Summary of Board Meeting Proceedings

A meeting of the Board of Directors was held on Wednesday, 5 August 2026 at the Registered Office of the Company at The Times Group, Sunteck Icon, CST Link Road, Kalina, BKC Junction, Santacruz East, Mumbai - 400098. The meeting commenced at 2:30 PM and concluded at 8:30 PM.

Key Decisions and Approvals

  • Considered, approved and took on record the un-audited financial results (standalone and consolidated) of the Company for the quarter ended 30 June 2026, pursuant to Regulation 33 of the SEBI Listing Regulations
  • Took on record the Limited Review Report for the aforesaid financial results from statutory auditors Walker Chandiok & Co LLP
  • Considered other business items

Financial Results - Standalone (Quarter ended 30 June 2026)

Income Statement Highlights (₹ in lakhs):

  • Revenue from operations: ₹11,075.77 (₹10,910.15 from operations + ₹165.62 other operating income)
  • Other income: ₹824.36
  • Total Income: ₹11,900.13

Expenses Breakdown (₹ in lakhs):

  • Employee benefit expense: ₹3,243.97
  • Production expenses: ₹3,447.54
  • License fees: ₹829.44
  • Depreciation & Amortisation: ₹2,001.05
  • Finance cost: ₹303.41
  • Other expenses: ₹2,676.43
  • Total expenses: ₹12,501.84

Profit/Loss:

  • Loss before exceptional items and tax: ₹(601.71)
  • Exceptional items: None
  • Loss before tax: ₹(601.71)
  • Tax expense: None (current tax: ₹0, deferred tax: ₹0)
  • Net Loss for the period: ₹(601.71)
  • Other comprehensive income: ₹62.69
  • Total comprehensive loss: ₹(539.02)

Financial Results - Consolidated (Quarter ended 30 June 2026)

Income Statement Highlights (₹ in lakhs):

  • Revenue from operations: ₹11,368.50 (₹11,201.58 from operations + ₹166.92 other operating income)
  • Other income: ₹843.27
  • Total Income: ₹12,211.77

Expenses Breakdown (₹ in lakhs):

  • Employee benefit expense: ₹3,356.19
  • Production expenses: ₹3,496.16
  • License fees: ₹848.93
  • Depreciation & Amortisation: ₹2,159.46
  • Finance cost: ₹334.05
  • Other expenses: ₹2,765.00
  • Total expenses: ₹12,959.79

Profit/Loss:

  • Loss before share of profit, exceptional items and tax: ₹(748.02)
  • Exceptional items: None
  • Loss before tax: ₹(748.02)
  • Tax expense: ₹(147.04) (current tax: ₹3.30, deferred tax benefit: ₹150.34)
  • Net Loss for the period: ₹(600.98)
  • Other comprehensive income: ₹52.16
  • Total comprehensive loss: ₹(548.82)
  • Earnings per share (Basic & Diluted): ₹(1.26)

Subsidiaries Included in Consolidated Results

The consolidated results include:

1. Entertainment Network (India) Limited (Holding Company)

2. Alternate Brand Solutions (India) Limited (Subsidiary Company)

3. Entertainment Network Inc (Subsidiary Company)

4. Entertainment Network LLC (Step-down Subsidiary Company)

5. Global Entertainment Network Limited W.L.L. (Subsidiary Company)

6. Mirchi Bahrain W.L.L. (Subsidiary Company)

Important Notes to Financial Results

Note 2: Exceptional Items

The Government of India notified the Code on Wages, 2019; Industrial Relations Code, 2020; Code on Social Security, 2020; and Occupational Safety, Health and Working Conditions Code, 2020 (collectively, "Labour Codes") on November 21, 2025. Based on the revised definition of wages under the Labour Codes, the Company recognized an estimated additional expense of ₹160.45 lakhs and ₹970.46 lakhs for the quarter and year ended March 31, 2026 respectively towards gratuity and leave encashment as an exceptional item.

Note 3: Legal Matter with PPL

On April 27, 2023, the Hon'ble Madras High Court pronounced its order in the matter of the Company vs Phonographic Performance Limited ('PPL'), whereby the Hon'ble Madras High Court had partly allowed the appeals. The management has filed a special leave petition before the Hon'ble Supreme Court of India. The case is yet to be heard by the Hon'ble Supreme Court of India.

In the meanwhile, PPL had filed a contempt petition before the Hon'ble Madras High Court against the Company. The Company filed an appeal against the petition, before the Hon'ble Madras High court for which the Company received a favourable order dated December 10, 2025. Currently, the matter is pending with the Hon'ble Supreme Court of India. The management, based on external legal advice and internal assessment, believes that the chances of a cash outflow on account of the aforesaid matter is remote.

Note 4: Asset Transfer to ABSL

The Company entered into a Term Sheet with Abhijit Realtors & Infraventures Private Limited (Abhijit Realtors) to transfer and vest tangible and intangible assets relating to four FM Radio Stations - Kanpur 91.9 FM, Lucknow 107.2 FM, Nagpur 91.9 FM and Hyderabad 104 FM (excluding any trademarks or other intellectual property rights owned by the Company) through its wholly owned subsidiary, Alternate Brand Solutions (India) Limited ("ABSL") for a consideration of ₹1,960.00 lakhs plus applicable taxes.

MIB vide letter dated July 17, 2026, has approved the transfer of the aforesaid FM Radio Stations to ABSL. Accordingly, the Asset Transfer Agreement is proposed to be executed between the Company and ABSL for the transfer of the identified FM Radio Stations, subject to receipt of the remaining statutory and regulatory approvals, execution of definitive documentation, and fulfilment of such other conditions. The carrying value of related assets and liabilities is insignificant.

Note 5: Promoter Reorganisation

The Company had received disclosure from its promoter, Bennett, Coleman and Company Limited ("BCCL"), and its wholly owned subsidiary, Times Horizon Private Limited ("THPL"), in relation to the proposed reorganisation involving BCCL and THPL through a scheme of arrangement ("Scheme").

The Hon'ble National Company Law Tribunal ("NCLT"), Mumbai Bench, vide its order dated February 4, 2026, has approved the Scheme between BCCL and THPL and their respective shareholders and creditors, pursuant to Sections 230-232 and other applicable provisions of the Companies Act, 2013.

Pursuant to this, the Company had submitted an application to the Ministry of Information and Broadcasting, Government of India (MIB) for change in its largest Indian shareholder from BCCL to THPL. The necessary approval has been received from MIB vide letter dated June 19, 2026. The Company will make further disclosures in this regard as and when the Scheme is made effective.

Note 6: Tax Regime Change

Pursuant to the Income-tax Act, 2025, the Company has decided to opt for the new tax regime with effect from April 1, 2026. Accordingly, the Company has remeasured its deferred tax assets and liabilities as at March 31, 2026 using the applicable tax rate under the new tax regime. The impact of such remeasurement resulted into reversal of Deferred Tax in the Statement of P&L is ₹1,717.75 lakhs (out of the total ₹2,356.22 lakhs), and the Deferred Tax charge recognised in Other Equity is ₹341.59 lakhs.

Auditor's Review Report

Walker Chandiok & Co LLP conducted a limited review of both standalone and consolidated financial results and expressed that nothing has come to their attention that causes them to believe that the accompanying Statement contains any material misstatement.

Availability of Financial Results

The financial results are available on:

  • Company website: https://www.enil.co.in/stock-exchange-filings-fy2027.php
  • BSE Limited: https://www.bseindia.com/corporates/Comp_Resultsnew.aspx
  • National Stock Exchange: https://www.nseindia.com/companies-listing/corporate-filings-announcements

Trading Window Closure

The trading window for trading in the securities of the Company will re-open after the expiry of 48 (forty-eight) hours post the aforesaid financial results are made generally available.