India · Delayed Price · Currency is INR Tips Music Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw 32% YOY revenue growth and 93% YOY PAT growth, driven by strong digital and non-digital performance, robust catalog engagement, and prudent cost management. FY 2027 targets 20% growth, with content cost expected at 20%-25% of revenue.
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Revenue grew 21% year-over-year in Q3 FY26, with operating EBITDA up 34% and PAT up 33%. Guidance for FY26 is maintained at 20% revenue growth and 25% PAT growth, supported by strong catalog performance and a robust content pipeline for FY27.
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Revenue grew 15% in H1 FY26 and 11% in Q2, with strong EBITDA margins and a 20% annual growth target reaffirmed. Content investment remains disciplined, digital and public performance segments are expanding, and industry headwinds from OTT consolidation are expected to be temporary.
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Revenue grew 19% YoY in Q1 FY 2026, with strong digital and non-digital performance and a 64% operating margin. Management targets 20%-30% revenue growth for FY 2026, with content costs at 25%-28% of revenue and continued robust catalog performance across platforms.
Fiscal Year 2025
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FY2025 saw 29% revenue and 31% PAT growth, with a strong focus on quality content and digital expansion. Guidance for FY2026 targets 30% growth, with 25%-28% of revenue allocated to new content. Key deals and rising paid subscriptions support a positive outlook.
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Revenue grew 20% year-over-year in Q3 FY25, with strong digital performance and a robust content pipeline. Management remains confident in sustaining 30% annual growth, driven by new digital partnerships and increased monetization from short-form content.
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Revenue and PAT grew 32% and 21% year-over-year in Q2 FY 2025, driven by digital platforms and strong catalog performance. Management maintains 30% growth guidance, expects content cost to rise to 22-23% of revenue, and is expanding brand partnerships and regional content.
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Q1 FY25 saw 23.1% revenue and 52.4% net profit growth year-over-year, driven by Asia and middleware/powertrain segments, with a one-time gain from the QORIX JV. Guidance for 18%-20% annual growth is maintained, and the deal pipeline remains strong.
Fiscal Year 2024
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The company is focusing on high-quality music content, investing 25-30% of revenue in new acquisitions, and leveraging a four-year minimum guarantee deal with Warner for global digital distribution. Revenue growth is driven by digital advertising, rising paid subscriptions, and a strong, diverse music library, with a 30% growth target for FY25.