D.B.Corp Limited (DBCORP)
₹165.90 -0.40% last close, 16 Oct
Q2 FY27 results
D.B.Corp Limited reported Q2 FY27 results on 15 Oct 2026: revenue ₹581 Cr (-5.4% year on year, -3.8% on the previous quarter), and net profit ₹68.6 Cr (-26.4% year on year); the operating margin was 15.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹581 | -5.4% | -3.8% |
| Operating profit | ₹90.9 | -34.1% | -33.2% |
| Net profit | ₹68.6 | -26.4% | -32.1% |
| EPS (₹) | 3.85 | -26.4% | -31.9% |
| Operating margin | 15.6% | — | — |
- Profit -36% below its own trend
- Operating margin contracted 682 bps YoY
- 36% of pre-tax profit came from other income and one-off items
Quality of profit: of pre-tax profit of ₹92.9 Cr, ₹59.4 Cr (64%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -43.8% year on year.
Against its own trend: net profit of ₹68.6 Cr was -36.5% against the ₹108 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: -6.9% (close before the filing to the latest close).
DBCORP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.11% of the DBCORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.71%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 39.4% · 40.0% · 52.6% · 20.1% · 40.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
D.B. Corp reported standalone revenue from operations of Rs 580.81 crore for the quarter ended September 30, 2026, down 5.4% YoY from Rs 613.94 crore in Q2 FY26. Standalone net profit declined 26.5% YoY to Rs 68.59 crore compared to Rs 93.21 crore in the corresponding quarter last year. Profitability was pressured by higher raw material costs, with cost of materials consumed rising to Rs 183.53 crore from Rs 162.56 crore a year ago. Standalone basic EPS for the quarter stood at Rs 3.85 versus Rs 5.23 in Q2 FY26.
- Standalone revenue from operations dropped 5.4% YoY to Rs 580.81 crore in Q2 FY27 from Rs 613.94 crore in Q2 FY26
- Standalone net profit fell 26.5% YoY to Rs 68.59 crore against Rs 93.21 crore in Q2 FY26
- Cost of materials consumed increased 12.9% YoY to Rs 183.53 crore from Rs 162.56 crore
- Basic EPS for the quarter declined to Rs 3.85 from Rs 5.23 in the corresponding quarter last year
- H1 FY27 standalone revenue stood at Rs 1,184.55 crore with net profit of Rs 169.28 crore
CARE Ratings has reaffirmed D.B. Corp's credit ratings for bank facilities totaling ₹274.25 crore, maintaining 'CARE AA+; Stable' for long-term and 'CARE A1+' for short-term debt. The reaffirmation highlights the company's Hindi print market leadership (Dainik Bhaskar) and low financial leverage, backed by ₹1,177 crore in cash and liquid investments as of March 31, 2026. The agency highlighted resilient operating income of ₹2,356 crore in FY26, though PBILDT margins moderated to 20.8% (down from 23.4% in FY25) due to the absence of election ad spending and rising newsprint prices.
- Reaffirmed 'CARE AA+; Stable' across ₹148.25 crore long-term and ₹126.00 crore long/short-term facilities (total ₹274.25 crore).
- Cash and liquid investments stood strong at ₹1,177 crore as of March 31, 2026, against total company debt of ₹262 crore.
- FY26 total operating income was ₹2,356 crore (vs ₹2,339 crore in FY25), with ad revenue flat at ₹1,692 crore.
- PBILDT margin moderated to 20.8% in FY26 from 23.4% in FY25, while average newsprint price rose to ₹53.13/kg in Q1FY27 from ₹47.55/kg in FY26.
- Digital footprint expanded with ~19 million monthly active users reported as of May 2026 across digital platforms.
D.B. Corp Limited informed exchanges that CRISIL ESG Ratings & Analytics Limited has assigned an ESG rating of 'Crisil ESG 62' to the company. The evaluation was conducted voluntarily and independently by CRISIL using publicly availableStandalone disclosures, without any engagement or mandate from D.B. Corp. The formal communication was received by the company on September 15, 2026. The announcement is a routine compliance disclosure under Regulation 30 and carries no direct financial or operational impact.
- Assigned an ESG score of 'Crisil ESG 62' by CRISIL ESG Ratings & Analytics Limited
- Intimation received via email on September 15, 2026 at 08:08 p.m. IST
- Assessment was voluntary and independent; the company did not engage CRISIL for this rating
- Evaluation was based on publicly available ESG disclosures at the standalone level
D.B. Corp Limited announced the voting results and Scrutinizer's report for its 30th Annual General Meeting held on September 2, 2026. All four resolutions were passed with overwhelming majority, including the adoption of FY26 financial statements and ratification of cost auditor remuneration. Significantly, shareholders approved the re-appointment of Mr. Sudhir Agarwal as Managing Director for a 5-year term from January 1, 2027, to December 31, 2031, with 99.48% votes in favor.
- All 4 ordinary and special resolutions approved with requisite majority at the 30th AGM on September 2, 2026
- Re-appointment of Sudhir Agarwal as Managing Director for a 5-year term (Jan 1, 2027 to Dec 31, 2031) passed with 99.48% votes in favor
- Adoption of FY26 audited standalone and consolidated financial statements passed with 99.99% approval
- Total voter turnout represented 86.15% to 89.86% of total voting capital across the four resolutions
D.B. Corp Limited conducted its 30th Annual General Meeting on September 2, 2026, with 78 members attending via video conferencing. Key resolutions transacted included the adoption of FY26 audited financial statements, the reappointment of Mr. Pawan Agarwal as Director, and the ratification of cost auditor remuneration. Additionally, a special resolution was presented to reappoint Mr. Sudhir Agarwal as Managing Director for a 5-year tenure effective January 1, 2027, to December 31, 2031. Detailed voting results and the Scrutinizer's Report will be submitted separately.
- 30th AGM conducted on September 2, 2026, with 78 members attending via VC/OAVM
- Special resolution proposed for re-appointment of Mr. Sudhir Agarwal as MD for a 5-year term (Jan 1, 2027 to Dec 31, 2031)
- Remote e-voting held between August 29, 2026 (9:00 AM) and September 1, 2026 (5:00 PM)
- Four business items transacted, including adoption of FY26 standalone and consolidated financials
D.B. Corp has scheduled its 30th Annual General Meeting (AGM) for September 2, 2026. The primary agenda includes the re-appointment of Mr. Sudhir Agarwal as Managing Director for a five-year term (2027-2031) with a base salary of ₹3.675 Cr per annum. Shareholders will also vote on a special resolution allowing executive promoter remuneration to potentially exceed 5% of net profits. Additionally, the company confirmed the shifting of its registered office within Ahmedabad effective August 1, 2026.
- 30th Annual General Meeting scheduled for September 2, 2026, via Video Conferencing.
- Proposed re-appointment of Mr. Sudhir Agarwal as MD for a 5-year term from January 1, 2027, to December 31, 2031.
- MD remuneration fixed at ₹3,67,50,000 per annum with an annual increment of up to 10%.
- Special resolution proposed to allow aggregate promoter-director remuneration to exceed 5% of net profits.
- Cost Auditor remuneration for the Radio business ratified at ₹33,000 for FY 2026-27.
D.B. Corp Limited has submitted a formal application to BSE and NSE on July 21, 2026, for the reclassification of two entities. BEDR Realcon Private Limited and Diligent Pinkcity Center Private Limited are seeking to move from the 'Promoter Group' to the 'Public' category. This follows previous board-level intimations made on July 2 and July 16, 2026. Such reclassifications are standard regulatory procedures under SEBI Regulation 31A and typically do not impact the company's operational management.
- Application submitted on July 21, 2026, for reclassification of 2 promoter group entities
- Entities involved are BEDR Realcon Private Limited and Diligent Pinkcity Center Private Limited
- Follows two prior intimations dated July 2, 2026, and July 16, 2026
- Current promoter holding remains high at 74.5% as of March 2026
D.B. Corp reported a strong start to FY27 with a 25% YoY increase in PAT to INR 100.7 cr and an 8% revenue growth to INR 622 cr. EBITDA margins expanded by 250 bps to 26.1%, driven by a 10% growth in advertising revenue (INR 432 cr) and operational efficiencies. While newsprint prices rose 13% YoY to approximately INR 53,000 per ton, the company mitigated costs through procurement discipline. Digital engagement remains steady at ~20 million monthly active users, though monetization remains in the early stages.
- Consolidated PAT grew 25% YoY to INR 1,007 million for the quarter ended June 30, 2026
- EBITDA margin expanded by 250 basis points to 26.1% compared to 23.6% in Q1 FY26
- Advertising revenue increased 10% YoY to INR 4,320 million, led by broad-based growth across sectors
- Newsprint prices increased 13% YoY and 8% QoQ to approximately INR 53,000 per ton
- Digital news applications maintained 19-20 million monthly active users as of May 2026
D.B. Corp Limited has released the audio recording of its conference call held on July 16, 2026, regarding its Q1 FY27 financial performance. The call follows a period where the company reported TTM revenue of ‡2,355 Cr and maintained an operating profit margin of 20.7%. This disclosure is a standard regulatory requirement under SEBI Listing Regulations to ensure transparency for shareholders. Investors can access the recording to understand management's perspective on newsprint costs and digital expansion strategies.
- Conference call held on July 16, 2026, at 4:30 PM IST regarding Q1 FY27 results.
- Company reported TTM revenue of ‡2,355 Cr and TTM PAT of ‡332 Cr.
- Raw material costs (newsprint) currently constitute approximately 50% of operating costs.
- Promoter holding remains high at 74.5% as of March 2026.
The Board of Directors of D.B. Corp Limited has approved the reclassification of BEDR Realcon Private Limited and Diligent Pinkcity Center Private Limited from the 'Promoter Group' to the 'Public' category. These entities currently hold less than 10% of the total voting rights and do not exercise any direct or indirect control over the company. The move follows an initial intimation on July 2, 2026, and is subject to final approval from the stock exchanges. This is a procedural cleanup of the shareholding structure, as the current promoter holding is high at 74.5%.
- Board approved reclassification for 2 entities: BEDR Realcon and Diligent Pinkcity Center.
- Entities together hold less than 10% of the total voting rights in the company.
- Current promoter holding stands at 74.5% as of March 2026, near the 75% regulatory limit.
- The board meeting concluded within 70 minutes (10:30 am to 11:40 am) on July 16, 2026.
D.B. Corp has declared an interim dividend of Rs 5 per share (50% of face value) for FY 2026-27. The record date to determine shareholder eligibility is July 23, 2026, with the payment to be completed by August 14, 2026. This single interim payout represents a yield of approximately 2.35% based on the current share price of Rs 212.5. The board also approved the Q1 FY27 financial results and scheduled the 30th Annual General Meeting for September 2, 2026.
- Interim dividend of Rs 5 per equity share on a face value of Rs 10
- Record date for dividend eligibility is July 23, 2026
- Dividend payment to be disbursed on or before August 14, 2026
- 30th Annual General Meeting scheduled for September 2, 2026
- Registered office relocation within Ahmedabad effective August 1, 2026
D.B. Corp has declared an interim dividend of ₹5 per equity share (50% of face value) for FY 2026-27, representing a yield of approximately 2.35% on the current price. The board also approved the unaudited financial results for the quarter ended June 30, 2026. A record date of July 23, 2026, has been set for dividend eligibility, with payment expected by August 14, 2026. Additionally, the company will relocate its registered office within Ahmedabad effective August 1, 2026.
- Interim dividend of ₹5 per share (50% of FV ₹10) declared for FY 2026-27
- Record date for dividend eligibility is July 23, 2026
- Dividend payment to be completed on or before August 14, 2026
- 30th Annual General Meeting scheduled for September 2, 2026
- Registered office shifting to Science City Road, Ahmedabad, effective August 1, 2026
D.B. Corp Limited has declared an interim dividend of Rs 5 per equity share (50% of face value) for FY 2026-27. The record date for determining shareholder eligibility is July 23, 2026, with payment expected by August 14, 2026. The board also approved the Q1 FY27 financial results and scheduled the 30th Annual General Meeting for September 2, 2026. Additionally, the company is relocating its registered office within Ahmedabad effective August 1, 2026.
- Interim dividend of Rs 5 per equity share of face value Rs 10 (50% payout)
- Record date for dividend eligibility fixed as July 23, 2026
- Dividend payment to be completed on or before August 14, 2026
- 30th Annual General Meeting scheduled for September 2, 2026, via video conferencing
- Registered office shifting within Ahmedabad effective August 1, 2026
D.B. Corp Limited has declared an interim dividend of ₹5 per equity share for the financial year 2026-27, representing 50% of the ₹10 face value. Based on the current market price of ₹212.5, this single interim payout offers a yield of approximately 2.35%. The total estimated payout is roughly ₹89.1 Cr, which constitutes approximately 26.8% of the company's TTM PAT of ₹332 Cr. The record date for determining shareholder eligibility is July 23, 2026, with payments scheduled to be completed by August 14, 2026.
- Interim dividend of ₹5 per equity share declared for FY 2026-27.
- Record date for dividend eligibility fixed as July 23, 2026.
- Dividend payment to be completed on or before August 14, 2026.
- Registered office shifting within Ahmedabad effective August 1, 2026.
- 30th Annual General Meeting scheduled for September 2, 2026.
D.B. Corp Limited reported a strong start to FY27 with standalone revenue growing 7.9% YoY to ₹603.74 Cr. Net profit surged 24.6% YoY to ₹100.69 Cr, significantly exceeding the previous quarter's (Mar 2026) profit of ₹62.25 Cr. The board declared an interim dividend of ₹5 per share, offering a 2.35% yield on the current market price of ₹212.5. Profitability improved as total expenses grew by only 3.8% YoY, despite a 12.8% rise in raw material costs.
- Standalone Revenue from operations reached ₹603.74 Cr in Q1 FY27 vs ₹559.45 Cr in Q1 FY26.
- Net Profit increased to ₹100.69 Cr, a 24.6% growth compared to ₹80.81 Cr in the same period last year.
- Interim dividend of ₹5 per equity share (50% of face value) declared for FY 2026-27.
- Basic EPS improved to ₹5.65 for the quarter from ₹4.53 in the year-ago period.
- Cost of materials consumed rose to ₹179.94 Cr, representing approximately 29.8% of revenue.
Financial Performance
Revenue Growth by Segment
Printing, Publishing and allied business revenue was INR 21,737.08 million in FY25, while Radio segment revenue stood at INR 1,663.03 million. In Q2 FY26, total revenue grew 9% YoY to INR 6,347 million, driven by a 12% YoY growth in advertising revenue which reached INR 4,478 million.
Geographic Revenue Split
The company operates primarily in the Hindi heartland and Gujarat/Maharashtra; recently expanded digital operations into Uttarakhand. Specific regional percentage splits are not disclosed, but the Hindi print media leadership under 'Dainik Bhaskar' is the primary revenue driver.
Profitability Margins
Consolidated PAT margin for FY25 was 15% (INR 3,709.83 million), declining from 17% (INR 4,255.23 million) in FY24. The decline was primarily due to a 16% increase in other operating expenses and a high base effect in government advertising.
EBITDA Margin
EBITDA margin stood at 26% (INR 6,270 million) in FY25, a decrease from 28% (INR 7,033 million) in FY24. The 11% degrowth in EBITDA was influenced by rising operational costs despite a 13% reduction in newsprint costs.
Capital Expenditure
The company maintains a low-debt profile with no major debt-funded capex planned. Total assets stood at INR 31,408.52 million as of September 2025, with cash and bank balances totaling approximately INR 8,250 million.
Credit Rating & Borrowing
CARE Ratings reaffirmed 'CARE AA+; Stable' for long-term facilities and 'CARE A1+' for short-term facilities. The company is net debt-free with an overall gearing of 0.11x and an interest coverage ratio of 16.93x as of FY23.
Operational Drivers
Raw Materials
Newsprint is the primary raw material, accounting for approximately 50% of the total operating costs for the newspaper business.
Import Sources
Raw materials are imported using buyer's credit; specific countries are not listed, but global newsprint spot prices (benchmarked in USD) directly impact procurement costs.
Capacity Expansion
Current focus is on digital expansion (e.g., Uttarakhand launch) and maintaining leadership in existing print markets. Specific MTPA or unit capacity for printing presses is not disclosed.
Raw Material Costs
Newsprint consumption cost was INR 6,425 million in FY25, a 13% YoY decrease from INR 7,352 million in FY24. This was driven by newsprint prices softening from US$ 950 to approximately US$ 500 per ton.
Manufacturing Efficiency
The company utilizes automation and infrastructure upgrades to stay lean; quality standards are maintained as per IFRA recommendations.
Logistics & Distribution
Distribution costs are part of 'Other Expenses' which totaled INR 7,072 million in FY25, representing approximately 29% of total revenue.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth is targeted through editorial excellence to maintain market leadership, aggressive digital expansion (4.4/5 rating on Ambition Box), and capitalizing on festive season advertising. The company is also focusing on 'performance-driven' human capital strategies and infrastructure upgrades to stay ahead of competitors.
Products & Services
Newspapers (Hindi, Gujarati, Marathi), Radio broadcasting (My FM), Digital news portals, and Mobile applications.
Brand Portfolio
Dainik Bhaskar, Divya Bhaskar, Divya Marathi, Saurashtra Samachar, DB Star, DB Post, and My FM.
New Products/Services
Expansion of digital news services into new markets like Uttarakhand; digital properties are expected to contribute to long-term reader engagement and ad revenue.
Market Expansion
Focusing on deepening penetration in existing Tier II and Tier III cities and expanding the digital footprint across Hindi-speaking regions.
Market Share & Ranking
Ranked as one of the leading print media companies in India, specifically holding a leadership position in the Hindi print media industry.
External Factors
Industry Trends
The Indian media and entertainment sector is evolving with a strong shift toward digital-print hybrid models. While print remains robust in India (unlike Western markets), companies are positioning for future growth through mobile apps and digital engagement.
Competitive Landscape
Competes with other major regional and national print dailies; maintains an edge through editorial excellence and a 'people-first' organizational culture.
Competitive Moat
The moat is built on brand equity (Dainik Bhaskar) and a massive, loyal readership base in the Hindi heartland. This market leadership provides significant barriers to entry and strong bargaining power with advertisers.
Macro Economic Sensitivity
Highly sensitive to private consumption and government spending, which drive advertising revenues. GDP growth directly correlates with ad-spend across sectors like Auto, Real Estate, and FMCG.
Consumer Behavior
Shift toward digital news consumption is being addressed by the company's robust digital presence and mobile apps to retain the reader base.
Geopolitical Risks
Global supply chain disruptions affecting newsprint availability and international pricing benchmarks.
Regulatory & Governance
Industry Regulations
Operations are subject to the IT Act, 1961, and SEBI Listing Regulations. The company must also adhere to DAVP (Directorate of Advertising and Visual Publicity) norms for government advertisements.
Taxation Policy Impact
Provision for tax was INR 1,275.65 million in FY25, representing an effective tax rate of approximately 25.6% of Profit Before Tax.
Legal Contingencies
In July 2021, the Income Tax Department carried out a search operation u/s 132 of the IT Act. Management maintains this will not have a material impact on the financial position, though it remains a monitorable event for credit rating agencies.
Risk Analysis
Key Uncertainties
Volatility in newsprint prices (can impact margins by 100-200 bps) and the potential for high cash outflows via buybacks/dividends to undermine the financial risk profile.
Geographic Concentration Risk
High concentration in the Hindi-speaking belt of India; any regional economic downturn in these states would significantly impact total revenue.
Third Party Dependencies
Dependent on global newsprint suppliers; 50% of operating costs are tied to this single raw material category.
Technology Obsolescence Risk
Risk of print media being superseded by digital; mitigated by aggressive investment in digital portals and mobile apps.
Credit & Counterparty Risk
Trade receivables of INR 5,240.97 million; CARE Ratings notes that a debtor cycle stretching beyond 120 days would be a negative factor for liquidity.
