NSE: ENIL · BSE: 532700
ENTERTAIN NET. IND. LTD.
Operates the Radio Mirchi FM radio network across India alongside the Gaana music streaming platform and an events and experiential marketing business. Consolidated FY26 revenue was ₹565 crore, up 3.9% year-on-year, with domestic revenue at ₹548 crore. Radio volume market share held steady despite macroeconomic and geopolitical pressure on ad markets in Q4. The digital (Gaana) business has become the primary growth engine, with non-FCT events revenue also contributing meaningfully to the top line. Subscription pricing on Gaana was raised, with management targeting FY27 breakeven. Other operating expenses, employee costs and depreciation are the main cost lines, while royalty payments run at 60-70% of digital revenue. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Radio advertising (FCT), Gaana digital music streaming, Events and experiential (Non-FCT). Media business straddling cyclical FM radio advertising and a fast-growing paid music streaming subscription business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 323 | 440 | 536 | 544 | 565 |
| EBITDA (ex other income) | 48 | 68 | 107 | 79 | 35 |
| margin % | 14.8 | 15.5 | 20.0 | 14.4 | 6.2 |
| Owners' profit | (36) | (11) | 32 | 12 | (8) |
| EPS, as reported (₹) | (7.60) | (2.21) | 6.92 | 2.51 | (1.55) |
| ROE % · ROCE % | (4.8) · (2.7) | (1.4) · 0.6 | 4.3 · 5.9 | 1.5 · 3.5 | (1.0) · (1.8) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 40 | 93 | 125 | 26 | 86 |
| Capex | (9) | (8) | (16) | (7) | (17) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 114 | 159 | 158 | 117 | 141 | 165 | 142 | 114 |
| Profit before tax | (2) | 12 | 16 | (8) | (6) | (12) | (5) | (7) |
| Net profit | (4) | 9 | 12 | (5) | (4) | (6) | 8 | (6) |
| EPS (₹) | (0.85) | 1.94 | 2.55 | (1.10) | (0.86) | (1.32) | 1.73 | (1.26) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TIPS MUSIC LIMITED | 10,163 | 47.4 | 39.10 | — | 83.4 | 110.1 | — | 55.7 |
| SAREGAMA INDIA LIMITED | 10,110 | 45.6 | 5.96 | 27.4 | 12.2 | 15.7 | 17.4 | 37.0 |
| NETWORK18 MEDIA & INV LTD | 3,722 | — | 0.75 | 35.9 | 3.1 | (2.8) | (14.7) | 2.3 |
| BALAJI TELEFILMS LIMITED. | 1,036 | — | 1.67 | — | (8.0) | (10.2) | (6.4) | 12.4 |
| ENTERTAIN NET. IND. LTD. ◆ | 391 | — | 0.52 | 5.2 | (1.0) | (3.4) | 15.7 | 15.4 |
| SHEMAROO ENTER. LTD. | 282 | — | 1.05 | — | (81.6) | (106.4) | 13.4 | (0.9) |
| MUSIC BROADCAST LIMITED | 183 | — | 0.41 | — | (12.0) | (11.8) | — | 38.4 |
| GRADIENTE INFOTAINMENT L | 59 | 12.7 | 0.19 | — | 0.9 | 1.3 | — | 10.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.5 | 0.9 | 4 of 11 | 70% |
| ROCE | (3.4) | (3.1) | 7 of 12 | 46% |
| ROE | (1.0) | (1.2) | 5 of 11 | 60% |
| Debt / Equity | 0.0 | 0.0 | 1 of 11 | 70% |
| EBITDA margin | 15.3 | 12.4 | 6 of 13 | 58% |
| Revenue growth | (2.8) | (2.8) | 6 of 11 | 50% |
| Profit growth | (14.2) | 56.4 | 9 of 12 | 27% |
| Market cap | 391 | 183 | 5 of 13 | 67% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · ENIL schedules Q2 FY27 earnings conference call | board shareholder meetings | low | — | — |
| 25 Oct 2026 · Board to approve September 2026 quarterly results on 3 November | results | low | — | — |
| 8 Oct 2026 · ENIL files quarterly demat compliance certificate for Q2 ending Sep 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · ENIL 27th AGM: All 6 Resolutions Approved, Dividend Declared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 27th AGM outcome: All 6 resolutions approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · ENIL holds 27th AGM via video conference on 25 Sep 2026 | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Trading window closed from 1 Oct 2026 for Q2FY2027 results | compliance | minimal | — | — |
| 4 Sept 2026 · CRISIL continues ENIL credit ratings on Watch Developing | credit debt | medium | — | — |
| 3 Sept 2026 · ENIL shares weblink for FY26 Annual Report and 27th AGM notice | investor communications | medium | — | — |
| 3 Sept 2026 · 27th AGM notice and e-voting details for ENIL | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.