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D B Corp Ltd

| Standalone Q4 & FY26 Financial Results

Report Source

⬤11th May 26

Summary : DB Corp reports strong Q4 and FY26 performance driven by print advertising growth, digital expansion, and operational efficiencies, with an unmodified audit opinion.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. FY26 Consolidated Cost of materials consumed: Rs 6,509.02 million
  2. FY26 Consolidated Employee benefits expense: Rs 4,596.56 million
  3. FY26 Consolidated Other expenses: Rs 7,357.40 million
  4. Q4FY26 Consolidated Advertising Revenue: Rs 4,067 million (up 5.9% YoY)
  5. FY26 Consolidated Advertising Revenue: Rs 16,918 million (up 6.3% YoY like-to-like)
  6. Q4FY26 Consolidated Total Revenue: Rs 5,896 million (up 4% YoY)
  7. FY26 Consolidated Total Revenue: Rs 24,408 million (up 1% YoY)
  8. Q4FY26 Consolidated Circulation Revenue: Rs 1,162 million (flat YoY)
  9. FY26 Consolidated Circulation Revenue: Rs 4,751 million (flat YoY)
  10. Q4FY26 Radio Advt Revenue: Rs 358 million
  11. FY26 Radio Advt Revenue: Rs 1,592 million
  12. FY26 Consolidated Net cash generated from operating activities: Rs 3,652.08 million
  13. FY26 Consolidated Net cash used in investing activities: Rs (1,726.42) million
  14. FY26 Consolidated Net cash used in financing activities: Rs (2,082.17) million
  15. FY26 Consolidated Net increase/(decrease) in cash and cash equivalents: Rs (156.51) million
  16. Consolidated Total Assets (March 31, 2026): Rs 31,965.84 million
  17. Consolidated Total Equity (March 31, 2026): Rs 24,288.06 million
  18. Consolidated Non-current assets (March 31, 2026): Rs 14,889.52 million
  19. Consolidated Current assets (March 31, 2026): Rs 17,076.32 million
  20. Consolidated Non-current liabilities (March 31, 2026): Rs 3,365.65 million
  21. Consolidated Current liabilities (March 31, 2026): Rs 4,312.13 million
  22. Mr. Sudhir Agarwal is brother of Mr. Girish Agarwal and Mr. Pawan Agarwal, Directors
  23. Both standalone and consolidated financial results are presented
  24. Consolidated results include DB Infomedia Private Limited and I Media Corp Limited

Corporate Overview

  1. Operates in 14 States and 4 Languages
  2. PAN India presence in 12 states
  3. Newspapers in Hindi, Gujarati, Marathi
  4. Radio stations in 7 states and 30 cities
  5. Newsprint price increase due to supply disruptions
  6. Higher raw material costs
  7. Foreign exchange movements impacting costs
  8. Election-led high base impacting FY2026 reported revenue
  9. Newsprint prices and supply
  10. Raw material costs
  11. Foreign exchange movements
  12. Print media company with flagship newspapers
  13. Radio network (94.3 MY FM)
  14. Digital news platforms and mobile applications
  15. Strong and consistent progress across core businesses
  16. Confidence in print medium's relevance and strength
  17. Optimistic about digital journey and growing audience reach
  18. Committed to cost discipline and operational efficiency
  19. Confident about future outlook with improving consumption trends
  20. Newspaper readers
  21. Advertisers across various sectors
  22. Radio listeners
  23. Digital news consumers
  24. Print Advertising
  25. Circulation Revenue
  26. Radio Business
  27. Digital Business
  28. 5 newspapers with 43 editions (Dainik Bhaskar)
  29. 8 editions (Divya Bhaskar), 6 editions (Divya Marathi)
  30. 210 sub-editions across 3 languages
  31. Total readership of 6.67 crores
  32. 37 radio stations (MY FM)
  33. 4 digital portals and 3 mobile applications
  34. Monthly Active Users (MAUs) at ~20 million
  35. Continued investment in Digital business
  36. Expanding radio footprint with new stations (Daman, Gandhidham, Bhuj, Ratlam, Pali, Sri Ganganagar, Alwar)

Risk Factors

  1. Newsprint price and supply disruptions.
  2. Rising raw material costs.
  3. Adverse foreign exchange movements.
  4. High base effect from elections.

Key Drivers

  1. Strong print advertising revenue growth.
  2. Expanding digital user base.
  3. Improved operational efficiency.
  4. Positive advertiser sentiment.

Auditor’s Report

  1. Unmodified Opinion on Standalone Financial Results
  2. Unmodified Opinion on Consolidated Financial Results

Board Commentary

  1. Re-appointment of Mr. Sudhir Agarwal as Managing Director for 5 years (Jan 1, 2027 to Dec 31, 2031)
  2. Reclassification of 'Building on Leasehold Land' to 'Property, Plant and Equipment'

Corporate Governance

  1. Nomination and Remuneration Committee recommended re-appointment of MD

Management Discussion & Analysis

Future Strategy

  1. Strengthening market position and leveraging growth opportunities
  2. Continued investment in digital business for engagement and retention
  3. Focus on high-quality content, superior user experience, technology backbone
  4. Deepening digital engagement through in-depth political coverage
  5. Enhancing listener engagement in radio through content creation

Industry Overview

  1. Print continues to perform strongly, defying declining medium perception
  2. Digital continues to be a key growth driver for the Company

Macroeconomic Outlook

  1. Uncertainties amid global geopolitical tensions
  2. Improving consumption trends

Operational Focus Areas

  1. Editorial excellence and reader-first approach
  2. Hyperlocal coverage and content formats improvement
  3. Expanding radio network and market leadership
  4. Driving circulation growth through reader engagement initiatives
  5. On-ground activation to expand reach and build brand presence

Performance Drivers

  1. Robust growth in Print Advertising revenue
  2. Operational efficiencies and cost discipline
  3. Strong overall advertiser sentiment
  4. Increased user engagement and content consumption in digital
  5. Leadership in Hindi and Gujarati News Apps

Risk Control Measures

  1. Management believes newsprint price issue is temporary
  2. Focus on operational efficiencies and cost discipline

Critical Risks

  1. Newsprint price volatility and supply disruptions
  2. Higher raw material costs
  3. Foreign exchange rate movements
  4. Impact of previous year's election-led high base