Brief India: Saregama & Tips Music: Why India's Music Labels Are the Market's Cleanest Cashflow Story and more
In this briefing: Saregama & Tips Music: Why India's Music Labels Are the Market's Cleanest Cashflow Story The CDMO Arms Race: How India Is Quietly Becoming the World's Drug Factory Indian IT Sector: The Bottom Made? Exencial Industry Tidings - 18-03-2026 NTPC Green Energy (Initiating Coverage): The Green Energy Play. BUY 1. Saregama & Tips Music: Why India's Music Labels Are the Market's Cleanest Cashflow Story Tips Music delivered 29% revenue growth and 31% PAT growth in FY25; Saregama posted its highest-ever revenue of Rs. 1,171 crore driven by aggressive content investment and new business verticals. Music royalty businesses are structurally insulated from geopolitical shocks: revenues derive from digital licensing, streaming, and performance rights, none of which are correlated to crude oil, currency, cross-border trade disruptions. Both companies are simultaneously milking a durable legacy catalogue and deploying capital into high-growth adjacencies. 2. The CDMO Arms Race: How India Is Quietly Becoming the World's Drug Factory India's CDMOs are tripling capacity and pivoting to peptides, ADCs, and drug-device combinations as global pharma outsources complex drug development.