Radiowalla Network Ltd(RADIOWALLA)

NSE: RADIOWALLA

₹ 29.1+4.86%refreshed 24 Sept, 03:30 pm ISTMarket cap: ₹ 21 crUpdated: 24 Oct 2026

About

Radiowalla Network Ltd is a Bangalore-based in-store audio and retail media company that provides background music, audio advertising, digital signage, and Digital Out-of-Home (DOOH) media services to organised retail chains, QSR brands, and FMCG companies. Its network spans 33,000+ stores across 1,400+ cities in 15 countries, reaching over 1 billion monthly footfalls. In FY26 the company reported revenue of ₹20.38 crore from its single reportable segment of in-store radio and allied services.^[1][2][3][4]

Business segments

In-store radio and allied services is the single reportable segment; in-store audio subscription contributed ~55% of FY26 revenue, advertising ~17%, and corporate radio ~19%.^[5]
Advertising share of consolidated revenue rose from 13.3% in FY23 to 24.1% in FY25, reflecting deliberate shift toward ad revenue alongside the subscription base.^[2]
Corporate Radio - a fifth business line enabling employee communication through a centrally managed audio platform - operates across India, Mexico, and Brazil.^[4]

Products and services

Radiowalla operates across four core business areas: in-store audio, in-store advertising, digital signage, and Digital Out-of-Home (DOOH) large-format LED displays.^[4]
Digital signage offering covers end-to-end hardware deployment, screen management, content delivery, and content management.^[4]
AI-generated music has been deployed across 1,000+ stores; the company also uses AI for playlist curation and AI-generated voiceovers to reduce incremental headcount needs.^[5][1]

Network scale and key operating numbers

In-store audio network: 33,000+ stores connected in FY26, up from ~30,000 in FY25, with 3,000+ net new stores added in the last 12 months.^[1][5]
700+ brands serviced in FY26, with 100+ new brands onboarded in the last 12 months; client count grew from 681 to 725 during FY26.^[1][4]
DOOH: 15 large LED hoardings (12 in Gujarat, 3 in Uttar Pradesh) with average utilisation of ~30% in FY26; Shipra Mall screen at ~80%, Gujarat sites at 20 - 40%.^[5][6]
Audio advertising inventory available across ~5,000 - 5,500 ad-capable stores pan-India in FY26.^[5][2]
In-store radio revenue grew 32% YoY and audio advertising revenue grew 94% YoY in FY25; corporate radio grew 8% YoY in FY25.^[2]

Geographic reach

Network present in 15 countries across 4 continents as of FY26, covering 1,400+ cities and towns.^[1][2]
Africa presence spans five markets; in-store audio expanded to Botswana, Namibia, and Zambia; Uganda entered via a dedicated RadioWalla channel on AfroMobile.^[1][6]
International revenue declined to ₹153.35 lakhs in FY25 from ₹204.66 lakhs in FY24, reducing international share from 13.3% to 7.5% of consolidated revenue.^[2]
Wholly owned subsidiaries established in the UAE (January 2026) and North America (step-down subsidiary in Canada) during FY26; pilots begun but subscription revenue not yet flowing as of Q4 FY26.^[5][1]

Customers and distribution

Target customers include retail chains, QSR brands, FMCG companies (Cadbury, ITC, Kwality Walls), and non-FMCG advertisers (Amazon Pay, JioHotstar); collaborates with 600+ retailers across 10 countries.^[4][2]
Empanelled with DAVP (now Central Bureau of Communication), enabling participation in government media projects for ministries, PSUs, and autonomous bodies.^[1]
Gujarat LED hoardings received DAVP empanelment in November 2025, opening government advertising spend as an incremental revenue channel.^[5]
Empanelled with a couple of large media agencies in FY26, which had previously excluded the platform from their media plans.^[5]

Expansion plans

Target to reach 5,000+ screens under digital signage content management over the next few years (by ~FY28 - FY30); pipeline of 1,000+ additional screens already identified.^[1][5]
Corporate radio footprint expanded to Mexico and Brazil in FY26; corporate radio gross margin at 40%+ in FY26.^[1][5]
Plans to establish a subsidiary in Dubai to deepen Middle East presence; UAE subsidiary opened January 2026 but adversely affected by the Gulf War from January 2026 onward.^[1][5][4]
Management targets 25 - 40% revenue growth over the next one to two years, with a company-level EBITDA margin target of 12 - 15%.^[5]

Recent developments

H2 FY26 consolidated revenue fell to ₹1,031 lakhs from ₹1,082 lakhs in H2 FY25; EBITDA turned negative at ₹(10.38) lakhs, attributed to geopolitical conflict from January 2026 reducing advertiser spend.^[1][5]
Non-cash charges of ~₹70 - 80 lakhs (ESOP cost ~₹40 - 41 lakhs plus incremental depreciation ~₹40 lakhs on technology/device investments) weighed on the FY26 bottom line.^[5]
One large in-store audio client churned in October/November 2025, partly offsetting the 3,000+ new store additions during FY26.^[5]
A centralised volume-control amplifier (ad-ready, footfall-sensitive) is being piloted and planned for broader rollout in FY27 to improve advertiser satisfaction.^[5]

Market Cap

₹21 Cr

High / Low

₹72 / 22

Stock P/E

153.2

Price / Book

1.1

Book Value

₹27

EPS

₹0.2

No. of Shares

0.7 Cr

ROCE

1.9%

ROE

0.7%

OPM

1.8%

Debt / Equity

0.03

Sales

₹20 Cr

Net Profit

₹0 Cr

Promoter holding

41.5%

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