ENIL Q2 FY27 Revenue Falls 17.3% To Rs 116.7 Crore Amid Weak Ad Demand

Entertainment Network (India) Ltd (ENIL), which operates Radio Mirchi and audio streaming platform Gaana, reported a 9.5% year-on-year (YoY) increase in consolidated EBITDA to Rs 11.3 crore for the second quarter of FY27, despite subdued advertising demand and a shift in festive season spending.

The company’s consolidated revenue from operations stood at Rs 116.7 crore for the quarter ended September 30, 2026, compared with Rs 141.1 crore in the corresponding period last year. Domestic operations contributed Rs 114 crore, while international revenue stood at Rs 3.2 crore.

ENIL reported a consolidated net loss of Rs 4.85 crore during the quarter, widening from Rs 4.09 crore in Q2 FY26.

Commenting on the performance, Yatish Mehrishi, CEO, ENIL, said the quarter was impacted by muted advertising demand and the later timing of the festive season. However, changes in the company’s cost structure helped drive EBITDA growth.

“We are reshaping ENIL to strengthen core profitability and build new avenues for growth,” Mehrishi said.

Digital business increases contribution to revenue

ENIL’s digital business continued to strengthen its contribution to the company’s domestic revenue. The segment reported revenue of Rs 33 crore in Q2 FY27, registering a 4.6% YoY increase. Its share of domestic revenue rose to 29%, compared with 23.3% in the year-ago quarter.

The digital segment also reported an improvement in profitability, with EBITDA losses narrowing 23.3% to Rs 7.5 crore from Rs 9.8 crore in Q2 FY26.

The company is looking to expand beyond conventional radio advertising by leveraging Gaana and its Digital Solutions business to tap into a wider share of advertiser budgets and deepen relationships with existing clients.

Mehrishi said ENIL’s established brands, audience relationships and advertiser reach provide a foundation for developing growth opportunities beyond its traditional radio business.

Through Digital Solutions, the company is expanding its offerings to advertisers to participate in a broader range of digital marketing spends.

Gaana focuses on subscriber growth and partnerships

Gaana is looking to strengthen subscriber acquisition through distribution partnerships while investing in music discovery and personalisation to improve user engagement and retention.

Its partnership with wearable technology brand Noise is among the initiatives aimed at expanding consumer reach through wider distribution and a co-branded product offering.

ENIL plans to explore additional partnerships that align with its subscription growth strategy and strengthen consumer engagement.

Radio remains largest revenue contributor

Despite its growing digital presence, radio remained ENIL’s largest domestic revenue contributor, accounting for 53% of domestic revenue during the September quarter. The company operates FM radio stations across 63 cities in India.

Alongside radio, ENIL has been expanding its presence in events and Digital Solutions as part of its broader strategy to diversify revenue streams and reduce its dependence on traditional radio advertising.

The company reported a consolidated cash balance of Rs 371.5 crore as of September 30, 2026.

Separately, ENIL is in the process of transferring assets relating to four FM radio stations in Kanpur, Lucknow, Nagpur and Hyderabad through its wholly owned subsidiary, Alternate Brand Solutions. The proposed transaction is valued at Rs 19.6 crore, plus applicable taxes, and remains subject to definitive documentation and the completion of pending statutory and regulatory requirements.