Ladies and gentlemen, good day and welcome to Entertainment Network (India) Limited Q2 and H1 FY 2027 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Sneha Salian from EY Investor Relations. Thank you, and over to you, ma'am. Thank you, Yusuf. A warm welcome to all the participants to the Entertainment Network (India) Limited Q2 FY 2027 earnings conference call. The investor presentation and the financial results are available on the company website and on the stock exchanges. Please note, anything said on this call which reflects our outlook for the future or which can be construed as a forward-looking statement must be viewed in conjunction with the risk that the company faces. This conference call is being recorded, and the transcript along with the audio of the same will be made available on the website of the company as well as on the exchanges. Please also note that the audio of the conference call is a copyright material of Entertainment Network (India) Limited, and it cannot be copied, rebroadcasted, or attributed in press or media without specific and written consent of the company. To give you a brief business update and to take you through the results from the management team, we have Mr. Yatish Mehrishi, Chief Executive Officer, Mr. Sanjay Ballabh, Chief Financial Officer. I would now request Mr. Yatish to provide you with a brief update on the quarter. Over to you, sir. Thank you, Sneha. Good morning, everyone, and thank you for joining us for ENIL Quarter 2 FY 2027 earnings call. I would also like to take this opportunity to wish you and your families a very happy and a prosperous festive season. We announced our results yesterday, and I hope you had a chance to review them. Let me share some perspectives on the quarter and the progress we are making across our businesses. Quarter two was a mixed quarter for ENIL. The operating environment remained challenging with the subdued advertising demand impacting our radio business. The shift in festive dates also moved more advertising and event revenue in the quarter three. While these factors weighed on revenue, we improved profitability through structural cost changes and lower digital losses. Our consolidated revenue for the quarter stood at INR 117 crore, including INR 3 crore from our international operations. Domestic revenue was INR 114 crore, down 16.1% year-on-year. Despite the softer revenue environment, we reported EBITDA of INR 11.3 crore on an improvement of 9.5% over the corresponding quarter last year. This was driven by structural cost measures, continued cost rationalization, improved operating efficiencies, and a reduction in losses in our digital business. An important part of our ENIL transformation is the diversification of our revenue streams. Radio now contributes approximately 53% of our domestic revenue and digital 29%, with events and other businesses accounting for the balance. We believe this evolution is important in positioning ENIL as a more diversified media and entertainment company with opportunities extending well beyond traditional radio. Let me briefly take you through the performance of our key businesses. Starting with radio, the business continued to face a subdued advertising environment with weak overall demand impacting performance. FCT revenue was down 12.6% during the quarter. We continue to maintain our leadership position in the market. Our focus remains on strengthening our core business, improving monetization, and driving greater value for our strong brand and market presence. Moving to our non-FCT business, revenue stood at INR 20 crore. The performance was impacted by the shift in the festive calendar, which resulted in certain events moving to subsequent quarters. Importantly, profitability remained healthy with our EBITDA margins improving to 30.8% from 27.8% in the previous quarter last year. We continue to see meaningful opportunities to build and scale differentiated IPs and properties, leveraging our brand relationship and execution capabilities. Coming to digital, this business continues to gain importance with our overall portfolio. Its contribution to domestic revenue increased to 29% compared with 23% in the corresponding quarter last year. We also improved our profitability on digital with EBITDA loss reduced by approximately 23% year-on-year. Within digital, Gaana and digital solutions remain our key focus areas. Gaana continues to be an important strategic asset. Our priorities are to expand distribution, improve subscriber acquisition and retention, and strengthen consumer engagement while remaining focused on improving subscriber economics and moving towards a sustainable business model. Our recently announced partnership with Noise is a good example of how we are leveraging complementary consumer ecosystems to expand our reach and creating new subscriber acquisition opportunities. Digital solution is also making progress in broadening client relationship and enabling ENIL to participate in the larger share of advertising and marketing budgets beyond its traditional offerings. Equally encouraging is the progress on profitability. Digital EBITDA losses reduced by 23.3% to INR 7.5 crore compared to INR 9.8 crore in the corresponding quarter previous year. While there is still work to be done to improve the economics of the business, the direction of the progress is very encouraging. We continue to maintain a strong balance sheet with a consolidated cash balance of INR 371.5 crore as of September 30, 2026. This provides us with the financial flexibility to invest in our strategic priorities while maintaining financial discipline. We are focused on building a stronger, more diversified ENIL with a clear emphasis on sustainable and profitable growth across our businesses. With that, I would like to hand over the call to the moderator. We will be happy to address your questions. Thank you. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Mehul Madhwal from Equirus. Please go ahead. Hi, sir. Am I audible? Yes, Mehul. Yeah. Thank you for the opportunity, sir. Sir, just wanted to understand, previously in the investor presentation, you used to give bifurcations about the revenue in the core radio, non-radio, and non-FCT business. If possible, could you highlight the core radio and the non-radio revenues for this quarter? I gave about the radio has been down about 12%, which is about INR 60 crore, and event business has been INR 20 crore. INR 60 crore, and non-radio is how much? INR 20 crore, right? The event business is INR 20 crore. The non, yeah, non-radio is INR 20 crore. Okay. Without the digital business. Got it. Secondly, could you please shed some light on inventory utilization and realization for this quarter? The inventory utilization is about 70-odd percent. It has been down about 6%. Okay. Just one last question on the outlook side. How do you see the second half panning out? Do you see sequential recovery due to the shifting festivities? Generally, we do not give any guidance, but what we are seeing in Q3, there has been some green shoots from the advertising environment, and we believe that should continue. Okay. Thank you so much, sir. That is all from my side. Thank you. Thank you. Next question is from the line of Surendra Singh from MyEquitiShare. Please go ahead. Hi, sir. Good morning. I hope I am audible. Good morning, Surendra. Yeah. So sir, one question on balance sheet in particular. I see that other current assets went up, so I am just curious to know what led to this. Just give me one sec, please. Sure, please. I will ask Sanjay to just answer that. Yeah. It is because of accumulation of some prepaid items there in this current quarter. Accumulation of what, please? Prepaid. Prepaid expenses. Okay. Now coming to the business, Yatish sir, when I see radio business as an investor and the kind of licensing fee we paid for 15-year period, and when I see the numbers, final outcome, I do not see very attractive return on capital employed. So, my current reading from latest annual report, your letter is that we will definitely bid for licenses whenever the renewal comes, I think 2029. So I am just curious to know that what promoter and the management sees in this business which is so attractive, which a layman like me is unable to see. So I just wanted your thought on that. It is a good question, Surendra. The thing is, overall media environment has been bit subdued, and if you look at the impact of digital and AI on media sector has been quite phenomenal. It is not just radio, you look at any traditional business is going through this churn. If you ask me, media industry is going through a transition phase, and over that, if you look at the geopolitical situation, that has remained subdued. But we remain very, very optimistic about the growth potential of the country and the advertising environment also. India is the largest, if you look at from a GDP point of view, largest growing country also, and also media, any forecast if you look, the advertising remains very, very positive over the years. Yes, there are transitional, or if you say the last two years have not been so great, but what we have done is, having said that is more on the macro part. From a micro part, if you look at, we are looking at our cost structures, what we have run business over 20 years, over the last two decades, and the cost structures right now are fairly different. Our cost structures are improving. We are looking new ways of broadcasting, so that even if the revenue or the advertising environment remains subdued, our profitability improves. Our focus will always remain on profitability. Coming back to my point on which you pointed out of our investment going forward with the new frequency. See, even government is looking at it. We represent as an AROI body to the government to support reforms. Radio is a very, very efficient and economic model at the last mile also. Government is cognizant of the fact. They are looking at reforms coming into it, and we remain very positive. Our discussions with the government have remained very positive. We believe there will be reforms coming in. Having said so, that's what on the radio part. Having said that, if you look at, we have diversified the company also. As I mentioned in my opening remarks, the radio contribution is now only 50% for us, or 53% right now. At overall yearly basis, it might be less than 50%. So we have diversified from a traditional radio company to a multi-platform, multimedia company. The way we look at the company is, yes, radio advertising in the near future might remain, or the traditional media advertising may remain still subdued. But as we diversify and make business profitable, which will make ENIL a much more stronger company going forward, with a sustainable profit growth across segments. Yeah. Thank you for that, Yatish sir. That does help that we are hopeful that regulatory environment is going to support us in coming times. On second level, when I think about it, I think it gives us very good visibility because of which our event business gets a big boost. That is my understanding. You can comment on that as well. My question on event business is, I think the kind of reach we have because of our brands, right? Both radio and Gaana. And the number of cities we are present in, and in turn, the kind of reputation our promoter group has in the country. I keep wondering that why this business has not scaled so well in the previous five years, and what we are thinking about it in the coming five years. Because we might be having lot of satellite offices, where we can have few key employees everywhere, and then I think we can cater to all kind of event businesses which are happening in different major cities of the country, right? Yeah. You are right. I would not say last five years, but the last two, three years, the consumer behavior of going out, experiential marketing has taken a front seat in India and the media landscape. People are spending money for concerts, going out, having food, or ordering food from outside, going for different events. We have been doing events for the last 10 years. Very happy to say that we do more than 200 or 250 events in a year across 63 market that lies our strength. Our brand is very strong. The group brand is also very strong. We continue to do that. Having said that, we are very cognizant of the margins. The event margins and the traditional media radio margins are fairly different. Event margins will never be similar to radio margins. We need to be very cognizant of the fact that we gun for revenue with a subdued margin, or we look at a very healthy margin situation. Having said that, we are riding the wave of the event business, which is growing well, and we continue to do that, where we are looking at specific investment also in that market, in that business. What has happened in the, if you look at in the current last six, eight, nine months, there has been increased competition in the events, which has happened. If you look at all traditional media companies, TV, news channels, TV, or internet companies also have started doing events, which is putting much more pressure on the event business also in terms of the margins. There is a big opportunity to grow, and we continue to do that, but we pick and choose, because as a DNA of our company, we always to do chase, not chase numbers, but chase profitable growth, and that is what we continue to do. There is always an opportunity in some markets to grow more, which I take as a feedback also. Having said that, we strongly believe event business is here to stay and to scale up in the right profit margins. Yeah. Thank you, sir. One last question is, I admire what you folks are doing, the way you have balanced out other businesses to overtake radio slowly and steadily. I totally am impressed out of your actions. However, the pace of change is too slow, and when I put all these numbers together for last five years or 10 years, I do not see overall that positivity coming out in the numbers. I hope with you in the driving seat with time, we will see changes which will lead to better return on invested capital. Thanks, Surendra, for the compliment. Just to add one more point, we are balancing right now not just one segment with other segment in terms of revenue. There is revenue growth coming in the non-radio business, but the margins are much lower, almost one-fourth or one-fifth of the radio margins. So what we have in your hand is one business with a very heavy margin not growing, the other business which is growing doesn't have margins. We're trying to balance both, and over that, when the geopolitical situation and economy doesn't do well, it puts more pressure. So I think that's more cyclical and temporary, but we as a company are very optimistic in the India growth story, and we remain very, very focused and optimistic on that, and we believe that market will come back. I think it's sometimes in a long journey, one or two years can be there, and that's what we feel is putting pressure on in the last few quarters. But over a period of a long horizon, we believe the story is here to stay. Sure, please. Sir, I like what you are doing with Gaana now, the collaboration you have done with Noise, and that's a good strategy. I would say you should put more focus on such areas. Thank you, Surendra. Yeah. Thanks a lot. Thank you. Thank you. Thank you. Next question is from the line of Jay Daniel from Entropie Advisors. Please go ahead. Yes, sir. Sir, your digital revenues have been flatlining from quarter ended September 2025. It was INR 32 crore, followed by INR 31 crore, INR 29 crore, INR 31 crore, and now INR 33 crore. Why is it running out of steam? Because this is supposed to be your new initiatives away from radio. No, we have been growing consequently. What has happened is, we do not chase subscriber numbers on Gaana. We have seen some pressure on Gaana coming with higher acquisition costs. So we have been little careful on unit economics on the Gaana subscriber growths. So that is what leads to it. But I do not think that is the way the numbers are, but we will share the numbers with you over a period of time. The growth has been No, these are digital numbers reported by you. One sec. No, you will be adding the other components. So there are multiple components on it. So some of the businesses may not be there, but the two large business for us are digital solutions and Gaana, which continue to grow very healthy. What was the revenue from Gaana for this quarter? Can we meet separately on this and share? On a ballpark number, it is about Give me one sec. It is about INR 22 crore. It has stopped growing, that means, right? It is growing. It is growing, sir. Is the company sticking to its target of EBITDA breakeven for Gaana by fourth quarter of this year? Yes, that's been the ambition for us, and we keep focused on that. There are certain headwinds on the acquisition cost, as they're reflecting pressure on the broader D2C ecosystem, if you look at. The AI search is reducing referral traffic and inventory also, which leads to a high acquisition cost. So what for us is always to believe we acquire a customer at a healthy LTV. We don't just blindly go for subscribers. So maybe it could lead to a delay of one or two quarters, but we remain focused on that. I think if you look at our losses have gone down by 25% also in this quarter. So it will keep going down, but yes, there are certain headwinds on the overall acquisition cost in any D2C business. If you look at everybody chasing the same customer, there is on OTT players, there's video OTT, there's on music OTT players, then you have the short micro dramas coming in play. So when you look at overall objective and the Google search, which has been the leading performance marketing driver, with the AI search, that's reduced. So that becomes little expensive for us. So for us, our DNA has always been to get a very positive unit economic subscriber rather than just blindly run towards the subscriber numbers. Your cash balance also is declining. It was INR 424 crore end March 26, INR 409 crore end June 26, and now it is INR 371 crore. Any specific reason for this loss of No. There's been advances to vendors because of the events coming in. There's dividend, and there was some CapEx in the digital business also on the tech side, which we did. That's the reason. So it's more cyclical or seasonal for us. It's not that it is going down on those reasons. So it will come back to whatever level it was earlier? Yes. Year on year, your existing business has declined nearly 25%. One-fourth of the business has gone away. You were INR 104 crore in quarter September 25, and now it is INR 81 crore. Yeah. See, there are two things, as I said in the opening remarks, I do not know you there or not. There has been subdued advertising environment, which led to degrowth on the traditional radio medium. But events you need to look at in the fact that last year festive was largely in quarter two. This year, the festive shift of Diwali being late has also changed. A lot of events happened in Q3. So when you look at a overall festive level, when we look at, the number looks quite encouraging from that perspective. But you will have to look at from perspective of the shift in the festive or the event business. Event business has seen a larger degrowth, largely because of the festive shift. Okay. How do you expect the event business to fare going forward? Because that is a pretty profitable business for you. You have pretty good brand equity also there. Yeah. We remain, as I said, we remain very optimistic on that. It's growing business for us. But yes, the margins will be less than the traditional radio business. We always being cognizant of the fact. There is growth we see in the event business in the coming quarters, in the coming years also. Because earlier your events business margin used to be better than radio, right? Am I right? No, never. Never. It's not for us. Across the board also, if you look at concerts has the lowest margin in events. The non-concert is better, but any traditional media, radio, print will have a better margin. Okay. Okay, your investor deck has very little information from an investor perspective. If you could improve on that and provide Earlier the data that you were providing, you have taken it away. FCT, non-FCT. We'll take this feedback and tell the finance team to have a look at it. Okay. Okay, sir. Thank you very much, sir. Thank you. Thank you, Jay. Thank you. Thank you. Before we move to the next question, a reminder to the participants to ask a question, you may press star and one. Next follow-up question is from the line of Mehul Madhwal from Equirus. Please go ahead. Thank you, sir. All my questions have been answered. Thank you, Mehul. Thank you. Participants, to join the question queue, you may press star and one. Next question is from the line of Tanushi, an individual investor. Please go ahead. Hi. Good morning, sir. Good morning. What was the volume growth achieved in Q2? I said those were down by 5%. The capacity utilization about 70%. Okay. What was the effective rate in Q2? It's been flat. Okay. What was the overall market share? We are a strong player. It's about 25% market share for us on the radio side. Okay. Thank you, sir. Thank you. Thank you. Ladies and gentlemen, we will take this as the last question for the day. I now hand the conference over to the management for the closing comments. Thank you, Yusuf. Thank you, everyone, for joining this call. Wish you and your family a very happy Diwali. Thank you once again. Thank you very much, sir. On behalf of Entertainment Network (India) Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.