New Delhi: India’s private FM radio industry recorded a rise in advertising revenue in the quarter ended December 31, 2025, even as the total number of operational stations declined marginally, according to the latest data from the Telecom Regulatory Authority of India (TRAI) in its Indian Telecom Services Performance Indicator Report.
Channels Decline to 385 in December Quarter
As per data reported by FM radio operators to TRAI, the number of operational private FM radio channels stood at 385 across 113 cities, operated by 31 private FM radio operators as on December 31, 2025.
This marks a slight decline from the previous quarter ending September 30, 2025, when 387 private FM channels were operational across the same 113 cities, also run by 31 operators.
The drop follows the surrender of licences during the quarter:
South Asia FM surrendered permission for its FM radio station in Mumbai, Maharashtra.
Next Radio Limited surrendered permission for its FM radio station in Chennai, Tamil Nadu.
Following these exits, Mumbai now has 8 operational FM channels, while Chennai has 6 operational channels.
Advertising Revenue Shows Sequential Growth
Despite the marginal reduction in the number of stations, the FM radio sector reported a rise in advertising revenue during the quarter.
Private FM radio operators reported advertising revenue of ₹419.29 crore in the quarter ending December 2025, compared with ₹399.96 crore in the quarter ending September 2025.
This represents a quarter-on-quarter increase of ₹19.33 crore, indicating stable advertiser demand for radio even as the station count edged lower.
Industry Snapshot
Quarter Operational Private FM Channels Cities Operators Ad Revenue
September 2025 387 113 31 ₹399.96 crore
December 2025 385 113 31 ₹419.29 crore
Market Outlook
The data suggests that while the number of private FM stations is witnessing minor rationalisation, the advertising performance of the medium remains resilient. Radio continues to maintain relevance for regional advertising, local retail promotions, and on-ground activation-led campaigns, particularly in urban and Tier-2 markets.
The TRAI report indicates that the sector’s revenue growth, despite fewer channels, reflects better monetisation and steady advertiser engagement in the radio ecosystem.
