Entertainment Network (India) (ENIL) Q3 25/26 earnings summary

Executive summary

• Domestic revenue increased 4% year-over-year to INR 160 crores (₹1,598 Mn) in Q3 FY26, with EBITDA at ₹137.4 Mn.

• Digital and non-FCT businesses drove growth, with digital revenues scaling rapidly and digital & IP revenue now nearly 50% of core radio business.

• Maintained a strong balance sheet with INR 372 crores (₹3.72 Bn) in cash as of December 31, 2025.

• Retained market leadership in radio with a 25% volume share.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 10, 2026.

Financial highlights

• EBITDA (excluding digital) stood at INR 23 crores, with an EBITDA margin of 18%.

• Digital platform revenue surged 99.9% year-over-year to ₹308 Mn, nearly 50% of radio revenues.

• Total consolidated income for Q3 FY26 was ₹1,649.6 Mn, up 3.8% year-over-year.

• PAT was negative at ₹(63.1) Mn; consolidated net loss for Q3 FY26 was ₹630.80 lakhs.

• Other expenses increased to INR 39 crores from INR 31 crores quarter-on-quarter, mainly due to higher marketing spend on Gaana.

Outlook and guidance

• Focus remains on disciplined investment and driving profitable growth, especially in digital.

• Committed to achieving breakeven for Gaana in the next two to three quarters.

• Digital and IP revenues are expected to remain strong contributors to overall growth.

• The company continues to monitor regulatory changes, including the implementation of new Labour Codes.