D B Corp — Q4 FY26 earnings call

Call held 11 May 2026

Management summary

D B Corp delivered a strong Q4 FY26 with robust growth in advertising revenue, EBITDA, and PAT. The full fiscal year saw healthy underlying growth in print advertising and EBITDA, excluding prior year election impact. While newsprint costs are rising and circulation saw a slight dip, the digital and radio segments show promising growth and profitability, with strategic capex focused on property acquisition for long-term benefits.

Highlights

  • Consolidated advertising revenue in Q4 FY26 grew 6% year-on-year to INR 4,067 million.

  • Consolidated total revenue grew 4% year-on-year to INR 5,896 million in Q4 FY26.

  • EBITDA for Q4 FY26 grew 15.6% year-on-year to INR 1,176 million.

  • Profit after tax for Q4 FY26 grew 18.8% year-on-year to INR 622 million.

  • FY26 print advertising revenue (excluding election impact) delivered a healthy growth of 6.3% year-on-year.

  • All 7 new Radio stations became EBITDA positive within 3 months of launch.

Concerns

  • Newsprint prices witnessed upward trends in Q4 FY26 and are expected to increase by 6-8% in Q1 FY27.

  • Circulation copies declined by approximately 1 lakh, from 40 lakhs to 39 lakhs.

  • Digital Monthly Active Users (MAUs) slightly reduced to 20 million as of March 2026, down from 22 million in May 2025.

Key financials

2 periods

Headline

  • Consolidated Advertising Revenue
    4,067 Mn
    YoY +6%
  • Consolidated Circulation Revenue
    1,162 Mn
    YoY 0%
  • Consolidated Total Revenue
    5,896 Mn
    YoY +4%
  • Consolidated EBITDA
    1,176 Mn
    YoY +15.6%
  • Consolidated PAT
    622 Mn
    YoY +18.8%
  • Circulation Copies
    ₹39 lakh
  • Digital MAUs
    20 Mn

FY26

  • Consolidated Total Revenues
    24,408 Mn
    YoY +0.81%
  • Consolidated EBITDA
    5,736 Mn
  • Consolidated PAT
    3,320 Mn
  • Print Ad Revenue Growth (ex-election)
    6.3%
  • EBITDA Growth (ex-election)
    7.1%
  • EBITDA Margin (ex-election)
    28%

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

  • Radio Segment
    358 Mn Advertising Revenues95 Mn EBITDA

Capital allocation

high confidence
  • Capex ₹120 Cr this quarter · ₹140 Cr (FY26) planned
    • Buying out existing rented properties (Bhopal office, Jaipur office, Kota, Aurangabad printing unit, Nasik, Jalgaon)
    Riya Mehta: Got it. Because it is a good sum of INR140-odd crores for the full year? Girish Agarwal: Correct. This includes our Bhopal office. We are making Bhopal, Jaipur office, Kota, Aurangabad printing unit, Nasik, Jalgaon, all these places where we have rented properties, we are buying them out. ... Two purpose, the land appreciation and the property appreciation in these places are really decent. So, if I add the rental and the appreciation, I'm better off than keeping the money.

Guidance & targets

Profitability

  • EBITDA Margin Profitability · FY27 · High confidence 26%

    Previously 24% → 26%

    Now my EBITDA margin last year was this the year what we closed was 24%. Before this year, we were at 26%. So, we believe that the maintaining of this number, this margin should be achievable.

    — Girish Agarwal

Revenue

  • Ad Revenue Growth Revenue · FY27 · High confidence strong single-digit growth
    And looking at the fundamentals of Indian market, the ground numbers, I am very confident that this growth should continue off a strong single-digit number even for this year also.

    — Girish Agarwal

Costs

  • Newsprint Rate Increase Costs · Q1 FY27 · High confidence 6-8%
    In quarter 4, this number has become INR49,000 and going forward, we believe this number will further go up maybe by 6% to 8% going forward in the quarter 1 itself.

    — Girish Agarwal

Volume

  • Digital MAU Growth Volume · ongoing · Medium confidence go up substantially
    So, we expect this 20 million should go up substantially in terms of maus.

    — Girish Agarwal

What to watch in Q1 FY27

Ad Revenue Growth

Next quarter (Q1 FY27)
Current Double-digit growth in April 2026
Target Continued strong single-digit growth for FY27

Why it matters

Key revenue driver; confirms sustainability of growth post-election impact.

Now this year, in the month of April, we have seen a very good double-digit strong growth. And looking at the fundamentals of Indian market, the ground numbers, I am very confident that this growth should continue off a strong single-digit number even for this year also.

Risks & concerns

  • Newsprint price increase

    medium

    Newsprint prices witnessed upward trends in Q4 due to raw material cost pressure, global supply dynamics, logistics costs, and demand-supply imbalances, expected to rise 6-8% in Q1 FY27.

    Management acknowledged

  • Decline in circulation copies

    medium

    Circulation copies declined by approximately 1 lakh to 39 lakhs; management notes efforts to maintain readership amidst a declining market for print and challenges like delivery boy shortage.

    Both acknowledged

  • Impact of geopolitical tensions and PM's comments on discretionary spending

    low

    Analyst asked about the impact of war situation and PM's comments on restraining discretionary spending (jewelry), management stated 'nobody is clear how it will unfold.'

    Analyst not addressed

Q&A highlights

6 direct
Future prospects and ad revenue growth (ex-election impact) Direct
Now this year, in the month of April, we have seen a very good double-digit strong growth. And looking at the fundamentals of Indian market, the ground numbers, I am very confident that this growth should continue off a strong single-digit number even for this year also.

Provides forward-looking guidance on advertising revenue growth, indicating confidence in continued strong performance despite previous election-related boost.

Asked by Devang Shah

Promoter shareholding and potential delisting/open offer Direct
Yes, you are right. Just to cap up till 75.

Clarifies the promoter's intention regarding shareholding, indicating no immediate plans for delisting or exceeding the 75% threshold.

Asked by Devang Shah

Segmental growth breakdown for print advertising Partial
Barring out the government, including the election advertising, every other segment has shown a growth from single digit to some of them into a double digit also. ... Auto had a single-digit growth. Real estate at a double digit, jewelry at a double digit, healthcare at a double digit. ... FMCG was flat.

Provides qualitative insights into which sectors are driving advertising revenue growth, highlighting strong performance in real estate, jewelry, and healthcare.

Asked by Riya Mehta

Purpose of capital expenditure (INR 140 crores for FY) Direct
Largely with this money is going into buying out the existing properties, what we have rental. For example, in most of the places, we have rented out the properties for our printing presses and offices. So, we are slowly and gradually trying to buy out these properties so that we don't have to pay the rent. ... Two purpose, the land appreciation and the property appreciation in these places are really decent. So, if I add the rental and the appreciation, I'm better off than keeping the money.

Explains the strategic rationale behind the capex, focusing on long-term cost savings and asset appreciation by owning rather than renting.

Asked by Riya Mehta

Decline in Digital Monthly Active Users (MAUs) Partial
If you look at the overall number, there has been a constant growth. Now in one particular month the number goes up because of any local event but otherwise, we are on a steady pace of growth.

Addresses a potential concern regarding digital user engagement, with management clarifying it's a steady growth trend with occasional spikes/dips due to local events.

Asked by Riya Mehta

Dividend policy and cash utilization Direct
There is no change in the policy. I think Board is evaluating more tax-efficient manner to use the cash.

Indicates that while no dividend has been declared yet, the policy remains unchanged, and the Board is actively considering the most tax-efficient way to return cash to shareholders.

Asked by Bhavi Chauhan

Decline in circulation copies Direct
You're right there are 39 lakhs. So almost a lakh copy. ... I think what is happening in most of the places, we believe that with all our efforts, we are able to maintain this number. We are able to maintain the engagement of the readers.

Acknowledges a slight decline in circulation but frames it as an achievement to maintain numbers given the broader market trend of newspaper decline, while also highlighting challenges like delivery boy shortages.

Asked by Yash

Newsprint rate outlook for Q1 FY27 Direct
In quarter 4, this number has become INR49,000 and going forward, we believe this number will further go up maybe by 6% to 8% going forward in the quarter 1 itself.

Provides specific cost guidance for a key raw material, indicating an expected increase that could impact margins in the upcoming quarter.

Asked by Tanushi

3 min read 7 chapters

Detailed narrative

Q4 FY26 Performance Overview

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.

FY26 Annual Performance and Underlying Growth

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 Price Trends and Outlook

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.

Strategic Capital Expenditure on Property Acquisition

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.

Digital Business Focus and User Engagement

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.

Radio Segment Expansion and Profitability

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 Challenges and Management Efforts

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.

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