D B Corp

DB Corp reported a consolidated total revenue of INR 18,512 million for the nine months ended December 31, 2025, which was broadly in line with the previous year despite a high base. For Q3 FY26, total revenue stood at INR 6,293 million, reflecting a 4% year-on-year decline. Advertising revenues for the quarter were INR 4,395 million, down 7.8% YoY, primarily due to the shift of festive advertising to Q2 and the absence of election-driven revenue seen last year. Despite revenue challenges, the company achieved an EBITDA of INR 1,592 million with a 25% margin, and a profit after tax of INR 955 million, supported by effective cost management.

On a like-to-like basis, excluding last year's election-driven revenue, advertising revenues for the nine-month period showed a healthy growth of 6%, with comparable EBITDA growth. The management noted that 90% of ad growth came from volume, with no substantial growth from yield. Key categories like education, real estate, jewelry, hospitality, healthcare, and banking/financial services showed good growth over nine months. However, the government advertising category declined significantly by 24%, reducing its contribution from 24% to 17%.

The digital business continues to be a key growth area for DB Corp. As of November 2025, the company's news apps recorded approximately 21 million monthly active users, maintaining its position as the leading Hindi and Gujarati news app. While the focus remains on acquiring readers and building engagement, the management indicated that the revenue part of the digital business is still some time away, with an aspiration for it to contribute a mid-single-digit percentage to the overall business and eventually become EBITDA positive.

The Radio segment reported advertising revenues of INR 410 million and an EBITDA of INR 127 million for Q3 FY26. The segment's performance was impacted by a softer advertising environment and the absence of specific events like Maharashtra elections and government initiatives that boosted revenues in the prior year. The company is expanding its radio footprint, with 7 new standalone stations expected to be operational by March or April, and the remaining 7 by Q1 FY27, aiming for all 14 new stations to be operational by June. Management expects these new stations to achieve 30-40% margins within 2-3 years.

Newsprint prices remained stable during Q3 FY26, with some sequential corrections. The management expects prices to remain range-bound in the near term, subject to minor fluctuations due to geopolitical developments and foreign exchange movements. On the circulation front, the company maintained around 40 lakh copies in December and successfully prevented a decline over the nine-month period. A significant positive development is the government mandate for newspaper reading in schools in Uttar Pradesh and Rajasthan, with hopes for similar adoption in other states like Madhya Pradesh, Chhattisgarh, and Gujarat.

The company increased its gross and net fixed assets by approximately INR 107 crores and INR 60 crores respectively, primarily driven by the strategic purchase of land for print operations. This move aims to reduce rental costs and build owned properties. Furthermore, the government's approval for a 26% increase in print ad rates is a significant positive, with its impact expected to be visible from this quarter itself, providing a much-needed benefit considering rising newsprint costs and other expenses.