Entertainment Network (India) Limited (ENIL) stands as one of India's premier entertainment and media companies, operating a diverse portfolio that spans radio broadcasting, digital music streaming, outdoor advertising, and event management. Incorporated in 1999, ENIL is a subsidiary of the Times Group and operates across multiple lines of business, including radio, digital, outdoor, television, and events. The company is listed on both the Bombay Stock Exchange (BSE: 532700) and the National Stock Exchange (NSE: ENIL), making it the only publicly traded entity within the otherwise privately held Times Group.
ENIL's radio business is the largest in India, with over 39 FM radio stations in 32 cities across India. The company operates under several popular brand names including Radio Mirchi, Mirchi 95, Mirchi Plus, Mirchi Love, and Kool FM. As of Q4 FY25, ENIL holds a 26% volume share and over 30% from a value perspective in the radio business. The radio segment remains the company's core revenue driver, though it faces challenges from changing consumer preferences and digital disruption.
ENIL's digital business is also rapidly growing, with its digital music streaming platform, Gaana, becoming one of the most popular apps in India. The acquisition of Gaana has significantly strengthened ENIL's digital portfolio. After potential merger and acquisition talks with Airtel Wynk fell through, Times Internet and Tencent-backed Gaana consolidated with Times Group's listed subsidiary Entertainment Network India Limited (ENIL) in December 2023. Gaana was acquired for Rs 25 lakh, as per ENIL's filings with the National Stock Exchange (NSE). The platform offers music streaming in multiple Indian languages and has been transitioning to a paid subscription model.
Beyond radio and digital music, ENIL operates across multiple entertainment verticals. ENIL's outdoor business operates over 3,000 digital screens across India, providing advertising solutions to brands and businesses. ENIL's television business includes the popular English entertainment channel, Zoom, and the Hindi movie channel, Romedy Now. ENIL's event business is involved in organizing and managing events like music concerts, award shows, and conferences.
The company has a Market Cap of ₹738 Crore as of the latest available data (May 2025) and has demonstrated resilience with strong Q4 FY25 performance. ENIL reported a 5% YoY increase in consolidated revenue to Rs 158 crores for Q4FY25, driven by strong performance in Non-FCT and digital segments. PAT surged 21% to Rs 21.4 crores. The company announced a dividend of Rs 2 per share, up from Rs 1.5 last year, reflecting robust financial health with a cash reserve of Rs 368 crores.
The digital segment has emerged as a significant growth driver for ENIL. It reported Digital Segment Revenue of INR 61 crores, a 122% year-on-year growth. The Digital Revenue Contribution reached 32% of total radio revenues in Q4 FY25, up from 24% last year. This remarkable growth trajectory positions the company well for the digital-first entertainment landscape.
• Market Capitalization: ₹738 Crore (as of May 2025)
• Q4 FY25 Consolidated Revenue: INR 158 crores (5% YoY increase)
• Q4 FY25 Profit After Tax (PAT): INR 21.4 crores (21% YoY increase)
• Q4 FY25 Digital Segment Revenue: INR 61 crores (122% YoY growth)
• Q4 FY25 Digital Revenue Contribution: 32% of total radio revenues
• FY25 Core Business Revenue: INR 465 crores (2.6% YoY growth)
• FY25 Profit After Tax (PAT): INR 48.1 crores
• Cash Balance (as of March 31, 2025): INR 368 crores
• Dividend Recommended: INR 2 per share (up from INR 1.5 per share last year)
• Q4 FY25 Inventory Utilization: 81%
• FY25 Inventory Utilization: 78%
ENIL maintains a strong position in the Indian entertainment market across its various segments. Inventory utilization for the quarter was around 81%, and for the full year, it was about 78%, indicating efficient capacity management. The company faces competition from various digital platforms including Spotify, JioSaavn, and others in the music streaming space, while competing with other radio networks and digital advertising platforms in its traditional segments.
The company is strategically positioned to capitalize on India's growing digital entertainment consumption. Gaana is focused on being a made-in-India product with a 28% growth in subscriber base since December. The integration of Gaana into ENIL's portfolio provides synergies across radio content, digital distribution, and monetization strategies.
ENIL's diversified business model, strong cash position, and growing digital presence make it well-positioned to navigate the evolving entertainment landscape in India. The company's ability to leverage its radio heritage while building digital capabilities demonstrates its adaptability to changing consumer preferences and technological disruptions in the media industry.
