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ICICI Prudential MF cuts ENIL stake below 3 per cent after market sale
Mutual fund trims holding to 2.655 per cent as Radio Mirchi parent navigates ad slowdown
MUMBAI: Looks like one investor has turned down the volume on ENIL. ICICI Prudential Mutual Fund has pared its stake in the parent company of Radio Mirchi and Gaana, taking its holding below the 3 per cent mark through a series of open market transactions.
According to a regulatory filing, ICICI Prudential Mutual Fund has reduced its stake in Entertainment Network (India) Ltd (ENIL) to 2.655 per cent after selling shares in the open market, triggering a disclosure under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations.
The fund sold a net 2.35 lakh shares on 2 July 2026, taking its cumulative net sale since its previous disclosure in October 2019 to 11.2 lakh shares. Consequently, its holding declined from 5.004 per cent (23.85 lakh shares) to 2.655 per cent (12.66 lakh shares).
ICICI Prudential Asset Management clarified that the transactions were undertaken purely as part of its investment strategy and were not intended to acquire control or influence over the company. ENIL subsequently informed the stock exchanges of the disclosure received from the fund house.
The stake reduction comes at a time when ENIL is navigating a challenging advertising environment. In the fourth quarter of FY26, the company reported a 10.2 per cent year-on-year decline in consolidated revenue to Rs 142.1 crore, while EBITDA plunged 63.8 per cent to Rs 10.7 crore. Consolidated net profit fell to Rs 8.3 crore from Rs 12.2 crore a year earlier.
While its traditional radio business remained under pressure, ENIL’s digital business continued to strike a stronger note. Digital revenue surged 60.6 per cent year-on-year to Rs 28.5 crore during the quarter, while full-year digital revenue grew 84 per cent, increasing its contribution to 48.4 per cent of the core radio business from 26.3 per cent in FY25. The company also retained a 25.3 per cent share of the radio advertising volume market during the quarter.
ENIL closed FY26 with Rs 424 crore in consolidated cash and cash equivalents, while its board recommended a dividend of Rs 2 per equity share, subject to shareholder approval.
Looking ahead, the company expects its intellectual property-led businesses to recover in the second half of FY27 as macroeconomic conditions improve, even as it continues investing in Gaana and experiential properties such as SBI Green Marathon, Royal Stag Boombox and Mirchi Club Nights.
