Entertainment Network (India) Ltd — Call Transcript 2025

Aug 5, 2025

entertainment network (India) limited

5 August 2025

BSE Limited, National Stock Exchange of India Rotunda Building, P. J. Towers, Limited, Dalal Street, Fort, Mumbai- 400001 Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400051

BSE Scrip Code: 532700/ Symbol: ENIL Sub: Transcript of the Investors’ call Q1FY26

Dear Sir/ Madam,

Please find enclosed herewith the transcript of the Investors’ Call / Earnings Conference Call – Q1FY26, held on 30 July 2025.

The same has been uploaded at:

• • • https://www.enil.co.in/stock exchange filings fy2026.php

and

• • https://www.enil.co.in/financials investorp fy2026.php

For Entertainment Network (India) Limited

Digitally signed by Mehul Mehul Rasiklal Shah Rasiklal Shah Date: 2025.08.05 16:24:14 +05'30'

Mehul Shah EVP– Compliance & Company Secretary (FCS no- F5839)

Encl: a/a

Registered Office : The Times Group, Sunteck Icon, CTS 6956 VLG, Kolekalyan Vimantal, CST Link Road, Kalina, Near Mercedes Show Room, BKC Junction, Santacruz East, Mumbai - 400098, Maharashtra, India. Tel: 022 68896222. E-mail: mehul.shah@timesgroup.com www.enil.co.in Corporate Identity Number: L92140MH1999PLC120516

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“Entertainment Network (India) Limited Q1 FY26 Earnings Conference Call”

July 30, 2025

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– MANAGEMENT: MR. YATISH MEHRISHI CHIEF EXECUTIVE OFFICER, ENTERTAINMENT NETWORK (INDIA) LIMITED. – MR. SANJAY BALLABH CHIEF FINANCIAL OFFICER, ENTERTAINMENT NETWORK (INDIA) LIMITED.

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Moderator: Ladies and gentlemen, good day, and welcome to the Entertainment Network (India) Limited Q1 FY26 Earnings Conference Call.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Ms. Runjhun Jain. Thank you and over to you, ma’am.

Runjhun Jain:

Thank you, Nidhi. Good morning, everyone. To take you through the results and answer your questions today, we have Management Team from the company here represented by Mr. Yatish Mehrishi – Chief Executive Officer, and Mr. Sanjay Ballabh – Chief Financial Officer.

Please note that the Financial Results and the Presentation have been uploaded on the company’s website and on the exchanges. Should you need any further information, you can reach out to us at EY IR.

Before we begin, I would like to remind you that today’s discussion might include forwardlooking statements based on current expectations and assumptions. These statements are subject to risk and uncertainties that could differ materially from the actual results. The company undertakes no obligation to update these statements after today’s call whatsoever.

With that said, I will hand over to Mr. Yatish.

Yatish Mehrishi:

Thank you, Runjhun. Good evening, ladies and gentlemen. On behalf of ENIL, I extend a warm welcome to our Q1 FY ‘26 Earnings Call. We announced our results yesterday and I trust you have had an opportunity to review them.

I would now like to walk you through the key highlights and provide context around our performance:

During the quarter, we recorded domestic revenue of Rs. 113 crores, representing a year-on-year growth of 3.2%. This growth was primarily driven by the strong performance of our non-FCT and digital segments, which grew by 33.0% and 41.2% respectively on a year-on-year basis. EBITDA stood at Rs. 6.2 crores, registering a year-on-year growth of 3.6%, reflecting continuous focus on profitability. EBITDA excluding digital stands at Rs. 16 crores with a margin of 17.5%. PAT for the quarter was Rs. 1 crore. Our international operations continued to be EBITDA positive and contributed Rs. 4.1 crores in revenue for the quarter. The company continues to maintain a robust balance sheet with a cash balance of Rs. 336 crores as of June 30, 2025.

Turning now on the performance of our key segments:

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Let me start with Radio:

The radio FCT advertising segment delivered subdued results during the quarter with a revenue of Rs. 66.1 crores, a decline of 12.1% year-on-year. This was primarily due to a high base in the previous year, and you will remember the significant political advertising ahead of the general elections last year. Additionally, the geopolitical situation during the quarter also led to headwinds in the FCT business. In spite of that, we continue to be better positioned than many of our peers with a strong 25.4% volume share in the Radio FCT segment. We remain optimistic about the coming quarters and expect a modest growth in the Radio business over the remainder of FY ‘26.

Coming to our non-FCT segment:

The non-FCT segment stood at Rs. 25.2 crores, reflecting a strong year-on-year growth of 33%, supported by a healthy EBITDA margin of 43.4%.

Moving to our digital business:

In this quarter, digital revenues stood at Rs. 21.7 crores, contributing almost a record 40.7% of total Radio revenues, up from last year of 24.8%. This growth demonstrates the continued strength of the Gaana platform and with user adoption and engagement remaining robust despite our revised pricing which we took last year. Notably, digital investments declined to Rs. 9.8 crores from the last year numbers of Rs. 14.2 crores, in line with our guidance during the previous quarters about improving our marketing and operational efficiency.

With this, I will hand over the call to the Moderator and look forward to your questions. Thank you.

Moderator:

We will now begin the question-and-answer session. The first question is from the line of Khushi Sen from Individual Investor.

Khushi Sen:

May I please know the Gaana revenue for this quarter?

Yatish Mehrishi:

The Gaana revenue for this quarter is almost about Rs. 18 crores.

Khushi Sen:

And what is its year-on-year growth?

Yatish Mehrishi:

87.6%.

Khushi Sen:

This is just to confirm that last year same quarter, the Gaana revenue was roughly around Rs. 10 crores, right?

Yatish Mehrishi:

Yes, Rs. 9.57 crores.

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Khushi Sen:	The other question is in investor presentation; you have given us non-FCT revenues of Rs. 251.9
	million. What is the FCT revenue for the quarter?
Yatish Mehrishi:	FCT revenue is Rs. 66 crores.
Khushi Sen:	Rs. 66 crores. Okay. Also, I want to know what the market share is for the quarter.
Yatish Mehrishi:	I spoke about 25% on a volume basis.
Khushi Sen:	What is the volume growth then for this quarter?
Yatish Mehrishi:	The volume growth has been about 3%.
Khushi Sen:	And what is the overall inventory utilization that the company has?
Yatish Mehrishi:	It is in the range of 70-75%.
Khushi Sen:	So, lastly, I just wanted to know what is the effective growth rate year-on-year?
Yatish Mehrishi:	On quarter-on-quarter, we do not look at it because last year, there was a lot of elections and
	government spends. And government and elections, you would know, come at a higher price.
	And this year, with that not being there, it cannot be a like-to-like comparison.
Khushi Sen:	Could you please tell me from the pre-COVID levels are compared to now?
Yatish Mehrishi:	The ERs still are subdued to pre-COVID level. It is about 25% lower than the pre-COVID levels.
Moderator:	The next question is from the line of Shikhar Mundra from Vivog Commercial Limited.
Shikhar Mundra:	For Gaana, how many of our subscribers are on the old pricing regime and how many are on the
	new pricing regime as of now?
Yatish Mehrishi:	So, Shikhar, the way right now we look at is on a gross margin positive, I would not put a
	number, but gross margin positive numbers would be almost more than 50%.
Shikhar Mundra:	What do you mean by gross margin positive, can you explain?
Yatish Mehrishi:	So, as I have spoken about earlier also, the earlier price of Rs. 299 was a loss-making price. It
	was not feasible for us to do it. So, the people who are on Rs. 299 will be a loss-making
	proposition. So, they will churn out and come to the new pricing.
Shikhar Mundra:	But now, this quarter, I want to know how many of these people who are on Rs. 299, they got
	their subscription over and out of which, how many renewed their subscription? So, if you cannot
	give me exact numbers, maybe give me a percentage, like maybe X amount of people had their
	subscription.

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Yatish Mehrishi:	The way I would look at it, Shikhar, it is too detailing it out. Maybe if you want, we can have a
	one-on-one call on this. But to give you a perspective, our net adds increased by upwards of
	25%.
Shikhar Mundra:	The net what increased by 25%?
Yatish Mehrishi:	The net subscription increased by 25%. Okay.
Shikhar Mundra:	But is that a mix of new subscribers versus the old ones?
Yatish Mehrishi:	Yes. People will churn out, there will be new guys coming in, there will be new trials coming
	in. So, it will churn out. So, I would not, I have not been positioned to detail out at each pricing
	level in this call. Happy to have a separate chat on it. But overall, as I said, our net adds have
	increased by about 25%. Okay.
Shikhar Mundra:	And this is quarter-on-quarter, right?
Yatish Mehrishi:	This is quarter-on-quarter.
Shikhar Mundra:	And we are seeing a similar trend in this coming quarter or Q2 also?
Yatish Mehrishi:	So, the way we look at it, the way we took the business, and we went paid, sometimes in one of
	the quarters, you will see a little less growth. So, I would look at not every quarter, unlike all
	digital businesses. At a yearly level, we expect this level of growth to continue.
Yatish Mehrishi:	Because some quarters, because if the churn happens, because when you start the business, there
	are a lot of people who went paid. So, the churn is also a little higher on those quarters. So,
	maybe sometimes the net adds can be lower. But at an annual level, it is safe to say it could be
	about 25% level.
Shikhar Mundra:	And so, Rs. 18 crores quarterly, So, I mean, and what was the cash from this quarter for Gaana?
Yatish Mehrishi:	So, as I said, on a total digital level, it is about Rs. 9 crores, against Rs. 9.8 crores, against last
	year of Rs. 14 crores.
Shikhar Mundra:	Digital was Rs. 9.8 crores. Right. So, what would be the break-even level for Gaana to be
	EBITDA positive?
Yatish Mehrishi:	The way I would look at it, we believe, and I have been speaking in the last investor calls also,
	we believe early next year, similar time, we could be breaking even.
Shikhar Mundra:	So, that early next year, assuming this kind of run rate. So, we are estimating maybe a revenue
	of Rs. 150 crores annually are good enough for it to break even. Is this the right understanding?
Yatish Mehrishi:	Yes, it is a mix of both because it depends on how the subscriber growth and plus, as we speak,
	we have a pricing hedge also right now. If you look at, we increased the price from Rs. 299 to

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Rs. 599, while competitors are a little higher. So, there is a little bit of headspace available. So, we keep testing it out because it depends on the subscriber growth and the value. But yes, at Rs. 150 crores revenue, if you do, it should break even. But as I speak, as I said, it will be a mix of both subscriber growth and the pricing also.

Shikhar Mundra: And can you help me with the cost structure? Like how should I look at, there will be some variable cost, I mean and there is some fixed cost. So, can you explain me the cost structure? Yatish Mehrishi: See, any digital business in this, in music streaming, purely there is a content cost and then there is the tech cost other than the people cost. So, these are the three main cost elements which are there, which keeps improving over a period of time as I said, Rs. 299 customers, it is not a feasible price, but the content cost is higher. So, as we keep churning out Rs. 299 customers, the percentage cost of content also keeps coming down. Saying up to cost of content, we would expect to be at a good level at 65%, right now it is not. That would be our aim to get the content cost at about 60% to 65%. Shikhar Mundra: 60% to 65% at a good level. So, when you say good level, can I assume a break-even level you mean? Yatish Mehrishi: Yes. Shikhar Mundra: And what will the people cost for this, which I believe might not go up when even when we scale up the revenues? Yatish Mehrishi: Yes, generally it does not. But if you look at some tech built up, it can happen if you want to improve some tech products and all. But with AI coming in, we look at more efficiencies also. So, a natural increment, HR costs can go up, but not much. We will try to leverage that. And still, as I said, for us, it is an agency business because we have a large content team, the Radio business also, which can also be utilized for this team. Shikhar Mundra: So, can we put a number to these costs for this quarter, content, tech and people cost? Yatish Mehrishi: I would not want to do that on the call right now. Shikhar Mundra: And for the, I mean, for the traditional business, what kind of recovery are we seeing this quarter or are things remaining as it is, or do you have any optimism or are we hopeful of some better numbers coming ahead? Yatish Mehrishi: See, the way I look at it here is, last year, if you look at second half media industry has had a lot of headwinds since last year H2. So, there will be a base effect coming in monsoons, do not look erratic, but there have still been better monsoons than last year. Festive, only deterrent is festive is little earlier. So, it will be difficult to compare last year and this year because this year, the last festive happens in quarter two against last year of quarter three. But I think in quarter three and quarter four, we believe there will be a base effect, which will lead to growth.

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Shikhar Mundra: And then finally, what about the cash balance of Rs. 350 crores? How do we plan to use it? Because it is, I mean, it has been a long time, we have been patiently sitting as shareholders, not being able to create value, I understand the headwind in the industry. But I mean, somewhere we will have to, I mean, how do we use the cash balance? And how do we think about creating value for shareholders? Yatish Mehrishi: One thing is, we have been very consistent on dividend, even during COVID times also, we have been increasing and though margin increased, but over the last two years, you would have seen we have been very consistent on dividend and have increased that. Also, we keep evaluating different businesses, new businesses also, as you look at AI impacting not just media industry, but all industries. So, we keep looking at new opportunities to see if we can look at new avenues, while as we stabilize Gaana business and then, also start looking at newer media opportunities, media businesses also. Shikhar Mundra: But nothing material on card, I do not know, I mean, for acquisitions. Yatish Mehrishi: We keep evaluating, we keep discussing, but there is nothing material right now. Moderator: The next question is from the line of Vipul P. Shah from INPact Wealth Advisors. Vipul P. Shah: I wanted to check last when we discussed in the last quarter, the digital revenues, especially the Gaana revenues were roughly around Rs. 18 crores, which means that on a Q-on-Q basis, there is no growth. Is that the right way to look at it? Yatish Mehrishi: Vipul, in the last quarter, it was about Rs. 14.6 crores, now it is Rs. 17.95 crores. What you are looking at is the overall digital revenues and not Gaana revenues. Vipul P. Shah: And obviously, based on whatever, between last quarter and current quarter, the kind of visibility you are seeing, you still feel fairly confident, and you just mentioned also that by this time next quarter, next year, you would be able to break even on Gaana, that visibility looks for sure? Yatish Mehrishi: Yes, so far on course, but for our workings and the way we are looking at our efficiencies in business, we believe we should be able to do that. Moderator: The next question is from the line of Rahul Goenka from Oasis Ventures PL. Rahul Goenka: I just wanted to ask you that does Gaana have any cost competitive advantages compared to its rivals because of its Radio presence? And basically, Radio Mirchi has been operating a lot in the regional spaces, where the other rivals have not been able to have such a stronghold. So, does that pose as an advantage to Gaana in the future? Yatish Mehrishi: So, Rahul, it is a good question and that has always been the premise for us when we took over Gaana business also. And you rightly pointed out Mirchi has been the one where Discovery of Music has happened over the last two decades. Before even digital came in, people woulcreateover music on Radio and Mirchi being the largest and the leader in that place has

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always been where people discover music and we curate the best music for people, the playlist and all. And with our presence in 63 markets, yes, it is a massive competitive advantage, not just from a marketing and media muscle that we can promote Gaana in all these markets. But because we understand the nuances of each market and each language, and you would know that India changes every 40 kilometers - 50 kilometers, both on food, music, taste.

We understand and that is the reason we are able to customize and target individuals at those levels. So, those learnings surely help us deliver this business better than our competition. And as you know, if you look at it, most of the music streaming services, the head of music have all been Mirchi guys. So, for us, we understand this really well. And with Gaana, our event business and the Radio business, we are really, really well placed in the audio segment, audio entertainment segment for the country.

Rahul Goenka:

What about your rivals? It has been closed down as yet and I believe YouTube Music and all have got massive budgets and people are kind of elevating to them because they have the videos to go along with it. So, does Gaana also provide that, or do they just provide the music?

Yatish Mehrishi:

So, Rahul, the way we look at it, our businesses in Gaana, we are a paid service while YouTube and Spotify and first of all, Wink has closed down, Hungama has closed down, Resso has closed down. So, there are very less players now. At one point in time, there were nine music streaming services. And it has been now very clearly seen that if you run only a free service, it is not a viable business. Paid subscription is the way to go globally. Also, if you look at Spotify numbers, it has always been paid subscription, which drives profitability and numbers. So, from that perspective, we believe a paid subscription is a business to go for. Earlier also, if you look at when we were kids or when we were college guys, we used to buy music.

It is just that when free streaming happens, people stop buying. So, as music is not available free, people will go back. You would remember that a Kabhi Khushi Kabhie Gham CD, you would have bought at about for Rs. 300 - Rs. 400 also. And in today’s time, you are able to provide Rs. 600 or Rs. 700 a yearly subscription with millions of songs across the universe at the touch of a button. So, there is massive convenience. The entire catalog is available. The best playlisting is available. So, there is a lot of value which is being given to people.

From a competition point of view, the way we look at it, there is massive headroom available for subscription. In India, there are almost about 200 million free music subscribers. But only about 10 million to 12 million are paying subscribers. If you look at the EY last report, which came in during the FICCI FRAMES in March, only about 10 million to 12 million pay. So, there is a massive headroom. You can always be pinching that why only 10 million to 12 million pay. There is a behavior change required. I think and I am very optimistic that is the way to go. And so is the headroom available? There is behavior, there is people are streaming music online, which is a good thing because we were large streaming. Over the period, people will tend to pay and it is still a lot of headroom available. Everybody can grow. It is not about just us, YouTube, Spotify can grow because there is so much audience available for you to attract your own

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subscribers. And as you mentioned, we understand that Tier II, Tier III market or the regional market well. Just to give you a number, 65% of our users come from Tier II, Tier III markets.

Rahul Goenka: But do you want to pose a threat like YouTube Music, if somebody wants to watch something free. So, they can get some live streaming of some songs free of charge, whereas you all guys are charging Rs. 500 - Rs. 600. So, does that pose as a competition or not really?

Yatish Mehrishi: See, from that point of view even Radio Mirchi is a competition because there also music is freely available, but ads play. Similarly, on YouTube also, music is available, ads play. Now, if a consumer wants to have music which is without any ads and wants to have so much of music available, then it does not matter to us. I am just saying, being YouTube or being Spotify or being Radio also, because everything is available free. And that is where the change is happening. But if you look at why people move to streaming it is largely because ads have always been a deterrent. With YouTube also, more ads coming in and they also pushing their premium product, we believe the market will also move towards subscription.

If you look at Spotify or YouTube, both are pushing subscription and asking people to pay rather than giving free because on a free product, you will have restrictions on playlisting, backgrounding is not available. So, there are a lot of restrictions on the free product also, the experience is not so great. So, I am not saying all 200 million will start paying in the next six months or one year. But even if the numbers just jump to double in the next two, three years, every business will become very, very profitable and a good business to be in and that headroom is available. Rahul Goenka: What I was also on chat GPT, what I found that YouTube Music has invested close to Rs 21,000 crores in the last two years - three years. So, is that figure you think is correct or you would not like to comment? Yatish Mehrishi: It will be global. And plus, you know, YouTube is a platform where labels also put their content. And when ads play, they have to give money back to labels or any content. It is a global number. And that business, I would not go to I would not be in a position also to comment on it. But it is whatever we read and whatever our sources say it is a global spend for it and not just India. And it is not about just music; it is about all content.

Moderator: The next question is from the line of Anant Shirgaonkar from Newport Capital.

Anant Shirgaonkar: Yatish, can you just give some color on the event business? How the quarter went and how is the year looking going ahead? And what is the sustainable growth rate you expect for the event?

Yatish Mehrishi: So, event business, just the event business because we do solutions. But if you look at just pure event business, what we call the IP events, for us, this quarter grew almost about 58%. And I would have loved more growth had the geopolitical situation not happened where we had to cancel a lot of events. If that had not happened, the growth would have been a little higher. Having said that, quarter two also and then the coming quarters also we believe our event business will see massive growth. And in this case, we are not talking about percentage growth,

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it could be actually almost doubling revenues also. That is the tailwinds we see in the experiential business. So, I am very optimistic about the growth in the event business.

Anant Shirgaonkar:

And how do you see this playing out over the next few years? Do you think this is more sustainable? Because already I heard that you are doing 50 plus marathons, and you are doing a lot of concerts and festive events and stuff. So, how much can this grow, or you can keep going Tier II - Tier III and the demand for events just keeps on growing year after year? How do you see this playing out?

Yatish Mehrishi:

So, I think events business on its own can match up the ad business because there is so much tailwinds available that people are we are looking at there is a behavior change in consumer, where people are spending money on experiential, they want to go out. There is massive investment coming from the district and BookMyShow also when you look at, you know how you make people move out and there is incentive available. Plus, if you look at the concert music scene, food, everything looks very, very different post-COVID. So, there is a massive change that has happened. And we believe that that is here to continue. The new generation believes in you live only once and if they want to spend money on experience and not on holding assets, they want to experience life. So, if you look at it, be it a Wimbledon type of event also would have seen so much so many influencers and everybody talking about it. It is no longer just a sports event; it is become a fashion event also. So, that is the amalgamation of events, entertainment, sports, music coming together, and people wanting to go out and experience is leading to the tailwinds to drive this business.

And because we have been in this business for last more than a decade, and without presence in 63 markets, we believe we are well positioned to leverage this. It comes with a little less margin compared to the Radio business. And when you see a lot of tailwinds in any industry, a lot of players get into it. So, in a shorter period, there could be some pressure on margins also because a lot of people would want to just take some business from you by quoting a lower margin. But that happens because then the quality, you can lose business funds, but not every time. And that is what you have seen in the last 10 years. With our equity in the market with our presence, our client relationship, I think we are well placed to drive growth and profitability.

Anant Shirgaonkar:

Right. And I believe ROCE would be very high for this because investments will be very low. Is that a fair comment?

Yatish Mehrishi:

Yes, it is a people driven thing. And because a lot of cost becomes variable, it is a people intensive business. So, as much as I would like to do 63 markets, it will require teams in this market. And these are specialist people. This is not like that, I can tomorrow send my Radio sales guy to execute the event. The execution of the event is very different. But from a CAPEX point of view, there is no investment.

Anant Shirgaonkar:

Right. And as far as I have seen from this quarterly result, you have got event business, which you said has grown at 58% and you have got Gaana business, which is again shown a healthy

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growth. And if you add the revenues for both events and Gaana, then as for what I have done, they exceed the Radio revenues. Is that a fair comment?

Yatish Mehrishi: Not really as of now. That is our aim is I think it would be by year end, we should be looking at 50% - 50% if not less for Radio. But as of today, it is almost about 58% Radio, and it is as per our plan because generally events are a very H2 heavy calendar. H1 is not as heavy as H2 because events start post the rains, a lot of on ground events start post rains. And that is the reason H1 is little muted when you look at event business. But Gaana is more linear, while events will be very H2 heavy.

Anant Shirgaonkar: Correct. So, just extending your comment here, if you say that by year end Gaana plus events exceed Radio, and given that Gaana and event, both are showing so much of a healthy growth, then going forward next two years, three years, four years, Radio should become smaller and smaller part of ENIL, whereas the high growth businesses would start dominating the top line.

Yatish Mehrishi: That is the aim, I think. But that is what you are calling my KPIs very clearly. That is what we're looking at transforming this company from just being a Radio company to a multimedia company, what’s true to the name of entertainment network and not just VFM Radio.

Moderator: As there are no further questions, I would now like to hand the conference over to the management for closing comments.

Yatish Mehrishi: Thank you. Thank you. Ladies and gentlemen, it is a pleasure to have you all. We remain committed to driving profitable growth and returns for our shareholders. Thank you once again for joining this call. Thank you very much. Have a good day. Moderator: Thank you very much. On behalf of Entertainment Network India Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

(This document has been edited for readability purpose)

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