DB Corp, publisher of Dainik Bhaskar, Divya Bhaskar, Divya Marathi, and Saurashtra Samachar, reported a largely stable performance for the nine months and third quarter ended 31 December 2025 (9MFY2026 and Q3FY26), despite a high base from last year’s festive and election-heavy period.
While revenues and profits showed modest declines year-over-year, the company states that it demonstrated strong operational discipline and margin resilience through effective cost management and softening newsprint prices.
9MFY2026 vs 9MFY2025
During the nine months, DB Corp’s total revenue stood at ₹1851.2 crore, nearly flat compared to ₹1854.4 crore in the previous year, reflecting steady momentum despite a softer advertising environment. Advertising revenue, the primary contributor, declined slightly to ₹1285.1 crore from ₹1305.8 crore, indicating cautious advertiser sentiment during the early part of the fiscal year, according to the results posted on its website.
Circulation revenue remained stable at ₹358.9 crore compared with ₹356.2 crore, underscoring the company’s strong readership base and continued brand loyalty.
Operational profitability saw some moderation, with EBITDA declining to ₹456.0 crore from ₹525 crore, and net profit easing to ₹269.8 crore from ₹318.7 crore. This reduction primarily reflects a subdued ad market and normalization of operating leverage.
In its radio segment, revenues softened marginally to ₹122.9 crore from ₹128.7 crore, while EBITDA came in at ₹37.2 crore, compared to ₹45.1 crore in the prior year, reflecting macro trends in advertising spending that are quite similar to those in print.
Q3FY26 vs Q3FY25
In the third quarter, DB Corp recorded total revenue of ₹629.3 crore versus ₹655.6 crore in Q3FY25. The decline was largely due to the shift of festive-driven advertising to the previous quarter (Q2FY26) and the unusually high base created by last year’s state elections.
Print advertising revenue stood at ₹439.5 crore compared with ₹476.7 crore, while circulation revenue remained steady at ₹117.8 crore against ₹119.5 crore. Despite the revenue dip, EBITDA margins remained robust at 25%, supported by disciplined cost control and lower newsprint prices. EBITDA during the quarter stood at ₹159.2 crore versus ₹190.2 crore a year earlier, while net profit came in at ₹95.5 crore compared with ₹118.2 crore.
The radio business mirrored the broader trend, with advertising revenue at ₹41.0 crore (down from ₹48.6 crore) and EBITDA at ₹12.7 crore (down from ₹18.7 crore).
“During Q3 FY26, the company’s performance was impacted by the high base effects arising from the festive season and election-related advertising in the corresponding quarter of last year. A portion of the festive advertising spend shifted to Q2FY26, whereas in the previous year, festivities were largely concentrated in Q3. Additionally, state elections in Haryana and Jharkhand during Q3FY25 had contributed incremental advertising revenues, which were absent in the current quarter,” the company stated.
Commenting on the results, managing director Sudhir Agarwal highlighted that Q3FY26 was not directly comparable to last year due to the shift in festive spending and the impact of state elections. However, he noted improving advertiser sentiment and sequential demand recovery across markets. With continued focus on cost efficiency, DB Corp maintained healthy margins despite a softer revenue environment.
Looking ahead, the company remains optimistic about growth prospects supported by a favorable consumption outlook, potential policy tailwinds from the upcoming Union Budget, and its strong editorial and digital positioning.
