1. 60% hike in subscription/advertising revenue in one year within 4 years Missed - At the Q4 FY22 call, Kumar Taurani said within the next 4 years one year would see a "big jump" in subscription or new-app advertising revenue - "maybe 60% hike". No year reached 60% in FY23-FY26; growth was 38% (FY23), 29% (FY24), 29% (FY25) and 21% (FY26).
2. 5 movies' music releases from Q2 FY27 On track - At the Q1 FY27 call, the CFO guided tentatively around 5 movies' music releases from Q2 this year, at least 5 films for the year. Q1 FY27 saw music releases from "Hai Jawani Toh Ishq Hona Hai" and "Main Vaapas Aaunga"; the Q2 and full-year FY27 horizons have not been reached.
3. EBITDA margin of 65-70% for FY27 On track - At the Q1 FY27 call, the CFO guided EBITDA margin on an annual basis in the range of 65% to 70% for FY27. Q1 FY27 operating EBITDA margin was 50.3%, below the range on heavy content cost in the quarter; the full year has not been reached.
4. FY27 content budget of INR80-90 crores, revised to INR90-100 crores On track - At the Q4 FY26 call, Kumar Taurani guided FY27 content spend of INR80-90 crores; at Q1 FY27 this was revised up to INR90-100 crores. Q1 FY27 content cost was Rs.44.6 crores, roughly 45-50% of the budget; the full year has not been reached.
5. 20% top-line and 20% bottom-line growth for FY27 On track - At the Q3 FY26 call, Kumar Taurani set FY27 guidance of 20% top-line and 20% PAT, reiterated at Q4 FY26 and Q1 FY27. Q1 FY27 revenue grew 21% YoY and PAT declined 4% YoY; the full-year horizon has not been reached.
6. 12 films to be released in FY26 Missed - At the Q4 FY25 call, Kumar Taurani listed \~12 films to be released in FY26, including Malik, Sarbala ji, a David Dhawan-Varun Dhawan movie, No Entry Mein Entry and Saunkan Saunkney 2. FY26 saw music releases from Malik, Sarbala ji and other films; the exact count was not disclosed and the record suggests fewer than 12.
7. 50-60% breakout year in next 2-3 years On track - At the Q2 FY25 call, Kumar Taurani flagged a potential breakout year of \~50-60% growth "next two, three years" from Shorts plus public performance; at Q4 FY26 this was revised to a possible 40-50% growth year with no horizon committed. No breakout year has occurred through FY26, when growth was 21%; the horizon has not fully lapsed.
8. Success ratio of 50% for releases Missed - At the Q4 FY25 call, Kumar Taurani set a target that "maybe 50% of our success ratio should be there. That is our target". At Q2 FY26 he stated the success ratio for new releases "was hardly 10% to 12%", well below the target.
9. Dividend policy - distribute last year's PAT this year Delivered - At the Q1 FY26 call, Sushant Dalmia stated the dividend policy: whatever is last year's PAT will be distributed as dividend in this fiscal year, reiterated at Q1 FY27. FY26 total dividend of INR166 crores matched FY25 PAT of INR166.6 crores.
10. YouTube growth expectation of 15-18% Missed - At the Q1 FY26 call, Kumar Taurani cut his YouTube growth expectation: "Earlier, we used to estimate YouTube will grow by 25%, 30%. But now we [think] YouTube will grow by at least 15%, 18%". FY26 YouTube views declined 7.8%, though management said YouTube revenue grew "as per expectation".
11. Digital/non-digital revenue mix of 72-75% digital Delivered - At the Q1 FY26 call, Kumar Taurani expected the mix to stay between 72% to 75% digital, with non-digital at 25% to 30%. FY26 digital revenue was \~70% of total and Q1 FY27 digital contributed around 75% of revenue, within or near the guided range.
12. YouTube Shorts monetization - move to revenue-share model On track - At the Q2 FY25 call, Hari Nair confirmed Shorts monetization "for sure" within the next three years; at Q3 FY26 he specified a fixed-fee model for one to two years before moving to revenue share. The fixed deal expired in June 2026 and renewal was still under negotiation as of Q1 FY27.
13. TikTok deal - INR100 crores short-form business over 3-5 years On track - At the Q3 FY25 call, Kumar Taurani said TikTok, Facebook reels and YouTube Shorts could be a "INR100 crores business for Tips for next 3 to 5 years" if TikTok enters India. A TikTok deal was signed as a world deal except India and China, with revenue booked from Q4 FY25; the target has not been specifically quantified in disclosures.
14. Pulse ERP system - in-house content management platform Delivered - At the Q1 FY25 call, the company launched the in-house Pulse ERP for automation of content management, reporting and analytics; at Q4 FY25, Hari Nair said FUGA would be displaced "very soon". By Q1 FY26, content operations were completely automated on Pulse with DDEX delivery to TikTok, Spotify and YouTube.
15. \~300 songs in FY25 Delivered - At the Q1 FY25 call, Kumar Taurani set a target of \~300 songs released in FY25, revising the earlier Q4 FY24 plan of approximately 150 songs. FY25 released 443 songs, exceeding the \~300 target.
16. Content investment of \~Rs.80 crores in FY25 Partial - At the Q1 FY25 call, Kumar Taurani stated content investment of around Rs.80 crore for FY25, revised down to \~INR55-60 crores at Q2 FY25 and Q3 FY25. FY25 content cost was Rs.71.0 crores, above the revised guidance but below the original Rs.80 crores.
17. 30% top-line and 30% bottom-line growth for FY26 Delivered - At the Q3 FY25 call, Kumar Taurani reiterated 30% growth for FY26 and beyond, confirmed at Q4 FY25; by Q1 FY26 it was revised to 20% minimum with 30% aspiration and firmly lowered to 20% at Q2 FY26. FY26 revenue grew 21% and PAT grew 30%, exceeding the latest 20/20 targets.
18. 10-15 films acquisition in FY25 Missed - At the Q3 FY24 call, Kumar Taurani said for FY25 the company is "targeting to acquire at least 10 films to 15 films", later revised to around 8-10 films and then 3-4 Hindi plus 10-12 regional films. FY25 saw music releases from Hari Hara Veera Mallu, Saunkan Saunkanay 2 and other films; the count was not disclosed and the record suggests fewer than 10-15.
19. Sony Music Publishing deal - international publishing revenue Delivered - At the Q4 FY23 call, management said the Sony Music Publishing deal impact would start coming in 1 year to 1.5 years. The 5-year deal covering all international markets except India was signed, and at Q4 FY25 it was renewed with YouTube added, deal size 4x bigger, with publishing revenue expected to "drastically increase".
20. Buyback every year Partial - At the Q3 FY21 call, management said "We will try that we do it every year" regarding buybacks; the Q4 FY24 buyback was for minority shareholders only and was completed by Q1 FY25. Buybacks were completed in FY23 (Rs.40.68 crores), FY24 (Rs.37.19 crores) and FY25 (Rs.46.62 crores); FY26 saw a Rs.166 crores dividend but no buyback disclosed.
21. Wynk deal - live on Wynk next quarter Partial - At the Q2 FY24 call, Kumar Taurani said Tips expects to be live on Wynk "next quarter" (Q3 FY24) following the court win, bringing incremental revenue and margins. The Wynk settlement totalled Rs.12 crores - Rs.5 crores in Q1 FY25 and Rs.7 crores in Q2 FY25 - but Wynk shut down and Tips did not go live on the platform.
22. Cash kitty of INR200 crores within 3-4 quarters Delivered - At the Q2 FY24 call, Kumar Taurani said the company aims to build a cash kitty of INR200 crores within the next 3-4 quarters, returning cash via dividends and buybacks if no acquisition arises. Cash and investments were INR275 crores at FY24, then INR271 crores at FY25, INR267 crores at FY26 and INR345 crores at Q1 FY27.
23. Market share target - 11-12% in 3-4 years Missed - At the Q1 FY24 call, Kumar Taurani set a market share target of 11-12% in the next 3-4 years vs \~9% in FY23, saying "we will achieve it"; at Q2 FY25 this became a 10-11% target for "next three, four years". Market share was \~9% in FY23, 8-9% in FY25 and 7-8% at Q3 FY26, declining rather than rising.
24. Top-3 music label target - becoming number 3 in India Missed - At the Q1 FY23 call, Kumar Taurani aimed to move from rank #4-5 to #3 music company in India in "next 1-1.5 years", and at Q1 FY24 said it "is achievable". Market share was \~9% in FY23, 8-9% in FY25 and 7-8% at Q3 FY26; the #3 position was not reached.
25. 700-800 songs in FY24 Delivered - At the Q1 FY24 call, Kumar Taurani set a song release plan of 700-800 songs for FY24; at Q3 FY24, Q4 FY24 releases were guided at 100-125 with quality prioritised. FY24 released approximately 733 songs, within the 700-800 range.
26. EBITDA margin of 55-60% for FY24 Delivered - At the Q2 FY24 call, CFO Sushant Dalmia guided full-year FY24 operating (EBITDA) margin in the range of 55% to 60%. FY24 operating EBITDA margin was 65.6%, exceeding the guided range.
27. Subscription revenue to increase by 200% in 1-2 years Missed - At the Q1 FY24 call, Kumar Taurani expected paid subscription revenue "should increase by 200% in the next 1, 2 years". Subscription revenue grew 27% in FY23, \~40% YoY in FY25 and at a 30-40% CAGR in FY26; the 200% target was not reached in the horizon.
28. Revenue stacking by vintage disclosure "in 1, 2 quarters" Missed - At the Q3 FY21 call, management committed to addressing bifurcation of the 29,000-song library's revenue contribution in the next annual report, with repeated deferrals through Q3 FY25 ("in the next 3, 4 quarters"). No decade/era-wise revenue disclosure appears through Q1 FY27; only the split of \~85% legacy catalogue and \~15% from content released in the last 3 years was given.
29. 4-5 big movies in FY24 Partial - At the Q1 FY24 call, Kumar Taurani listed Merry Christmas, Ishq Vishk Rebound, Hari Hara Veera Mallu, The Crew and Buckingham Murders as 4-5 big movies expected to release in FY24. Merry Christmas music released in Q3 FY24, Crew in Q4 FY24, while Ishq Vishk Rebound (Q1 FY25), Buckingham Murders (Q2 FY25) and Hari Hara Veera Mallu (Q4 FY25) slipped to FY25.
30. Content mix - 35% Tips Films, 30-35% outside, 25% in-house Delivered - At the Q3 FY24 call, Kumar Taurani set a content mix target of \~35% acquired from Tips Films, \~30-35% from outside and \~25% created in-house. At Q1 FY27 the sourcing split was stated as 1/3 from outside production houses, 1/3 from Tips Films and 1/3 non-film/internal, broadly consistent with the target.
31. 30% top-line and 30% bottom-line growth for FY25 Partial - At the Q3 FY24 call, Kumar Taurani set a FY25 target of "30%, 30%", reiterated through Q3 FY25. FY25 revenue grew 29% and PAT grew 31% - revenue narrowly missed while PAT exceeded.
32. Content cost at 30% of revenue - FY24 and ongoing target Missed - At the Q4 FY23 call, management set FY24 content cost at 25%-35% of revenue, with Q2 FY24 committing to 30%-35% of revenue; targets were revised repeatedly down to 23%-25% (Q2 FY26) and \~18% for FY26. FY24 content cost was 23% of revenue, FY25 23% and FY26 15.8% - the 30% level was not achieved in any year.
33. FY24 30% revenue and 30% PAT growth, upgraded to \~40% PAT Partial - At the Q4 FY23 call, Kumar Taurani guided FY24 growth of 30% in revenues and 30% in PAT, reiterated at Q1 FY24; PAT was upgraded to \~40% at Q2 FY24 and "around 40%, 42%" at Q3 FY24. FY24 revenue grew 29% and PAT grew 66% - revenue narrowly missed, PAT far exceeded the revised target.
34. Comparable EPS disclosure annually Pending - At the Q4 FY23 call, Kumar Taurani committed to share comparable-EPS calculations (amortized content cost) annually henceforth, reiterated at Q1 FY24 with FY23 EPS of Rs. 7.91 vs reported Rs. 5.91. The cited record contains only these two illustrations; whether later disclosures occurred is not shown, so the outcome remains unverified.
35. 100% content cost write-off policy - no change Delivered - At the Q4 FY23 call, Kumar Taurani committed that charging off entire content cost in the quarter of release will continue, with no change in accounting policies, reiterated at Q1 FY24 ("we will never change this policy"p.9) and Q3 FY25. The policy was maintained through FY26 and Q1 FY27, with the company described as the "only listed player to expense off 100% of content cost in the quarter of release".
36. Radio industry royalty case - "out for some few more quarters" Missed - At the Q2 FY23 call, Kumar Taurani said the radio industry royalty case will be kept "out for some few more quarters". The dispute remained ongoing through FY24 and FY25, past the implied few-quarters horizon.
37. 25-30% new vs 70-75% old repertoire income Missed - At the Q2 FY23 call, Kumar Taurani gave a rough estimate of 25-30% new vs 70-75% old repertoire income; by Q1 FY25 new content was placed at 10-15% of revenue and by Q3 FY26 at 15% new vs 85% legacy. The actual split of \~15% new vs 85% old fell short of the initial 25-30% new estimate.
38. 3-4 movies' music rights in FY23 including regional Delivered - At the Q1 FY23 call, an analyst cited earlier guidance to buy music rights of 3-4 movies in FY23 including regional movies. FY23 saw music rights acquired for PS1, PS2, Freddy and other films, meeting the 3-4 movie target.
39. JioSaavn contract renewal Delivered - At the Q4 FY22 call, management assured the JioSaavn deal "will happen" with no fixed timeline; at Q2 FY23, Kumar Taurani said "we are trying this quarter, we can have some good news". A 1-year deal with minimum guarantee covering the entire catalogue was signed around 10th-15th March 2023.
40. Regional film release targets - 7-8 Telugu, 3-4 Tamil, 5-6 Punjabi, \~25-30 films a year Missed - At the Q4 FY22 call, management set regional targets of \~7-8 Telugu films a year, 3-4 Tamil, 5-6 Punjabi plus Gujarati, combined "around 25 to 30 films a year"; focus later shifted to 85-90% mainstream Hindi. Actual film music releases were far fewer - Telugu buys included Hari Hara Veera Mallu and Sakuntalam, with Hanuman trending in FY24 - the 25-30 films a year target was not met in any disclosed year.
41. Content investment recovery within 3 years Partial - At the Q4 FY22 call, management targeted recovering content investments within 3 years of release, saying "I'm quite hopeful it will be achieved"; the target was extended to 4-5 years by Q4 FY23 and maintained at 4-5 years through Q2 FY26. Management consistently reported recovery in 4-5 years on a basket basis, with the internal 3-year aim not achieved.
42. 3-4 Hindi film music releases per year Delivered - At the Q4 FY22 call, management targeted 3-4 Hindi film music releases year-on-year, saying "I think we'll achieve"; later raised to 4-6 movies a year and aspirational 15-20 including regional. FY23 saw PS-1, Freddy and PS-2, FY24 had Merry Christmas, Crew and Ishq Vishk, and FY25-FY26 saw releases including Hari Hara Veera Mallu, Saunkan Saunkanay 2, Malik and Sarbala ji - the original 3-4 target was broadly met each year.
43. \~400 songs release in FY23 Delivered - At the Q4 FY22 call, management targeted around 400 songs for FY23: "400 songs we are releasing next year, current year", raised at Q2 FY23 to \~650-700 total songs. FY23 released 896 new songs, exceeding the revised \~650-700 target; FY24 and FY25 followed with 733 and 443 songs.
44. Film business demerger and listing - Tips Films separate listing Partial - At the Q3 FY21 call, management said a Board meeting "in next 15-20 days" would finalize the film business demerger plan; at Q4 FY22 listing was expected by 10th-15th July FY22-23, and at Q1 FY23 "within next 10-15 days it should happen" with BSE and NSE approvals received. The demerger was completed and Tips Films became a separate listed entity by Q4 FY23, after the stated mid-July 2022 and 10-15 day deadlines had passed.
45. 15-20% annual bottom-line growth - long-term PAT commitment Delivered - At the Q4 FY22 call, Kumar Taurani guided bottom line to grow 15%-20% year-on-year, with targets later raised to 30%, upgraded to \~40% for FY24, and lowered to 20% for FY26 by Q2 FY26. PAT grew 19% in FY23, 66% in FY24, 31% in FY25 and 30% in FY26, exceeding the latest 20% FY26 target; Q1 FY27 PAT declined 4% with the FY27 horizon open.
46. Content acquisition spend doubling - FY23 content cost Delivered - At the Q3 FY21 call, management said content spend "will double from 15 crores to 30 crores"; at Q1 FY23, Kumar Taurani guided FY23 content cost "approximately double than last year" and "at least" double. FY23 content cost was over Rs.62.40 crores vs Rs.32.1 crores in FY22, up 95% YoY - approximately double; FY24 content cost then fell 11% to Rs.55.6 crores.
47. 25-30% annual revenue growth - long-term top-line commitment Partial - At the Q3 FY21 call, management stated the "larger plan is to grow 25% to 30% a year"; at Q4 FY22 this was guided as maintainable for the next 3-4 years, later raised to 30% and formally lowered to 20% for FY26 and FY27. Revenue grew 50% in FY22, 38% in FY23, 29% in FY24, 29% in FY25 and 21% in FY26 - the original range was met in FY22-FY23 and narrowly missed thereafter before the target was cut.
48. Warner deal - global distribution partnership On track - At the Q3 FY21 call, the Warner deal was described as a short-term distribution deal with advance/minimum guarantee structure; a new global exclusive contract with Warner Music Group was entered at Q4 FY24, locked till FY28 with Warner contribution guided at 25%-30% of revenue. Warner revenue was \~25% of FY25 full-year revenue and the deal is performing as expected through FY26; the FY28 term has not been reached.
49. Library bifurcation disclosure - 29,000-song library revenue contribution Missed - At the Q3 FY21 call, management committed to addressing bifurcation of the 29,000-song library in the next annual report, with decade/era-wise detail promised at Q4 FY22, language-wise detail at Q2 FY23 and monetization breakup for top 4,000-5,000 songs at Q4 FY23. No vintage-wise revenue contribution disclosure appears in the record through Q1 FY27 - only the \~85% legacy / \~15% recent split was given.