Credit rating

entertainment network (India) limited 4 September 2026 BSE Limited, National Stock Exchange of India Rotunda Building, P. J. Towers, Limited, Dalal Street, Fort, Mumbai- 400001 Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 BSE Scrip Code: 532700/ Symbol: ENIL Dear Sir/ Madam, This is to inform that CRISIL has furnished credit ratings / Rating Rationale in respect of the Company’s bank facilities and debt instruments tabulated below: Total Bank Loan Facilities Rated Rs.150 Crore Crisil AA+/Watch Developing (Continues on Long Term Rating 'Rating Watch with Developing Implications') Crisil A1+/Watch Developing (Continues on Short Term Rating 'Rating Watch with Developing Implications') Rs.50 Crore Non Convertible Crisil AA+/Watch Developing (Continues on Debentures 'Rating Watch with Developing Implications') Crisil A1+/Watch Developing (Continues on Rs.200 Crore Commercial Paper 'Rating Watch with Developing Implications') The Rating Rationale issued by CRISIL is attached herewith and can also be accessed at the link: https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/EntertainmentNe tworkIndiaLimited_September%2004_%202026_RR_402859.html This intimation is pursuant to the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Thanking you, For Entertainment Network (India) Limited Mehul Shah EVP - Compliance & Company Secretary (FCS no- F5839) Encl: a/a Registered Office: The Times Group, Sunteck Icon, CTS 6956 VLG, Kolekalyan Vimantal, CST Link Road, Kalina, Near Mercedes Show Room, BKC Junction, Santacruz East, Mumbai - 400098, Maharashtra, India. Tel: 022 68896222. E-mail: mehul.shah@timesgroup.com www.enil.co.in Corporate Identity Number: L92140MH1999PLC120516 9/4/26, 1:51 PM Rating Rationale Rating Rationale September 04, 2026 | Mumbai Entertainment Network (India) Limited Ratings continues on 'Watch developing' Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.150 Crore Instrument Crisil AA+/Watch Developing (Continues on Long Term Rating RBI 'Rating Watch with Developing Implications') Crisil A1+/Watch Developing (Continues on 'Rating Short Term Rating RBI Watch with Developing Implications') Rs.50 Crore Non Convertible Crisil AA+/Watch Developing (Continues on Debentures 'Rating Watch with Developing Implications') Crisil A1+/Watch Developing (Continues on 'Rating Rs.200 Crore Commercial Paper RBI Watch with Developing Implications') Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has continued its ratings on the bank facilities and debt instruments of Entertainment Network (India) Ltd (ENIL) on ‘Rating Watch with Developing Implications’. The rating was placed on watch developing on October 8, 2025, following a disclosure by ENIL to the stock exchange on September 26, 2025, regarding Bennett Coleman and Company Ltd (BCCL; 'Crisil AAA/Watch Developing')] and Times Horizon Pvt Ltd (THPL; a erstwhile wholly owned subsidiary of BCCL) preparing to file a scheme of arrangement whereby the non-publishing business of BCCL, which includes education, investment, broadcasting, media, entertainment and other allied activities (EIBME business), was proposed to be demerged from BCCL into THPL. For the same, BCCL and THPL entered into a group reorganisation agreement on September 23, 2025. The scheme of arrangement was filed in the National Company Law Tribunal (NCLT) on October 8, 2025. Approval from NCLT was received on February 4, 2026, and from the Competition Commission of India on February 17, 2026. The Ministry of Information & Broadcasting, on June 19, 2026, granted the approval for the proposed change of the largest Indian shareholder from BCCL to THPL. Subsequently, it approved the transfer of 14 TV channels, 4 DSNGs (Digital satellite news gathering) and 1 teleport from BCCL to THPL on August 12, 2026. The scheme of demerger has become effective on 1st September 2026. Consequently, THPL has ceased to be a subsidiary of BCCL and the latter’s shareholders has become the shareholders of THPL. The rating continues to remain on watch pending the receipt of key information, including the financial statements of the standalone entities post-demerger, and greater clarity regarding the impact of the proposed demerger on the business and financial risk profiles of ENIL and THPL and the extent of support after the reorganisation. Crisil Ratings will continue to engage with the group’s management and resolve the watch post receipt of critical information about the impact of demerger on the credit risk profile of THPL and the group companies. The ratings reflect ENIL’s market leadership position in the FM radio broadcasting industry, its comfortable financial risk profile, backed by robust liquidity and nil debt and strong parentage of Times Group. These strengths are partially offset by impact on operating profitability due to diversification, significant dependence on advertisement revenue, which is susceptible to economic downturns and exposure to intense competition and inherent risks in the radio industry. https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/EntertainmentNetworkIndiaLimited_September 04_ 2026_RR_402859.html 1/9 9/4/26, 1:51 PM Rating Rationale Analytical Approach Crisil Ratings has combined the business and financial risk profiles of ENIL and its subsidiaries, Alternate Brand Solutions (India) Ltd, Entertainment Network, Inc (EN, INC), Global Entertainment Network Ltd WLL and Mirchi Bahrain WLL, which have business and financial linkages with ENIL. ENIL’s US operations are housed under EN, INC. Crisil Ratings has also applied its parent notch-up criteria to factor in the extent of support expected from BCCL. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Healthy business risk profile, backed by market leadership position ENIL is the market leader, in terms of revenue and active channels, in the Indian FM radio broadcasting industry. Its strong business risk profile is also supported by a wide presence across states (63 cities) and a wide bouquet of channels. The flagship channel, Radio Mirchi, has significant brand equity and secures the highest revenue share in the industry. Higher focus on solutions and digital products has helped ENIL gain a larger market share and diversify its business. Presence in the solutions business enables the company to cater to non-radio consuming advertisers, while the acquisition of Gaana makes it a pioneer among peers in the digital audio over-the-top (OTT) space. The business risk profile will remain supported by diverse customer base and established market position. Strong financial risk profile The financial risk profile is supported by a healthy networth, nil debt and adequate liquidity. Debt protection metrics remain robust in the absence of any external debt and cash and equivalents were healthy at Rs 390 crore as on June 30, 2026. Further, moderate cash accrual and the absence of any major capital expenditure (capex) will continue to support the financial risk profile. Strategic importance to the parent ENIL remains strategically important to Times Group, which has a strong presence across all media platforms. ENIL derives high operational synergies through the dominant market position of the parent and will continue to receive timely and need- based support from the latter. Key Rating Drivers - Weaknesses Investments on account of business diversification, leading to subdued operating profitability ENIL’s o [Showing first 8,000 characters — download PDF for full document]