ENIL lifts Q2 FY27 EBITDA 9.5% despite income fall

ENIL’s standalone earnings before interest, tax, depreciation and amortisation (EBITDA) rose 9.5% year on year to Rs 11.26 crore in Q2 FY27, despite total income falling 16.1% to Rs 113.65 crore, because operating expenditure declined 18.2% to Rs 102.39 crore. Standalone profit after tax (PAT) remained a Rs 3.88 crore loss.

What did ENIL report in Q2 FY27?

ENIL reported standalone total income of Rs 113.65 crore in Q2 FY27, down from Rs 135.42 crore in Q2 FY26, while EBITDA increased from Rs 10.28 crore to Rs 11.26 crore. The quarterly operating improvement therefore came from a larger reduction in expenditure than in income.

Standalone earnings before interest and tax (EBIT) were a Rs 9.73 crore loss, compared with a Rs 8.96 crore loss a year earlier. Profit before tax (PBT) improved to a Rs 5.19 crore loss from a Rs 5.74 crore loss, but PAT widened to a Rs 3.88 crore loss from a Rs 3.57 crore loss.

How did ENIL raise EBITDA while income declined?

ENIL raised EBITDA because its standalone operating expenditure fell by Rs 22.75 crore year on year in Q2 FY27, exceeding the Rs 21.77 crore reduction in total income. The difference resulted in a Rs 0.98 crore increase in EBITDA from the comparable quarter.

The same pattern appeared in YTD Sep’26, the six-month period labelled by ENIL. Total income declined 9.6% to Rs 224.41 crore from Rs 248.37 crore in YTD Sep’25, while operating expenditure declined 11.9% to Rs 204.37 crore from Rs 231.91 crore. As a result, EBITDA increased 21.7% to Rs 20.04 crore from Rs 16.46 crore.

Below EBITDA, the first-half results remained loss-making. YTD Sep’26 EBIT was a Rs 20.96 crore loss, narrower than the Rs 21.87 crore loss in YTD Sep’25; PBT improved to a Rs 11.20 crore loss from a Rs 14.02 crore loss. PAT narrowed 3.9% to a Rs 8.38 crore loss from a Rs 8.72 crore loss.

How did ENIL’s consolidated results compare with standalone results?

ENIL’s consolidated EBITDA rose 5.9% to Rs 12.05 crore in Q2 FY27, compared with 9.5% standalone EBITDA growth. Consolidated total income fell 17.3% to Rs 116.70 crore, while consolidated operating expenditure fell faster, by 19.4%, to Rs 104.65 crore.

Consolidated PAT was a Rs 4.86 crore loss in Q2 FY27, versus a Rs 4.08 crore loss in Q2 FY26, a 19.0% widening. This differed from consolidated PBT, where the loss narrowed marginally to Rs 6.12 crore from Rs 6.18 crore; total comprehensive loss widened to Rs 4.67 crore from Rs 3.73 crore.

For YTD Sep’26, consolidated total income declined 10.7% to Rs 230.39 crore from Rs 258.08 crore, while EBITDA increased 11.2% to Rs 21.08 crore. Consolidated PAT loss widened 16.1% to Rs 10.86 crore from Rs 9.36 crore, showing that the operating-cost effect did not translate into an improved consolidated net result.

What did ENIL disclose about digital and other businesses?

ENIL said digital revenue grew 4.6% year on year to Rs 3.3 crore, while digital EBITDA losses reduced 23.3% to Rs 7.52 crore. It also said digital revenue’s share of domestic revenue rose to 29.0% in Q2 FY27 from 23.3% in Q2 FY26, an increase of 5.7 percentage points.

ENIL’s quarterly series shows digital revenue as a percentage of standalone business at 3.2% in Q2 FY24, 11.5% in Q2 FY25, 23.3% in Q2 FY26 and 29.0% in Q2 FY27. The presentation also reported existing-business revenue of Rs 80.72 crore and PAT of Rs 2.87 crore, with PAT up 12.0% year on year.

International business revenue was Rs 3.18 crore. ENIL listed more than 153.1 million monthly active users across digital, 20.0 million monthly active users on Gaana, more than 101.1 million social followers, 21.7 million YouTube subscribers and more than 10.3 billion YouTube views.

What changed in ENIL’s cash and balance sheet?

ENIL reported standalone net cash of Rs 351 crore and consolidated net cash of Rs 371 crore as of September 30, 2026. Standalone cash and cash equivalents were Rs 350.75 crore, down Rs 53.44 crore from Rs 404.19 crore as of March 2026.

Standalone shareholders’ funds declined to Rs 739.11 crore at September 2026 from Rs 756.35 crore at March 2026, although their share of the balance sheet rose to 83.7% from 82.9%. Financial lease liability declined to Rs 144.11 crore from Rs 155.88 crore, and total standalone assets and liabilities fell to Rs 883.22 crore from Rs 912.23 crore.

Net tangible and intangible assets decreased to Rs 246.26 crore from Rs 262.64 crore, while right-of-use assets declined to Rs 92.68 crore from Rs 107.69 crore. Short-term assets increased to Rs 59.14 crore from Rs 0.33 crore; the presentation did not explain these movements or disclose a cash-use plan.

Conclusion

ENIL’s Q2 FY27 results show that a Rs 22.75 crore reduction in standalone operating expenditure more than offset a Rs 21.77 crore decline in total income, increasing EBITDA by Rs 0.98 crore. The same cost-and-income relationship supported EBITDA growth in the consolidated and YTD Sep’26 results, although both standalone and consolidated quarterly PAT remained losses.

The next reporting periods will show whether digital revenue can extend its rise to 29.0% of domestic revenue and whether the Rs 7.52 crore digital EBITDA loss continues to reduce. ENIL also disclosed Gaana’s pre-installation on Vivo phones and availability on Samsung smart TVs, with more than 30 minutes of early engagement per listening user on television, but provided no revenue target or timetable for these initiatives.