D B Corp reported a challenging Q3 FY26 with a 4% YoY revenue decline and 7.8% YoY advertising revenue decline, primarily attributed to a high base from last year's festive season and state elections. Despite this, the company demonstrated strong cost management, leading to a 100 basis point QoQ expansion in Print EBITDA margin to 29%. Digital platforms continue to show user growth, and the company is expanding its radio operations, with new stations expected to be operational by Q1 FY27.
vs Q4 FY26
Notable Quotes from the Call
Most Confident Moment
I'm very confident of the automobile category. (Girish Agarwal)
Least Confident Moment
I doubt in the first year, you can have that kind of margin to start with. (Girish Agarwal on new radio stations)
| Metric | Value | YoY |
|---|---|---|
| Total Revenue (9M FY26) | 18512 million | — |
| Advertising Revenue (9M FY26) | 12851 million | — |
| Total Revenue (Q3 FY26) | 6293 million | -4.0% YoY |
| Advertising Revenue (Q3 FY26) | 4395 million | -7.8% YoY |
| EBITDA (Q3 FY26) | 1592 million | — |
| EBITDA Margin (Q3 FY26) | 25% | — |
Segment Breakdown
| Category | Target | Priority |
|---|---|---|
| Capacity | New Radio Stations Operational→7 cities | High |
| Capacity | New Radio Stations Operational→remaining 7 cities | High |
| Profitability | Radio Station Margin→30-40% | Medium |
| Ad Revenue | Government Ad Rate Increase Impact→visible | Medium |
| Ad Revenue | Print Ad Revenue Growth Mix→70% volume, 30% rate/yield increase | Medium |
| Circulation | Circulation Focus→on numbers, not yield | Medium |
| Severity | Risk |
|---|---|
medium | High base effect from previous year's festive season and state elections Q3 FY26 performance was impacted by a high base from festive season and state elections in the same quarter last year, leading to YoY declines. Management |
medium | Decline in government advertising category Government category declined by 24% in 9 months due to the high base from last year. Management |
medium | Softer advertising environment impacting Radio segment Radio segment was impacted by a softer advertising environment, in addition to the high base effect. Management |
medium | Real estate advertising slowdown Real estate advertising has gone slow in the last 1.5-2 months after Diwali due to price hikes. Management |
medium | Newsprint price volatility Newsprint prices may become 'topsy-turvy' due to geopolitical developments and foreign exchange movements, though management expects only minor changes. Analyst |
medium | Lack of news content in radio business Management believes radio business growth is hampered by regulations preventing news content, urging government to relook at the policy. Management |
Areas of Evasion(2)
D B Corp reported Q3 FY26 total revenue of INR6,293 million, a 4% year-on-year decline, primarily due to a high base from the previous year's festive season and state elections. Advertising revenues for the quarter stood at INR4,395 million, reflecting a 7.8% year-on-year decline. However, on a like-to-like basis, excluding last year's election-driven revenue, advertising revenues for the 9 months ended December FY26 showed a growth of 6%.
Despite the revenue impact, the company maintained a strong focus on efficiency and cost control. Total operating cost saw a reduction of 2% on a quarter-on-quarter basis. This led to the Print business and EBITDA margin expanding by 100 basis points to 29% on a QoQ basis. Consolidated EBITDA for Q3 FY26 was INR1,592 million, with an EBITDA margin of 25%, and profit after tax was INR955 million.
The digital business continues to be a key growth pillar for D B Corp. As of November 2025, the company's news apps recorded approximately 21 million monthly active users, maintaining its position as the number one Hindi and Gujarati news app. Management noted that while user acquisition is strong, the revenue part of digital is 'still some more time to go,' indicating a focus on user engagement and retention before monetization.
The Radio segment reported advertising revenues of INR410 million and EBITDA of INR127 million for Q3 FY26. The segment's performance was impacted by a softer advertising environment and a high base from last year's Maharashtra elections and COVID-related government initiatives. The company is expanding its radio footprint, with 7 new stand-alone stations expected to be operational by March or April, and the remaining 7 by Q1 of the next financial year, aiming for all 14 stations to be operational by June.
The company's focus on circulation numbers, rather than yield, has helped stabilize readership. In December, circulation stood at around 40 lakh copies, with management expressing satisfaction at stopping the decline. Newsprint prices remained stable during Q3 FY26 with some sequential corrections, and are expected to remain range-bound in the near term, subject to geopolitical developments and foreign exchange movements.
Gross fixed assets and net fixed assets increased by INR107 crores and INR60 crores respectively. This investment is primarily in the core print business, with the company acquiring land for existing offices and printing centers where they currently pay rent. This strategy aims to save rental costs and build owned property for long-term benefits.
Management highlighted an encouraging move by the State Governments of Uttar Pradesh and Rajasthan to make newspaper reading compulsory in schools, with hopes for other states to follow. The Government of India has also approved a 26% increase in print ad rates, with the actual impact expected to be visible from the current quarter. Key growth categories for advertising include automobile, real estate, healthcare, banking finance, and education, with a 70% volume and 30% rate increase focus for print advertising.