Gaana's revenue hit ₹81 cr, but ENIL's tax bill is ₹113 cr.
A ₹113 crore income-tax demand for AY 2024-25 now hangs over a business growing at 70%+ speed. Gaana's digital revenue reached ₹112.4 cr, 48% of radio revenue.
— 1 earlier story on Entertainment Network (India) Ltd. →What's new
- Gaana's full-year revenue grew 71% to ₹81 cr; its digital revenue jumped 84% to ₹112.4 cr.
- A ₹113 cr income-tax demand for AY 2024-25 is being contested.
- Radio market share held at 25.2% in a flat volume environment.
Why this matters
The tax demand is a direct threat to the balance sheet. It is larger than Gaana's entire annual revenue. Management's confidence in contesting it doesn't make the risk go away.
What we're watching
- The outcome of the ₹113 cr tax contest.
- Gaana's quarterly progress toward its FY27 breakeven target.
- Whether core radio advertising volumes recover from the geopolitical slump.
The full read
Gaana's full-year revenue climbed 71% to ₹81 crore. But the bigger number is the ₹113 crore income-tax demand ENIL is fighting for assessment year 2024-25. Digital revenue within Gaana jumped 84% to ₹112.4 crore, now representing 48% of radio revenue. Core radio volumes stayed flat, though market share held at 25.2% in a weak ad market blamed on Middle East-related event cancellations. The transcript adds little beyond the prior concall, but the juxtaposition is clear: a digital business accelerating, and a tax bill that could swallow its entire annual revenue. The open question is how this contest resolves.
Questions answered
- How big is the tax demand compared to the Gaana business?
- The ₹113 cr income-tax demand for AY 2024-25 is larger than Gaana's full-year revenue of ₹81 cr. It is the company's most significant near-term financial risk.
- What is driving Gaana's growth?
- Digital revenue within Gaana surged 84% year-on-year to ₹112.4 cr, now representing 48% of radio revenue. This growth underpins the company's FY27 breakeven target for the platform.
- Why are core radio volumes flat?
- Management cited geopolitical tensions in the Middle East leading to event cancellations. Despite this, the company defended its market share of 25.2%.
- What does management say about Gaana's profitability path?
- Management reiterated a target for Gaana to reach breakeven by the end of fiscal 2027, while maintaining discipline on customer acquisition costs.
Entertainment Network (India) Ltd.
Latest quarter · Mar 2026
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All notes on ENIL →- 21 May 2026 · 11:14 PM IST Gaana's revenue hit ₹81 cr, but ENIL's tax bill is ₹113 cr.
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