DBCORP - D B Corp
📢 Recent Corporate Announcements
D.B. Corp Limited has announced its participation in a virtual group meeting with institutional investors scheduled for March 10, 2026, at 11:00 a.m. The event, titled 'Bharat Connect Conference: Rising Stars,' is being organized by Arihant Capital Markets Limited. Senior management, including the Head of Investor Relations and the Senior VP of Sales & Marketing, will represent the company. The company has explicitly stated that no unpublished price-sensitive information will be shared during this interaction.
- Virtual group meeting scheduled for March 10, 2026, starting at 11:00 a.m.
- Organized by Arihant Capital Markets Limited under the 'Bharat Connect Conference: Rising Stars' theme.
- Management attendees include Prasoon Kumar Pandey (Head - Investor Relations) and Sanjay Mani (Senior VP - Sales & Marketing).
- The company confirmed that no unpublished price-sensitive information (UPSI) will be disclosed.
- Information regarding the meet is being hosted on the company's official website for transparency.
D.B. Corp reported a 4% YoY decline in total revenue to ₹6,293 million for Q3 FY26, primarily attributed to a high base from last year's state elections and the shift of festive advertising to Q2. Despite the revenue dip, the company maintained a healthy consolidated EBITDA margin of 25% and a PAT of ₹955 million. The Print business showed operational efficiency with margins expanding to 29% on a sequential basis. Management highlighted a significant 24% decline in government advertising over 9 months, though like-for-like private advertising grew by 6%.
- Total revenue for Q3 FY26 stood at ₹6,293 million, down 4% YoY due to absence of election-related spending.
- Advertising revenue fell 7.8% YoY to ₹4,395 million, while 9M like-for-like growth (excluding elections) was 6%.
- Consolidated EBITDA reached ₹1,592 million with a 25% margin; Print business margins improved to 29%.
- Digital business reached 21 million monthly active users; Radio segment contributed ₹410 million in revenue.
- Gross fixed assets increased by ₹107 crores as the company purchased land for offices to reduce long-term rental costs.
D.B. Corp Limited has released the audio recording of its conference call held on January 16, 2026. The call focused on the financial results for the third quarter and the nine-month period ending December 31, 2025. This filing is in compliance with SEBI Listing Regulations regarding transparency and timely disclosure. Shareholders can access the full discussion on the company's investor relations portal to gain insights into operational performance.
- Audio recording of the Q3 FY26 earnings call is now publicly accessible via the company website.
- The conference call took place on January 16, 2026, at 10:30 AM IST.
- Discussion centered on financial performance for the quarter and nine months ended December 31, 2025.
- Filing adheres to SEBI Listing Regulations 30 and 46 for mandatory investor disclosure.
D.B. Corp Limited's Board of Directors approved amendments to its 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' on January 15, 2026. This update ensures the company remains compliant with Regulation 8 of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The revised code defines clear protocols for disseminating price-sensitive information and designates a Chief Investor Relations Officer to oversee communications. The move aims to maintain transparency and prevent selective disclosure to market participants.
- Board of Directors approved the amended Fair Disclosure Code in a meeting held on January 15, 2026.
- Designated the Head of Investor & Media Relations as the Chief Investor Relations Officer (CIRO) to manage UPSI dissemination.
- Defined 'Legitimate Purpose' for sharing sensitive information with lenders, auditors, and advisors in the ordinary course of business.
- Established a 'need to know' basis for handling UPSI to ensure uniform and universal dissemination.
- Mandated prior authorization from the CIRO for all investor communications, press releases, and website updates.
D.B. Corp Limited has declared a second interim dividend of Rs 2 per equity share (20% of face value) for the financial year 2025-26. The board has fixed January 22, 2026, as the record date to determine shareholder eligibility for this payout. Alongside the dividend, the company approved its unaudited financial results for the quarter and nine months ended December 31, 2025. The company also announced a transition in leadership with Rakesh Khetan taking over as Chief Information Officer from Amit Prakashrao Waghmare.
- Second interim dividend of Rs 2 per equity share (20% of face value) declared for FY 2025-26
- Record date for dividend eligibility is fixed as January 22, 2026
- Dividend payment to be completed on or before February 13, 2026
- Rakesh Khetan appointed as Chief Information Officer effective January 15, 2026
- Board approved unaudited standalone and consolidated financial results for Q3 FY26
D.B. Corp Limited has announced a leadership transition in its technology department, appointing Rakesh Khetan as the new Chief Information Officer (CIO) effective January 15, 2026. He replaces Amit Prakashrao Waghmare, who resigned to pursue other career opportunities and will depart on January 31, 2026. Alongside this change, the Board has declared a second interim dividend of Rs 2 per equity share (20% of face value) for FY 2025-26. The record date for dividend eligibility is set for January 26, 2026.
- Rakesh Khetan appointed as CIO with over 21 years of experience in IT, digital transformation, and cybersecurity.
- Outgoing CIO Amit Prakashrao Waghmare to conclude his tenure on January 31, 2026.
- Second interim dividend of Rs 2 per share declared, representing 20% of the Rs 10 face value.
- Record date for the interim dividend is January 26, 2026, with payment scheduled on or before February 13, 2026.
- The management change and dividend declaration were approved during the Board meeting held on January 15, 2026.
D.B. Corp Limited has declared a second interim dividend of ₹2 per equity share (20% of face value) for the financial year 2025-26. The company has fixed January 22, 2026, as the record date for determining shareholder eligibility, with payments to be made by February 13, 2026. Additionally, the board approved Q3 FY26 financial results and announced that Rakesh Khetan will succeed Amit Prakashrao Waghmare as the Chief Information Officer.
- Second interim dividend declared at ₹2 per equity share of face value ₹10
- Record date for dividend eligibility is set for January 22, 2026
- Dividend payment to be completed on or before February 13, 2026
- Rakesh Khetan appointed as Chief Information Officer effective January 15, 2026
- Outgoing CIO Amit Prakashrao Waghmare to step down effective January 31, 2026
D.B. Corp reported a standalone net profit of ₹953.88 million for the quarter ended December 31, 2025, showing a slight sequential growth from ₹932.09 million in Q2 but a decline from ₹1,178.81 million year-on-year. Revenue from operations stood at ₹6,052.43 million, down approximately 5.7% compared to the same quarter last year. The Board has declared a second interim dividend of ₹2 per equity share (20% of face value) for the financial year 2025-26. Additionally, the company announced a leadership change in its technology department with Rakesh Khetan taking over as the new Chief Information Officer.
- Standalone Net Profit for Q3 FY26 at ₹953.88 million vs ₹1,178.81 million in Q3 FY25.
- Revenue from operations decreased to ₹6,052.43 million from ₹6,417.46 million YoY.
- Declared a second interim dividend of ₹2 per equity share with a record date of January 26, 2026.
- Nine-month total income for FY26 reached ₹18,506.06 million compared to ₹18,533.71 million in the previous year.
- Recognized a one-time employee benefit provision of ₹15.17 million due to new Labour Code assessments.
D.B. Corp Limited has been assigned an Environmental, Social, and Governance (ESG) score of 69, resulting in a Grade B rating by SES ESG Research Pvt. Ltd. This assessment was conducted voluntarily and independently by SES based on publicly available information, rather than being commissioned by the company. SES is a SEBI-registered Category-II ESG ratings provider, and this score provides a benchmark for the company's sustainability performance. For investors, this rating enhances transparency regarding the company's non-financial risk management and ethical standards.
- SES ESG Research assigned an ESG Score of 69 to D.B. Corp Limited.
- The company achieved a 'Grade B' rating based on the independent assessment.
- The rating was conducted voluntarily by SES using only publicly available data.
- SES is a SEBI-registered Category-II ESG ratings provider.
- The communication regarding the rating was received on January 13, 2026.
D.B. Corp Limited has announced its conference call for investors and analysts to discuss Q3 FY2026 financial results, scheduled for January 16, 2026, at 10:30 AM IST. This follows the official board meeting and results announcement on January 15, 2026. Senior management, including the Deputy Managing Director and CFO, will be present to discuss the performance of the company's print, radio, and digital segments. The company currently reaches a massive readership of 6.67 crores across 12 Indian states.
- Conference call scheduled for January 16, 2026, at 10:30 AM IST following Q3 results.
- Financial results for the quarter ended December 31, 2025, to be released on January 15, 2026.
- Management representation includes Deputy MD Pawan Agarwal and CFO Lalit Jain.
- DB Corp maintains leadership in print media with 6.67 crore readers across 12 states.
- Discussion will cover performance across 5 newspaper brands, 30 radio stations, and digital portals.
D.B. Corp Limited has filed the mandatory compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by KFin Technologies Limited, confirms that all dematerialization and rematerialization requests for the quarter ended December 31, 2025, have been processed. This filing confirms that the company's share registry records are being maintained in accordance with SEBI guidelines. It is a standard administrative procedure for all listed entities in India to ensure transparency in shareholding records.
- Covers the reporting period for the quarter ended December 31, 2025
- Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent
- Confirms compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Verification that security certificates were processed and reported to relevant stock exchanges
D.B. Corp Limited has informed the exchanges that its trading window for dealing in company securities will be closed starting January 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and applies to all designated persons and their immediate relatives. The window will remain closed until 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter ending December 31, 2025. The specific date for the board meeting to approve these results will be communicated at a later time.
- Trading window closure begins on January 1, 2026, for all designated persons.
- The closure is ahead of the announcement of unaudited financial results for the quarter ending December 31, 2025.
- The window will reopen 48 hours after the financial results are officially declared to the exchanges.
- The date for the Board Meeting to approve the Q3 FY26 results is yet to be finalized and announced.
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.