Slides
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Investor Presentation - Q2FY27
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2 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.
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3 Company Overview KEY F ACTS Founded Year 1988 Website www.tips.in Industry Media & Entertainment Target Indian Subcontinent & Diaspora Only listed player to expense off 100% of content cost in the quarter of release 94 Employees (Q2FY2027) 73% Revenue through digital platforms (H1FY2027) 25+ Partners across media business 164.5 mn subscribers on Y ouTube Catalogue comprises of music in over 25 languages available across multiple platforms globally Debt free company with ₹311 cr of cash & investments Established A&R capability
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What Makes Us Unique Optimising Capital Allocation Sustainably Increasing Market Share Our Content Powers Global Platforms Key Growth Drivers Ahead The Subscription Wave Growing listenership & Increasing Content Addition
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5 4 0.5 4 14 19 13 33 62 56 71 59 71 13 10 7 2 0.3 0.0 0.1 0.3 0.3 0.3 0.2 0.22 2 2 2 2 3 3 6 77 89 166 83 2 5 21 40 47 44 Optimising Capital Allocation through Buybacks & Dividends *Note : No. of shares after share split Content Cost Interest Cost Dividend Buybacks 17.31 15.96 15.36 14.32 12.97 12.84 12.78 12.78 12.78 12.71 FY09 FY10 FY13 FY16 FY20 FY23 FY24 FY25 FY26 H1 FY27 -27% Reducing Equity Shares* 275 271 267 311 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 H1FY27 Net Cash/Debt Q2FY27 Interim Dividend of Rs 6.5 per share, Total Payout for H1FY27 stood at Rs 127.1 Cr (including buyback)
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6 Sustainably Increasing Market Share: Revenues Surged 2x in Last 3 Years *Source: EY-FICCI M&E Report 2026; # EY Estimates. Note: Music industry revenue are presented net-of-tax, live performance and artist management. (₹ Crs)(₹ Crs) 136 187 242 311 376 FY22 FY23 FY24 FY25 FY26 +29.0% 3,979 3,906 4,348 4,716 5,527 CY23 CY24 CY25 CY26E CY28E 8.3% # # Music Sector* Revenues
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7 Our Content Powers Global Platforms Digital Platforms Sync Deals Content Broadcasters
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8 Key Growth Drivers Ahead *Source: EY-FICCI M&E Report 2025;EY-FICCI M&E Report 2026; Industry News: Financial Content • Industry Subscription Revenue is growing by approx. 40-50% CAGR • Spotify expects the number of paid subscribers in India to reach 150 million • Post consolidation of music platforms the top 4 players are investing heavily in growing subscribers Subscription 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 Monetization of shorts • 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 Public Performance Rights Warner Music Group (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 Royalty from AI
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9 Global Subscription Streams Account For 3x the Revenue of Ad-supported Streams STREAMING Global music labels earn 50-90 paise per stream, whereas labels in India earn 4-10 paise per stream 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 9.7% 16.4% 17.7% 51.2% 2.2% 2.8% *Source: IFPI GMR (2026), News Article CY2025 Global Music Revenue Sources 9.3% 16.6% 17.1% 52.4% 2.0% 2.5% CY2024 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
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10 Evergreen & Rich content of over 38,000 songs across genres, languages & decades giving us high visibility of music revenue Growing Listenership & Increasing Content Addition 73 New releases in Q2FY27 733 443 399 73 73 FY24 FY25 FY26 FY27 146 59.6 112.7 193.9 228.3 210.4 FY22 FY23 FY24 FY25 FY26 37% 52.0 53.2 48.5 57.4 54.3 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 New Songs Added Annual YouTube Views (in. Bn) Quarterly YouTube Views (in. Bn) Q1FY27 Q2FY27
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Financial Performance
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12 Summary of Last 10 Quarters Cumulative (10 quarters) Revenue 912.8 Content Cost 201.1 Profit after Tax 492.6 73.9 80.6 77.7 78.5 88.1 89.2 94.3 103.9 106.5 120.1 43.6 48.2 44.2 30.6 45.7 53.2 58.7 59.0 43.9 65.5 12.7 13.8 14.6 29.9 23.5 13.3 8.9 13.6 44.6 26.2 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Revenue PAT Content Cost (₹ Crs)
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13 Summary of Last 5 Years (₹ Crs) 135.6 186.8 241.6 310.7 375.5 64.6 76.5 127.2 166.6 216.6 32.7 62.4 55.6 71.0 59.2 FY22 FY23 FY24 FY25 FY26 +30.0% Revenue P AT Content Cost
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14 Business Performance Revenue Op. EBITDA Op. EBITDA Margins (%) Revenue Op. EBITDA 89.2 120.1 Q2FY26 Q2FY27 +35% 76.0 70.5 Q2FY26 Q2FY27 -550 bps 67.8 84.6 Q2FY26 Q2FY27 +25% Op. EBITDA Margins (%) 177.3 226.6 H1FY26 H1FY27 +28% 70.1 61.0 H1FY26 H1FY27 -910 bps 124.4 138.2 H1FY26 H1FY27 +11% (₹ Crs)
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15 Industry Leading Financial Performance (₹ Crs) Revenue 187 242 311 376 FY23 FY24 FY25 FY26 +26% 106 171 224 292 FY23 FY24 FY25 FY26 +40% 55.1% 66.8% 67.8% EBIT & EBIT Margin ROE 5.9 9.9 13.0 16.9 FY23 FY24 FY25 FY26 +42% EPS FY23 FY24 FY25 FY26 64% 81% 86% 92% 74.1%
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16 Profit & Loss Statement Particulars (Rs. in Crs) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q H1FY27 H1FY26 Y-o-Y Revenue From Operations 120.1 89.2 35% 106.5 13% 226.6 177.3 28% Content Cost 26.2 13.3 97% 44.6 -41% 70.8 36.8 93% Employee Benefits Expenses 3.6 3.4 4.0 7.6 6.5 Other Expenses 5.6 4.7 4.3 10.0 9.7 Op. EBITDA 84.6 67.8 25% 53.5 58% 138.2 124.4 11% Op. EBITDA % 70.5% 76.0% 50.3% 61.0% 70.1% Other Income 4.5 4.5 5.8 10.3 10.2 Depreciation and Amortisation Expense 1.0 0.6 1.0 1.9 1.2 Op. EBIT 88.1 71.7 23% 58.4 51% 146.5 133.3 10% Finance Costs 0.1 0.1 0.1 0.2 0.1 PBT 88.0 71.7 23% 58.3 51% 146.3 133.2 10% Tax 22.3 18.5 14.6 36.9 34.0 P AT 65.5 53.2 23% 43.9 49% 109.4 98.9 11% P AT % 54.6% 59.6% 41.2% 48.3% 55.8% EPS* 5.1 4.2 3.4 8.6 7.7 Note (Other) comprehensive income/(loss) during the quarter was Rs. -21.2 lakhs (Q2FY26 – Rs. 3.13 lakhs; Q1Y27 – Rs. 19.55 lakhs)..
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17 Balance Sheet Equity & Liabilities (₹ in Cr) Sept’26 Mar’26 Equity Share Capital 12.7 12.8 Other Equity 311.5 247.2 Total Equity 324.2 260.0 Non- Current Liabilities Financial Liabilities (i) Lease Liabilities 2.9 3.8 Provisions 1.2 1.3 Other Non-Current Liabilities Total Non-Current Liabilities 4.1 5.1 Current Liabilities Financial Liabilities (i) Lease Liabilities 1.2 1.3 (ii) Trade Payables (a) total outstanding dues of micro enterprises and small enterprises 5.2 1.3 (b) total outstanding dues of creditors other than micro enterprises and small enterprises 18.1 11.9 (iii) Other Financial Liabilities 4.3 5.7 Provision 0.1 0.3 Other Current Liabilities 50.4 74.3 Current tax liability (Net) 2.6 2.1 Total Current Liabilities 81.8 96.9 Total Equity & Liabilities 410.1 362.0 Assets (₹ in Cr) Sept’26 Mar’26 Non-Current Assets Property , plant and equipment 12.3 14.1 Other intangibles 0.1 0.1 Investment Property 0.1 0.1 Capital Work in Progress Financial Assets (i) Loans 0.1 0.1 (ii) Other Financial Assets 6.0 26.7 Income Tax Assets (Net) 3.3 3.3 Deferred Tax Assets 0.1 0.9 Other Non‐Current Assets 6.4 14.5 Total Non-Current Assets 28.4 59.8 Current Assets Financial Assets (i) Investments 211.0 149.9 (ii) Trade receivables 48.2 34.3 (iii) Cash and cash equivalents 8.5 7.2 (iv) Bank balances other than (iii) above 0.8 0.8 (v) Loans 0.2 0.2 (vi) Other Financial Assets 88.6 83.7 Other Current Assets 24.4 26.2 Total Current Assets 381.7 302.3 Total Assets 410.1 362.0
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18 Cash Flow Statement Cash Flow Statement (Rs. Crs.) Sept’26 Mar’26 Cash Flow from Operating Activities Profit before Tax 146.3 291.9 Adjustment for Non-Operating Items -6.6 -13.1 Operating Profit before Working Capital Changes 139.7 278.8 Changes in Working Capital -21.4 -9.1 Cash Generated from Operations 118.3 269.8 Less: Direct Taxes paid -35.7 -72.8 Net Cash from Operating Activities 82.6 197.0 Cash Flow from Investing Activities -34.9 -62.8 Cash Flow from Financing Activities -46.4 -167.9 Net increase/ (decrease) in Cash & Cash equivalent 1.4 -33.6 Add : Cash and cash equivalents at the beginning of the year 7.2 40.8 Cash and cash equivalents at the end of the year 8.5 7.2
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Music – A Digital Journey
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20 Indian Digital Ad Industry Digital Advertising – Key Driver of Indian Music Industry 15,782 21,353 29,784 40,685 49,251 71,621 84,977 98,034 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025 CY2026E CY2027E +30% *Source: Dentsu Digital Advertising Report 2026; EY-FICCI M&E Report 2026 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. Y ouTube 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. (₹ Crs)
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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 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%. *Source: Dentsu Digital Advertising Report 2026 21.0% 59.0% 14.0% Television Digital Print 4.0% OOH 1.0% Radio 1.0% Cinema 26 29 48 54 59 65 70 3 2 2 4 4 4 4 4 0 1 1 1 3 2 2 26 23 22 18 16 14 12 10 42 42 39 29 25 21 18 15 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 1 2020 0 35 0 2022 02 2023 1 2024 2026E2025 1 Radio 11 Print 2021 2027E Television Digital OOH Cinema Note: Advertising spend was recalibrated in 2023 to account for long-tail spending by small and medium enterprises (SMEs)
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22 Few Industry Reports dentsuDigital Advertising in India dentsu Digital Advertising in India IFPIGlobal Music Report IFPI Global Music Report FICCIEY Media EntertainmentReport 2026 FICCI EY Media & Entertainment Report 2026
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Thank You investorrelations@tips.in Tips Music Limited CIN: L92120MH1996PLC099359 Email id: investorrelations@tips.in Company : Mr. Nikunj Jain nikunj.jain@in.mpms.mufg.com MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services Ms. Ayushi Gupta ayushi.gupta@in.mpms.mufg.com Investor Relations Advisors : Meeting Request Link Link