1. Opening Hook
Radio’s still alive — just ask ENIL, who insists on calling it “audio entertainment.” Q2 FY26 saw them blast “tuning into transformation” louder than their playlists. Revenue up, Gaana grooving, and events business partying like it’s pre-COVID again.Of course, the radio ads segment caught static — brands are apparently waiting for GST clarity or divine intervention. But ENIL isn’t sweating; with 300 events, a growing digital base, and a ₹344 crore cash pile, they’re remixing old frequencies with new-age beats. Keep reading — there’s drama, digital dreams, and even a bit of government prayer.
2. At a Glance
- Revenue ₹141 crore:23.7% jump — advertisers may be cautious, but Gaana’s streaming that growth.
- EBITDA ₹20 crore (ex-digital):19.3% margin — still humming.
- Digital revenue ₹31.5 crore:Up 149% YoY — Gaana went from playlist to profit plan.
- Events & IP revenue ₹34.5 crore:Up 42% — it’s raining concerts and marathons (literally, thanks to monsoons).
- Cash ₹344.7 crore:Enough to buy back stock or fund a hundred Navratri nights.
- Radio market share:25% — still India’s loudest station.
3. Management’s Key Commentary
“Digital now contributes nearly 33% of traditional business.”(Translation: We’re officially half-radio, half-startup.)
“Our event and IP business grew 101%.”(Translation: India’s post-pandemic party spirit pays bills again 🎉.)
“Production costs rose due to higher event activity.”(Translation: Lights, sound, camera… and expenses.)
“Gaana’s investment dropped from ₹12.9 cr to ₹9.8 cr.”(Translation: Still burning cash, but at a more meditative pace.)
“We’re targeting breakeven for Gaana by June–September FY27.”(Translation: The same promise since Spotify was cool.)
“Radio and non-radio will be 50:50 soon.”(Translation: RIP, pureplay FM. Long live digital hybrid.)
“Rain affected Navratri events.”(Translation: Even the gods gatecrashed our margins. 😏)
“We’re evaluating acquisitions but still paying dividends.”(Translation: Hoarding cash until something shiny appears.)
4.
Numbers Decoded
| Segment | Q2 FY26 Revenue (₹ cr) | YoY Growth | Margin / Comment |
|---|---|---|---|
| Radio (FCT) | 70 | +5% | Still leader, but ad spends soft |
| Media Solutions + Events | 35 | +42% | Concerts, marathons, activations boom |
| Digital (Gaana + Solutions) | 32 | +149% | Subscription-led growth, burn reducing |
| International | 5.9 | +35% | Small but profitable |
| EBITDA (ex-digital) | 20 | Flat | Margins ~19.3% |
| Cash Balance | 344.7 | – | Strong war chest |
Take:ENIL is less “FM forever” and more “Spotify meets Stage Show.” Digital is scaling; radio just coasts.
5. Analyst Questions
Q:Why are margins flat despite higher revenue?A:“Mix change — radio is high-margin, events aren’t.”(Translation: Volume up, profit not invited.)
Q:Capex for Gaana?A:“None planned.”(Translation: Cash conserved; faith expended.)
Q:Digital split?A:“Gaana ₹20.5 cr, digital solutions ₹10.9 cr.”(Translation: One’s a star, the other pays its rent.)
Q:Events margins?A:“~20%, weather permitting.”(Translation: As long as it doesn’t rain on our stage.)
Q:Buyback plans?A:“Evaluating.”(Translation: CFO still dreaming of a good target.)
6. Guidance & Outlook
Management expects“single-digit”radio growth
