Unmatched music catalogue and digital distribution scale create switching costs, but low subscription monetization caps the moat.

FY27 base-case growth 20-23%

New content investment (INR Mn) — Investment has increased steeply, peaking in FY25 at INR 3,160 Mn, then moderating in FY26 as planned. This step-function jump supports the aggressive market share gain strategy, with the company now entering a linear growth phase post FY27.