India’s largest newspaper groups are increasingly diversifying beyond print as the structural shift in readership habits and advertising continues to weigh on their traditional businesses.
Non-print operations, including digital platforms, out-of-home advertising and event management, are expected to account for around a quarter of revenue this fiscal, up from around 13% in fiscal 2019.
The 11-13 percentage point increase in the share of non-print revenue reflects a broader shift from a circulation-led model towards consumer engagement and integrated advertising solutions. A Crisil Ratings study of newspaper groups publishing five of India’s most widely circulated dailies indicates that the transition is gaining momentum across both English and regional-language publications.
The report says the need for diversification has intensified as the circulation base of large newspaper companies has declined to around 10 million in 2025, down from around 15 million in 2019 (It is not clear which large newspaper companies Crisil is referring to).
The base is expected to shrink further as younger readers increasingly move to digital platforms. As a result, print-related revenue, including print advertising, is estimated to have contracted at a 1-2% compound annual growth rate over the past seven years.
Indian Printer and Publisher has been writing about the steady decline in print revenue, especially after the Covid pandemic, and the rise of digital and alternative media sources such as YouTube and other third-party platforms, CTV, and even films. Major print media houses have also diversified into non-news segments such as events and conferences, eCommerce and packaging. Mathubhumi and Amar Ujala, for example, have been early movers in the packaging segment. The undivided Times Group and Outlook are into eCommerce while AVP is trying out music concerts.
Manish Gupta, senior director and deputy chief rating officer, Crisil Ratings, says, “For large newspaper publishers, diversification is no longer optional. Revenue from non-print businesses is expected to increase 10-12% annually between fiscals 2025 and 2027, significantly outpacing the 2-3% expected growth in the traditional print business over the same period. Growth in non-print businesses is supported by strong brand equity, deep regional reach and the ability to bundle print, digital, radio, events and outdoor media into integrated solutions for advertisers. This is helping leading players partially offset structural pressure in their legacy print business.”
The expansion into non-print businesses is also expected to help protect profitability. Although these businesses generally carry lower margins than traditional print, operating margins are expected to remain stable at 12-13% this fiscal, supported by scale benefits in digital and adjacent businesses.
Improving scale in digital operations is helping publishers reduce EBITDA losses as these businesses move beyond the initial investment phase. This should partly offset the lower margins associated with out-of-home advertising and event management, which face higher variable costs and intense competition.
Credit profiles are expected to remain resilient as publishers enter the transition with conservative capital structures, net cash positions and sizeable liquid investment portfolios. These financial buffers provide room to invest in new businesses while absorbing weaker cash accruals from the print franchise.
Says Ankit Hakhu, director, Crisil Ratings, “Credit resilience will be anchored less in the trajectory of print business and more in the strength of balance sheets. Nearly 90% of net worth is held in liquid and investment assets, including financial assets and cash equivalents. The income from these assets, together with low leverage, should help cushion moderation in core operating accruals as publishers build scale in newer businesses.”
A sharper-than-expected decline in circulation, slower monetisation of digital platforms and delays in scaling up non-print businesses remain key risks to the outlook.
