The Conviction And The Caution

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Tips Music: Q2 FY27 Revenue Up 35%, PAT Up 23%

Results reported 15 October 2026 | Music labels and media

The Quick Take

Tips Music’s Q2 FY27 revenue rose 35% year on year to Rs 120.1 cr, and PAT rose 23% to Rs 65.5 cr. Content costs nearly doubled, to Rs 26.2 cr. One source gives PAT as Rs 55.5 cr; the Rs 65.5 cr figure reconciles with H1 and the reported growth, so it is used here.

Q2 FY27 snapshot (Rs crore)

MetricQ2 FY27Comparison
Revenue120.1+35% YoY
Operating EBITDA (margin)84.6 (about 70%)+25% YoY
PAT65.5+23% YoY (Q2 FY26: 53.2)
  • H1 FY27 revenue Rs 227 cr (+28%); H1 PAT Rs 109 cr (+11%).
  • Interim dividend Rs 6.50 per share; a Rs 44.44 cr buyback was completed in the quarter.

Management guidance

The CFO said the company would exceed its 20% growth guidance for FY27. With H1 PAT up only 11%, H2 PAT growth must accelerate to meet that. Content costs for FY27 are guided at Rs 90 to 100 cr. The chairman said growth should return to 30%.

Risks

  • Warner contract renewal (25 to 30% of revenue) due in September next year.
  • Rising content costs.
  • About 85% of revenue comes from a catalogue older than three years.
  • CEO search is ongoing.

Setup

Neutral. Revenue growth and margins are high. H2 delivery against the 20% guidance matters.

This is educational analysis, not personalized investment advice. Do your own research before investing.

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