Entertainment Network (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Entertainment Network (India) Ltd filed with BSE on 21 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Entertainment Network reported FY26 consolidated revenues of INR565 crores, up 3.9% year-on-year, with digital business revenue growing 84% to INR112.4 crores. Radio and non-FCT segments faced headwinds from macroeconomic conditions and geopolitical tensions, particularly in the Middle East, while digital revenue now contributes about 48% of radio revenues. Management discussed a income tax demand of INR113 crores which it plans to contest, and outlined its approach to Gaana subscriber growth and pricing.
Numbers mentioned
Consolidated revenue: INR565 crores (FY26)
p. 3
“For FY '26, we delivered consolidated revenues of INR565 crores, representing a year-on-year growth of 3.9%.”
Yatish Mehrishi, page 3 of the filed PDF · View the filing
Domestic revenue growth: 4% to INR548 crores (FY26)
p. 3
“Domestic revenues grew by 4% to INR548 crores, primarily driven by the strong momentum in our digital business.”
Yatish Mehrishi, page 3 of the filed PDF · View the filing
EBITDA excluding digital: INR76 crores, 18% margin (FY26)
p. 3
“EBITDA excluding the digital business stood at INR76 crores for FY '26, translating into an EBITDA margin of 18%.”
Yatish Mehrishi, page 3 of the filed PDF · View the filing
PAT excluding digital: INR22 crores (FY26)
p. 3
“PAT excluding digital, stood at INR22 crores.”
Yatish Mehrishi, page 3 of the filed PDF · View the filing
Deferred tax liability reversal: INR17.2 crores (FY26)
p. 3
“This includes a one-time impact arising from the reversal of deferred tax liability amounting to INR17.2 crores, pursuant to tax reassessment under the Finance Act 2026.”
Yatish Mehrishi, page 3 of the filed PDF · View the filing
Consolidated cash balance: INR424 crores (as on March 31, 2026)
p. 4
“As on March 31, 2026, the company maintained a consolidated cash balance of INR424 crores, while the standalone cash balance stood at INR404 crores.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Radio volume market share: 25.2% (FY26)
p. 4
“Despite these challenging conditions and industry headwinds, the company continues to maintain its leadership position with a volume market share of 25.2%.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Non-FCT segment revenue: INR148 crores (FY26)
p. 4
“For FY '26, revenues for the non-FCT segment stood at INR148 crores.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Digital business revenue: INR112.4 crores, 84% growth (FY26)
p. 4
“Revenues for the year stood at INR112.4 crores, representing an impressive year-on-year growth of 84%.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Digital revenue as share of radio revenue: 48% (FY26)
p. 4
“Digital revenues now contribute to our radio revenues by about 48% for FY '26, making a significant structural shift in our business mix.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Digital spending reduction: 23% (FY26)
p. 5
“Digital spending during the year was reduced by 23%, reflecting improved unit economics and tighter cost management, even as the business continued to scale meaningfully.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
Dividend per share: INR2 (FY26)
p. 5
“I'm pleased to share that the Board has recommended a dividend of INR2 per share for FY '26.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
Digital business revenue: INR21 crores, 42% growth (Q4 FY26)
p. 8
“So overall digital business for Q4 was about INR21 crores and a year-on-year growth of about 42%.”
Yatish Mehrishi, page 8 of the filed PDF · View the filing
Digital business revenue: INR81 crores, 71% growth (FY26)
p. 8
“INR81 crores with a growth of 71%.”
Yatish Mehrishi, page 8 of the filed PDF · View the filing
FCT revenue: INR74 crores (Q4 FY26)
p. 8
“FCT revenue was about INR74 crores and non-FCT of about INR38 crores.”
Yatish Mehrishi, page 8 of the filed PDF · View the filing
Gaana revenue growth: from INR61 crores to about INR112 crores
p. 5
“To give you some numbers, we have grown from about INR61 crores of Gaana revenue to about INR112 crores.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
Gaana subscriber CAGR: 15% (last 2 years)
p. 5
“We believe the way in the last 2 years, we have seen almost a 15% CAGR on subscriber growth should stay put for the next 2, 3 years also.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
Gaana annual pack price: INR799
p. 6
“And I believe generally and even most of the labels, if you would have Saregama's commentary also, where Vikram talks about INR100 a month could be a right price of INR1,200 a year price is the price you would want to look at.”
Yatish Mehrishi, page 6 of the filed PDF · View the filing
Pure digital business revenue: INR29 crores, 61% growth (Q4 FY26)
p. 12
“So pure digital business is about INR29 crores with a growth of 61%, approximately.”
Yatish Mehrishi, page 12 of the filed PDF · View the filing
Income tax demand: INR113 crores (FY23-24 assessment)
p. 10
“However, ignoring all the submissions, order was passed, and that resulted in a demand of INR113 crores.”
Sanjay Ballabh, page 10 of the filed PDF · View the filing
Radio volume market share: 25.6%
p. 10
“Radio, as I said, we continue to be the leaders with a volume share of almost 25.6%.”
Yatish Mehrishi, page 10 of the filed PDF · View the filing
Indian music subscription numbers: about 15 million, up from 8 million two years back
p. 10
“So, EY recently reported during the FICCI report, the EY FICCI report, which came in, in March, talks about the Indian music subscription numbers at about 15 million, which was about 8 million two years back.”
Yatish Mehrishi, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Gaana breakeven — breakeven · FY27
stated as an aspiration by Yatish Mehrishi
p. 6
“The way we look at, as I said, FY '27 is a year where we look at breakeven and then go forward to keep looking at more and more profitability.”
Yatish Mehrishi, page 6 of the filed PDF · View the filing
Gaana breakeven — breakeven · this financial year
stated as an aspiration by Yatish Mehrishi
p. 13
“So, we would be happy to do that in this financial year itself. We have been reducing quarter-on-quarter.”
Yatish Mehrishi, page 13 of the filed PDF · View the filing
Gaana pricing — headroom on price
stated as an aspiration by Yatish Mehrishi
p. 6
“But as we grow along, we will look for some headroom available for the price.”
Yatish Mehrishi, page 6 of the filed PDF · View the filing
Subscriber growth CAGR — 15% CAGR · next 2, 3 years
stated as an aspiration by Yatish Mehrishi
p. 5
“We believe the way in the last 2 years, we have seen almost a 15% CAGR on subscriber growth should stay put for the next 2, 3 years also.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
International expansion — Gaana-led international foray
stated as an aspiration by Yatish Mehrishi
p. 11
“The way we look at now is with Gaana as a critical product and with the critical mass, I think, and now being present in many countries, in any international market, we would want to go with Gaana, rather than radio.”
Yatish Mehrishi, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said subscriber growth should continue at around 15% CAGR, with focus on profitable subscriber growth rather than chasing numbers, and expects breakeven in FY27.
Answered by Yatish Mehrishi
Asked by Amit Mehendale: What is the business plan trajectory for Gaana over the next 2-3 years?
p. 5
“We believe the way in the last 2 years, we have seen almost a 15% CAGR on subscriber growth should stay put for the next 2, 3 years also.”
Yatish Mehrishi, page 5 of the filed PDF · View the filing
Management said pricing has increased from INR300 to INR799 annually, with more headroom, and that market share versus Spotify and Apple remains healthy.
Answered by Yatish Mehrishi
Asked by Amit Mehendale: What is the pricing power and market share situation for Gaana?
p. 6
“As of today, we are at INR799 where we believe the unit economics work to a certain extent. But as we grow along, we will look for some headroom available for the price.”
Yatish Mehrishi, page 6 of the filed PDF · View the filing
Management said the music label variable cost typically ranges 60-70% of revenue, with some scope for margin improvement via scale and non-music content.
Answered by Yatish Mehrishi
Asked by Amit Mehendale: What percentage is royalty/variable cost in the unit economics?
p. 7
“Yes, there is a variable content of the music label cost to be given, which always remains in the range of 60% to 70%, depending on how you put it up.”
Yatish Mehrishi, page 7 of the filed PDF · View the filing
Digital business was about INR21 crores in Q4 with 42% year-on-year growth, and INR81 crores for the full year with 71% growth.
Answered by Yatish Mehrishi
Asked by Tanushi: What was Gaana/digital revenue and growth for Q4 FY26 and full year?
p. 8
“So overall digital business for Q4 was about INR21 crores and a year-on-year growth of about 42%.”
Yatish Mehrishi, page 8 of the filed PDF · View the filing
Management said volume growth was largely flat during a tough quarter.
Answered by Yatish Mehrishi
Asked by Tanushi: What was volume growth in the quarter?
p. 8
“Volume growth has largely been flat. It's been a tough quarter.”
Yatish Mehrishi, page 8 of the filed PDF · View the filing
CFO explained it relates to FY23-24 assessment where the department passed an order resulting in a demand, and the company plans to appeal.
Answered by Sanjay Ballabh
Asked by Rahul: Can you explain the INR111/113 crore income tax notice?
p. 10
“The company is completely confident that it can go to the next level to CIT appeal and other courses of getting the justice.”
Sanjay Ballabh, page 10 of the filed PDF · View the filing
Management said radio maintained leadership with about 25.6% volume share, while the non-FCT/events business was impacted by cancelled international artist concerts due to geopolitical conflict.
Answered by Yatish Mehrishi
Asked by Rahul: How is the radio industry and ENIL's radio competitors performing given the sales dip?
p. 10
“A couple of our international artist concerts had to be canceled, which resulted into a drop in revenues.”
Yatish Mehrishi, page 10 of the filed PDF · View the filing
Management cited EY FICCI data showing Indian music subscriptions at about 15 million versus a targeted addressable population of about 100 million.
Answered by Yatish Mehrishi
Asked by Rahul: How large is the total addressable subscriber market and current penetration in India?
p. 10
“So, EY recently reported during the FICCI report, the EY FICCI report, which came in, in March, talks about the Indian music subscription numbers at about 15 million, which was about 8 million two years back.”
Yatish Mehrishi, page 10 of the filed PDF · View the filing
Management said it will only pursue profitable growth, evaluates inorganic opportunities, and remains cautious given challenging media and economic conditions.
Answered by Yatish Mehrishi
Asked by Amit Mehendale: Given the large cash balance and low market valuation for radio, why not spend more aggressively to scale digital faster?
p. 12
“So, we are very clear we will chase profitable growth only. We will not just chase numbers.”
Yatish Mehrishi, page 12 of the filed PDF · View the filing
Risks flagged
Subdued radio industry demand amid macroeconomic uncertainty
p. 4
“FY '26 continued to be a challenging year for the overall radio industry with demand conditions remaining subdued amid persistent macroeconomic uncertainties that continue to weigh on advertisers’ sentiments.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Geopolitical conflict in West Asia impacting business confidence and international operations
p. 4
“The slowdown was further aggravated by the ongoing geopolitical tensions in the West Arab war, which adversely impacted business confidence.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Middle East market disruption affecting advertiser spending
p. 4
“This market witnessed disruption and slowdown in economic activity, leading advertisers to adopt a more cautious and conservative spending approach.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Event cancellations due to travel constraints for international artists
p. 4
“For instance, a couple of our international artist concerts faced travel constraints, which led to cancellation of certain events.”
Yatish Mehrishi, page 4 of the filed PDF · View the filing
Income tax demand of INR113 crores under dispute
p. 10
“However, ignoring all the submissions, order was passed, and that resulted in a demand of INR113 crores.”
Sanjay Ballabh, page 10 of the filed PDF · View the filing
Rising customer acquisition cost pressure across subscription industry
p. 9
“In fact, in the last quarter also, we said that there is a pressure with every subscription business in India chasing the same customer, there has been a hike on the CAC numbers, which we believe, we always be prudent on that side.”
Yatish Mehrishi, page 9 of the filed PDF · View the filing
Challenging overall media landscape amid geopolitical and economic conditions
p. 12
“You have seen that overall geopolitical thing and the economic conditions; the overall media landscape is also a bit challenging right now.”
Yatish Mehrishi, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.