D B Corp

D B Corp reported a robust Q4 FY26 with consolidated advertising revenue growing 6% year-on-year to INR 4,067 million, and total revenue increasing 4% to INR 5,896 million. EBITDA saw a significant 15.6% year-on-year growth to INR 1,176 million, leading to an 18.8% rise in PAT to INR 622 million. This performance underscores the resilience and operational strength of the business model.

For the full fiscal year 2026, consolidated total revenues were largely flat at INR 24,408 million compared to INR 24,212 million in FY25. However, excluding the previous year's election impact, print advertising revenue delivered a healthy 6.3% year-on-year growth, and EBITDA grew 7.1% year-on-year, with an EBITDA margin expansion of 66 bps to a robust 28%. Management expressed confidence in continued strong single-digit ad revenue growth for FY27.

Newsprint prices experienced upward trends in Q4 FY26, reaching an average of INR 49,000 per ton, up from INR 48,000 per ton in FY25. This increase is attributed to raw material costs, global supply dynamics, and logistics. Management anticipates a further 6-8% increase in newsprint rates in Q1 FY27, which could impact costs in the near term.

The company incurred approximately INR 120 crores in capital expenditure during Q4, with a full-year plan of around INR 140 crores. This investment is primarily directed towards buying out existing rented properties for printing presses and offices in locations like Bhopal, Jaipur, Kota, Aurangabad, Nasik, and Jalgaon. The rationale is to benefit from both land appreciation and property appreciation, aiming for long-term cost efficiency by eliminating rental payments.

D B Corp's digital business continues to be a key focus area, with news apps recording around 20 million monthly active users as of March 2026. While this is a slight reduction from 22 million MAUs in May 2025, management attributes fluctuations to local events and emphasizes a steady pace of overall growth. The company is optimistic about substantial MAU growth, especially with expansion into new markets like Uttar Pradesh, and continues to focus on high-quality content and technology to enhance user experience.

The Radio segment reported advertising revenues of INR 358 million and an EBITDA of INR 95 million for Q4 FY26. During the year, My FM expanded its network by adding 7 new stations, bringing its presence to 37 cities across India. Notably, all 7 new stations became EBITDA positive within just 3 months of operation, demonstrating the segment's low-cost, high-margin model and effective market penetration.

Circulation copies for Q4 FY26 stood at approximately 39 lakhs, a slight decline of about 1 lakh from previous quarters. Management acknowledges this trend but views maintaining these numbers as an achievement given the broader market decline for print media. Challenges include a shortage of delivery boys, and the company is implementing various initiatives, including editorial quality, brand awareness, and distribution network enhancements, to sustain reader engagement and circulation.