ENIL revenue falls 17% as September loss reaches Rs 4.85 crore

Entertainment Network (India) Limited, or ENIL, reported consolidated revenue from operations of Rs 114.67 crore for the quarter ended 30 September 2026, down 17% from Rs 137.75 crore a year earlier, while its net loss widened to Rs 4.85 crore from Rs 4.09 crore. The loss nevertheless narrowed from Rs 6.01 crore in the preceding June quarter.

Why did ENIL's September-quarter revenue decline?

ENIL's total revenue from operations fell by Rs 24.44 crore year-on-year to Rs 116.70 crore in the September 2026 quarter, from Rs 141.14 crore in the September 2025 quarter. Revenue from operations, excluding other operating income, declined by Rs 23.08 crore to Rs 114.67 crore, while other operating income dropped to Rs 2.03 crore from Rs 3.39 crore.

The comparison with the June 2026 quarter was different, with total revenue from operations increasing by Rs 3.02 crore from Rs 113.69 crore. Revenue from operations rose by Rs 2.65 crore from Rs 112.02 crore, while other income was Rs 7.58 crore in September 2026, compared with Rs 8.43 crore in June 2026 and Rs 6.75 crore a year earlier, taking total income to Rs 124.28 crore.

For the six months ended 30 September 2026, ENIL's total revenue from operations was Rs 230.39 crore, compared with Rs 258.08 crore in the corresponding six months of 2025. The Rs 27.69 crore reduction in the first half meant that the sequential improvement in the September quarter did not offset the year-on-year decline in operating revenue and other operating income.

How did ENIL's loss and expenses change?

ENIL's consolidated net loss was Rs 4.85 crore in the September 2026 quarter, compared with a Rs 4.09 crore loss in September 2025 and a Rs 6.01 crore loss in June 2026. Basic and diluted loss per share were Rs 1.02, versus Rs 0.86 a year earlier and Rs 1.26 in the prior quarter; the quarterly per-share figures are not annualised.

Total expenses declined to Rs 130.39 crore from Rs 154.08 crore a year earlier, a reduction of Rs 23.69 crore, but remained above total income of Rs 124.28 crore. Production expenses fell by Rs 12.53 crore to Rs 38.63 crore, other expenses declined by Rs 7.98 crore to Rs 24.74 crore, and employee benefit expense was Rs 33.03 crore, down from Rs 37.39 crore.

Compared with June 2026, expenses rose by Rs 0.79 crore, chiefly because production expenses increased by Rs 3.66 crore and depreciation and amortisation rose by Rs 0.90 crore. Those increases were partly offset by a Rs 2.91 crore decline in other expenses, while ENIL recorded a tax benefit of Rs 1.26 crore in September 2026 compared with a Rs 2.10 crore benefit a year earlier.

Which markets generated ENIL's revenue?

India remained ENIL's main source of operating revenue, contributing Rs 111.41 crore of the Rs 116.70 crore consolidated total in the September 2026 quarter. Indian income from operations declined by Rs 20.70 crore from Rs 132.11 crore in September 2025, but increased from Rs 108.72 crore in June 2026.

Revenue from outside India was Rs 5.29 crore in the September 2026 quarter, down from Rs 9.03 crore a year earlier but above Rs 4.97 crore in June 2026. ENIL disclosed operations in the United States, Qatar and Bahrain, and said it has no reportable geographical segments under Indian Accounting Standard 108, which covers operating-segment disclosures.

For the six months ended 30 September 2026, India generated Rs 220.12 crore of income from operations, compared with Rs 242.65 crore in the prior-year period. Outside-India income was Rs 10.26 crore, down from Rs 15.43 crore, showing that both domestic and overseas income were lower year-on-year, with India accounting for the larger absolute reduction.

What did ENIL report on assets, cash and corporate actions?

ENIL reported total assets of Rs 1,146.29 crore at 30 September 2026, down from Rs 1,206.44 crore at 31 March 2026. Current investments declined to Rs 208.79 crore from Rs 236.83 crore, cash and cash equivalents fell to Rs 24.90 crore from Rs 36.37 crore, and trade receivables decreased to Rs 169.47 crore from Rs 178.52 crore.

Total equity stood at Rs 738.91 crore at 30 September 2026, compared with Rs 758.88 crore at 31 March 2026. Non-current lease liabilities were Rs 124.61 crore, down from Rs 143.09 crore, while current lease liabilities increased to Rs 31.78 crore from Rs 27.67 crore. The six-month cash-flow statement recorded cash and cash equivalents falling from Rs 36.37 crore to Rs 24.90 crore.

ENIL said its wholly owned subsidiary, Alternate Brand Solutions (India) Limited, is proposed to receive four FM radio stations under an asset transfer arrangement valued at Rs 19.60 crore plus applicable taxes. The Ministry of Information and Broadcasting approved the transfer on 17 July 2026, but execution remains subject to remaining statutory and regulatory approvals, definitive documents and other conditions.

The filing also said Times Horizon Private Limited became ENIL's promoter on 1 September 2026 after a scheme involving Bennett, Coleman and Company Limited became effective. Separately, management said litigation involving Phonographic Performance Limited remains pending before the Supreme Court of India and assessed the chance of a related cash outflow as remote.

Conclusion

ENIL's September 2026 quarter combined a year-on-year decline in operating revenue with lower production, employee and other expenses. The lower expense base narrowed the loss sequentially from Rs 6.01 crore to Rs 4.85 crore, but it did not prevent the loss from widening from Rs 4.09 crore in the September 2025 quarter as total income fell to Rs 124.28 crore.

The next disclosed developments are the proposed Rs 19.60 crore transfer of four FM stations, which still requires approvals, documentation and other conditions, and the finalisation of Central and State labour-code rules and government clarifications. ENIL said it will provide accounting effect for labour-code developments as needed, while the Phonographic Performance Limited matter remains pending before the Supreme Court of India.