DBCORP

D B share price & financials

India's largest newspaper group - publishes 5 dailies across 14 states, runs MY FM radio and Dainik Bhaskar's news apps.

Price: ₹204.19
Market cap: ₹3.8k Cr
Sector: Media, Entertainment & Publication
Calls analysed: 8

Latest concall · Q1 FY27 · call held 16 Jul 2026

D B Corp Q1 FY27

Consolidated Total Revenue 6,220 million +8%EBITDA 1,647 million +19%EBITDA Margin 26.1% Profit After Tax 1,007 million +25%

What went well

Consolidated total revenue increased by 8% year-on-year to INR 6,220 million, reflecting steady momentum across core businesses.
EBITDA grew by 19% year-on-year to INR 1,647 million, significantly outpacing revenue growth.
EBITDA margin expanded by 250 basis points to 26.1% compared to 23.6% in Q1 FY26.

What to watch

Newsprint price witnessed some upward pressure during the quarter, expected to continue in Q2 FY27.
Circulation numbers dipped to around 38 lakh copies in Q1 FY27 from 39 lakh in Q4 FY26, with management noting a slight decline in the overall market.

Read the full call →

What D B Corp does

D B Corp is India's largest newspaper group, publishing five daily newspapers - Dainik Bhaskar, Divya Bhaskar, Divya Marathi, Saurashtra Samachar and DB Star - in Hindi, Gujarati and Marathi across 14 states through 61 editions and 211 sub-editions. It owns 51 printing facilities, the highest count among Indian newspaper publishers, and operates the MY FM radio network of 30 stations across 7 states. Its digital arm runs four news portals and four mobile apps, led by the Dainik Bhaskar app. The company earns primarily from selling print advertising space and radio airtime to businesses and government advertisers, supplemented by newspaper circulation revenue.

Segments

Print
Radio
Digital

Newspapers published: 5 titles (Dainik Bhaskar, Divya Bhaskar, Divya Marathi, Saurashtra Samachar, DB Star)
Print footprint: 14 states, 61 editions, 211 sub-editions, 3 languages
Printing facilities: 51 (highest among Indian newspaper publishers)
Radio stations (MY FM): 30 stations across 7 states
Digital properties: 4 news portals and 4 mobile apps
News app monthly active users: 21.55 million (May 2025, Comscore)

Headquarters Ahmedabad, Gujarat Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 3 delivered 5 missed 9 open

Government Ad Rate Hike Impact delivered said Q3 FY26 Promised: Impact of 26% government ad rate hike to be visible from Q4 FY26. Q1 FY27: Management confirmed the rate hike 'has kicked in' and government ad revenue grew in double-digits, making the impact clearly visible.
EBITDA Margin missed said Q2 FY25 Promised: reach 30% for FY25 Q1 FY27: This is a closed promise from a prior fiscal year. No new updates.
Digital Business Breakeven delayed said Q1 FY26 Promised: wait for a few more quarters Q1 FY27: Management reiterated focus on user base growth over monetization, calling it a 'long-term investment call', reinforcing the indefinite delay.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 8.1%, net profit up 24.7% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	559	643	548	559	614 +10%	605 −6%	576 +5%	604 +8%
Expenses	438	465	465	449	476	470	472	467
EBITDA	121	177	83	111	138 +14%	135 −24%	104 +25%	136 +23%
Margin	22%	28%	15%	20%	22%	22%	18%	23%
Other income	24	13	19	28	20	24	13	28
Interest	7	6	7	7	7	6	7	6
Depreciation	27	24	24	24	25	25	26	24
Profit before tax	110	160	71	108	126 +15%	129 −19%	85 +20%	134 +24%
Tax rate	25%	26%	26%	25%	26%	26%	27%	25%
Net profit	83	118	52	81	93 +12%	96 −19%	62 +19%	101 +25%
EPS	4.63	6.63	2.94	4.54	5.24	5.36	3.49	5.65

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.

Performance −30.7% 1Y

1Y: ₹275.3 on 10 Sept 2025 → ₹190.79. High ₹284.05 (16 Sept 2025), low ₹185.96 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +1.0%; 16 Jul
Q4 FY26: +1.6%; 11 May
Q3 FY26: −2.2%; 16 Jan
Q2 FY26: +0.5%; 24 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.4% a year over 3 years, FY23 to FY26. Operating margin widened to 20.7%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹2.1k Cr	₹2.4k Cr	₹2.3k Cr	₹2.4k Cr
Operating profit	₹323 Cr	₹623 Cr	₹545 Cr	₹488 Cr
Operating margin	15.2%	25.9%	23.3%	20.7%
Interest	₹22 Cr	₹24 Cr	₹26 Cr	₹27 Cr
Depreciation	₹113 Cr	₹114 Cr	₹103 Cr	₹100 Cr
Net profit	₹169 Cr	₹426 Cr	₹371 Cr	₹332 Cr
Net margin	7.9%	17.7%	15.9%	14.1%
Cash from operations	₹244 Cr	₹579 Cr	₹414 Cr	₹365 Cr
Free cash flow	₹219 Cr	₹537 Cr	₹366 Cr	₹207 Cr
ROCE	12.0%	25.0%	21.0%	18.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹175 Cr	₹177 Cr	₹178 Cr	₹178 Cr	₹178 Cr	₹178 Cr
Reserves	₹1.6k Cr	₹1.7k Cr	₹1.8k Cr	₹2.0k Cr	₹2.1k Cr	₹2.3k Cr
Borrowings	₹248 Cr	₹199 Cr	₹213 Cr	₹253 Cr	₹291 Cr	₹262 Cr
Other liabilities	₹405 Cr	₹456 Cr	₹418 Cr	₹518 Cr	₹546 Cr	₹506 Cr
Total liabilities	₹2.5k Cr	₹2.5k Cr	₹2.6k Cr	₹3.0k Cr	₹3.1k Cr	₹3.2k Cr
Fixed assets	₹1.2k Cr	₹1.2k Cr	₹1.1k Cr	₹1.1k Cr	₹978 Cr	₹1.1k Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹1 Cr	₹2 Cr	₹25 Cr	₹10 Cr
Investments	₹14 Cr	₹14 Cr	₹66 Cr	₹67 Cr	₹74 Cr	₹67 Cr
Other assets	₹1.3k Cr	₹1.4k Cr	₹1.4k Cr	₹1.9k Cr	₹2.1k Cr	₹2.0k Cr
Total assets	₹2.5k Cr	₹2.5k Cr	₹2.6k Cr	₹3.0k Cr	₹3.1k Cr	₹3.2k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in DBCORP

Filings to Jul 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −1.94 L shares (−3.9%).

Held by funds: ₹99 Cr; 1 schemes
Biggest holder: HDFC Small Cap Fund; ₹99 Cr · 0.2% of that fund

Scheme	Holding	Last month	Held since
HDFC Small Cap Fund HDFC Mutual Fund	₹99 Cr	−1.94 L	Dec '22

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 1 trimmed — net −1.94 L shares (−3.9%)

Funds are sitting on: +66%; vs est. average cost
Held by funds: ₹99 Cr; 1 schemes · ≈ 2.5% of the company

Shares held by these funds −4%

Aug '23 47.28 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹191, this stock must grow earnings at 1% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹684 — upside of 258%.

Growth the price implies: 0.9% a year; for 7 years, fading to 4%
It has actually compounded at: 25.2% a year; net profit, FY23–FY26 · EPS 25.1%
The gap: -0.2 pp; 258% downside if it only repeats history

Price today ₹190.79 Value at the reference growth ₹683.77

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse D B Corp

Guides on how to read this kind of business and the numbers that matter.