TIPS MUSIC FUNDAMENTAL & TECHNICAL RESEARCH REPORT

Tips Music (NSE: TIPSMUSIC, BSE: 532375; formerly Tips Industries, renamed Sep-2024), Mumbai, is a pure-play music label founded in 1988 by the Taurani brothers. It owns a catalogue of 38,000+ songs (the lion’s share of 1990s Bollywoodsoundtracks plus new fi lm and non-fi lm releases) and licenses it to YouTube, Spotify, JioSaavn, Meta, Apple, Amazon andbroadcasters. Warner Music distributes it on all audio-streaming apps; Sony Music Publishing handles publishing. It has 94employees, no debt and Rs 311 Cr of cash and investments. It is not an F&O stock, so it sits inside this SOP’s lane. Event 1 - Q2 FY27 (15-Oct). Revenue Rs 120.1 Cr (+35% YoY) , operating EBITDA Rs 84.6 Cr (70.5%), PAT Rs 65.5 Cr (+23%) ;content cost almost doubled to Rs 26.2 Cr. The CMD said the company is “quite confi dent to surpass our annual guidance of20% growth”. An interim dividend of Rs 6.50 was declared and a Rs 44.44 Cr open-market buyback was completed. Event 2 - the Q1 margin dip explained.