D B Corp

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.