D B Corp — Q1 FY27 earnings call

Call held 16 Jul 2026

Management summary

D.B. Corp reported a strong Q1 FY27, driven by robust advertising revenue growth and disciplined cost management, leading to significant EBITDA and PAT expansion. While newsprint prices posed a challenge and circulation saw a slight dip, the company maintained market share and focused on long-term digital growth. The radio business also delivered encouraging performance with strong profitability improvement.

Highlights

  • Consolidated total revenue increased by 8% year-on-year to INR 6,220 million, reflecting steady momentum across core businesses.

  • EBITDA grew by 19% year-on-year to INR 1,647 million, significantly outpacing revenue growth.

  • EBITDA margin expanded by 250 basis points to 26.1% compared to 23.6% in Q1 FY26.

  • Profit after tax increased by 25% year-on-year to INR 1,007 million compared with INR 808 million in Q1 FY26.

  • Consolidated advertising revenue grew by 10% year-on-year to INR 4,320 million, with broad-based growth across key sectors.

  • Print and other business EBITDA grew by 18% year-on-year to INR 1,499 million.

  • Radio business revenue increased to INR 425 million, and EBITDA grew by 29% year-on-year to INR 148 million.

Concerns

  • Newsprint price witnessed some upward pressure during the quarter, expected to continue in Q2 FY27.

  • Circulation numbers dipped to around 38 lakh copies in Q1 FY27 from 39 lakh in Q4 FY26, with management noting a slight decline in the overall market.

  • Automobile advertising was down, actually negative, due to geopolitical issues, fuel supply, and rates.

  • Digital business revenue contribution remains miniscule, even lower than 5-10% of total revenue, despite user growth.

Key financials

  1. Consolidated Total Revenue 6,220 Mn +8%YoY
  2. EBITDA 1,647 Mn +19%YoY
  3. EBITDA Margin 26.1%
  4. Profit After Tax 1,007 Mn +25%YoY
  5. Consolidated Advertising Revenue 4,320 Mn +10%YoY
  6. Circulation Revenue 1,204 Mn

What they filed

Q1 FY27: revenue up 8.1%, net profit up 24.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue559 643 548 559 614 +10%605 −6%576 +5%604 +8%
EBITDA121 177 83 111 138 +14%135 −24%104 +25%136 +23%
Net profit83 118 52 81 93 +12%96 −19%62 +19%101 +25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of EBITDA
1,647 Mn Total
  • Print and Other Business 1,499 Mn 91.0%
  • Radio Business 148 Mn 9.0%

Capital allocation

medium confidence
  • Capex ₹150 Cr
    • Property acquisition and building to save rental expense and gain appreciation
    Sir, if I heard you right, you mentioned that capex for this year could be somewhere around INR 150 crores, INR 160 crores. Before FY26, capex used to be much lower. FY'26 saw a sharp bump up in that. Where exactly is this being spent? Yes, it's going to be around the same range also.

Guidance & targets

Circulation

  • Circulation Number Circulation · Q1 FY27 · High confidence 38-39 lakh copies
    So the circulation number in Q1 this year is around 38 lakh copies. With all our efforts, I think some of the impact of the summer also is in this, but it would be in the range of 38 lakh, 39 lakh only.

    — Girish Agarwal

  • Average Cover Price Circulation · Q1 FY27 · High confidence INR 4.93
    One second. INR 4.93 is the average cover price.

    — Girish Agarwal

Digital

  • Monthly Active Users (MAU) Digital · May 2026 · High confidence around 20 million
    as of May 2026, our news applications recorded around 20 million monthly active users, maintaining Dainik Bhaskar's position as the number 1 Hindi and Gujarati news app.

    — Pawan Agarwal

  • Revenue Contribution Digital · Current · High confidence miniscule (even lower than 5-10%)
    Miniscule, right now. ... Even lower, sir.

    — Girish Agarwal

Newsprint Prices

  • Price Trend Newsprint Prices · Q2, Q3, Q4 FY27 · Medium confidence up in Q2, down from Q3/Q4
    Now quarter 2 also, we believe the price will continue to go up because in quarter 1, we had sudden stock lined up from the earlier quantities. But we clearly see an indication from Q3 and Q4, the prices will start coming down.

    — Girish Agarwal

Radio Business

  • Advertising Revenue Growth Radio Business · Current Quarter · High confidence 12%
    12% for the advertising.

    — Pawan Agarwal

Capex

  • Annual Capex Capex · FY27 · High confidence INR 150-160 crores
    Yes, it's going to be around the same range also.

    — Girish Agarwal

What to watch in Q2 FY27

Newsprint Price Trend

Q2, Q3, Q4 FY27
Current Upward pressure in Q1, expected to continue in Q2
Target Prices starting to come down from Q3/Q4

Why it matters

Newsprint is a major cost component; a decline in prices would significantly improve margins.

Now quarter 2 also, we believe the price will continue to go up because in quarter 1, we had sudden stock lined up from the earlier quantities. But we clearly see an indication from Q3 and Q4, the prices will start coming down.

Risks & concerns

  • Newsprint price inflation

    medium

    Newsprint price witnessed upward pressure in Q1 and is expected to continue in Q2, though prices are projected to come down from Q3/Q4.

    Management acknowledged

  • Circulation volume decline

    medium

    Circulation numbers dipped to 38 lakh copies in Q1 from 39 lakh in Q4, with management noting a slight market decline and efforts to maintain numbers without price hikes.

    Management acknowledged

  • Automobile advertising slowdown

    medium

    Automobile advertising was negative due to geopolitical issues, fuel supply, and rates, impacting overall ad revenue growth.

    Management acknowledged

  • Low digital revenue contribution

    medium

    Digital business revenue contribution is currently miniscule, even lower than 5-10% of total revenue, indicating a long gestation period for monetization.

    Management acknowledged

Q&A highlights

6 direct, 1 evasive
Circulation stabilization and growth Direct
So the circulation number in Q1 this year is around 38 lakh copies. With all our efforts, I think some of the impact of the summer also is in this, but it would be in the range of 38 lakh, 39 lakh only. I guess with all the efforts of circulation, which our team is doing, we are able to maintain the number. And in certain places, we have been able to increase our market share also.

Analyst questioned if new circulation streams helped stabilize the dipping circulation; management confirmed maintenance and some market share gain despite a slight dip.

Asked by Shivam Gupta

Digital business revenue contribution Partial
I guess this is a long-term investment call, which we have taken looking at the growth in India and future probability. So we are looking at certain monetization strategies. But right now, the large focus is to develop the readers base. So that's what we are focusing on.

Analyst pressed on when digital would contribute meaningfully to revenue; management reiterated it's a long-term investment focused on user base, not immediate monetization.

Asked by Shivam Gupta

Ad income breakdown and government contribution Direct
So education, as you know, in the quarter 1 is the highest contributing sector, so in the range of around 20%. Government was around 14%, 15%. Real estate was around 11%, 12%. Automobile came down from double digit to a single-digit, jewellery around 5%. Others are in the single-digit. ... It has kicked in. That's the reason the government numbers are also growing in double-digit.

Provided a detailed sectoral breakdown of advertising revenue and confirmed the positive impact of the DAVP price increase on government ad growth.

Asked by Kavish Parekh

Newsprint price outlook Direct
Newsprint price, if you see in quarter 1, we have seen around 13% hike. Now quarter 2 also, we believe the price will continue to go up because in quarter 1, we had sudden stock lined up from the earlier quantities. But we clearly see an indication from Q3 and Q4, the prices will start coming down.

Management provided a clear forward view on newsprint prices, indicating continued pressure in Q2 but potential relief in H2 FY27.

Asked by Kavish Parekh

Drivers of strong print advertising growth Direct
On a lighter note, I would say it's going well, so let it be. But on a serious note, good thing is that, that shows that the efforts made by the team and the confidence of the various categories on the print. So I think because of that, every possible category is growing.

Analyst questioned the strong print ad growth amidst macro challenges for broadcasters; management attributed it to internal efforts and advertiser confidence in print.

Asked by Kavish Parekh

Circulation decline and realization Direct
If you look at my realization, we are at a flat. There's no growth, okay? Now we are very clear we don't want to unnecessarily burden the reader by increasing the price furthermore. So all our efforts are being made to make sure that we are able to grow copies. But unfortunately, rather than growing, we are able to maintain and lose maybe a couple of percentage points.

Analyst highlighted the structural decline in circulation over two years; management confirmed flat realization and a strategy to avoid price hikes to maintain readership, despite slight volume loss.

Asked by Kavish Parekh

Digital micro-drama platforms and advertising Direct
First of all sir, thank you. You are really watching my app on very closely. So as you rightly noticed that we are doing a couple of micro dramas using the Al on our platform, and we've been getting good response from the readers. So idea is to make it more, make it more relevant. Only difference is that our dramas, our serials has to be based on the news. We can't do fiction. So that's the reason we have a slight limited scope to play there, but still pretty large. And we continue to do more. And as far as the publicity is concerned, we are posting them on the other platform like YouTube and other places to get some traction there also.

Provided insight into the company's digital content strategy, focusing on news-based micro-dramas and cross-platform promotion.

Asked by Lohit Saini

Digital team size for competition Evasive
Sir, for the big reason of the confidentiality to protect the competition to know much more detail, I can't diverge more. You will appreciate that.

Management declined to provide specific details on digital team size, citing competitive reasons, indicating this is a sensitive strategic area.

Asked by Kavish Parekh

2 min read 6 chapters

Detailed narrative

Strong Financial Performance in Q1 FY27

D.B. Corp commenced FY27 with robust financial results, reporting a consolidated total revenue increase of 8% year-on-year to INR 6,220 million. This growth was significantly outpaced by EBITDA, which surged by 19% year-on-year to INR 1,647 million. Consequently, the EBITDA margin expanded by 250 basis points, reaching 26.1% compared to 23.6% in Q1 FY26. Profit after tax also saw a healthy increase of 25% year-on-year, reaching INR 1,007 million from INR 808 million in the corresponding quarter last year.

Advertising Revenue Drives Growth

Consolidated advertising revenue demonstrated a strong trajectory, growing by 10% year-on-year to INR 4,320 million, up from INR 3,933 million in Q1 FY26. This growth was broad-based across most key sectors, reinforcing the strength of print advertising. Education, the highest contributing sector (around 20%), was flat due to the NEET re-examination, while automobile advertising was negative due to geopolitical issues. Government advertising, however, showed double-digit growth, benefiting from a 26% increase in DAVP prices.

Cost Management and Operational Discipline

Despite upward pressure on newsprint prices (a 13% hike in Q1, with further increases expected in Q2), the company successfully mitigated much of the impact through procurement efficiencies, cost optimization, and disciplined execution. This focus on operational excellence was a key factor in the healthy margin expansion observed during the quarter. Management emphasized a company-wide effort to save costs wherever possible, contributing to the improved profitability.

Digital Business as a Long-Term Growth Pillar

The digital business remains an important long-term growth pillar, with news applications recording around 20 million monthly active users as of May 2026. However, its contribution to consolidated revenue is currently miniscule, even lower than 5-10%. The company views digital as a long-term investment, focusing on developing the reader base and strengthening user engagement through high-quality content, technology, and user experience, rather than immediate monetization.

Circulation and Readership Trends

Circulation numbers in Q1 FY27 were around 38 lakh copies, a slight dip from 39 lakh in Q4 FY26. Management noted that while efforts are made to grow copies, the overall market is experiencing a slight decline (a couple of percentage points). The average cover price remained stable at INR 4.93, with no plans for price hikes to avoid burdening readers. The strategy is to maintain readership and gain market share, which has been successful in certain markets like Rajasthan and MP.

Radio Business Performance and Capex Plans

The radio business delivered an encouraging performance, with revenue increasing to INR 425 million from INR 392 million last year. EBITDA for the radio segment grew by 29% year-on-year to INR 148 million, demonstrating strong recovery and operating leverage. The company's capex for FY27 is projected to be around INR 150-160 crores, primarily for acquiring property and building to save on rental expenses and benefit from asset appreciation.

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