ENIL Q2 FY27 slides: digital grows as radio revenue pressured

Entertainment Network (India) Limited (ENIL) reported mixed results for Q2 FY27 on November 4, 2026, as it navigates revenue pressures and digital transformation efforts. The company's shares fell 3.11% to $82.15 after the presentation, trading near the lower end of its 52-week range of $81 to $141.

Consolidated revenue for the quarter was ₹1,167.0 million, down 16.1% year-over-year, while domestic revenue fell to ₹1,136.5 million. Despite the decline, EBITDA improved 9.5% to ₹112.6 million on a standalone basis, thanks to structural cost actions and operational efficiency.

Radio operations generated ₹807.2 million in revenue with profit after tax growing 12.0% to ₹28.7 million, while digital operations improved and now represent 29.0% of standalone business revenue. Radio now accounts for approximately 53% of domestic revenue, down from historical levels, while digital revenue has grown ninefold to 29.0% over three years.

The company's balance sheet remained strong, with consolidated cash of ₹3.71 billion as of September 30, 2026. Digital revenue growth has been driven by platforms like Gaana, which has 153.1 million monthly active users and 20.0 million monthly active users specifically on Gaana. The platform also has 101.1 million social media followers and 21.7 million YouTube subscribers with over 10.3 billion cumulative views.

ENIL's strategy has focused on digital transformation, with Gaana introducing innovations such as algorithm-driven auto-queue upgrades, new queue controls, and partnerships with Samsung smart TVs and Vivo phones. The company also launched co-branded hardware, the Noise Buds R1 – Gaana Edition earbuds, and new intellectual properties to differentiate its content offerings.