Analysts/Institutional Investor Meet/Con. Call Updates

October 21, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited P.J Towers, Dalal Street, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Fort, Mumbai – 400 001 Bandra Kurla Complex, Bandra (E), Mumbai – 400 050 Scrip Code: 532375 Symbol: TIPSMUSIC Dear Sir/ Ma’am, Sub: Transcript of Earnings Conference Call In terms of the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith the transcript of earnings conference call on Unaudited Financial Results for the quarter and half year ended September 30, 2026 held on Thursday, October 15, 2026. You are requested to take this information on your record. Thanking you, For TIPS MUSIC LIMITED Bijal R. Patel Company Secretary Encl: a/a TIPS MUSIC LIMITED 601, Durga Chambers, 6th Floor, Linking Road, Khar (West), Mumbai 400 052. Tel.: +91- 22-6643 1188, Email: info@tips.in, Website: www.tips.in CIN.: L92120MH1996PLC099359 “Tips Music Limited Q2 FY‘27 Earnings Conference Call” October 15, 2026 MANAGEMENT: MR. KUMAR TAURANI – CHAIRMAN AND MANAGING DIRECTOR – TIPS MUSIC LIMITED MR. GIRISH TAURANI – EXECUTIVE DIRECTOR – TIPS MUSIC LIMITED MR. SUSHANT DALMIA – CHIEF FINANCIAL OFFICER – TIPS MUSIC LIMITED MODERATOR: MS. DEVANSHI DADHICH – MUFG INTIME Page 1 of 14 Tips Music Limited October 15, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Tips Music Limited Q2 FY '27 Earnings Conference Call hosted by MUFG Intime. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Devanshi Dadhich from MUFG Intime. Thank you, and over to you, ma'am. Devanshi Dadhich: Thank you. Good evening, ladies and gentlemen. I welcome you to the Q2 and H1 FY '27 Earnings Conference Call for Tips Music Limited. To discuss this quarter's performance, we have from the management, Mr. Kumar Taurani, Chairman and Managing Director; Mr. Girish Taurani, Executive Director; and Mr. Sushant Dalmia, Chief Financial Officer. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Over to you, sir. Kumar Taurani: Good evening, everyone, and welcome to Q2 and H1 FY '27 Earnings Call of Tips Music Limited. Wishing all of you a very happy Navratri and a very happy Diwali in advance. We have successfully completed the buyback of shares amounting to INR44.44 crores through open market buyback. During this quarter, the Board has declared an interim dividend of INR6.5 per share. With that, I would now like to hand over the call to Girish for his comments. Over to you, Girish. Girish Taurani: Thank you, Kumarji. Good evening, everyone. During the quarter, we continued to see strong engagement across our new releases as well as our catalog content, supported by both our digital and non-digital segments. During the quarter, we released 73 songs, comprising of 40 film songs and 33 non-film songs. Our new releases in general have received a strong response from the listeners. In particular, our Punjabi film music album, Ishqnama, has crossed 100 million views on YouTube. Our recreated song, Aankhon Se Tune 2.0 from our catalog released during the quarter and has crossed 66 million views on YouTube. We continue to witness sustained traction in our new releases with Chunnari Chunnari - Let’s Go! released in Q1 FY '27, which has now crossed 100 million views on YouTube. And the female version of Tere Paas Main from the film album Main Vaapas Aaunga continued to perform strongly on Spotify and all music streaming platforms. Our catalog track Tera Naam Doon from the movie Entertainment gained significant traction on Instagram and crossed 1 billion views on Instagram. Our YouTube subscriber base is now at 164.5 million and total views across our content library has surpassed 54.3 billion, demonstrating the growing popularity and reach of our content across platforms. With that, I would now like to hand over the call to Sushant to discuss the financial performance in greater detail. Wish you all a very happy Navratri and happy Diwali in advance. Page 2 of 14 Tips Music Limited October 15, 2026 Sushant Dalmia: Thank you, Girish, and welcome, everyone, to the Q2 and H1 FY '27 earnings call. I'm pleased to present the key financial highlights of the quarter gone by. Revenue for Q2 FY '27 stood at INR120 crores as compared to INR89.2 crores in Q2 FY '26, representing a year-on-year growth of 35%. Content cost for the quarter stood at INR26.18 crores, which almost doubled as compared to last year. Operating EBITDA was INR84.64 crores, reflecting a Y-o-Y growth of 25% with an EBITDA margin of 70.5%. Profit after tax stood at INR65.5 crores, representing a growth of 23% over the previous year quarter, while PAT margin for the quarter was 54%. For the first half FY '27, revenue came at INR227 crores, reflecting a growth of 28% over the corresponding period last year. Please note, during the 6 months, the content cost was at INR71 crores, which is front-loaded, and we expect the content cost for the full year to be in the range of INR90 crores to INR100 crores only. Profit after tax for the period stood at INR109 crores, representing a Y-o-Y growth of 11%. With that, I conclude my opening remarks and open the floor for questions. Thank you. Moderator: Thank you very much. The first question is from the line of Kavish Parekh from 360 ONE Capital. Please go ahead. Kavish Parekh: Hi, Kumarji. Hi, Sushant. Thank you for the opportunity and congratulations on a very strong set of numbers. Sir, first question pertains to the growth. We have seen periods of strong growth in the past as well. Could you explain what drove growth this quarter, 35% Y-o-Y, any breakup in terms of contribution from digital versus non-digital revenues, how sustainable do you think this momentum is? And a follow-up question to growth is on our platform deals, could you update us on negotiations with YouTube for Shorts monetization and Instagram Reels? Has the Warner partnership sort of strengthened our negotiating position, particularly on the pricing front, which aided growth this quarter? Sushant Dalmia: Hey Kavish, this is Sushant here. On the question of YouTube Shorts, the deal is still under negotiation. It's not been concluded. We'll update once the deal is done. On the Warner, the partnership continues as per our expectation. In terms of growth for this quarter, it was driven by both new releases and our catalogue. And, both digital and non-digital platforms contributed. Digital contribution for the first half was 73%, as we have mentioned in the presentation. Kavish Parekh: Understood. Second, on the content spend, you did allude that in your opening remarks that you maintain your full-year guidance of about INR90 crores. First half, we've seen spends of about INR70 crores. Does that imply second half will again not really see any meaningful Hindi content releases and growth in 2H will have to depend on catalogue? Is that a fair understanding? Sushant Dalmia: No, primarily, the new releases was more front-loaded. So, it would continue to support the growth in the H2. And on the content piece, the H2 would be lighter. Kavish Parekh: And any names that you can share of the movies which are planned to be put out in 2H? Sushant Dalmia: It would be smaller films and non-film music. Not bigger names. Page 3 of 14 Tips Music Limited October 15, 2026 Kavish Parekh: Und [Showing first 8,000 characters — download PDF for full document]