Entertainment Network (India) Limited , the operator of India's #1 FM radio channel Radio Mirchi and premier Audio Streaming Platform Gaana, has reported its financial results for the second quarter ended September 30, 2025. The company's Board of Directors approved the unaudited financial results in a meeting held on November 4, 2025.

Board Meeting and Financial Results Approval

The Board of Directors convened at the company's registered office in Mumbai from 2:30 p.m. to 7:50 p.m. on November 4, 2025. During this meeting, they approved both standalone and consolidated financial results for the quarter and six months ended September 30, 2025. The Board also took on record the Limited Review Report for these results.

Revenue and EBITDA Performance

Entertainment Network witnessed a significant increase in its top line, with consolidated revenues reaching ₹1,411.00 million in Q2, up from ₹1,135.00 million year-over-year. This 24.3% growth demonstrates the company's ability to expand its market presence and diversify its revenue streams.

The company reported Q2 EBITDA of ₹114.00 million compared to ₹112.00 million in the same period last year, representing a year-over-year increase of 1.8%. However, the EBITDA margin decreased to 8.06% from 9.82% in the previous year's corresponding quarter.

Performance Breakdown

The company's financial performance shows a mixed picture:

Digital Segment Growth

A standout feature of Entertainment Network's Q2 performance was the growth in its digital business. The digital segment's revenues climbed to ₹315.00 million, now accounting for 52.5% of ENIL's core radio advertising revenue, up from 21.4% in the same quarter last year. This growth was driven by an expanding user base and deeper engagement on the Gaana platform.

Operational Efficiency

The company has shown improvements in operational efficiency, particularly in its digital business. Investments in the digital segment were reduced to ₹98.00 million from ₹129.00 million in the previous year's Q2, indicating better cost management while achieving growth.

Challenges in Radio Advertising

While the company saw overall revenue growth, it noted that radio advertising continued to face pressure due to industry-wide softness and weak advertiser sentiment. However, growth in Digital, Events, and Branded Solutions more than offset this shortfall, validating the company's platform-agnostic strategy and diversified revenue mix.

Management Commentary

Yatish Mehrishi, CEO of ENIL, commented on the results: "Our performance this quarter highlights the success of ENIL's transformation journey and the strength of our diversified business model. The significant growth in our Digital, Events, and Solutions businesses demonstrates that we are well on our way to becoming a full-spectrum audio entertainment and audience engagement company."

Availability of Financial Results

The company has announced that the detailed financial results will be made available on its website and on stock exchange platforms. Following the disclosure of these results, the trading window for the company's securities will reopen after 48 hours.

Future Outlook

Entertainment Network's focus going forward will be to continue its transformation journey—building a more balanced portfolio while enhancing monetization across its ecosystem. The company's ability to grow its digital segment and diversify revenue streams may be key to improving profitability in future quarters.

As the media landscape continues to evolve, Entertainment Network's strategic shift towards a more diversified business model and its focus on digital growth could position it well for future challenges and opportunities in the audio entertainment industry.

Entertainment Network (India) Limited (ENIL), the company behind Radio Mirchi, is set to undergo a significant change in its promoter structure as part of a broader reorganization involving its current promoter, Bennett Coleman and Company Limited (BCCL).

Demerger and Transfer of Ownership

BCCL, the media conglomerate that currently holds a 71.15% stake in ENIL, has announced plans to demerge its non-publishing business into Times Horizon Private Limited (THPL), a wholly-owned subsidiary. This demerger includes BCCL's entire shareholding in ENIL, effectively transferring 3,39,18,400 equity shares to THPL.

New Promoter and Shareholding Structure

Upon completion of the reorganization:

• THPL will become the new promoter of ENIL, taking over BCCL's current position.
• THPL will issue one equity share to each BCCL shareholder for every BCCL share held.
• Additionally, THPL will allot 2,86,955 equity shares to Sanmati Properties Limited on a preferential basis.

Concentrated Voting Rights

A notable aspect of this restructuring is the concentration of voting rights in THPL. Following the reorganization:

• Sanmati Properties Limited, Arth Udyog Limited, TM Investments Limited, Vineet Jain, and Bharat Nidhi Limited will collectively hold 50.05% of the voting rights in THPL.
• This group of entities will act in concert regarding their voting rights in THPL.

Regulatory Approvals and Timeline

The proposed reorganization is subject to several regulatory approvals:

• National Company Law Tribunals
• Competition Commission of India
• Other statutory authorities as applicable

While the reorganization agreement was signed on September 23, 2025, the effective date of the scheme and the completion timeline are yet to be determined, pending these approvals.

Implications for ENIL

While this restructuring primarily affects the ownership structure above ENIL, it represents a significant change in the company's promoter arrangement. The move is part of a larger reorganization within the BCCL group, potentially streamlining operations and focusing the non-publishing businesses under THPL.

For ENIL shareholders and stakeholders, it's important to note that this change in promoter does not directly affect the company's operations or management. However, it may have long-term strategic implications as THPL takes over as the primary promoter entity.

As the reorganization progresses, Entertainment Network (India) Limited will likely provide further updates to its shareholders and the market regarding any material developments or changes resulting from this promoter restructuring.