1 IMF World Economic Outlook, April 2026 2 Press Information Bureau (PIB), Government of India 3 IMARC Group, Global Advertiser Market Report 4 EY - Stories, Scale and Impact
The global economy continues to face pressure from geopolitical conflicts, trade tensions and policy uncertainty. Global growth is projected at 3.1% in CY 2026 and 3.2% in CY 2027, with inflation expected to rise modestly in 2026 before easing thereafter. Risks remain tilted to the downside, particularly from prolonged conflicts, geopolitical fragmentation, high public debt and renewed trade tensions. These factors could weigh on investment, consumption and overall economic activity, especially across emerging and developing economies.
Indias economy remained resilient in FY 2025-26, with GDP growth estimated at 7.4% supported by strong domestic consumption and investment. Private consumption increased to 61.5% of GDP, while manufacturing and services continued to demonstrate healthy momentum. Moderating inflation, public capital expenditure and a stable financial sector further supported growth. Despite global uncertainties, Indias macroeconomic fundamentals remain strong, with GDP growth projected at 6.8-7.2% in FY 2026-27, supported by domestic demand and ongoing policy reforms.
The global advertising market reached USD 706.4 billion in CY 2025, driven by the continued shift of advertising budgets towards digital platforms, supported by data-led targeting and growth in connected TV, OTT and mobile video.
Internet advertising leads all formats at 34.7% of total spend, followed by television at 20.6%, mobile at 13.1%, print at 11.6%, outdoor at 9.6%, radio at 7.6% and cinema at 2.8%. The combined digital advertising segment, internet plus mobile, commands 47.8% of total global ad spend in CY 2025.
The Indian Media and Entertainment (M&E) sector grew by INR 232 billion to reach INR 2.7 trillion in 2025 4 . Excluding online gaming, which was impacted by the ban on money gaming, the sector grew 11.8%. The M&E sector is expected to reach INR 2.8 trillion in 2026 and, excluding online gaming, grow at a CAGR of over 7% to reach INR 3.3 trillion by 2028.
Advertising grew 13.5% to INR 1.5 trillion in 2025, with digital media accounting for 63% of total advertising revenues. E-commerce and point-of-sale advertising surged 50% to INR 220 billion, equivalent to 85% of total TV advertising revenues. Digital advertising also encompasses INR 363 billion from over one million SME and long-tail advertisers. Organised live events also recorded strong growth of 44% reflecting increased spending on ticketed events, large public events and exhibitions.
| 2022 | 2023 | 2024 | 2025 | 2026E | 2028E | CAGR 2025-2028 |
| Digital media 571 | 686 | 851 | 1,110 | 1,301 | 1,640 | 14% |
| Television 726 | 711 | 679 | 617 | 587 | 535 | -5% |
| Print 250 | 259 | 257 | 259 | 264 | 264 | 1% |
| Filmed entertainment 172 | 197 | 187 | 205 | 224 | 253 | 7% |
| Online gaming and video games 222 | 236 | 236 | 195 | 74 | 92 | -22% |
| Live events 73 | 88 | 101 | 145 | 140 | 196 | 10% |
| Animation and VFX 107 | 114 | 103 | 105 | 113 | 138 | 10% |
| Out-of-home media 48 | 54 | 59 | 67 | 74 | 85 | 8% |
| Music 46 | 54 | 53 | 59 | 64 | 75 | 9% |
| Radio 21 | 23 | 25 | 23 | 23 | 22 | -2% |
| Total 2,237 | 2,422 | 2,553 | 2,785 | 2,862 | 3,301 | 6% |
| Growth 23.3% | 8.3% | 5.4% | 9.1% | 2.8% |
All figures are gross of taxes (INR in billion) for calendar years EY estimates
Digital advertising accounted for 63% of total advertising spend in 2025, making it the largest advertising medium. Connected TV advertising revenues grew from INR 69 billion in 2024 to INR 99 billion in 2025, supported by a 35% increase in subscriptions and access to more affluent audiences. Premium OOH, English-language print and in-cinema advertising also recorded growth during the year.
Composition of advertising
| 2023 | 2024 | 2025 | |
| Others | 15% | 13% | 12% |
| 26% | 22% | 17% | |
| Television | |||
| Digital | 50% | 56% | 63% |
EY estimates Source: EY - Stories, Scale and Impact
Digital media became the first Indian M&E segment to cross INR 1 trillion in annual revenues in 2025, supported by increasing smartphone, broadband and Connected TV adoption.
Digital advertising grew 26% to INR 947 billion, with search and social media accounting for 64% of the market. The segment is expected to grow at a CAGR of approximately 14% to reach INR 1,640 billion by 2028, supported by continued growth in digital consumption, SME advertising, e-commerce, Connected TV and creator-led ecosystems.
Revenues and projections
| 2024 | 2025 | 2026E | 2028E | |
| Advertising | 749 | 947 | 1,109 | 1,393 |
| Subscription | 102 | 163 | 191 | 248 |
INR billion (gross of taxes) EY estimates
Source: EY - Stories, Scale and Impact
Television continued to retain significant reach in 2025, although viewing continued to shift from linear Pay TV towards Connected TV and Free TV. Linear television revenues are expected to remain under pressure, while Connected TV advertising is projected to grow strongly as audiences increasingly consume television content through internet-connected platforms.
| 2025 | 2028E | |
| Pay TV and Connected TV* | 140 | 150 |
| Free TV | 53 | 54 |
| Total TV | 193 | 204 |
EY estimates millions of subscriptions * Includes households with both connections
Source: EY - Stories, Scale and Impact
The print segment remained largely stable in 2025, with revenues estimated at INR 259 billion. Advertising revenues grew 2% while circulation revenues declined 1%. Print continued to be a trusted medium for reaching affluent and decision-making audiences, with sectors such as automotive, real estate, education, BFSI and retail using it for launches and high-impact campaigns.
The segment is expected to grow at a modest 1% CAGR to reach INR 264 billion by 2028. Advertising revenues are projected to grow at 2% CAGR, while subscription revenues are expected to decline at 2% CAGR. Premium formats and contextual advertising are expected to remain important, while revised DAVP rates could provide additional support to advertising revenues.
The industry is also expected to increase its focus on events, younger audiences and operational efficiency. As AI becomes more widely used across media, credibility and trust are likely to remain key strengths of established print brands.
The Indian music segment, measured by revenues earned by music labels through licensing and allied income streams, grew 10% in 2025 to reach INR 59 billion. Digital licensing remained the largest contributor, accounting for 58% of total segment revenues, followed by other licensing revenues at 27% and non-licensing income at 15%. Digital licensing growth was relatively muted at 2%.
Composition of music segment revenues
| Other income (live, brand, artist management, etc.) | 15% |
| Other licensing | 27% |
| Digital licensing | 58% |
EY estimates
Non-licensing income grew 26% reflecting increasing monetisation through live events, branded content and other opportunities. Music-related event monetisation also increased 40% during the year, highlighting the growing convergence between recorded music, artists, brands and live experiences.
The music segment is expected to grow at a CAGR of approximately 9% to reach INR 75 billion by 2028. Paid music subscribers could increase to 28-30 million by 2028, supported by telco partnerships, e-commerce bundling and differentiated subscription offerings. Artists are also increasingly evolving beyond recorded music into live performances, brand collaborations, social media and community engagement, creating a broader ecosystem around music consumption.
Music consumption by language
| Language | % |
| Hindi | 59% |
| Punjabi | 9% |
| Tamil | 7% |
| Telugu | 6% |
| Bhojpuri | 4% |
| Kannada | 3% |
| Marathi | 2% |
| Malayalam | 2% |
| Haryanvi | 2% |
| Bengali | 2% |
| Others | 5% |
Source: EY - Stories, Scale and Impact
| Film | 57% |
| Non-film | 43% |
Indias organised live events industry reached approximately INR 145 billion in 2025, supported by concerts, sports, corporate events, weddings and other large-scale experiences. The sector is expected to approach INR 200 billion by 2028, driven by increasing consumer spending on experiences, brand sponsorships, international touring activity and deeper penetration into Tier-II cities.
The radio segment witnessed a 7% decline in revenues in 2025 to INR 23 billion. Advertising volumes grew marginally by 2%, largely driven by smaller cities and towns, while high-yield metro markets saw advertising volume declines of up to 20%. Average advertising yields declined by approximately 9% further impacting industry revenues.
The industry also continued to face structural and technological challenges. Three radio stations ceased operations during 2025 due to financial unviability, while the absence of FM receivers in several smartphones and reduced prominence of radio in newer car infotainment systems continued to affect access. Reflecting these challenges, only 62 FM licences across 43 cities were sold out of the 234 cities offered during 2025.
Despite pressure on traditional advertising revenues, non-FCT revenues provided important support to the radio industry, contributing approximately 25% of total revenues through branded content, on-ground activations and integrated solutions.
Radio segment revenues and projections
| 2023 | 2024 | 2025 | 2026E | 2028E |
| 23 | 25 | 23 | 23 | 22 |
INR billion (gross of tax) EY estimates
Source: EY - Stories, Scale and Impact
Private FM: India has approximately 388 private FM stations across 113 cities, operated by an estimated 30-40 broadcasters. All India Radio: AIR operates approximately 591 stations, reaching nearly 98-99% of the population and broadcasting in 23 languages and 179 dialects. Community Radio: The number of operational community radio stations increased to approximately 531 in 2025, from 513 in 2024. Overall, India has more than 1,500 radio stations across public, private FM and community radio, with AIR and community radio expanding while the private FM network remains broadly stable.
Radio ad insertions grew 2% in 2025, with over 12,700 brands advertising on the medium. The top three advertiser sectors accounted for 52% of total ad volumes. Local advertiser volumes grew 4% with Gujarat, Maharashtra and Madhya Pradesh continuing to record the highest volumes.
| Rank | Top five sectors | Share |
| 1 | Services | 30% |
| 2 | Auto | 11% |
| 3 | Banking/finance/investment | 9% |
| 4 | Personal accessories | 8% |
| 5 | Retail | 9% |
Source: EY - Stories, Scale and Impact
Real Estate, Auto, Retail and Education continued to be among radios key advertising categories, using the medium for city-level reach, store and dealer traffic, and local campaigns. FMCG advertising remained under pressure as spending continued to shift towards digital and other emerging formats. 7 , 8
Radio Top Categories - 2025 Performance (INR Crores)
| CATEGORY | 2024 | 2025 | GROWTH % | CR GROWTH % | SHARE 2025 | INSIGHT |
| Real Estate | 380 | 393 | +1 | 44% | 16% | Largest category |
| Auto | 266 | 299 | +3 | 313% | 12% | Strongest growth |
| FMCG | 285 | 254 | -3 | 1-11% | 10% | Largest drag |
| BFSI | 228 | 213 | -1 | 5-7% | 8% | Decline |
| E-Commerce | 151 | 169 | +1 | 812% | 7% | Digital brands embrace Radio |
| Retail | 163 | 158 | -5 | -3% | 6% | Slight decline |
| Clothing/Fashion | 124 | 140 | +1 | 613% | 6% | Strong growth |
| Education | 114 | 129 | +1 | 513% | 5% | Strong growth |
| Corporate | 86 | 91 | +5 | 6% | 4% | Marginal growth |
| Others | 666 | 668 | +4 | 1% | 27% | Broad-based stability |
| Total | 2,462 | 2,515 | +5 | 32% | 100% | Auto/Real Estate save Radio |
Source: EY - Stories, Scale and Impact
Non-FCT revenues contributed an average of 25% of radio industry revenues in 2025, the highest share since tracking began in 2017, and exceeded 30% for certain players. They are expected to grow at a 14% CAGR and contribute approximately 39% of industry revenues by 2028, as radio companies increasingly expand beyond traditional advertising.
Growth areas include podcasting, social media and influencer marketing, content production, creative services and on-ground events, enabling radio companies to provide broader, multi-platform solutions to advertisers. Events and concerts have also become a meaningful revenue stream, although industry margins remain relatively modest at approximately 10-15%.
The absence of mandated FM receivers in many mobile phones and newer car models, together with rising smartphone penetration, is accelerating the shift from traditional radio to digital audio platforms, streaming services and YouTube.
Consumers increasingly prefer personalised, on-demand content, reducing radios traditional advantage of easy and default access. App-based ecosystems and connected devices are further reshaping audio consumption.
Advertising is increasingly shifting budgets from traditional media towards digital channels that offer greater targeting and measurable outcomes. At the same time, advertising volumes are moving from higher-yield metro markets towards lower-yield regional markets. Together, these trends are putting pressure on radio monetisation and require broadcasters to continually evolve their pricing, packaging and advertiser solutions.
Radio is increasingly evolving beyond traditional broadcasting through hyperlocal content, community engagement, digital distribution and cross-media solutions. Digital radio could create additional opportunities through increased frequency capacity, improved targeting and data-led services. However, its success will depend on a clear implementation framework, continued analogue services during the transition, a viable licensing structure and wider availability of radio receivers in mobile phones and automobiles.
Radio segment revenues declined 7% in 2025 to INR 23 billion, primarily driven by reduced advertising yields. Non-FCT revenues now account for approximately 25% of overall segment revenues, their highest-ever share, reflecting broadcasters successful diversification efforts.
Radio segment revenue projections
| 2025 | 2026E | 2028E |
| 23 | 23 | 22 |
INR billion (gross of taxes) EY estimates
Segment revenues are expected to diversify further as certain systemic issues remain unresolved. Total revenues may decline to INR 22 billion by 2028 against the following structural headwinds:
? FM receivers have yet to be mandated in mobile phones and automobiles
? Continued growth of audio streaming services and YouTube is diverting listening hours from broadcast radio
? Traditional media budgets are migrating toward performance marketing channels
? The inventory mix is shifting away from high-yield metro markets toward lower-yield regional hubs
? Non-FCT revenues - expected to grow at a CAGR of 14% through 2028 - are increasingly offsetting FCT declines
Revenue mix of radio segment
| 2025 | 2026E | 2028E | |
| FCT revenues | 75% | 71% | 61% |
| Non-FCT revenues | 25% | 29% | 39% |
EY estimates
Source: EY - Stories, Scale and Impact
Strategically, radio is increasingly evolving from a mass national medium into a highly localised amplification platform: most effective when geo-targeted, combined with OOH and digital for city-level campaigns, and deployed to reinforce timely offers, store openings, and events. For FY 2026-27, the strategic emphasis remains on treating radio as a precision tool for local awareness and response in select markets, rather than a generic frequency engine.
FY 2025-26 marked an important year in Gaanas evolution, as the business moved from integration towards scaled monetisation. Following the integration work completed in FY25, the focus during FY26 was on three priorities: improving subscriber economics, maintaining cost discipline and strengthening the product experience. Progress across these areas has improved the operating profile of the business and strengthened its path towards profitability.
A key focus during FY26 was improving subscription economics. The ? 599 annual plan introduced in Q2 FY25, replacing the earlier ? 299 plan, was revised in Q2 FY26 to an all-inclusive price of ? 707, including applicable taxes. The higher pricing has helped improve unit economics and subscriber yield while reducing dependence on subscriber growth alone. Importantly, a higher share of Gaanas active subscriber base are now on higher-priced tiers as annual subscription cycles rolled over.
Gaana operates as a premium, subscription-only music platform without a free ad-supported music tier. This provides a differentiated positioning in the Indian music streaming market and allows the business to remain focused on building a high-quality paying subscriber base. The broader industry is also seeing increasing focus on paid consumption, with Indias paid music-streaming subscriber base expected to expand meaningfully over the coming years.
Gaana continued to scale during FY26. Digital business revenues, comprising primarily Gaana and Digital Solutions, grew 84% year-on-year and were equivalent to approximately 48% of ENILs core radio advertising revenue, compared with 26% in FY25. This reflects the growing importance of digital businesses within ENILs overall revenue mix.
Revenue growth has been accompanied by continued focus on cost efficiency and disciplined investment. The business has been able to scale while reducing the level of investment required, resulting in an improving operating profile.
As Gaana grows, further operating leverage is expected from improved content-cost economics, stronger subscriber yields and expansion in international markets. Gaana is currently available across approximately 170 countries, providing an opportunity to monetise the Indian diaspora and other international audiences at significantly higher ARPUs than the domestic market.
Product investment during the year remained focused on improving discovery, personalisation, curated playlists and the overall user experience. These initiatives have supported stronger engagement, including improvements in time spent and depth of usage, while strengthening the platforms ability to retain and monetise subscribers over time.
ENILs Digital Solutions business complements Gaana and is an important part of the Companys broader digital strategy. The business provides digital marketing, influencer marketing, branded content and related solutions to advertisers, leveraging ENILs existing client relationships, content capabilities and creator network.
FY 2025-26 reinforced the strength of ENILs strategic transformation from a radio company to a full-spectrum multimedia entertainment company. While the core radio advertising segment continued to face industry-wide pricing and volume headwinds - consistent with the broader radio market experiencing softness, particularly in metro markets - the Non-FCT, and Digital segments delivered robust growth, more than compensating for FCT weakness.
The business continued to contribute meaningfully to digital revenues during FY26 and remained EBITDA-accretive, adding a profitable and asset-light revenue stream to ENILs growing digital portfolio.
Non-FCT businesses continued to play an important role in ENILs diversification during FY26. Events and Solutions revenues remained broadly stable year-on-year despite the cancellation of certain events in Q4 FY26, while the Company continued to strengthen its integrated, multi-platform offerings for advertisers.
Following 67% growth in FY25, ENIL executed approximately 300 events across more than 30 cities in FY26, spanning concerts, food festivals, Navratri celebrations, marathons and corporate activations.
ENILs experience in creating and managing events and intellectual properties has also enabled the business to maintain healthy economics. While industry event margins are typically modest, ENILs sponsorship-and-ticketing model delivers double-digit gross margins, supported by its established capabilities in IP creation, sponsorship sales and execution.
The radio advertising segment remained under pressure in FY26, mirroring the industry trend of declining yields in metro markets and subdued national advertiser sentiment. Advertiser decision-making was impacted by geopolitical uncertainty and brands deferring campaigns ahead of anticipated GST-related tailwinds. Despite this, ENIL maintained a healthy 25% volume share in the radio advertising market, underscoring the enduring strength of the Radio Mirchi brand.
ENILs revenue mix continued to diversify during FY26. Radio FCT accounted for approximately 52.5% of total revenues, compared with approximately 60% in FY25, reflecting the growing contribution from Digital, Events and Solutions.
This progression brings the Company closer to its strategic objective of creating a more balanced revenue portfolio between radio and non-radio businesses. At the same time, strengthening the radio advertising business remains important, given its attractive margin profile and its role as a foundation for ENILs broader content, digital and advertiser ecosystem.
In FY 2025-26, ENILs consolidated revenues demonstrated growth across performance markers. FY26 revenues stood at ? 565 cores, up 4% year-on-year, with domestic revenues of ? 547.5 cores - up 4% driven primarily by Events, and Digital.
Full-year FY26 consolidated EBITDA was ? 45 cores, with EBITDA for the Existing Business at ? 76 cores and the Digital Business recording an EBITDA loss of ? 36 cores, continuing a year-on-year improvement trajectory. ENIL maintained a strong balance sheet throughout, with cash reserves of ? 404.2 cores as of 31 Mar 2026.
The digital business (Gaana and Digital Solutions) contributed approximately 20% of ENILs total consolidated revenue in FY26, compared to approximately 11.2% in FY25. Gaanas active subscriber base continued to grow, with the paid-subscriber cohort now more heavily weighted toward the ? 707 all-inclusive annual subscription.
ENILs strategic vision for digital is to evolve from a subscription-only domestic streaming service to a multi-dimensional audio entertainment platform - spanning music, podcasts, original content, and eventually international markets where Indian diaspora ARPU is significantly higher than domestic.
Mirchis international operations continued to strengthen its engagement with the South Asian diaspora across the Gulf region and the USA. During FY26, the business expanded its IP and events portfolio and increased engagement across digital platforms.
Mirchi continues to hold a leading position in Qatar and Bahrain and remains a strong South Asian media brand in the New Jersey market. While geopolitical developments in the Gulf affected overall business sentiment during the year, the Company continued to deepen audience and advertiser engagement across markets. ENIL sees further opportunity to expand its international presence through partnerships, joint ventures and brand and content licensing models.
The UAE, Mirchis first international market, continues to be its flagship presence in the GCC. Over the past fourteen years, the brand has built strong relationships with audiences and advertisers through programming, digital content and established properties such as Mirchi Jam, Back to School and Mirchi Terminal.
Since its relaunch in 2021, Mirchi 102.4 FM has continued to build audience engagement, supported by its partnership with Dolphin Recording Studio. Growing social media engagement has also enabled Mirchi to offer advertisers integrated solutions across radio, digital content and events.
Mirchi Bahrain continues to serve the South Asian audience with multilingual content, primarily in Hindi and Malayalam. During FY26, the business continued established properties such as Mirchi Movie Nights and Mirchi Terminal, while developing newer formats and executing activations for retail clients.
Business sentiment was impacted by geopolitical uncertainty in the Gulf during the year. Following the reduction in licence fees negotiated in the previous year, the focus remains on improving business viability through stronger client partnerships and operating efficiencies.
MirchiOne continued to strengthen its position in Qatar during FY26, with increased focus on large-format events and IPs. Major events included concerts featuring Falguni Pathak and Adnan Sami, alongside established Mirchi properties and community events.
Launched in March 2021 through a local partnership, MirchiOne has established itself as a leading Indian radio station in Qatar, as recognised by IPSOs. The business has continued to grow revenues year-on-year and has remained profitable. Its growing events portfolio further strengthens Mirchis engagement with both audiences and advertisers in the market.
Mirchi entered the USA in 2019, initially serving the New York-New Jersey-Connecticut tri-state area, and subsequently expanded through local partnerships into markets including Raleigh-Durham and Philadelphia.
In New Jersey, Mirchi has established a strong position among South Asian audiences and commands approximately 50% revenue share in its addressable radio market. During FY26, Mirchis inclusion in the Nielsen Listening Survey further reinforced its position as a leading South Asian radio brand in the New Jersey market.
Mirchi envisions expanding to several more 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.
RJ Jeeturaaj was honoured as Best Male RJ of the Year at the Maharashtra Asha Radio Awards 2025, recognising his longstanding contribution to radio broadcasting and storytelling. The award was conferred by Chief Minister Shri Devendra Fadnavis, Cultural Affairs Minister Adv. Ashish Shelar, and legendary singer Asha Bhosle.
Secured the highest accolade in the industry, Mirchi was honoured as Station of the Year 2025
The campaign Suraksha Bandhan Season 6 won Gold in the Effectiveness category for being the Most Effective Ad/Campaign on Radio.
The campaign Suraksha Bandhan Season 6 won another Gold in the Effectiveness category for Best Use of Branded Content or Sponsorship on Radio.
The campaign Digi Daku earned Gold in the Creativity category for Best Campaign.
The campaign Mathilukalkkappuram (Beyond the Walls) received Gold in the Innovation Category for Best Innovation on Radio.
The campaign Kho Kho Worldcup amplification won Gold in the Promotions category for Best Sponsored On-Ground Promotion by a Single Radio Station for Self / Brand.
The campaign Menerisms won Gold in the Promotions Category for Best Promotion on Digital for/by a Brand.
The campaign NRI Didi- Brain Rot- Comedy Musicals won Gold in the Broadcasters Category for Best Promotion on Digital for Self.
The show What Women Want with Kareena Kapoor Khan Season 5 won a Gold in the Broadcasters category for Best Show Integration.
The show What Women Want with Kareena Kapoor Khan Season 5 also won Gold in the Broadcasters Category for Best Use of an Influencer or Celebrity.
The show Tedha Hai Par Tera Hai - Mirchi Chakshuu was awarded Gold in the Broadcasters category for Best Breakfast Show.
The show Mirchi Golmal won Gold in the Broadcasters category for Best Humour on Radio
Siddhant Sharma (RJ Siddhant) was awarded Gold in the Excellence category for the RJ of the year (Other Language)
Mirchi Recharge Mornings won a Gold in the Excellence category for the Best Show Produced
The International Stuttering Awareness Day campaign won Silver in the Effectiveness Category for Most Effective Ad/Campaign on Radio
The campaign SBI Life Spell Bee in association with Mirchi was honored with Silver in the Promotions category for Best Sponsored On-Ground Promotion by a Network of Stations for Self / Brand.
The show What Women Want with Kareena Kapoor Khan Season 5 received Silver in the Promotions category for Best Promotion On Digital for / by a Brand.
The campaign Moscutie Ki Shaadi - Nahi Ho Saktil was awarded Silver in the Broadcasters category for Most Unique Programming Concepts /Ideas (Broadcaster)
Menerisms won Silver in the Broadcasters category for Best Digital/Web Streaming by a Radio/Network.
Gulabi Thandi Song Spoof earned Silver in the Broadcasters category for Best Digital/Web Streaming by a Radio/Network.
The Anti-Tobacco Day Jingle was awarded Silver in the Broadcasters category for Best Radio Jingle for Self.
The show Dilli Kitne Paani Mein won Silver in the Broadcasters Category for Best Breakfast Show.
The show Flower Bhi... Fire Bhi... Mirchi Gaurika was honored with Silver in the Broadcasters category for Best Afternoon Show.
The show Gaano Ki Kahaanri Mirchi Ki Zubaani received Silver in the Broadcasters category for Best Storytelling Show.
The show Kuthoolhal Rao was awarded Silver in the Broadcasters category for Best Humour on Radio.
The show Suraksha Bandhan Season 6 was honored with Silver in the Regional / Language Radio category for Best Ad/Campaign on Radio in the North Region (client/self).
The show Sunday Suspense Bangla won Silver in the Podcast / Audio Series category for Best Podcast / Audio Series - Horror/Thriller.
The show Mohan Samanta received Silver in the Podcast / Audio Series category for Best Podcast / Audio Series - Crime.
The show Azaadi ki Kahaanri Season 2 was honored with Silver in the Podcast / Audio Series category for Best Podcast / Audio Series - Storytelling.
The show Mirchi Recharge Mornings was awarded Silver in the Podcast / Audio Series category for Best Podcast / Audio Series Launch
The show Prem Dot Com - Celebrity Love Stories won Silver in the Audiobooks Category for Best Fiction Audiobook.
The show Krutarth Jani was honored with Silver in the Excellence category for RJ of the year (Other Language)
Vishaal Sethia received Silver in the Excellence category for Best Show Host (Podcast)
The show Sunday Suspense Bangla won Silver in the Excellence category for Best Podcast of the Year.
The campaign Ab Meri Dharavi Ki Baari Hai was awarded Bronze in the Creativity category for Best Campaign.
The campaign Such A Hyderabadi X Numaish received Bronze in the Innovation category for Best Use of Sponsorship in an On-Air/On-Ground Radio Campaign
The show Dhandha Diaries was recognized with Bronze in the Broadcasters category for Most Unique Programming Concepts /Ideas (Broadcaster)
The International Stuttering Awareness Day campaign won Bronze in the Broadcasters Category for Most Unique Programming Concepts/ Ideas (Broadcaster).
The show Mirchi Recharge Mornings earned Bronze for Best Program Launch on Radio in the Broadcasters Category.
The show Azaadi ki Kahaanri Season 2 earned Bronze for Best Use of Influencer or Celebrity in the Broadcasters Category.
Keri Vaada Makkale (Rise up kids) Back to School Jingle earned Bronze for Best Radio Jingle for Self in the Broadcasters Category.
The show Super Woman won Bronze for Best On-Air Show in the Broadcasters Category.
The campaign Har Ghar Kuch Kehta Hai won Bronze for Best Ad/Campaign on Radio in the North Region (Client/self) in the Regional/Language Radio Category
The show Har Ghar Kuch Kehta Hai also won Bronze for Best Ad/Campaign on Radio in the South Region (client/self) in the Regional / Language Radio Category.
The show Sounds of Maharashtra earned Bronze for Best Ad/Campaign on Radio in the West Region (client/self) in the Regional / Language Radio Category.
The show Cricketer Ghost Stories received Bronze for Best Podcast / Audio Series - Horror/ Thriller in the Podcast / Audio Series Category.
Sarkari Chakri Season 2 got Bronze for Best Podcast / Audio Series - Comedy in the Podcast / Audio Series Category.
Law Kar Lo Baat earned Bronze for Best Podcast/ Audio Series - Education in the Podcast / Audio Series Category.
Swathi Rayabarapu received Bronze for Influencer RJ of the Year in the Excellence Category.
Source: https://e4mevents.com/golden-mikes-2025/winners-2025
The campaign Thank You Mechanic was awarded for Most Creative Influencer Marketing Campaign in the Automotive Category.
The campaign SBI Card Khushiya Unlimited won the Audio Aura Award for Best Use of Radio/Podcast in the BFSI Category.
The campaign Vivo X300 Drone Activity was honoured for Best Moment-Marketing Campaign in the Mobile Devices, Music Electronics & FMC
Category. Source: https://e4mevents.com/Impact-Digital-Influencer-Awards-2025/winner-stories
The show What Women Want with Kareena Kapoor Khan won Silver for Best Integrated Media Campaign - Films/ TV Shows / News Shows / Events in the special Awards category.
The campaign Gulf Superfleet Surakshabandhan Season 6 won Silver for Community Engagement / Community Building and Most Effective Social Listening in the social media category.
The campaign SBI Life Spell Bee in association with Mirchi - Season 14 won Silver for Best Integrated Media Campaign - Corporate in the special Awards category.
The campaign Muro Restaurant won Silver Best Location-based or Proximity Marketing Campaign of the Year in the For Small Medium Business category.
The campaign Hero Moto Cop for Mirchi Freshers won Bronze for Best Integrated Media Campaign - Films/ TV Shows / News Shows / Events in the special Awards category. The campaign Axis Bank Splash supported by Mirchi won Bronze for Best Integrated Media Campaign - Corporate in the special Awards category. The campaign Namak Ho Tata Ka won Bronze for Best Use of User Generated Content in the social media category. The campaign Ab Meri Dharavi Ki Baari Hai won Bronze for Leveraging social media to boost brand ROI and engagement in the social media category.
Source: https://e4mevents.com/idma-2025/winner-stories
Khel Maharan 2.0 for the Government of Assam by MPing won Best Digital Campaign by/for a Sports Enterprise. TARANG MELA for NABARD, SFAC & ONDC by MPing won Best Digital Campaign by/for an Agricultural Enterprise. Khel Maharan 2.0 for Govt of Assam by MPing was also honoured as the Best Low-Budget Marketing Campaign (Digital) Diageo India by ENIL received the Best Digital Experience Marketing Campaign award. Diageo India by ENIL was awarded as Best Digital Influencer Marketing Campaign
Diageo India by ENIL won the Best Multi Channel Campaign by/for a Food & Beverages Enterprise Source: https://www.mcubewards.com/winners_page/Rsutm source
MPing was awarded as Hyperlocal Agency of the Year at Social Samosas AgencyCon Awards 2025. Source: https://www.socialsamosa.com/events/adiff-social-panga-win-big-agencycon-indian-agency-awards-9613932
Won Bronze for Prayag Maha Kumbh Mela 202
D. RISKS, CONCERNS AND CHALLENGES
Market and Macroeconomic Risk
The Media and Entertainment industry, and radio in particular, has a relatively high fixed-cost base and remains sensitive to changes in the macroeconomic environment. Advertising expenditure is discretionary for most businesses and may come under pressure during periods of weaker corporate earnings or economic uncertainty.
During FY26, advertiser sentiment remained cautious, particularly in the first half of the year, as geopolitical uncertainty and delayed campaign decisions affected spending. While the Indian economy remained resilient, any sustained slowdown in consumption, corporate profitability or advertising activity could impact ENIL s radio FCT revenues. ENIL s Digital Solutions business is also exposed to advertiser spending and may be affected by broader reductions in marketing budgets.
Structural Decline in Terrestrial Radio
The radio industry continues to face structural changes in audience access and consumption behaviour. The reduced availability of FM receivers in several smartphone models and the declining prominence of radio within newer automobile infotainment systems have weakened some of radio s traditional points of access.
These trends are occurring alongside the broader shift towards digital and on-demand audio. The Indian radio industry declined by 7% in 2025, with metro markets experiencing greater pressure on advertising volumes even as smaller markets remained relatively more resilient.
ENIL is addressing these changes through continued engagement with regulators and industry stakeholders on receiver availability and through the ongoing diversification of its business. The growing contribution from Digital, Events, Solutions and other non-radio revenues reduces the Company s dependence on terrestrial radio while allowing it to continue leveraging the strength of the Mirchi brand, content capabilities and advertiser relationships.
Listener Experience and Monetisation Balance
Sustaining listener engagement remains important to the long-term health of the radio business. In an environment of pressure on advertising yields, increasing advertising inventory can provide short-term revenue support but may adversely affect the listener experience if not managed carefully.
ENIL therefore continues to balance advertising monetisation with audience engagement, with a focus on maintaining the quality of the listening experience while optimising revenue from available inventory.
Competition from Digital Audio Platforms
The digital audio market is highly competitive, with consumers having access to multiple music streaming and entertainment platforms across free and paid models. Gaana s subscription-led strategy is differentiated by its focus on building a high-quality paying subscriber base and improving subscriber economics over time.
Competition for subscribers requires continued investment in content, product experience, distribution and brand building. ENIL remains focused on improving acquisition efficiency, retention and monetisation while strengthening Gaana s value proposition in an evolving subscription music market.
Content Licensing Costs and Music Label Dependency
Gaana s ability to provide a broad and relevant music catalogue depends on maintaining strong commercial relationships with music labels and other content owners. Content licensing remains a significant component of the cost structure of the music streaming business.
As the paid music market develops, changes in licensing terms or content costs could affect the economics of the business. ENIL continues to focus on building long-term relationships across the music ecosystem while managing content costs in line with the growth and monetisation of the platform.
Financial and Operational Risk
ENIL has an established Risk Management Framework that is reviewed periodically by the Risk Management Committee, Audit Committee and Board of Directors.
Key operational risks include working capital and receivable management, foreign currency exposure arising from international operations, and dependence on third-party technology and service providers for certain digital operations, including payment gateways and content delivery infrastructure.
The Company s strong balance sheet and liquidity position provide financial flexibility to meet operating requirements and support strategic investments while maintaining appropriate financial discipline.
E. SEGMENT-WISE FINANCIAL PERFORMANCE
Management Discussion and Analysis of the Company s 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.
Existing Business Segment
The radio advertising segment remained under pressure in FY26, consistent with industry-wide softness. Despite this, ENIL maintained a strong volume share in the overall radio advertising market. Events and IP revenues within the existing business demonstrated strong resilience despite event cancellations in Q4 FY26. In FY26, excluding the digital business, revenues declined 6.5% year-on-year to 435 crores. FCT performance saw a 8.6% decline from FY25 revenues. The company focused on protecting market share and margins in this segment. EBITDA declined to 76.2 crores as revenue from Radio Ad revenue declined.
Digital Segment
Total digital revenues for FY26 stood at approximately 112.4 crores, compared to 61.1 crores of digital revenue in FY25.
Subsidiary Companies
Kindly refer to the relevant section of the Board of Directors Report for a discussion of the operations of the Company s subsidiary entities.
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 Company s financial accounting and reporting processes and compliance with the Company s 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 Company s 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 2026, the employee strength (on a permanent roll) of the Company stood at 789. 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 Company s business and operations. Occupational health safety and environmental management are given utmost importance.
In FY26, 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 an increase 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 Company s 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. | Particulars | _FY26 | _FY25 | Explanations/ Remarks for Annual Report |
| No. | ||||
| 1 | Debtors Turnover Ratio | 3.8 | 3.6 | 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 | 1.8 | 2.1 | Explanation not required. |
| 5 | Debt Equity Ratio | NA | NA | Not applicable, since the Company is debt-free. |
| 6 | Operating Profit Margin % | 7.3% | 13.8% | The decrease in the ratio is on account of decrease in the EBITDA in current |
| year as compared to previous year. | ||||
| 7 | Net profit margin (%) | (1.0%) | 2.1% | The decrease in the ratio is on account of loss incurred in current year as |
| compared to previous year \u2019 s profit. | ||||
| 8 | Return on Average Net | (0.5%) | 1.5% | The decrease in the ratio is on account of decrease in the total comprehensive |
| Worth (%) | income in current year as compared to previous year. |
INTEGRATED REPORTING
Integrated reporting provides a comprehensive view of both the financial and non-financial performance of Entertainment Network (India) Limited ( ENIL / the Company ). This approach highlights not only the Company s 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 2026, is an essential part of the Management Discussion & Analysis (MD&A) report. This report primarily focuses on ENIL s 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 India s 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, ENIL s 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 ENIL s 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:
ENIL s 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 FY26 while staying 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 shifts 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 ENIL s 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 ENIL s 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
ENIL s 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 Company s Affairs), Financial Statements, and the Management Discussion & Analysis report (Section C: Operating Performance).
2. Human Capital
As of 31 March 2026, ENIL employs 789 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. 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
ENIL s 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 ENIL s ability to differentiate itself in a crowded market. These intellectual properties bolster ENIL s 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 ENIL s 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 ENIL s brands.
5. Natural Capital
Though not a heavy user of natural resources, ENIL is committed to environmental responsibility. Energy-efficient 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.
? ENIL s value creation efforts are recognized through numerous awards and accolades across the industry._
? Corporate Social Responsibility (CSR) initiatives further enhance ENIL s contribution to society, strengthening its brand s 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. ENILs 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, 15 May 2026 | (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. | |
| www.enil.co.in | |
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