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, with digital revenue at 70% of the mix. FY 2027 targets 20% growth, with content spend set at 20%-25% of top line and continued focus on prudent acquisitions.
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Q3 FY26 saw 21% revenue and 33% PAT growth, with strong catalog performance and digital platform momentum. FY26 guidance is maintained at 20% revenue and 25% PAT growth, and a full-year dividend payout matches last year's PAT.
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Revenue grew 15% in H1 and 11% in Q2 FY26, with strong digital and content performance. Management maintains 20% growth guidance, supported by a robust content pipeline and digital monetization, despite industry headwinds and margin pressures.
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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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Q3 FY25 saw 20% revenue and 28% profit growth, with strong digital performance and a robust content pipeline. Management remains confident in sustaining 30% annual growth, supported by new digital deals and increased content investment.
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Q2 FY25 revenue grew 32% year-over-year to INR 80.6 crore, with PAT up 21% and EBITDA margin at 73.8%. Management reaffirmed 30% annual growth guidance, expects content cost to rise, and sees no impact from Wynk's shutdown as users shift to other platforms.
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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 quality content acquisition, investing 25%-30% of revenue in new music, and leveraging a four-year minimum guarantee deal with Warner for global distribution. Digital revenue dominates, with YouTube as the largest contributor, and the company expects to outperform industry growth rates in the coming years.