Entertainment Network (India) Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Entertainment Network (India) Ltd trades at ₹108, in a downtrend and 39 weeks into that stage. That is −10.0% against its own 200-day average. It sits at 5% of a 52-week range of ₹105 to ₹165. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 39 of stage 4, confirmed. At ₹108 it trades −10.0% versus its 200-day average and sits at 5% of its 52-week range (₹105–₹165).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −85% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-12) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 96th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Entertainment Network (India) Ltd trades at 258.0× P/E, at the pricey end of its own range (96th percentile). Its long-run median P/E is 59.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 258.0× is at the pricey end of its own range (96th percentile), against a long-run median of 59.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −166.5% against a −27.4% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 10y, of the −17.3%/yr price move, ~−32.3%/yr came from earnings growth and ~+15.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Entertainment Network (India) Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

29.5/100 — rank 22 of 25 in Entertainment & Media · 77% evidence confidence

Entertainment Network (India) Ltd scores 29.5 out of 100 against the 25 companies it is compared with in Entertainment & Media, ranking 22. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 7.8 + 6.8 + 6.2 + 8.7 = 29.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Entertainment Network (India) Ltd reported ₹142 Cr of revenue in the Mar 26 quarter, −10.2% year on year. Over 10 years it has compounded at 1.0% a year. The last full year, FY26, came in at ₹565 Cr. The last four reported quarters add to ₹565 Cr.

Entertainment Network (India) Ltd reported ₹142 Cr of revenue in the Mar 26 quarter, −10.2% year on year. Over 10 years it has compounded at 1.0% a year. The last full year, FY26, came in at ₹565 Cr. The last four reported quarters add to ₹565 Cr.

FY26 revenue came in at ₹565 Cr (+3.9% on the year), capping 10 years at 1.0% compound. The latest quarter (Mar 26) printed ₹142 Cr, −10.2% year on year.

Pace check: the last four quarters averaged +5.2% growth against the decade's 1.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +3.9% over the last 4 quarters against +3.0%/yr over the last 8 — stabilising.

→ Revenue slipped — did margins hold as it scaled? Next: 7.5% this quarter (−11.1 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Entertainment Network (India) Ltd's operating margin is 7.5% in the Mar 26 quarter, −11.1 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −17.0% to 33.0%. The current quarter sits inside that band.

Entertainment Network (India) Ltd's operating margin is 7.5% in the Mar 26 quarter, −11.1 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −17.0% to 33.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 7.5%, −11.1 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −17.0%–33.0%.

🚨 Why the margin moved: operating margin went −11.1 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −32.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Entertainment Network (India) Ltd earned ₹8.3 Cr of net profit in the Mar 26 quarter, −32.0% year on year. The full FY26 year was a loss of ₹7.0 Cr. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.2 Cr. 6 of the last 12 reported quarters were loss-making.

Entertainment Network (India) Ltd earned ₹8.3 Cr of net profit in the Mar 26 quarter, −32.0% year on year. The full FY26 year was a loss of ₹7.0 Cr. That is 5.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.2 Cr. 6 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹8.3 Cr, −32.0% year on year. On the full year, FY26 printed ₹−7.0 Cr (−158.3%).

→ Profit rose — but did the cash follow? Next: 486% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 486% of Entertainment Network (India) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹86.0 Cr of operating cash against ₹−7.0 Cr of profit. After ₹27.0 Cr of capital spending, ₹59.0 Cr was left as free cash.

FY26: operating cash of ₹86.0 Cr against reported profit of ₹−7.0 Cr, leaving free cash of ₹59.0 Cr after ₹27.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 486% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 486%: the cash cycle tightened 38 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 115-day cycle and ₹88.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Entertainment Network (India) Ltd's cash conversion cycle runs 115 days in FY26, down from 153 days in FY21. Capital spending ran ₹88.0 Cr over the last 3 years. At FY26 sales of ₹565 Cr each day of that cycle holds about ₹1.5 Cr, so roughly ₹178 Cr sits inside the business at any moment.

FY26: debtors at 115 days (an asset-light business — no inventory to speak of) — for a full cycle of 115 days, tighter than FY21's 153.

In money terms: at FY26 sales of ₹565 Cr, each day of the cycle holds about ₹1.5 Cr — so the 115-day loop keeps roughly ₹178 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹88.0 Cr over the last 3 fiscal years against ₹248 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is −1% and the ROIC − WACC spread is −18.0 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Entertainment Network (India) Ltd earns a ROCE of −1% in FY26. That is up from a trough of −17% in FY23. Return on invested capital clears the cost of that capital by −18.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −1.2% net margin on 0.47× asset turns.

FY26 ROCE is −1%, recovered from a FY23 trough of −17% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): −1.2% net margin × 0.47× asset turns × 1.59× balance-sheet leverage ≈ −0.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −6.0% − 12.0% = a −18.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.23.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Entertainment Network (India) Ltd carries ₹171 Cr of borrowings against ₹758 Cr of equity in FY26, a debt-to-equity of 0.23. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹0.0 Cr to ₹171 Cr. Capital spending ran ₹88.0 Cr across the last 3 of those years.

FY26: borrowings of ₹171 Cr against equity of ₹758 Cr — a debt-to-equity of 0.23. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹0.0 Cr to ₹171 Cr while capital spending ran ₹88.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Entertainment Network (India) Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.1 points over the same window, to 6.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.4 points over 8 quarters to 3.7%; Foreign institutions: +0.1 points over 8 quarters to 6.0%; Promoters: +0.0 points over 8 quarters to 71.2%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Entertainment Network (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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