D. B. Corp Limited is a prominent Indian media conglomerate with a significant footprint across print, radio, and digital platforms. The company's core business is its print media division, anchored by Dainik Bhaskar, one of India's most widely circulated daily newspapers. It holds a leadership position in multiple states, offering news in Hindi, Gujarati, and Marathi. The company is managed by a seasoned leadership team, including Deputy Managing Director Mr. Pawan Agarwal, Promoter Director Mr. Girish Agarwal, and Chief Financial Officer Mr. Lalit Jain. While deeply rooted in traditional print, DB Corp has strategically expanded into digital media, developing the number one ranked Hindi and Gujarati news apps with a substantial user base. It also operates a radio business, further diversifying its media presence. The company's strategy focuses on strengthening reader connections, driving advertising volume, and maintaining operational efficiency to deliver consistent financial performance.

Official Website: https://www.dbcorpltd.com/financial-results.php

• Nine-Month Performance (YTD FY26):

• Consolidated total revenue stood at INR 18,512 million, remaining flat compared to the previous year.

• Consolidated advertising revenues were stable at INR 12,851 million.

• On a like-for-like basis, excluding the impact of election-related advertising from the prior year, advertising revenue grew by 6%.

• Third Quarter Performance (Q3 FY26):

• Total revenue was INR 6,293 million, a 4% year-on-year decline, primarily due to a high base in the previous year which included a significant portion of the festive season and state election advertising.

• Advertising revenue for the quarter was INR 4,395 million, a 7.8% year-on-year decline.

• Profit After Tax (PAT) stood at INR 955 million.

• Profitability and Cost Management:

• EBITDA for Q3 FY26 was INR 1,592 million, with a consolidated EBITDA margin of 25%.

• The company demonstrated effective cost control, with total operating costs seeing a reduction of 1.3% on a quarter-on-quarter basis.

• Segment Performance (Q3 FY26):

• The Print business EBITDA margin expanded by 100 basis points quarter-on-quarter to 29%.

• The Radio segment generated advertising revenues of INR 410 million with an EBITDA of INR 127 million.

The company maintained stable year-to-date revenues despite a challenging third quarter, which was impacted by a high prior-year base from elections and festive ad spending shifts.

• Print Media Resilience:

• The print medium continues to attract advertising revenue, with the company reporting a high single-digit growth for the nine-month period on a comparable basis.

• Key traditional advertising categories such as automobile, real estate, healthcare, and banking are showing strong growth, indicating advertiser confidence in the medium.

• Radio Industry Challenges:

• The radio segment faced a softer advertising environment.

• Management believes the industry's growth is constrained by government regulations that prohibit the broadcasting of news, limiting differentiation and listener stickiness compared to other media.

• Newsprint Price Outlook:

• Newsprint prices remained stable during the third quarter with some sequential corrections.

• The outlook is for prices to remain range-bound, though potential minor increases are possible due to geopolitical developments and foreign exchange fluctuations. The current sourcing mix is approximately 70% domestic and 30% imported.

The print industry shows resilience with recovering advertiser demand in core sectors, while the radio industry faces structural challenges that may limit its growth potential.

• Advertising Revenue Drivers:

• The primary focus for advertising growth is on increasing volumes (70% focus) over yield or rate increases (30% focus).

• Strong double-digit growth was recorded year-to-date in real estate, jewelry, and banking/financial services (up 30%), with high single-digit growth in education and auto.

• The government has approved a 26% increase in print ad rates, the positive impact of which is expected to be visible from the fourth quarter.

• Circulation Strategy:

• The immediate goal has been to arrest the decline in circulation, which has been successful over the nine-month period, with copy numbers stable at approximately 40 lakh.

• The focus remains on growing readership numbers rather than increasing the cover price, to avoid burdening the consumer.

• Digital Business Trajectory:

• The digital business is positioned as a key long-term growth pillar.

• Management's aspiration is for the digital segment to contribute in the "early teens or mid-teens" to the company's total revenue mix within the next 3 to 5 years.

Growth is being driven by a volume-led advertising strategy in print and strategic investments in the digital business, which is expected to become a significant revenue contributor in the medium term.

• Compulsory Newspaper Reading in Schools:

• State governments in Uttar Pradesh and Rajasthan have made newspaper reading compulsory in schools.

• This is a significant opportunity to cultivate a new generation of readers, which could drive long-term circulation growth. The company is actively pursuing similar policies in other states like Madhya Pradesh, Chhattisgarh, and Gujarat.

• Radio Network Expansion:

• The company has acquired 14 new radio stations.

• These stations are expected to become operational by the first quarter of FY27, expanding the company's reach and creating new revenue streams. The initial focus will be on building listenership before achieving mature margin profiles.

The company has identified clear opportunities in fostering readership through school programs and expanding its broadcast footprint with new radio stations.

• Capital Expenditure Focus:

• Gross fixed assets increased by INR 107 crores and net fixed assets by INR 60 crores on a quarter-on-quarter basis.

• This investment is directed towards the core print business, specifically for acquiring land where the company currently operates offices and printing centers on a rental basis.

• Investment Rationale:

• The strategy is to convert rental expenses into assets, thereby saving on recurring operational costs and strengthening the balance sheet for the long term.

The company is strategically deploying capital to purchase fixed assets for its core operations, aiming to reduce long-term operational expenses and improve financial efficiency.

• Digital Monetization:

• While the current focus is on user acquisition (21 million monthly active users), the long-term plan is to monetize this user base.

• The goal is to transition the digital segment from its current cash-burn phase to becoming EBITDA positive.

• Radio Business Enhancement:

• The immediate priority is to make the 14 newly acquired radio stations fully operational within the next two quarters.

• The company plans to continue advocating for policy changes that would permit private radio stations to broadcast news, which is seen as critical for the long-term viability and growth of the sector.

• Core Print Business:

• The company will continue to execute its strategy of driving advertising volume and launching new readership schemes to maintain and grow its circulation base.

Future plans are centered on monetizing the digital user base, operationalizing new radio assets while pushing for policy reform, and maintaining stability in the core print business.

• Consolidated Margin:

• The consolidated EBITDA margin for Q3 FY26 stood at a healthy 25%.

• Print Business Profitability:

• The core print business operates at a higher profitability, with an EBITDA margin of 29% in Q3 FY26.

• This represents a 100 basis point improvement on a sequential quarter-on-quarter basis, driven by effective cost management.

• Segment Margin Profile:

• The radio business is profitable, contributing INR 127 million in EBITDA in Q3 FY26.

• The digital business is currently operating at a loss (burn rate) as the company invests in user acquisition ahead of monetization.

The company maintains strong overall profitability, led by its highly efficient print division, while strategically investing in its digital segment for future growth.

• Dependence on Government Advertising:

• Government and political advertising is a major revenue source but is highly cyclical.

• This category's contribution fell from 24% of advertising revenue last year to 17% this year, highlighting its volatility and impact on overall growth comparisons.

• Newsprint Price Volatility:

• Newsprint is a key raw material, and its price is susceptible to global geopolitical events and currency fluctuations.

• Management has flagged this as a factor that could lead to minor cost pressures in the upcoming quarters.

• Radio Segment Headwinds:

• The regulatory environment, specifically the prohibition on broadcasting news, poses a significant risk to the long-term growth of the radio business.

• The segment is also sensitive to the broader advertising environment, which was described as "softer" in the recent quarter.

Key risks stem from the cyclicality of government ad spending, potential volatility in newsprint costs, and structural limitations within the radio industry.

• Digital Platform Strength:

• As of November 2025, the company's news apps recorded approximately 21 million monthly active users.

• This user base establishes Dainik Bhaskar as the leading news app in both the Hindi and Gujarati languages.

• Bhaskar English App:

• The English-language app, launched a year ago, is in a nascent stage. It is primarily targeted at users in the company's existing markets who prefer to consume news in English.

• Uttarakhand Launch:

• The company is encouraged by the initial response to its launch in Uttarakhand and anticipates growth to accelerate with the upcoming Uttar Pradesh elections.

The company continues to solidify its digital leadership in its core language markets while exploring niche expansions in English and new geographical territories.