Entertainment Network (India) Ltd Management Discussions

A. MEDIA INDUSTRY STRUCTURE AND DEVELOPMENTS

Macroeconomic Scenario Global Economy¹

The world economy expanded by an estimated 3.3% in 2024, and global inflation cooled to 5.8 percent, allowing major central banks to begin cautious rate cuts. Yet the backdrop for businesses remains clouded by overlapping geopolitical and trade frictions: the Russia-Ukraine war, escalating Iran-Iraq tensions that threaten Gulf oil flows, intermittent India-Pakistan border flare-ups, and—more recently—sweeping U.S. tari_ hikes that unsettle global supply chains.

According to the IMF (WEO April 2025), the global economy is projected to grow at a modest rate of 2.8% in CY 2025. This slowdown compared to the historical average is mainly due to the uncertainties around global trade, geopolitical shi)ts and hurdles in the financial markets. The new U.S. trade regime, announced in April 2025, imposes a baseline 10 percent duty on all imports and country-specific surcharges, with partial pauses but persistent uncertainty. Modelling by multilaterals suggests a universal 10 percent U.S. tari_ could shave ~0.5 percentage point off global GDP and li)t consumer prices by 1%-1.5% through 2026^2,3. Retaliation by major partners deepens the drag, keeps goods inflation sticky and delays the expected global policy-easing cycle.

Indian Economy

Indias real GDP is estimated to have grown 6.5 percent in FY 2024-25, powered by manufacturing and services momentum and a rebound in rural demand. Headline retail inflation eased to 4.6 percent, enabling the Reserve Bank of India to trim the policy repo rate to 6.0% in April 2025. The Union Budget FY 2025-26 reinforced the growth impulse with a record 11.2 lakh crore capital expenditure outlay. While consensus forecasts see India sustaining ~6.5% real growth while keeping CPI near 4% in FY 2025-26, global macroeconomic conditions could have ripple effects that could challenge the 6.5% growth forecast.

Indias GDP Growth

Industry Overview

Global Advertisement Industry⁵

Global advertising expenditure grew 6.8% year-on-year to about US $772 billion in CY 2024, li)ted by major sports tournaments, election-year campaigning, wider mobile-internet access and resilient GDP growth. Industry forecasts now anticipate a more measured 5.9% rise in 2025 as the cycle normalises. Digital formats already attract more than 62% of global budgets, with retail media (+21.9%), programmatic (+11.1%) and paid social (+8.7%) outpacing other channels. Regionally, the United States (+6.3%), Asia-Pacific (+5.8%) and EMEA (+5.0%) remain key growth anchors, with India, China and the UK outperforming peers. Artificial intelligence is rapidly reshaping the value chain: although only about 30% of advertisers have fully scaled AI, generative and predictive tools are automating media planning, real-time bidding and personalised creative while raising new requirements for privacy-centric governance and AI-ready talent pools.

Indian Advertisement Industry⁶

Indian advertising industry grew by 8.1% valued at INR 1.28 trillion in 2024. Digital advertising contributed the largest share, at 55%, of the total ad spend. Apart from this, traditional media such as print, radio, OOH(Out-of-Home) and cinema witnessed decent growth. The growing use of the internet and mobile devices worldwide has been a major contributor to this growth.

Growth of Indian advertisement in different segments

Source:EY shape the future with confidence

Indias advertising industry is expected to grow at 8% in 2025 to reach INR 1.38 trillion. It is projected to expand at a healthy CAGR of 8% from 2024 to 2027, with digital media growing at 11% and traditional media growing at 3%. This growth will be propelled by rising per capita income, a healthy GDP growth rate, increased womens participation in the workforce, and growth in government spending and welfare programmes.

4 PIB Press Release April 2025

5 https://.dentsu.com/news-releases/global-ad-spend-forecasts-2025 ⁶ EY - Shape the Future

Small and Medium-Sized Enterprises (SMEs) are expected to increase their ad spends to INR 369 billion by 2027 from INR 258 billion in 2024. This increase in ad spending will be possible due to government schemes and an increase in the SME credit guarantee scheme from INR 50 million to INR 100 million⁷. However, any macroeconomic developments could place pressure on these growth estimates.

Segmental growth will be driven by factors such as rising smartphone adoption, the rollout of 5G, a surge in Connected TV (CTV), premium content offerings for television, access to educated audiences and event revenues for print, the expansion of digital OOH screens and transit media for OOH, mandated radio access on mobile devices⁸ and increased SME advertising for radio and a strong line-up of theatrical releases for cinema.

Indian advertising will grow at 8% till 2027 (INR in billion) (gross of taxes)

Segmental Developments

Digital Media

Indias digital ecosystem continues to exhibit strength, with 1.2 billion telecom subscriptions reflecting a stable infrastructure. While 5G adoption grew rapidly by reaching 270 million users in 2024, 4G still holds the majority share. Connected TV (CTV) viewership surged by 30%, supported by growing internet access.

The broadband market expanded to 945 million subscriptions. Smartphone usage also increased with much of the screen time spent on social media. Video content consumption grew by 18%, with platforms increasingly focusing on localised content in popular genres like drama, action and thrillers.

Source:EY shape the future with confidence

With the deepening of digital engagement, the way users consumed content and saw ads witnessed a transition. This led to a 17% rise in digital ad spending in 2024, reaching INR 700 billion. The digital advertising market is expected to grow at a CAGR of 11% from 2024 to 2027 to reach INR 957 billion and contribute 61% of total advertising.

The following factors are expected to drive this growth:

• SME and long tail advertising is poised to grow from INR 258 billion in 2024 to INR 369 billion by 2027.

• E-commerce advertising is expected to exceed INR 220 billion by 2027.

• Subscription revenue is projected to grow at 13% CAGR from 2024 to 2027 to reach INR 147 billion.

• Paid video subscriptions could grow to 144 million across 65 million households by 2027.

• Paid music subscriptions to double to over 20 million by 2027.

Digital segment revenue projections (INR billion) (Gross of taxes)

Television

The television segment is undergoing notable shi)ts. Although paid TV subscriptions have seen a decline, the overall TV viewership base (Linear plus Connected TV) continues to rise. Advertising revenues have reduced, yet the increasing number of TV screens supports a stable, positive outlook for the segment. CTV viewership is expected to grow further with the rollout of broadband and 5G. However, the segment also faces increasing competition from social media, gaming, and short-form video content.

Linear TV ad revenue is expected to remain under pressure, growing at a CAGR of 1.2% from 2024 to 2027, reaching INR 305 billion by the end of that period. However, as consumer spending improves, categories such as online gaming, automotive, BFSI and Chinese brands are anticipated to return to television advertising in 2025, providing some support to the industry. Key risks include limited new revenue streams and intensifying competition from free digital platforms and social media. Pay TV is projected to decline to 95 million homes by 2027, as large-screen viewership increasingly shi)ts to Connected TVs (CTVs). Free TV is expected to grow to 53 million homes, while CTV is projected to increase to 48 million homes by 2027.

Print

The print media segment remained stable at INR 259.6 billion in 2024, reafirming its position as a trusted medium for reaching Indian audiences. Despite the digital shi)t, print continues to be widely favoured by premium brands, especially in sectors like real estate, automobiles, luxury goods and smartphones, for brand building and product launches. Government, automotive, services and education emerged as key contributors to print ad volumes, with each sector accounting for approximately 15% of the total.

in revenue by 2027, with advertising growing at a CAGR of 2%. This growth will be driven by the mediums ability to reach the increasingly elusive NCCS A audiences. Small and medium enterprises (SMEs) will be a key focus area, as they ramp up media spending at a rapid pace. Print companies are well-positioned to capitalise on this trend, continuing to offer credible, trusted platforms for advertisers, both B2B and B2C, to connect with their target audience.

Music Streaming Industry

The Indian music industry was valued at INR 53 billion in 2024. Performance rights, publishing revenues and other income sources, such as live events, artist management and brand collaborations saw a notable increase during the year. Digital licensing accounted for 62% of the industrys total, fuelled by earnings from music streaming platforms, YouTube, social media and telecom operators. Other licensing revenues, including performance and publishing rights, sync deals and physical sales remained stable and contributed 24% to overall revenue. Income from live events, artist management and brand-related deals rose to 13%. Film music continues to dominate with 63% of total consumption. However, its share has steadily declined from around 80% four years ago, as independent artists gain more prominence in the industry. Quick stats:

• 175 million: Active users on music streaming apps

• Over 10 million: Paid subscribers

Looking ahead, the music industry is expected to grow at a 13% CAGR, reaching INR 78 billion by 2027. This growth will be fuelled by the rising adoption of smartphones, the increasing influence of social media. Additionally, global streaming platforms are enabling wider streaming access to Indian music, leading to an increase in export revenues. The paid subscriber base is also estimated to reach 20-21 million by 2027, as more consumers shi)t toward premium, ad-free experiences.

Music segment revenue projections (INR in billion) (gross of taxes)

Organised Live Events Industry

Indias organised live-events industry vaulted back into high growth in 2024, with revenues climbing about 15% to ~ 142 billion as big-ticket concerts, marquee sports tournaments, corporate gatherings and lavish weddings filled venues across the country . 2025 is expected to witness a high-teens expansion again in 2025, propelled by a packed international touring calendar, rising brand sponsorship and deeper penetration into Tier-II cities. Over the medium term, the segment is projected to compound at 18% CAGR and approach

235 billion by 2027, making it one of the fastest-growing pillars of Indias wider media and entertainment sector. Improved venue infrastructure, digital ticketing, premium fan experiences and a young, spend-ready audience are expected to sustain this momentum, cementing live events as a core driver of experiential consumption in the years ahead.

B. RADIO INDUSTRY _FUTURE OUTLOOK, OPPORTUNITIES AND THREATS_

Indian Radio Industry⁹

The Indian radio industry recorded a 9% revenue growth in 2024, reaching INR 25 billion. Advertising volumes rose by 3% compared to 2023. With structured roadmap for digital radio on the horizon, Radio is primed for a digital transition, retaining strong growth potential in India. With the right strategic interventions and their execution, the sector can unlock new opportunities and sustain its relevance in a rapidly evolving media landscape.

Radio segment revenue (INR in billion) (gross of taxes)

Operational Landscape

• Total Stations: India hosts 1,380 active radio stations, connecting communities across the nation through audio content

• Private FM Broadcasters: There are 36 private FM broadcasters operating 388 stations across 113 cities¹⁰

• All India Radio: All India Radio produces content in 23 languages and 179 dialects through 479 stations, with a reach covering 99.2% of Indias population¹¹

• Community Radio Stations: As of September 2024, there were 513 operational community radio stations, up from 446 in the previous year.¹²

Regulatory Initiatives

TRAI Recommendations¹³

The Telecom Regulatory Authority of India (TRAI) has issued a set of recommendations to strengthen the FM radio industry.

• Structured service-authorisation regime: TRAI proposed migrating all broadcast licences to a single service-authorisation framework under the Telecommunications Act, 2023, replacing todays city-wise permits and sharply cutting compliance timelines.

• Decoupled spectrum allocation: Operational authorisation would be processed independently, while frequencies continue to be awarded through transparent e-auctions—improving certainty and competitive integrity for new entrants.

• Longer tenure, revenue-linked fee: Licence renewals periods to be extended to 10 years with a uniform 4% of Adjusted Gross Revenue charge, providing cash-flow visibility and aligning dues to market realities.

• Digital-radio road-map: A dedicated consultation paper seeks stakeholder input on technology standards, phased analogue-to-digital migration and fiscal incentives aimed at unlocking additional channels and higher audio quality.

• Flexibility in infrastructure: TRAI recommends removing the mandatory tower co-location rule, enabling broadcasters to adopt leaner or shared transmission networks at lower capex.

• FM in smartphones: TRAI urged device manufacturers to activate FM receivers in mobile handsets so that citizens retain free-to-air access - especially critical for public alerts during emergencies and for rural outreach. These recommendations will be invaluable to the Radio industry if implemented.

Advertising Trends

Ad Volume Growth¹⁴

In 2024, radio ad volumes grew by 9% compared to 2023. The advertising landscape included:

• Categories and Advertisers: Nearly 10,000 advertisers promoted 12,854 brands across 404 categories on radio

• Ad Rates: Despite the growth in ad volumes, average ad rates remained under pressure, primarily due to high ad supply and lower returns, especially in smaller towns.

Source:Pitch Madison Advertising Report 2025

Key segments such as Real Estate and Home Improvement, FMCG and Retail – which together contributed to 35% of Radio industry revenue in 2023 – registered modest growth in 2024, resulting in about 8% growth in overall value.

Non-FCT Revenues

Non-Fixed Commercial Time (Non-FCT) revenues accounted for an average of 20% of total income for major radio players in 2024, becoming a crucial component of their business strategy. For all major Radio companies, while Radio FCT growth has been muted, tailwinds in the live events industry helped drive up growth through events and other non-FCT revenue streams. Key growth areas include:

• Events and IPs: Revenue from ticketing and sponsorships has grown significantly

• Brand Activations: On-ground and interactive campaigns are enabling brands to engage with audiences in more meaningful ways

• Music Streaming: Expanding into international music streaming platforms is opening up new revenue streams

• Digital Marketing: Online advertising and promotional activities are complementing traditional radio ads, driving additional earnings

• Content Production: Creating original digital content allows radio companies to broaden their reach, strengthen their brand identity and attract both audiences and advertisers across multiple platforms

• Influencer Marketing: Collaborations with influencers helps radio brands tap into niche communities, enhancing campaign effectiveness through authentic engagement.

Key Challenges

Measurement Limitations

The current measurement of radio listenership is largely confined to a few major cities, limiting the ability of broadcasters to showcase their true reach and audience engagement. This narrow scope poses a challenge for attracting national advertisers, who require verified, large-scale visibility across urban and regional markets

Smartphone Integration

A significant opportunity exists to expand radios reach by encouraging the integration of FM radio functionality in all smartphones. As media consumption habits evolve towards mobile platforms, activating a built-in FM chip in every device would unlock vast new audiences, particularly among younger demographics. By championing this integration, broadcasters can seamlessly position radio as an essential and accessible feature in the modern mobile ecosystem, ensuring its relevance for years to come.

Digital Future with a Clear Roadmap

The development of a clear and inclusive roadmap for digital radio represents a pivotal opportunity to modernize the entire sector. A structured framework for the digital transition would not only safeguard the interests of broadcasters, advertisers, and listeners but also has the potential to introduce standardized, industry-wide music-licensing tariffs. This would alleviate cost pressures and foster a vibrant environment for innovation, securing the industrys long-term growth and competitive edge.

License Fee Reforms

Implementing the Telecom Regulatory Authority of Indias (TRAI) recommendation for a revised license fee model, set at 4% of gross revenue, offers a significant opportunity to invigorate the broadcasting sector. This forward-thinking reform would enhance the financial health of broadcasters. By creating a more sustainable financial environment, it will empower them to invest in new technologies, diverse content, and innovative services, driving growth across the industry.

News Broadcasting Approvals

Granting private FM broadcasters the approval to air news and current affairs for up to 10 minutes per hour presents a transformative opportunity. This move would significantly enrich content diversity, increase listener engagement, and elevate radios role in the media landscape. By becoming a timely source for news and information, radio can strengthen its position as a comprehensive and highly competitive platform, attracting a broader audience and creating new avenues for growth.

Outlook

The Indian radio industry is projected to grow to INR 30 billion by 2027. Several factors are expected to drive this growth:

• Non-FCT Revenue Opportunities: Expansion into event IPs, international music streaming, content production, digital marketing and influencer partnerships are expected to strengthen non-FCT revenues

• Government Advertising: Higher ad rates set by the Directorate of Advertising and Visual Publicity (DAVP) are expected to support the radio industry, especially with increased advertising activity during elections

• Hybrid Content Strategy: The integration of on-air and digital platforms is gaining momentum. Investments in podcasting, YouTube content and short-form audio-visual formats are driving deeper engagement and opening up new monetisation opportunities

• Tier-II and Tier-III Market Penetration: Improved infrastructure and growing consumer spending in semi-urban and rural areas are driving listenership growth. Advertisers are focusing on these high-potential regions for regional product campaigns

• Increased SME and Retail Advertising: SMEs and retail businesses are expected to increase their radio advertising investments, attracted by its cost-e_ciency and strong local outreach capabilities.

• Increase in in-car listenership: With increased time spent on roads by a_uent audience, and increase in overall number of cars, in-car listenership has grown, positioning Radio as an invaluable medium to reach a_uent audience on-the-go.

Despite these positive trends, the industry must address challenges, such as improving Ad rate recovery, reliable audience measurement metrics to attract and retain national advertisers.

Source:EY shape the future with confidence

C. OPERATING PERFORMANCE

1. ENIL Successfully Integrates Gaana, Focusing on Growth and Profitability

Following the strategic acquisition of Gaana in December 2023, ENIL dedicated FY25 to the successful integration of the leading music streaming service into its operations. This pivotal move has significantly enhanced our capabilities in the audio entertainment market, creating a powerful synergy between our established FM radio expertise and Gaanas robust digital streaming platform. The integration underscores our unwavering commitment to digital transformation and our ambition to deliver a superior, subscription-based audio experience to a wider audience.

The first full year of Gaana under ENILs stewardship focused on several key areas: achieving a clear path towards profitability, enhancing the product, and strengthening its market position.

Key achievements and focus areas in FY25 included:

• Successful Integration: The operational integration of Gaana was a primary focus, aligning its digital prowess with ENIL›s extensive industry experience. This positions ENIL as an even more dominant force in India›s expansive audio entertainment sector. The integration allows for a redefined digital strategy, broader audience reach, and the exploration of new revenue streams. We also began integrating our Mirchi Plus platform with Gaana, aiming for a unified digital audio experience.

• Driving Towards Profitability: A significant strategic shi)t was the focus on sustainable growth and profitability for Gaana. A key step in this direction was the introduction of a new 599 annual subscription plan in Q2 FY25, replacing the earlier

299 plan.

• Strengthening Industry Relationships and Content Curation: A crucial aspect of Gaanas success is its extensive music library. E_orts in FY25 were concentrated on strengthening relationships with music labels to ensure a rich and diverse content offering. This synergy between ENILs expertise in music curation and storytelling and Gaanas vast library is instrumental in providing a high-quality, engaging content experience that caters to the evolving preferences of our listeners.

• Improving the Gaana Product and User Experience: Continuous improvement of the Gaana platform was a priority to enhance user engagement and subscriber acquisition. The platform achieved significant growth across metrics such as total subscribers, total streams, and listenership per user. These improvements led Gaana to its highest ever subscriber-to-install ratio, indicating effective user conversion and retention strategies.

• Offering a Comprehensive Audio Experience: By combining terrestrial FM radio with a leading digital streaming service like Gaana, ENIL now offers a comprehensive dual approach to audio entertainment. This ensures a seamless and engaging experience for users across both traditional and digital channels, catering to diverse listening preferences and habits. The digital business, largely driven by Gaana, contributed approximately 11.5% to ENILs total revenue in Q4 FY25, a significant increase from 10.2% in Q4 FY24.

The successful integration of Gaana in FY25 has laid a strong foundation for future growth. ENIL is committed to further developing Gaana into a leading and profitable digital entertainment platform, continually enhancing its content, technology, and user experience to redefine the audio entertainment landscape in India and meet the diverse needs of listeners. This integrated approach reafirms ENILs commitment to delivering exceptional audio content and solidifies our leadership in the industry.

2. Navigating the FY25 Media Landscape: Radio Resilience and Digital Growth

The radio industry continued to demonstrate resilience. In FY25, our core radio business saw performance that resulted in a 4.2% decline compared to FY24 revenues. However, the Non-FCT (Non-Free Commercial Time) segment demonstrated robust growth of approximately 20.2% year-on-year. While our core radio business continues to provide a strong foundation, contributing to 59.7% of our revenue in FY25, our successful diversification efforts have led to significant growth in our other business areas. These segments now represent 40.3% of our total revenue, up from 31.8% in FY24, creating a more balanced and resilient business model. Monetization efforts during the year were impacted by macroeconomic headwinds. The IP (Intellectual Property/Events) business grew by approximately 67% in FY25.

3. FY25 Financial Performance and Profitability Focus

In FY25, the companys total revenue from operations was 544.1 crores, registering a 1.06% growth over FY24. The Existing Business (Domestic and International) contributed 483.1 crores, while the Digital Business (Gaana and Digital Solutions) contributed 61.1 crores. The consolidated EBITDA for FY25 stood at 78.6 crores. The Existing Business generated an EBITDA of 124.8 crores. The Digital Business recorded an EBITDA loss of

46.2 crores; within this, Gaanas financial performance was broadly in line with earlier expectations for the year. The company focused on effective management of operational expenses, achieving notable savings against internal plans, keeping the year-on-year growth in operational expenses to 3.3% year-over-year. There was a significant reduction in controllable costs compared to internal plans. The financial figures for previous years were restated on account of IND AS 103 to incorporate results from the earliest period of the acquired business (Gaana).

4. Strategic Focus on Digital Business in FY25

Throughout FY25, the digital segment played an increasingly pivotal role in the Companys strategic evolution. The contribution of the digital business to the companys total revenue grew to approximately 11.5% ( 61.1 crores out of 544.1 crores total revenue) in FY25. This compares to a digital revenue of 27.3 crores in FY24. Gaana, our music streaming platform, saw its active subscriber base increase significantly, with streams on the platform doubling during the year. Our EBITDA loss on Digital business consistently reduced quarter-on-quarter.

5. ENILs International Operations: FY25 Update

In FY2025, Mirchis international operations achieved EBITDA positive status with total revenue of 19.2 Cr and EBITDA of 6.1 Cr, highlighting the brands growing

Annual Report 2024-25 147 global reputation and appeal. Our strong position and initiatives in the Gulf region were particularly impactful, contributing significantly to this success. In the USA, we have demonstrated our expertise in creating and executing unique marketing and branding strategies tailored to diverse markets. We see great opportunity to improve depth in markets we operate in: spanning across FCT sales, events and multi-media solutions.

UAE

Mirchis first international venture, the UAE, continues to be our flagship market in the GCC region. Over the past nine years, we have established a strong presence in the UAE through strategic partnerships, initially with Abu Dhabi Media Company and later with Dolphin Recording Studio, both of which have contributed to the growth of the Mirchi brand in the UAE. Since its relaunch in 2021, Mirchi 102.4FM has built a loyal audience, reinforcing its status as a leading brand in the region. Signature events such as Mirchi Jam, Back to School, and Terminal have gained significant traction, particularly in colleges and educational institutions. Our social presence continues to grow, with a significant number of posts crossing benchmarks in reach and engagement.

BAHRAIN

Mirchi Bahrain continues as the leading entertainment provider for the South Asian audience in the archipelago. Organizing IP properties such Mirchi Neon Run, Mirchi Movie Nights, Mirchi Terminal and road shows for key retail clients has given a significant boost to the brand and our followers. Engaging with the diaspora during festivals and key national days has ensured that Mirchi Bahrain is an integral part of the social fabric. A)ter successfully negotiating a reduced license fee last year, the focus remains on improving business feasibility through key client partnerships and building efficiencies.

QATAR

MirchiOne in Qatar grows in revenue year on year and has remained profitable throughout. Launched in March 2021 in partnership with a local entity, it quickly rose to the top spot among Indian radio stations in Qatar, as recognized by IPSOS. MirchiOne has secured its position as the channel of choice with listeners and clients alike, ahead of long-established competitors, an impressive feat in just four years. MirchiOne continues to grow a strong activation business, apart from organizing established events such as the Mirchi Mommy Awards, Mirchi Terminal, and Mirchi Back to School, MirchOne has also introduced new properties such as Mirchi Neon Run, Mirchi Cricket League and Mirchi Sukoon during Ramzan. These initiatives have solidified its position as a key player in Qatars media landscape. Mirchone has also partnered with major concerts in Qatar such as Neha Kakar, Atif Aslam etc.

USA

Mirchis entry into the USA market in 2019 marked a significant expansion of our international operations, beginning with the tri-state area of New York, New Jersey, and Connecticut. This move was driven by the demand from the Indian diaspora for quality entertainment that resonates with their cultural heritage. Today, Mirchi operates in New Jersey, and reaches the wider U.S. audience through online platforms. In the competitive New Jersey market, Mirchi has emerged as a leader, commanding a 50% revenue share, a testament to the brands strong resonance with its audience. A significant milestone this year was the inclusion of Mirchi in the Nielsen Listenership Survey report, which clearly established Mirchi has the leading South Asian channel in New Jersey area. Mirchi continues to organize community centric events such as Mirchi Karega Bandhan poora on Rakhi, Mirchi Das ka Das Gold coin activity on Diwali, tie up with Garba during Navratri etc. Mirchi envisions expanding to several other countries through JVs, partnerships and Brand and Content licensing routes. We recognize the potential in international markets with sizable Indian and South Asian populations, offering opportunities for Brand Mirchi to thrive not only as a radio station but also in events, concerts, and digital content. The possibilities for Brand Mirchi in international markets are vast and promising.

6. Awards & Recognitions

ACKNOWLEDGED BY THE HONBLE PRESIDENT OF INDIA

ENIL was the only private media company across Television, Radio and Print to be honoured with the prestigious Election Commission of India Award, in the ELECTRONIC MEDIA (RADIO) CATEGORY for our impactful campaign on voter awareness during the 2024 Lok Sabha Elections. The award was presented by the Honble President of India, Smt. Droupadi Murmu, and was proudly received by the CEO, Mr. Yatish Mehrishi.

ACEF Global Customer Engagement Awards 2025 Gold Awards

• The campaign Haadugalu With Di_erent Words won Gold in the category of Apps (Social Media App / Mobile App) under the subcategory Innovative.

• The campaign Mirchi Team Building Games won Gold in the category of Apps (Social Media App / Mobile App) under the subcategory Creative.

• The campaign Modern Yamaraja & Chitragupta on Roads won Gold in the Events category under the subcategory Successful Use of CSR Activity.

• The campaign Mirchi Freshers received a Gold award in the Events category under the subcategory Effective.

• Mirchi RJ Adhishh was honored with a Gold award under Individual Excellence Honor in the category Radio Jockey of the Year (Non-Metro – Overall).

• Sam Lourduraj – Mirchi received two Gold awards under Individual Excellence Honor in the categories Young Customer Engagement Professional of the Year (Brand) – Age Below 35 Years and Innovative AI-Powered Engagement.

• Mirchi Kenkemi (Parvathy) won a Gold award under Individual Excellence Honor in the category Radio Jockey of the Year (Regional Languages).

• RJ Pak Pak Deepak was awarded Gold under Individual Excellence Honor in the category Radio Jockey of the Year (Regional Languages).

• Mirchi Chakshuu – Tedha Hai Par Tera Hai won Gold in the Individual Excellence Honor category for Apprentice Jockey of the Year.

• The show Kiraak Kreators Season 3 won a Gold award in the Influencer Marketing category for Best Use of Micro Influencers.

• The campaign Republic Mirchi Meetup received a Gold award in the Influencer Marketing category for Best Authentic Influencer Campaign.

• The campaign Such A Hyderabadi X Numaish was recognized with Gold in the Influencer Marketing category for Best Authentic Influencer Campaign.

• The Mirchi Kannada social media page won a Gold award in the category Effective Online Media.

• The show Riyas Retro was awarded Gold in the Podcast category for Music.

• The show Sunday Suspense (Hindi) received a Gold in the Podcast category for Storytelling Drama.

• The campaign Mirchi Voices of Change: Empowering the Kinnar Community won Gold in the Radio category for Innovation.

• The campaign Mirchi New Year Special received Gold in the Rewards & Incentives category for Innovative Loyalty Program.

• The campaign SBI Life Spell Bee in association with Mirchi was awarded Gold in the Television category for Innovation.

Silver Awards

• The campaign Ullozhukk (Undercurrents) received a Silver award in the Cinema category for Promotions.

• The campaign Wrong Answers Only won a Silver in the Digital Marketing category for Creativity.

• The campaign Tata Salt – The Silent Jingle received a Silver in the Experiential Marketing category for Creativity.

• RJ Jeeturaaj was awarded a Silver under Individual Excellence Honor in the category Radio Jockey of the Year (Metro – Overall).

• RJ Guru received a Silver award under Individual Excellence Honor for Radio Jockey of the Year (Regional Languages).

• The show Chai and Chill on Mirchi Love was honored with Silver under Individual Excellence Honor for Radio Jockey of the Year (Non-Metro – Overall).

• The campaign SBI Green Marathon in association with Mirchi received Silver under the Most Admired Social Message category for Successful Use of CSR Activity.

• The campaign Mirchi On The Ocean won Silver in the Non-Traditional Media category under the subcategory Innovative.

• RJ Maddy – Mirchi was honored with a Silver award in Online Media for Effectiveness.

• The show What Women Want Season 5 won Silver in the Online Media category for both Creative and Innovative executions.

• The podcast Mirchi Recharge Mornings received a Silver award in the Podcast category under Religion & Spirituality.

• The podcast Golpo Goldmine received a Silver in the Podcast category under Society & Culture.

• The campaign Dilli Kitne Paani Mein won Silver in the Public Relations category for Successful Use of CSR Activity.

• The campaign Azaadi Ki Kahani Mirchi Ki Zubaani Season 2 received a Silver in the Radio category for Best Use of Celebrity Endorsement.

• The campaign Poragi Zali Rao – A Women Safety Initiative won Silver in the Radio category for Innovation.

• The campaign Utti Maata Kaadu, Votu Maata received Silver in the Radio category for Successful Use of CSR Activity.

• The campaign Mathilukalkkappuram (Beyond the Walls) won Silver in the Radio category for Creativity.

• The campaign Modern Yamaraja & Chitragupta on Roads was additionally awarded Silver in the Word of Mouth Marketing category for Creativity.

• The campaign Khel Maharan 2.0 received a Silver award in the Digital Marketing category for Effectiveness.

• The campaign Muro Restaurant was honored with a Silver award in the Data-Driven Marketing category for Creativity.

Bronze Awards

• The campaign Axis Bank Splash won a Bronze in the Events category under Creativity.

• The campaign Modern Yamaraja & Chitragupta on Roads received two Bronze awards in the Most Admired Social Message category for Creativity and

Innovation respectively.

• The campaign Versus on Mirchi Delhi received a Bronze in the Online Media category for Creativity.

• The podcast Gulzar Saabs 90th Birthday Special was awarded Bronze in the Podcast category for Music.

• The podcast Pakodi Kathalu won Bronze in the Podcast category for Storytelling Drama.

• The podcast Sarkari Chakri Season 2 received an award in the Podcast category for Comedy.

• The campaign Super Women was honored with Bronze in the Radio category for Effectiveness.

• The campaign International Stuttering Awareness Day won three Bronze awards in the Radio category for Creativity, Innovation, and Successful Use of CSR Activity.

• The campaign Daily Promo was awarded Bronze in the Radio category for Creativity.

Source:https://globalcustomerengagement.com/ACEFGCEWinners2025

Golden Mikes Awards 2024 Gold Awards

• The campaign Shingles and its Prevention won a Gold award in the Effectiveness category for being the Most Effective Ad/Campaign on Radio.

• The campaign Axis Bank Splash earned Gold in the Creativity category for Best Single Commercial Education.

• The campaign Axis Bank Splash also received a

Gold award for Creativity in the subcategory Best Campaign.

• The campaign Celerio Mileage Challenge won Gold in the Promotion category for Best On- Ground Promotion for/ by a Brand- Network of Radio Stations.

• The campaign Maharashtra Rajya Geet was also awarded Gold in the Promotions category for Best Sponsored On-Ground Promotion by a Single Radio Station for Self/Brand.

• Rochie was awarded Gold for the Best Late-Night Show in the Broadcasters Category.

• Mirchi Murga was honored with Gold in the Broadcasters category for Best Humour on Radio.

• The show Iraivagalai Thedi (In search of Gods) won Gold in the Podcast/ Audio Series Category for Best Poscast/ Audio Series- Travel.

• The show Iraivagalai Thedi (In search of Gods) won Gold also in the Podcast/ Audio Series Category for Best Poscast/ Audio Series.

• The show Chak de Indians! won Gold in the Podcast/ Audio Series Category for Best Poscast/ Audio Series- Launch.

Silver Awards

• The campaign Sensodent K- Tooth Ka Current Gone Toh Life Ka Current on! received Silver in the Creativity category for Best Single Commercial- Pharmaceutical, Healthcare and Wellness.

• The campaign Sa_ola 40 under 40 was honored with Silver in the Innovation category for Best Use of Radio in an Integrated Media Plan.

• The campaign Sa_ola 40 under 40 also received Silver in the Promotions category for Best Promotion on Digital for / by a Brand.

• Mirchi Metro won Silver in the Promotions category for Best On-Ground Promotion for/by a Brand- Single Radio Station.

• Mirchi Metro also won Silver in the Broadcasters category for Best on Ground Promotion by a Single Radio Station for Self.

• The campaign Livpure Smart Presents RJ Naved Ka Murga Award earned Silver in the Broadcasters category for Best Use of Influencer or Celebrity.

• The show Teja Kovvali was awarded Silver in the Broadcasters category for Best Breakfast Show.

• The show Jharkhand Womens Asian Champions Trophy received Silver in the Regional/Language Radio category for Best Ad/Campaign on Radio in the East Region for client/self.

• The show Sunday Suspense Bangla was honored with Silver in the Podcast / Audio Series category for Best Regional Podcast / Audio Series.

• Jeeturaaj was honored with Silver in the Excellence Category as the RJ of the year (Hindi/ English Language)

• Agni was honored with Silver in the Excellence Category as the RJ of the year (Other Language)

• Sonu Nigam received Silver in the Excellence Category as the Celebrity RJ of the Year

• Naved was recognized with Silver in the Excellence Category as Influencer RJ of the Year

• The Show Ek Tha Legend - Story of Sidhu Moose Wala was honoured with Silver in the Excellence Category as Best Podcast of the Year

Bronze Awards

• The campaign #Shingles and its Prevention was awarded Bronze in the Promotion category for Best On-Air Promotion for/by a Brand- Multiple Station.

• The campaign Celerio Mileage Challenge received Bronze in the Promotion category for Best Promotion on Digital for / by a Brand.

• The campaign Gulal Singh Chaddha (HOLI) was recognized with Bronze in the Broadcasters category for Best on Air Promotion by a Single Radio Station for Self.

• The campaign Sunday Suspense (Hindi) also received Bronze for Best Program Launch on Radio in the Broadcasters Category.

• The jingle Baarish wala love "Monsoon Jingle" earned Bronze for Best Radio Jingle for Self in the Broadcasters Category.

• The Jingle created for World Music Day - Celeb Acapella Jingle received Bronze for Best Radio Jingle for Self in the Broadcasters category.

• The show Azaadi Ki Kahani Mirchi Ki Zubaani was awarded Bronze in the Broadcasters category for Best Storytelling Show.

• The show Chanakya Neethi - Expired? was honored with Bronze for Best Podcast / Audio Series – Education in the Podcast/ Audio Series Category.

• Aishappath Adhishh was recognized with Bronze in the Excellence Category as the RJ of the Year.

• Ashta was also recognized with Bronze in the Excellence Category as the New Aspiring RJ of the Year.

Source https://e4mevents.com/golden-mikes-2024/winners-2024

WOW Awards 2024 Gold Awards

• The campaign Bank of Baroda – ACE YODHA won Gold for Corporate Team Building Activity of the Year.

• The campaign Mirchi Tiranga Yatra was awarded Gold for Promotion for an On-Ground Activity/ Event/Property.

Silver Awards

• The campaign Mirchi Freshers received Silver for Innovative Use of Social Media for an On-ground Activation/Event.

Source:https://asia.wowawards.com/wow-winners-page/

IDMA Awards 2024 Gold Awards

• The project AI Retrieval based Voice Conversion won Gold for Most Effective Use of AI, Data Analytics, and Machine Learning for Campaign and Business Optimisation.

Silver Awards

• The campaign Gulf Oil Radio Humsafar earned Silver for Best Integrated Media Campaign – Corporate.

• The show The Dubai Dialogue Season 2 was awarded Silver for Campaign with the Best ROI.

Bronze Awards

• The campaign Sa_ola 40 under 40 won Bronze for Community Engagement/Community Building and Most Effective Social Listening.

• The campaign SBI Life Spell Bee received Bronze for Best Integrated Media Campaign – Corporate.

Source:https://e4mevents.com/idma-2024/winners-2024

INDIA AUDIO SUMMIT & AWARDS 2025

• Riyas Retro won the Best Show in the Arts and Entertainment category.

• Munawar Faruquis Musical Audio Story Prem Guru received the Best Show Award in the Fiction Category

• Pakodi Kathalu won the Best produced Fiction Show in the Podcast Category.

• Haar Heem Horror was awarded as the Best Regional Show in the Horror and Thriller Category.

• Mirchi Recharge Mornings received the Best Show award in the Religion & Spirituality Category.

• AI Krishna also won the Best Produced show award in the Religion & Spirituality Category.

• Golpo Goldmine received the Best Regional Show Award in the Society & Culture Category

• The campaign Freedom Rice Bran Oil was awarded as the Best Audio Ad in the Audio Advertising Category

• RJ Pak-Pak Deepak was honoured with the Best RJ –Zonal award in the Radio category

• RJ SYD - Mirchi Mornings - Dilli Kitne Pani Mein was awarded as the Best Morning show award in the Radio Category

• Mirchi Gaurika - Flower Bhi hai/ Fire Bhi hai! got the Best A)ternoon show award in the radio category.

• RJ Nimi - Nimisha Dharurkar - Nimi Cha Show was awarded as the Best Evening Drive show in the Radio catorgory

• Women Safety Initiative received the Best Radio Jingle for Radio Station award in the Radio Category

• Flat 983 Season was awarded as the Best On-ground FM initiative in the Radio category.

Source:https://radioandmusic.com/iasa2025/winners.html

Do Good Awards 2025 Gold Awards

• The Campaign Mirchi Voting Signal earned Gold in the Citizen Engagement Category.

Silver Awards

• The Campaign for Stuttering Awareness Day on Mirchi Malayalam was awarded Silver in the Diversity, Equality & Inclusion Category

• The Campaign Mirchi-in Thikettum Engal Kural was also awarded Silver in the Diversity, Equality & Inclusion Category

Bronze Awards

• The campaign Namak Ho Tata Ka received Bronze for the Best Use of Video/Television Category

• The Campaign AZAADI KI KAHANI MIRCHI KI ZUBAANI SEASON 2 also received a Broze in the Best Use of Storytelling Category

Source: https://.exchange4media.com/marketing-news/e4m-do-good-awards-honours-and-celebrates-trailblazers-in-cause-marketing-143406.html

D. RISKS, CONCERNS AND CHALLENGES FACING THE COMPANY

Market Risk:

The Media and Entertainment industry, particularly radio, operates with high operating leverage due to its significant fixed costs. While costs can be reduced, doing so requires considerable time and effort. During an economic downturn, radio companies are among the first to be impacted, as their revenues decline rapidly while costs decrease more gradually. In contrast, newspaper companies can quickly reduce costs by cutting the number of pages, lowering paper quality, and printing fewer copies, while TV companies can reduce costs by scaling back show production. On the upside, when the economy recovers, radio companies experience profit growth more quickly than other media. To mitigate such market risks, ENIL implemented various cost-cutting initiatives during the pandemic, which enabled a swi)t improvement in its EBITDA levels.

In addition, our digital advertising efforts could face pressure from decline in market CPMs. There is also a noted reliance on third-party payment gateways for subscription processing for digital services, where reliability and success rates can impact user acquisition and retention.

Slowdown in the Radio Industry:

The traditional media industry, including radio, is facing significant challenges due to digital disruption. In the developed world, the newspaper industry has been heavily impacted, but radio and TV have shown more resilience. In India, although the TV industry has been resilient, it is gradually losing viewers to digital OTT platforms. A similar trend is emerging in Radio. Many mobile phones, particularly high-end models, are being released without FM tuners, forcing users to rely on OTT apps for music consumption, making it difficult for Radio companies to target younger audiences. However, the increasing penetration of cars and tra_c congestion has led to higher Radio consumption in vehicles. Although digital products have entered the car segment, their penetration remains low. FM Radio, on the other hand, has a natural advantage by offering infotainment, companionship through RJs, and ease of use. However, the media continues to lack a formal measurement system needed to drive monetization from increased listenership, and reinforce that Radio compares favourably to other media in terms of ROI on marketing spends.

Decline in Listenership on traditional Radio:

Radio broadcasters, in an attempt to offset the reduction in effective rates, are airing more advertisements, which has deteriorated the listener experience. If this trend is not addressed promptly, it could further drive listeners to digital platforms.

Dependency on Music Labels:

We took control of Gaanas operations in December 2023, and this has become a key focus area for the business moving forward. The success of this venture hinges on maintaining a strong music library and achieving a profitable Average Revenue Per User (ARPU). Content is a significant cost, accounting for more than 80% of revenue. Controlling these costs will be challenging and will depend on securing long-term, sustainable agreements with music labels.

Operational and Financial Risk:

The Companys Risk Management Framework is regularly reviewed by the Board, with new risks being added as necessary. The management identified the pandemic as a black swan event that disrupted our business. As a strategic response to better handle future black swan events, the company has decided to accelerate its transformation toward a digital-first approach. Nonetheless, the Company remains vulnerable to other unforeseen black swan events.

. SEGMENT WISE FINANCIAL PERFORMANCE

Management Discussion and Analysis of the Companys operations together with the discussion on financial performance with respect to operational performance should be read in conjunction with the financial statements and the related notes.

(1) ENIL

In FY2025, the company demonstrated effective cost management and a reduction in its dependence on core radio revenues during the year. Macroeconomic headwinds did, however, impact monetization efforts: combination of geopolitical tensions and inflationary pressures constrained pricing, making it difficult for businesses to fully restore their revenue levels. In FY2024, the combination of geopolitical tensions and inflationary pressures constrained pricing, making it difficult for businesses to fully restore their revenue levels.

Radio Segment

The overall business was primarily driven by radio Ad volumes and contributions from non-FCT business. In FY25, excluding the digital business, revenues grew 2.6% year-on-year to 465.3 crores. Core radio performance saw a 4.2% decline from FY24 revenues. The company focused on protecting market share and margins in this segment. EBITDA declined to 118.8 crores as revenue from Radio Ad revenue declined. Similarly, profit a)ter tax (PAT) decreased from 50.6 crores in FY2024 to 48.1 crores in FY2025.

Digital Segment

In FY25, total revenues from the digital business reached 61.1 crores, marking a 121.5% year-on-year increase from 27.6 crores in FY2024.

(2) Subsidiary Companies

Kindly refer to the Para 34 of the Board of Directors Report relating to the operations of the Subsidiary Companies.

GENERAL

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has a system of internal controls to ensure that all its assets are properly safeguarded and not exposed to risks arising out of unauthorized use or disposal. The Internal Control system is supplemented by programs of internal audit to ensure that the assets are properly accounted for, and the business operations are conducted in adherence to laid down policies and procedures. The internal control system also focuses on processes to ensure integrity of the Companys financial accounting and reporting processes and compliance with the Companys legal obligations. The Company has a well-defined risk management programme for identifying and mitigating risks across all the functions, which is reviewed by the Risk Management Committee, Audit Committee and Board of Directors of the Company periodically. The Company has an Audit Committee of the Board of Directors which meets regularly to review inter alia risk management policies, adequacies of internal controls, the audit findings on the various segments of the business, the financial information and other issues related to the Companys operations. The Company has adopted Integrated Reporting. The information related to the Integrated Reporting forms part of the Management Discussion & Analysis.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED:

As on 31 March 2025, the employee strength (on a permanent roll) of the Company stood at 873. Specific need-based training and development programs for employees at all levels were imparted in order to optimize the contribution of the employees to the Companys business and operations. Occupational health safety and environmental management are given utmost importance. For the second year in a row, ENIL has been certified as a Great Place to Work, reflecting its strong people-first culture. In FY25, ENIL strengthened HR capabilities through AI integration and a focus on continuous learning, offering on-the-job training, e-learning, and targeted workshops. Leadership development programs, including personalized plans for the Content Leadership team, built crucial skills in communication, emotional intelligence, and strategic thinking. Career conversation frameworks, structured development centers, and a 40% rise in training man-days have reinforced succession planning and talent grooming. AI-driven tools have improved talent acquisition, engagement, and self-service, while initiatives in recognition, well-being, and diversity have enriched the employee experience. These efforts position ENIL as an industry leader in HR innovation, committed to nurturing an agile, skilled, and motivated workforce.

Cautionary Statement

Statements in this Report, particularly those which relate to Management Discussion and Analysis, describing the Companys objectives, projections, estimates and expectations, may constitute ‘Forward Looking Statements within the meaning of applicable laws and regulations. Our Company undertakes no obligation or liability to update or revise any forward-looking statements publicly, whether as a result of new information, future events or otherwise actual results, performance, or achievements could differ materially from those either expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and read in conjunction with financial statements included herein. All the data used in the initial sections of this report has been taken from publicly available resources, and discrepancies, if any, are incidental & unintentional.

KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS:

Details of significant changes (i.e., change of 25% or more as compared to the immediately previous financial year) in key financial ratios, along with detailed explanations:

S. No.	Particulars	FY25	FY24	Explanations/ Remarks for Annual Report
1	Debtors Turnover Ratio	3.6	3.7	Explanation not required.
2	Inventory Turnover Ratio	NA	NA	Explanation not required.
3	Interest Coverage Ratio	NA	NA	Not applicable, since the Company is debt-free.
4	Current Ratio	2.1	1.9	Explanation not required.
5	Debt Equity Ratio	NA	NA	Not applicable, since the Company is debt-free.
6	Operating Profit Margin %	13.8%	18.7%	The decrease in the ratio is due to a decline in EBITDA in the current year compared to the previous year.
7	Net profit margin (%)	2.1%	5.1%	The decrease in the ratio is due to a reduction in Profit A)ter Tax in the current year compared to the previous year.
8	Return on Average Net Worth (%)	1.5%	4.0%	The decrease in the ratio is due to a decline in total comprehensive income in the current year compared to the previous year.

Integrated Reporting

Integrated reporting provides a comprehensive view of both the financial and non-financial performance of Entertainment Network (India) Limited (‘the Company/ ‘ENIL). This approach highlights not only the Companys economic results but also its social, environmental, and governance (ESG) activities, offering stakeholders a more complete understanding of how ENIL creates value over time. By integrating these aspects, ENIL demonstrates how sustainability and long-term strategy are deeply woven into its operations. The Integrated Report for the financial year ending 31 March 2025, is an essential part of the Management Discussion & Analysis (MD&A) report. This report primarily focuses on ENILs business model, illustrating how it creates, maintains, and enhances value across its various ventures, while remaining adaptable in an evolving market landscape.

About the Purpose of Business and Business Model

1. Purpose of the Business:

ENIL is a dominant player in Indias music and entertainment sector, spearheading innovation and engagement through a diversified portfolio of media brands. ENIL operates a robust network of FM Radio channels, including Radio Mirchi, Mirchi 95, Mirchi Love, and Kool FM, which have become household names across various regions. In tandem, ENILs music streaming platform, Gaana, offers a cutting-edge digital experience, providing on-demand music to millions of users worldwide. ENIL produces high-quality content spanning audio, video, and live events, delivered across multiple platforms—from traditional radio and television to digital streams and social media channels. This extensive multi-channel approach ensures ENILs content reaches diverse audiences across geographical boundaries, with a significant global presence, particularly in markets where the diaspora seeks Indian content. The core purpose of ENIL is to entertain, inform, and engage its audience while driving long-term value for stakeholders through innovative content and experiences that cater to changing consumer preferences.

2. Business Model:

ENILs business model revolves around monetizing its broad and engaged audience base, which includes listeners, viewers, readers, and event participants. Revenue streams are diversified across several core areas:

• FM Radio Advertising: ENILs extensive network of radio stations provides prime opportunities for advertisers to reach mass audiences. This remains a significant source of revenue. Advertisers value the broad reach and deep local penetration that ENILs radio channels offer.

• Digital Content Sponsorship and Licensing: ENIL capitalizes on its premium video content by securing sponsorships for distribution across digital and traditional media platforms. These include partnerships with television networks, OTT platforms like YouTube, and social media sites such as Facebook, Instagram, and Twitter. Additionally, ENIL licenses limited rights to its content to third-party platforms, generating supplementary revenue from web series and other multimedia productions.

• Music Streaming Subscription: Gaana, ENILs music streaming service, operates on a subscription-based model. Users are offered an ad-free experience in exchange for a monthly or annual fee, generating a stable revenue stream independent of advertising.

• Experiential Marketing (Events/IPs): ENILs IP business, focusing on live events and experiences, demonstrated significant growth in FY25, becoming EBITDA positive. This segment caters to the growing consumer demand for live interactions and brand activations.

This diversified business model allows ENIL to be agile in response to market shi)ts and consumer behaviour, ensuring sustained growth across both traditional and digital platforms.

3. Resources required to operate:

Operating a complex media conglomerate like ENIL necessitates a broad spectrum of resources. Foremost among these are financial resources, which are essential for acquiring FM frequencies through competitive government auctions, a process that requires substantial upfront investments. Beyond radio, ENIL continually invests in state-of-the-art studios, transmission facilities, cloud infrastructure, and digital platforms to ensure seamless operations across its media channels. Equally vital is ENILs human capital, consisting of a highly skilled workforce that includes creative professionals responsible for producing compelling content, as well as sales and marketing teams focused on converting audience engagement into revenue. ENIL also relies heavily on support staff in logistics, finance, legal services, and strategy, who ensure operational efficiency and regulatory compliance.

4. Key Inputs:

The successful execution of ENILs business model depends on several critical inputs:

• Financial Capital: Necessary for securing radio frequencies, establishing and upgrading infrastructure, and maintaining working capital.

• Human Capital: Essential for content creation, business development, and operational success.

• Intellectual Capital: Leveraged through ENILs proprietary brands, content, digital platforms and intellectual properties.

• Social and Relationship Capital: Strong relationships with audiences, advertisers, and communities ensure sustained engagement and business opportunities.

Types of Capital we depend on and how we deliver Value

1. Financial and Manufactured Capital

ENILs financial capital supports both day-to-day operations and long-term investments in its media and entertainment infrastructure. This includes funding for strategic initiatives such as frequency auctions, the establishment of transmission towers, studio upgrades, and cloud-based services for digital distribution. Additionally, manufactured capital plays a key role in organizing on-ground events, concerts, and live experiences that require extensive investment in physical infrastructure, such as stages, sound systems, and promotional assets.

This strategic investment in infrastructure ensures that ENIL can deliver high-quality entertainment across multiple formats and platforms, reinforcing its competitive advantage in the industry. For more information, refer to the Board of Directors Report (sections on Financial Highlights, Financial Performance, Operations, and State of the Companys Affairs), Financial Statements, and the Management Discussion & Analysis report (Section C: Operating Performance).

2. Human Capital

As of 31 March 2025, ENIL employs 873 individuals across various functions, ranging from creative production to digital content creation, sales, marketing, and corporate services. ENIL recognizes that its people are its greatest asset, and it invests heavily in their development through targeted training programs, employee empowerment initiatives, and ongoing performance evaluations. In FY25, ENIL was certified as a ‘Great Place to Work for the second consecutive year, and employee attrition was at its lowest (excluding FY20). The company utilizes AI-powered tools like Zwayam for hiring, Amber for employee feedback, and an HR chatbot for policy support. ENILs focus on talent development helps maintain its creative leadership in the entertainment sector, driving innovative content creation and business growth. More details can be found in the Management Discussion & Analysis report (Heading: General: Material developments in human resources).

3. Intellectual Capital

ENILs intellectual capital is embodied in its powerful brand portfolio, with ‘Mirchi and ‘Gaana standing as icons in the media landscape. These brands, along with key properties like the Mirchi Music Awards, Mirchi Neon Run, and Mirchi Top 20, contribute to ENILs ability to differentiate itself in a crowded market. These intellectual properties bolster ENILs market presence and provide additional revenue streams through brand partnerships, licensing agreements, and sponsorship deals.

4. Social and Relationship Capital

Maintaining strong relationships with stakeholders, including audiences, advertisers, event participants, and communities, is a cornerstone of ENILs success. ENIL continually works to deepen these relationships through engaging content, live events, and community-based initiatives. These relationships not only drive current business performance but also strengthen the long-term resilience of ENILs brands.

5. Natural Capital

Though not a heavy user of natural resources, ENIL is committed to environmental responsibility. Energy-e_cient technologies and practices have been implemented across operations to minimize resource consumption. Employees are encouraged to adopt sustainability practices, and ENIL regularly evaluates its environmental impact to seek improvements.

Value creation

• ENIL creates value by producing high-quality entertainment content, engaging audiences across audio, video, text, and live events.

• ENIL monetizes this engagement through a diverse set of channels, including advertising, sponsorships, subscription services, and licensing deals.

• ENIL fosters a culture of creativity and innovation among its employees, driving continued success in content creation and delivery.

• ENILs value creation efforts are recognized through numerous awards and accolades across the industry.

• Corporate Social Responsibility (CSR) initiatives further enhance ENILs contribution to society, strengthening its brands social impact. Detailed information on these initiatives is available in the Board of Directors Report (Para 12: CSR Committee, read with Annexure B).

Sustaining and enhancing value

• Corporate Governance: ENIL upholds rigorous corporate governance practices, ensuring compliance with regulatory frameworks, such as the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (‘Listing Regulations). These practices ensure the long-term sustainability and integrity of ENILs operations. For more details, kindly refer to Report on Corporate Governance, enclosed as a part of the Board of Directors› Report.

• Policies and Code of Conduct: ENIL maintains a comprehensive set of policies and codes of conduct that guide ethical behaviour and regulatory compliance, in accordance with the Companies Act, 2013, and Listing Regulations. Kindly refer to Report on Corporate Governance, enclosed as a part of the Board of Directors› Report.

• Risk Management: ENIL is proactive in identifying and managing risks across its operations, enabling to navigate challenges while pursuing growth opportunities. ENIL›s risk management framework is outlined in the Board of Directors› Report (Para 31: Risk Management).

For and on behalf of the Board of Directors
	sd/-
	Vineet Jain
	Chairman
Mumbai, 16 May 2025	(DIN: 00003962)
Registered Office:
Entertainment Network (India) Limited,
CIN: L92140MH1999PLC120516,
The Times Group, Sunteck Icon,
CST Link Road, Kalina,
BKC Junction, Santacruz East,
Mumbai - 400098,
Maharashtra, India.
.enil.co.in