D B Corp

D B Corp reported a strong Q2 FY26, with total revenues growing 9% YoY to ₹634.7 crores. Advertising revenues were a key driver, increasing 12% YoY to ₹447.8 crores. The company achieved a 10% YoY growth in EBITDA, reaching ₹158.4 crores, and PAT saw a 13% YoY increase to ₹93.5 crores, both adjusted for FOREX losses. Circulation revenues also contributed positively, growing 3% YoY to ₹120.8 crores.

For the first half of FY26, D B Corp's consolidated total revenues grew 2% YoY to ₹1221.9 crores. Advertising revenues for H1 FY26 were ₹845.5 crores, also up 2% YoY. Circulation revenue for the half-year stood at ₹241.1 crores, marking a 2% YoY increase. EBITDA for H1 FY26 was ₹296.8 crores, while net profit, adjusted for FOREX loss of ₹17.5 million, was ₹174.3 crores.

Advertising revenues in Q2 FY26 benefited from an early festive season, contributing to the 12% YoY growth. Excluding this benefit, advertising revenue still showed high single-digit growth. Key sectors like real estate, automobile, jewelry, education, health, and banking all registered double-digit growth. However, the government and FMCG sectors showed weakness, with government ad revenue declining 12-13% YoY and its share dropping to 17% in Q2 FY26 from 25% in Q2 FY25.

Circulation revenue grew 3% YoY in Q2 FY26, with the company maintaining steady circulation traction at around 40 lakh copies. Management noted that while efforts were made, growth in copy numbers was not achieved, prompting introspection. Newsprint prices remained soft, with an average cost of ₹47,000 per metric tonne, consistent with Q1 FY26. The newsprint mix for Q2 FY26 was 70% Indian and 30% imported.

The radio business demonstrated steady momentum, with advertising revenue growing 4% YoY to ₹43.0 crores in Q2 FY26. EBITDA for the segment was ₹13.0 crores. The company announced the addition of 14 new radio stations, with 7 of these being the sole operative private FM stations in their respective locations. These stations are expected to be operationalized between January and March 2026. The digital business continued its strong traction, reaching 20 million monthly active users on its app as of August 2025, maintaining leadership in Hindi and Gujarati digital news.

Higher 'other expenses' in Q2 FY26 were attributed to specific items: ₹2 crores for CSR, ₹8 crores for events expenses (with corresponding revenue booked on the top line), and ₹4 crores for installation promotion expenses. Management also addressed concerns regarding receivables, noting that nearly 30% of them are more than six months old, primarily due to delayed payments from government, state government, and local district bodies.