recognized as the only Indian song In the top 10 most liked songs globally in the platform’s history by an independent journalist.<\/p>\n

I will now be handing over the call to Sushant to take you through the financial performance in detail. Thank you everybody.<\/p>\n

Sushant Dalmia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Girish Good evening everyone and welcome to the Q3FY26 earnings call. Let me walk you through the financial. Highlights for the quarter. Our revenue for the quarter stood at rupees 94.29 crores compared to rupees 77.7 crores in Q3FY25 reflecting a yoy growth of 21%. Operating EBITDA for the quarter was rupees 74.5 crores versus rupees 55.6 crores in Q3FY25 that is the growth of Shadipur percent. Operating EBITDA. Margins came in at 79% versus 72%. Employer expenses reflect a one time impact of rupees 96.7 lakhs related to the implementation of the new Labor Code.<\/p>\n

Profit after tax for Q3FY26 stood at Rupees 58.7 crores compared to Rupees 44.2 crores in Q3FY25 showing a healthy growth of 33%. PAT margins for the quarter were 62% for the nine month period of 526. Revenue was Rupees 271 crores compared to Rupees 232 crores in the same period last year. That is a growth of 17%. PAT for nine months stood at Rupees 157.5 crores versus Rupees 136 crores previously which is a growth of 16%. With this I conclude my opening remarks and open the floor for Q and A session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask question may press star and one on their touch tone 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 Kavesh Parekh from BNK Securities. Please go ahead.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Hi Dean, very good evening. Thanks for the opportunity. So your growth aspirations for the full year spread about 20 odd percent. Now that implies an ask rate of about 2928 29% for the fourth quarter. Is it fair to assume that the full year will end up somewhere around 18 19%? Because I think the fourth quarter and even the third quarter did not really have any major Hindi releases. So do we expect the end the year somewhere around 1819 odd percent or you still are confident of driving this 20% growth for the full scale.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

As of now I am not changing this. I think we will achieve this 20% and we are very positive. Even this quarter responded well. YouTube, Spotify, we are doing well so I feel 20% for yearly guidance. Just maintain we can achieve this and we are really pushing hard and working very hard to achieve that.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Sure. The content spends were fairly low this quarter. 9% this time and 9 month FY26 number stands at about 70% which is lower than what we were guiding maybe at the start of this year year. So is there any revision in the guidance for the full year? Considering 4k also does not have any major Hindi movie release.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

The content cost will be low this year. I think around 18% will be a content cost and actually we want to spend 25% but our one movie shifted to next year so that that’s why we are feeling that. But in case content is not there then also we are maintaining these numbers. If that content should have come to maybe we have surpassed 20%. Even so that’s a. That’s a. In our business that happens. We we presume this film will come in this quarter but sometimes it shifts to another quarter so these things happen.<\/p>\n

But we are okay with this and we are not in hurry as explained in many many times earlier. We don’t want in haste or in a panic mode. We are buying a wrong content. We are very extremely careful and we are buying very cautiously. Whatever content you accuse in we are doing.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Could you nail down the content release that is planned for FY27? This will help us get an idea of the growth trajectory for the fiscal because solely catalog and regional music it will be slightly difficult to drive say 2022% plus growth solely on the back of catalog and regional. So could you name or list a few a few Hindi movies that you plan to release in the next 50.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

We have. And Arman’s music and then there is a David Dhawan Varun Dhawan movie. Then there’s a movie Siddhan Chaturvedi and Vamika Rabi Vikas Brand is the director and then there is a movie Sunny Kaushal and many other actors Kahani Matriz and then Shanaya Kapoor Abhaya Verma movie jc it’s called JC and there’s so many, many many non film music slated for 27. I think in 27 we will achieve our target of that 20%, 25 to 28% what we target every year we achieve that.<\/p>\n

Girish Taurani<\/strong><\/p>\n

About 4 to 5 mid sized Hindi movies planned for the fiscal. Is that the right understanding in<\/p>\n

Kumar Taurani<\/strong><\/p>\n

The. Hindi movies We have Hindi movies we have. I think two are pretty big. That David Dhaw Arun Dhawan is a bigger movie and that Diljit Dosan and Imtiaz Ali a rman is a big movie. Three you can say relatively mid sized movies. These two are not very big but pretty big you can say. So we have this plus apart from this we have some regional regional films also. So we really we must we will be releasing those also plus non film music.<\/p>\n

Girish Taurani<\/strong><\/p>\n

One last question from my side presentation mentions that there has been a negative growth in total views on YouTube which is account which is on account of YouTube shorts. Now while I do agree that from a revenue standpoint the contribution of YouTube shots will be fairly limited. Could you throw some light on why this impact? Is it on account of the high base in 1QFY25 which I think had the impact of positive impact of crew and rebound. Is that the only reason why we have Witnessed a decline in quarterly YouTube news or is there something more to it on YouTube shorts.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

These things happen. One quarter you will see come down next quarter you will see again there’s a big jump. These things happen. So we are not actually bothered. And plus this short, short app we are getting a lump sum monies. We are not on a profit sharing basis. So we are okay with this.<\/p>\n

Girish Taurani<\/strong><\/p>\n

And when is the next set of negotiation due for you? I believe that these deals happen on a one to two year basis. So next year. Next year coming<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Here, coming in coming years due.<\/p>\n

Girish Taurani<\/strong><\/p>\n

All right. All right. Thank you so much sir. All the best. Thank you. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you. The next question is from the line of Jyoti Singh from Arihan. Please go ahead.<\/p>\n

Jyoti Singh<\/strong><\/p>\n

Thank you so much for the opportunity sir. Like earlier quarter, this quarter also we have reported good EBITDA margin. So going forward just wanted to understand as the competition intensify. So any. Any kind of compression on the margin side we are seeing from here. And also what is the target content cost to revenue ratio over the medium term and what lever that help to protect margin in this competitive market.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

See Jyoti, you check our last I think 13, 14, 15 quarters. We are maintaining our EBITDA and Pat. So going forward also we will maintain that. I’m assuring you that. Plus as told many times earlier, we are very focused on a content. We don’t mind paying more but we want to. We are our focus is on a quality content. So we are not in that mad rush. So this be assured we are very careful and very focused what we want to buy and we are only targeting those and we are buying those movies music what we are doing<\/p>\n

Jyoti Singh<\/strong><\/p>\n

Okay. And<\/p>\n

Operator<\/strong><\/p>\n

Then also<\/p>\n

Jyoti Singh<\/strong><\/p>\n

Like globally like music companies they are expanding. So any like this is very hypothetically. But any chances that Warner can do can buy stake in tips going forward.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

See you only said hypothetical question to how what I can say everything is open here. Anybody can talk anything. But at present there’s nothing.<\/p>\n

Jyoti Singh<\/strong><\/p>\n

Okay. Okay. And so given short current Shorts currently drive high volume but low monetization. So what structural changes are required for shorts to become a meaningful profit contributor for us?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

They 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 advertising or maybe the way of Blue Tick they are offering. So we must take some money from there. But I think whatever is happening with happening in entire world but that should we are doing better than many other companies. So and our majorly our content whatever we have done from 88 till now. Our entire content is selling very very well. So I think we are.<\/p>\n

We are in a better zone. And we are very happy about it. And we’ll maintain there’s nothing major going to change. But we are making. We are pretty well I think in that sense. So we are happy.<\/p>\n

Jyoti Singh<\/strong><\/p>\n

Okay. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ravi Naredi from Naredi Investment and Private limited. Please go ahead.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Thank you very much. Sir. Yes. 45 has increased subscription by 20 to 25%. So how much revenue our will we get benefited from this? Can you give the number?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

I can’t share the exact number with you. But let me tell you we are doing very well on Spotify, YouTube and Instagram. And growth expectations. We are achieving that.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Okay.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

And Spotify. They want to increase their subscription. I think last year. So very soon. I think next four, six quarters Target.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Right. Right. Right. Fantastic. Sir, please give detailed comments over paid subscription. When rises in next few years. How much revenue of tips may rise.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

This year our target is to achieve three revenue top line. I think 372. I’m going to target. So next year. Next year I feel at present 20%. So 370 pay 20. Okay. 75. So 75. 370. 75. 350. Around. Sorry. 450. 450 car next year target 455. Something like that. We Agarapni Dosope or Agar sadi charsope agarapo. 130 packaga.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Sir, one more thing. How many design developers uses our songs like Abhinav Mishra and Mohnish Malhotra for making their product popular.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

As a marketing tool. He promote his product.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

By using our songs. Right?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Yes. Yes. Okay.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Okay.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

You take my license.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Right. And sir, this industry with revenue rises 40 to 50%. CAGR it is you are you mentioned in the investor. I’d write it. So it is applicable for tips to rise 40 to 50% top line in our industry.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

40. 50%. Please understand. In next four to five years. It is possible.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

We wish this time comes soon. Thank you very much. Sir, you are doing fantastic. And we wish all the best to you. And giving happy handsome dividend. It is really nice. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Akshay Kolekar from Dalal and Rocha. Please go ahead.<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Thank you for the opportunity. So my first question is on industry side. Basically. So we see recently the music company has acquired sex in production house. So do you see any Structural changes happen in the industry like what are your views on this and do you see any looking for any opportunity in near future.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

You’re a no<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Yes. Can you. What’s your good<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Name?<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Ah hello.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

What’s your good name?<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

AAR.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Yeah. We are the first company which has a. We have our own film company so we don’t have to acquire anything any any other company and we are only you know we are not tying up or we are paying big money and taking a partnership in that company. We are just acquiring a at arm’s length. We are acquiring only music rights. So we in that. In that zone we you can say we are the best and we did this or five years back. So you can assume the kind of a vision tips has we long term we will have a supporter who are we have to have arrangement with some of our own company or our own some understanding with some other companies.<\/p>\n

So so Touchwood. We don’t need anybody or any company whom we can tire. There’s no need.<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Okay. Understand. So my second question then like you give a bifurcation of like how much revenue is contributed from legacy business for new music content. So is there like any percentage.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

As told you earlier, 85 of our business comes from a legacy business catalog. And our catalog is really really extremely doing well for last four or five years. Every year we are growing on the strength of our rapid or catalog and I can assure you another next 15, 20 years we are very, very safe and having a very best position. I feel there is a lot of potential where our catalog can really progress very well and give us a very big revenues. So touchwood, 85% comes from there and 15% you can say from utilities.<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Yeah. Okay, cool. Thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Robert Marshalli from Kusana Capitals. Please go ahead.<\/p>\n

Ben Smith<\/strong><\/p>\n

Hello, can you hear me okay?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Yeah, we can hear you.<\/p>\n

Ben Smith<\/strong><\/p>\n

Just a couple of questions. Firstly, on the impact of the the labor costs, is there a significant one off impact there or is that expected to be a sustained level going forward?<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

Robert, this would be a one off impact and recurring. We don’t see any substantial impact coming now.<\/p>\n

Ben Smith<\/strong><\/p>\n

Okay, thank you. And secondly, just in terms of when you’re thinking about market share, is market share something you’re you’re kind of very mindful of either by particular outlets, for example on YouTube etc. But more broadly across the streaming space. And what are the trends that you’re seeing in terms of market share?<\/p>\n

Hari Nair<\/strong><\/p>\n

Yeah, I think market share we don’t normally think too much about that because what we see is that our metrics. What are we doing in our views, in our subscribers, in our streams. So we measure ourselves with ourselves. That’s what we do. But having said that on a revenue market share will be around 7 to 8%. And. On the growth side, as you see our results, it’s steadily growing every quarter.<\/p>\n

Ben Smith<\/strong><\/p>\n

Sorry, your market share is growing every quarter or your.<\/p>\n

Hari Nair<\/strong><\/p>\n

Yeah. Yes.<\/p>\n

Ben Smith<\/strong><\/p>\n

Okay. That was all. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question we have is from the line of Saket Mehrutra from Tusk Investments. Please go ahead.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Thank you. So congratulations on a fantastic set of numbers. Just wanted to understand for this quarter if you were to break down three or four reasons on the growth. Just trying to understand what the growth bridge is. Is it like our catalog content? Is it any of the platforms? Is it ppl. You know, would be great if we can understand it has turned how. From what would be the avenues of that?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Let me tell you. And as told earlier is really, really doing well. And then we support those songs to have more revenue. So I can give entire credit to my repertoire because of that. We are growing. And as said earlier, You will see the potential. We are on a different scale. We are doing business. Only reason is catalog Chaldra Instagram. It’s a very old song. Suddenly Instagram. Sporting Hazar streams away. But next day chairs are away. Within five, seven days a clock streams. And I feel. Like.<\/p>\n

So I feel that’s a big reason. So that’s the major reason.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Okay, sir. To one of the parties. Okay,<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Sorry. And suddenly logone reels even Virat Kohlinska Real Banaya. Virat Kolikika. Following up Jante and I think number one on Instagram.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

So sir, two more questions on this. Catalog contents. Is that. Did I understand that Correct. Okay.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

85.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

85. Sushant confirmed.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Okay. And sir, next year guidance 25 or 30 mentioned.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

2020. Top line. 2020. Next year Pat is coming 25%. But conservatively we are maintaining 25. So, but I feel 2830. But at present and next year we have 2020. We will keep on guiding you on.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

And sir, next year content cost should be towards the higher side. 25 30%. 25 to 2025<\/p>\n

Kumar Taurani<\/strong><\/p>\n

To 28%. So we can explain you entire content cost in the same quarter.<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Correct.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

We are very keen and eager to have a good content or content. 20%. 30%. 40%. Revenue. So I think we are very keen to acquire content. But correct price pay correct content. But we are.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Okay. And then<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Final question.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Housekeeping question. Sushant, if you could tell us what’s the cash balance as on December like cash plus investment jockey liquid balance. What would that amount be as on Q3.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

As on December end? It is around 303 cr.<\/p>\n

Saket Mehrotra<\/strong><\/p>\n

Okay, thank you and wish you all the best.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rohit Singh from Investing Analytics Analytics Advisory llp. Please go ahead.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Hi, I’m audible.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Yeah,<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Hello. Am I audible, sir?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Good evening and congrats for a good set of numbers. So just one question. On next year outlook, you mentioned about 20% top line and 20% bottom line. The same time we are saying we will be acquiring more content next year. Because this year we are falling short of our GUID number. So if we are acquiring the content in next year, how are we sure. Like on a 20% top line growth, we will be maintaining the bottom line growth of 20%. Technically it should be fall, right? And this should be like 15% kind of growth on account of higher acquisition, isn’t it?<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

Two things with one, let it also mention content get acquired and get. Really? I’m audible?<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Yes. Yes, now you are.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

All the content get released during next year. So let’s say we’ll see more revenue from that and let’s say the revenue could be much more higher and let the pat at least we’ll get that 20%. Okay. So you are saying all the content getting released on time and everything that factors would play in.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Understood. And sir, how the revenue growth shaping particularly from the Warner partnership. Like is it in the trajectory that we anticipated at the time of entering this partnership? Or maybe it is on an underperforming sector. How do you look at that?<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

It is going as per our expectation. This year<\/p>\n

Garvit Goyal<\/strong><\/p>\n

And in this quarter. What kind of revenue or did we make from that deal? That partnership.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

We don’t give let’s say platform wise or partner wise breakup. But it is in line with our expectation.<\/p>\n

Garvit Goyal<\/strong><\/p>\n

Okay. Okay. I think that it for my sector and all the best for the future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yasho Vardhan Agrawal from IIFL Capital Asset Management Ltd. Please go ahead.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Yeah, hi. Am I audible? Yes. Hello. Yeah, hi. Hi. Sir. Thank you for this opportunity. Congratulations. Good sets of numbers. A few questions from my side. Also possible to share the revenue growth from the paid subscribers versus revenue from advertisement.<\/p>\n

Hari Nair<\/strong><\/p>\n

So if you see the paid subscribers have grown more than 50% from last year. If you compare that and advertisement revenues are on the similar trajectory. So both are growing in the same one. But I think on the subscription side it is growing faster. That’s the only thing that we can say now.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Okay, overall subscriber base has grown by 50%. Right. I’m talking about the revenue, the revenue that flows to us at what rate it has grown.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

So it is sadly that revenue growing, let’s say for the paid subscription, around that 40, 50%. And let’s say ad Google growing at the average rate.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Okay. And out of the total revenue, what how much would be coming from the paid subscribers?<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

So paid subscription, let’s say on an overall basis would be roughly around 10%.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Overall total revenue. 10% is coming from eight subscribers and that is growing at more than 40%.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

Yes, in a range of. Yes.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Okay, thank you. And to the second question is again on the profit margins for the next year. You have clarified earlier but I still need more clarity on it. So assuming 20% revenue growth for FY27. Right. And it includes the new content that we are going to acquire in next year and this year our content acquisition cost is around 18% which we have added earlier to be around 25% for next year. So which leads to around mid teen profit growth. So how are we guiding for 20% growth? Could you please elaborate more on that?<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

Yes, I’ll reiterate. Let’s say if all let’s say planned movies get released as per schedule, we could see a higher revenue growth. And similarly, let’s say the profit growth could be in that range of 20%. I understand your question in terms of let’s say currently, let’s say the margins are higher given the low content cost. But let’s say next year if all the movies get released as per the schedule, we could see a higher revenue growth and a better profitability.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Okay, the print acquisition cost will be lower even though an absolute term that may grow. Is that the right way to think about it? Somewhat, yes. Okay, so my last question would be on the monetization from Shorts. So in our presentation we have shared that monetization could grow because since it will migrate to share from advertise advertising revenue. This is for YouTube. It is supposed to be be negotiated in second quarter of FY27. So sir, it is fair to assume that the statement is regarding our business and not a general statement on the industry side.<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

So let’s say in case of shots we are seeing over a medium to long term, that model would move from a fixed fee to a revenue share. It won’t happen on an immediate basis, but on a Medium to long term. It would happen.<\/p>\n

Girish Taurani<\/strong><\/p>\n

The next deal which is supposed to be renegotiated, for what period of time would it be happening? The tenure of the contract. And so what would be.<\/p>\n

Hari Nair<\/strong><\/p>\n

So this depends on the platform. And both the platform needs to decide when they will share the profits with us. And their revenues from the advertisement should also grow equally. Till then the platforms may opt in for a paid MG fixed fee kind of model and we may continue with that.<\/p>\n

Girish Taurani<\/strong><\/p>\n

And sir, even if it remains to be a fixed fee, do we anticipate a substantial growth in this number?<\/p>\n

Hari Nair<\/strong><\/p>\n

Yes, definitely. A very good growth on that.<\/p>\n

Girish Taurani<\/strong><\/p>\n

Got it, sir. So that’s it from my side. Thank you so much and good luck.<\/p>\n

Hari Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Bhargav from Ambit Asset Management. Please go ahead.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Yeah. Good afternoon team and congratulations on a good performance. Sir, my first question is that in this revenue growth guidance, are we building in any monetization on YouTube shorts or that would be an additional kicker. Once we come to know.<\/p>\n

Hari Nair<\/strong><\/p>\n

It is part of the. It is part of the growth plan. It is. It is already, you know, captured.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay. Secondly sir, when we see this presentation of Saregama, we are seeing a significant growth in terms of YouTube views. But they have put in an asterisk saying that YouTube has changed methodology. So in our presentation, when we see that there is a decline for nine months, is there any base effect or how should we read between you and Saregamma in terms of presentation data?<\/p>\n

Kumar Taurani<\/strong><\/p>\n

Now Sushant is replying you. Yes,<\/p>\n

Sushant Dalmia<\/strong><\/p>\n

We are continuing with the old methodology in terms of YouTube reporting. The sense is let us when let anyone view the 30 seconds then only the view get counted. So we are continuing with that old methodology. I think there are reports now YouTube has started reporting both the views. But we continued to do with the old methodology because we think that’s fair.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

To say. Methodology growth.<\/p>\n

Kumar Taurani<\/strong><\/p>\n

In terms of views. Yes, because.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

That’s what I wanted to basically understand. And lastly sir, is it fair to say YouTube shorts came monetization to start with it will be a fixed fee and then maybe revenue share.<\/p>\n

Hari Nair<\/strong><\/p>\n

Yes, it will be the same. You are right on that Excel chat fixed fee model Rega. And then it will move to a revenue share model.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

And is it fair to say that Ekba, the monetization cycle starts, we will put in more efforts to increase our views on YouTube shorts. Because then we obviously get paid in the subsequent revenue share cycle.<\/p>\n

Hari Nair<\/strong><\/p>\n

Yes, you are absolutely right. We will definitely do that.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay. Because right now it doesn’t make sense to put in effort because. So there’s no point in. Okay, great, sir. Thank you very much. And all the very best.<\/p>\n

Hari Nair<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, due to time constraint, this was the last question. I would now like to hand the conference over to Ms. Ayushi Gupta for closing comments.<\/p>\n

Ayushi Gupta<\/strong><\/p>\n

I would like to thank the management for taking the time for their conference call today and also thank all the participants. If you have any queries, please feel free to contact us. We are MASG in Time Private limited Investor Relations Advisors for Tips Music Limited. Thank you so much<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Tips Music Limited. On behalf of TIPS Music Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n

Akshay Kolekar<\/strong><\/p>\n

Thank you. Thanks, everyone.<\/p>\n","protected":false},"excerpt":{"rendered":"

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) Q3 2026 Earnings Call dated Jan. 19, 2026 Corporate Participants: Kumar Taurani \u2014 Chairman and Managing Director Hari Nair \u2014 Chief Executive Officer Girish Taurani \u2014 Executive Director Sushant Dalmia […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-181705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":181705,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":139168,"url":"https:\/\/alphastreet.com\/india\/tips-industries-limited-tipsindltd-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":181705,"position":1},"title":"TIPS Industries Limited (TIPSINDLTD) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"January 25, 2023","format":false,"excerpt":"TIPS Industries Limited (NSE:TIPSINDLTD) Q3 FY23 Earnings Concall dated Jan. 24, 2023. Corporate Participants: Kumar Taurani\u00a0--\u00a0Chairman and Managing Director. Sushant Dalmia\u00a0--\u00a0Chief Financial Officer Analysts: Ravi Naredi\u00a0--\u00a0Naredi Investment -- Analyst Akshay Sam\u00a0--\u00a0Sam Capital -- Analyst Anika Mittal\u00a0--\u00a0Nvest Research -- Analyst Devanshu Sampat\u00a0--\u00a0Yes Securities -- Analyst Ankush Agrawal\u00a0--\u00a0Surge Capital -- Analyst Dheeresh\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":136265,"url":"https:\/\/alphastreet.com\/india\/tips-industries-limited-tipsindltd-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":181705,"position":2},"title":"TIPS Industries Limited (TIPSINDLTD) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"October 22, 2022","format":false,"excerpt":"TIPS Industries Limited (NSE:TIPSINDLTD) Q2 FY23 Earnings Concall dated Oct. 22, 2022 Corporate Participants: Kumar S. Taurani -- Chairman and Managing Director Sunil Chellani -- Chief Financial Officer Analysts: Rajesh Agarwal -- Orient Capital -- Analyst Akshay Sam -- Sam Capital -- Analyst Sagar Jethwani -- PhillipCapital (India) Pvt. Ltd.\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130739,"url":"https:\/\/alphastreet.com\/india\/zee-entertainment-enterprises-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":181705,"position":3},"title":"Zee Entertainment Enterprises Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 21, 2022","format":false,"excerpt":"https:\/\/youtu.be\/o4itPXV5uDc Key highlights from Zee Entertainment Enterprises Limited (ZEEL) Q4 FY22 Earnings Concall \u00a0\u00a0 Q&A Highlights: Vivek Subbaraman - Ambit Capital - Analyst Does the current balance sheet allow ZEEL to bid for IPL at all? Punit Goenka - Managing Director and Chief Executive Officer It does, ZEEL can participate\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173321,"url":"https:\/\/alphastreet.com\/india\/tips-music-limited-tipsmusic-q1-2026-earnings-call-transcript\/","url_meta":{"origin":181705,"position":4},"title":"Tips Music Limited (TIPSMUSIC) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Tips Music Limited (NSE: TIPSMUSIC) Q1 2026 Earnings Call dated Jul. 30, 2025 Corporate Participants: Unidentified Speaker Kumar Taurani \u2014 Executive Chairman Hari Nair \u2014 Chief Executive Officer Hari Nair \u2014 Chief Executive Officer Girish Taurani \u2014 Executive Director & COO of Music Girish Taurani \u2014 Executive Director Sushant Dalmia\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":173322,"url":"https:\/\/alphastreet.com\/india\/tips-music-limited-tipsmusic-q4-2025-earnings-call-transcript\/","url_meta":{"origin":181705,"position":5},"title":"Tips Music Limited (TIPSMUSIC) Q4 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Tips Music Limited (NSE: TIPSMUSIC) Q4 2025 Earnings Call dated Apr. 24, 2025 Corporate Participants: Unidentified Speaker Kumar Taurani \u2014 Executive Chairman Hari Nair \u2014 Chief Executive Officer Girish Taurani \u2014 Executive Director and Chief Operating Officer of Music Sushant Dalmia \u2014 Chief Financial Officer Analysts: Harssh Shah \u2014 Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=181705"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/181705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=181705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=181705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=181705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}