JAGRAN - Jagran Prakashan
📢 Recent Corporate Announcements
The National Company Law Tribunal (NCLT) Allahabad has dismissed Jagran Prakashan's applications and vacated a previous stay on an Extra-ordinary General Meeting (EGM) requisition. The EGM, requested by promoter entity Jagran Media Network Investment Private Limited, aims to remove 7 Independent Directors and 1 Whole-time Director. This ruling allows the EGM process to move forward as per the Companies Act, 2013, potentially leading to a major board overhaul. The company is currently seeking legal advice on the next steps in this ongoing internal promoter dispute.
- NCLT vacated the interim order dated Feb 27, 2026, which had stalled the EGM requisition.
- The proposed EGM seeks the removal of 7 Independent Directors and 1 Whole-time Director.
- The legal battle stems from a Special Notice received from Jagran Media Network Investment Private Limited (JMNIPL).
- The tribunal's order dated April 23, 2026, was officially uploaded on April 29, 2026.
- The court observed that parties are at liberty to proceed in accordance with the Companies Act, 2013.
Jagran Prakashan Limited has provided an update regarding ongoing legal proceedings at the NCLT Allahabad Bench involving promoter-level disputes. The company petitions, CP No. 64 of 2023 and CP No. 57 of 2025, involve allegations of oppression and mismanagement under Sections 241 and 242 of the Companies Act. The hearings scheduled for April 16, 2026, were not taken up by the bench and have been rescheduled. The next hearing is now set for May 4, 2026, at 12:00 p.m.
- NCLT Allahabad Bench re-notified hearings for CP No. 64/2023 and CP No. 57/2025 to May 4, 2026.
- The disputes involve key promoter family members including Mahendra Mohan Gupta and Devendra Mohan Gupta.
- Petitions are filed under Sections 241, 242, and 244 of the Companies Act, 2013, concerning oppression and mismanagement.
- The company will provide further disclosures only when material developments occur in these proceedings.
Jagran Prakashan Limited has filed the compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ending March 31, 2026. The certificate, provided by KFin Technologies Limited, confirms that the company has processed all dematerialization and rematerialization requests as required. This is a standard quarterly regulatory requirement to ensure the integrity of the shareholding records between the company and depositories like NSDL and CDSL. The filing indicates the company's adherence to procedural norms but does not contain any material financial information.
- Compliance certificate submitted for the quarter and financial year ended March 31, 2026.
- Issued by KFin Technologies Limited, the company's Registrar and Share Transfer Agent (RTA).
- Confirms that securities dematerialized or rematerialized were reported to relevant stock exchanges.
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
Jagran Prakashan Limited has been served a Notice of Demand by the Income Tax Department for the Assessment Year 2024-25. The demand amount is specified as ₹1,19,60,720 under Section 156 of the Income Tax Act, 1961. Additionally, the company has received a notice for penalty proceedings under Section 274. The management intends to file an appeal before the National Faceless Appeal Centre (NFAC) and believes there is no material impact on the company's financials or operations.
- Income Tax Department issued a demand notice of ₹1,19,60,720 for Assessment Year 2024-25.
- The order was passed under Section 143(3) read with section 144B of the Income Tax Act.
- A penalty notice under Section 274 read with section 270A has also been initiated by the authority.
- The company plans to contest the demand by filing an appeal with the National Faceless Appeal Centre (NFAC).
- Management has officially stated that the demand will not have a material impact on financial or operational activities.
Jagran Prakashan Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the board meeting where the results are officially declared. This is a standard regulatory procedure to prevent insider trading during the finalization of financial statements.
- Trading window closure effective from Wednesday, April 1, 2026.
- Closure pertains to the financial results for the quarter and year ended March 31, 2026.
- Window to reopen 48 hours after the official declaration of financial results.
- Applies to all Designated Persons and their immediate relatives as per SEBI norms.
- The specific date for the Board Meeting to consider results will be announced separately.
Jagran Prakashan is currently involved in a legal dispute between promoter groups (Mahendra Mohan Gupta vs. Devendra Mohan Gupta) under Sections 241/242 of the Companies Act regarding oppression and mismanagement. The NCLT Allahabad Bench has reserved its order on several applications, including those related to the convening of an Extraordinary General Meeting (EGM). The tribunal has directed that the requisition dated February 12, 2026, to convene the EGM remains in abeyance until a final decision is reached. The main matter and other connected applications are scheduled for the next hearing on April 16, 2026.
- NCLT Allahabad Bench has reserved the order for applications CA No. 04/2026, 05/2026, and 06/2026 after hearing elaborate submissions.
- The requisition dated February 12, 2026, to convene an EGM of Respondent No. 19 remains suspended until the final disposal of the applications.
- The legal battle involves multiple promoter factions under Sections 241, 242, and 244 of the Companies Act, 2013.
- The next hearing for the main petition (CP No. 64/2023) and related matters is scheduled for April 16, 2026, at 2:30 PM.
The National Company Law Tribunal (NCLT), Allahabad, has ordered the deferment of an Extraordinary General Meeting (EGM) requisitioned by Jagran Media Network Investment Private Limited (JMNIPL), the holding company of Jagran Prakashan Limited. The EGM was called to seek the removal of seven Independent Directors and one Whole-time Director. This legal intervention stems from ongoing litigation between family members of the promoter group under Company Petitions 64 of 2023 and 57 of 2025. The court has ordered the requisition to be kept in abeyance until further orders, with the next hearing set for April 16, 2026.
- NCLT Allahabad deferred the EGM requisitioned by holding company Jagran Media Network Investment.
- The proposed EGM aimed to remove 7 Independent Directors and 1 Whole-time Director.
- Requisition for the meeting is kept in abeyance until the disposal of specific company applications.
- Next hearing for the main company petitions is scheduled for April 16, 2026.
The National Company Law Tribunal (NCLT), Allahabad, has ordered the deferment of a proposed Extraordinary General Meeting (EGM) of Jagran Prakashan Limited. The EGM was requisitioned by the holding company, Jagran Media Network Investment Private Limited, to remove seven Independent Directors and one Whole-time Director. The court has directed that the requisition be kept in abeyance until March 19, 2026, pending further consideration of the main legal case (CP No. 64 of 2023). This development indicates a temporary freeze on significant board-level changes amidst ongoing promoter-level disputes.
- NCLT Allahabad deferred the EGM requisitioned by holding company JMNIPL until March 19, 2026
- The EGM sought the removal of 7 Independent Directors and 1 Whole-time Director from the board
- The legal proceedings are part of a larger dispute under Company Petition No. 64 of 2023
- The court has directed the main case to be listed high on the board for the next hearing
- Current management and board structure will remain in status quo until the next judicial review
Jagran Prakashan is currently involved in a legal dispute at the NCLT Allahabad regarding a Special Notice to remove 7 Independent Directors and 1 Whole-Time Director. The company and its promoter entity, JMNIPL, have filed applications contesting the EGM request and seeking to regulate voting rights based on a 2023 board resolution. The NCLT has concluded hearings on these specific applications and has reserved its orders for pronouncement on February 27, 2026. This ongoing promoter-level conflict poses a significant risk to the company's corporate governance and board stability.
- NCLT Allahabad has reserved orders on applications regarding the removal of 7 Independent Directors and 1 Whole-Time Director.
- The legal challenge stems from a Special Notice and EGM request dated February 12, 2026, proposing major board changes.
- Promoter entity JMNIPL is seeking to enforce a July 14, 2023, Board Resolution to control voting procedures in shareholder meetings.
- The NCLT is scheduled to pronounce its decision on these specific applications on February 27, 2026, at 12:30 p.m.
- The dispute is part of a larger ongoing case (C.P. No. 64 of 2023) involving the Gupta family members.
Jagran Prakashan Limited (JPL) has filed a legal application to restrain a requisitioning shareholder from removing eight board members. The dispute involves a Special Notice dated February 12, 2026, which proposed the removal of seven Independent Directors and one Whole-Time Director. This legal move is part of an ongoing litigation (C.P. No. 64 of 2023) between the Mahendra Mohan Gupta and Devendra Mohan Gupta factions. The company is seeking to prevent the convening of an Extraordinary General Meeting (EGM) for these removals, highlighting significant internal promoter conflict.
- Legal application filed on February 20, 2026, in the matter of C.P. No. 64 of 2023.
- Seeks to block a Special Notice dated February 12, 2026, regarding director removals.
- Proposed removal involves 7 Independent Directors and 1 Whole-Time Director.
- Company aims to restrain shareholders from taking steps to convene an Extraordinary General Meeting.
Jagran Media Network Private Limited (JMNIPL), the holding company of Jagran Prakashan Limited (JPL), has issued a special notice to remove 7 Independent Directors and 1 Whole-time Director. The holding company alleges that these directors were not validly appointed because the Chairman, Mr. Mahendra Mohan Gupta, did not vote in accordance with JMNIPL board decisions. The matter is currently sub judice before the NCLT Allahabad Bench under petitions filed in 2023 and 2025. The JPL Board is currently evaluating legal options to respond to the request for an Extra-ordinary General Meeting (EGM).
- Holding company JMNIPL proposes removal of 7 Independent Directors and Whole-time Director Mr. Satish Chandra Mishra.
- Allegations involve invalid appointments due to voting discrepancies by Non-Executive Chairman Mahendra Mohan Gupta.
- Legal disputes are pending before NCLT Allahabad Bench under C.P. No. 64 of 2023 and C.P. No. 57 of 2025.
- JPL Board has decided to take appropriate legal steps in response to the EGM request and Special Notice.
- The dispute highlights significant internal friction within the promoter group and the board structure.
Jagran Media Network Private Limited (JMNIPL), the holding company of Jagran Prakashan, has issued a special notice seeking the removal of seven Independent Directors and one Whole-time Director, Mr. Satish Chandra Mishra. The holding company alleges that these directors were not validly appointed because the Chairman, Mr. Mahendra Mohan Gupta, did not exercise voting rights as directed by the JMNIPL Board. This internal governance conflict is currently sub judice before the NCLT Allahabad under two separate company petitions. The Board of Jagran Prakashan is currently evaluating legal steps to respond to the request for an Extra-ordinary General Meeting (EGM).
- Holding company JMNIPL issued a special notice on Feb 12, 2026, to remove 7 Independent Directors and 1 Whole-time Director.
- The removal is proposed on grounds that the directors were not validly appointed due to disputed voting right exercises.
- Legal disputes regarding voting control are pending before NCLT Allahabad (C.P. No. 64 of 2023 and C.P. No. 57 of 2025).
- The Board of Jagran Prakashan Limited is seeking legal recourse to address the EGM request and the special notice.
- The 7 Independent Directors targeted include Ms. Divya Karani, Mr. Shailendra Swarup, and Mr. Pramod Agarwal among others.
Jagran Prakashan reported a weak Q3FY26 with consolidated revenue declining 7.7% YoY to ₹476.71 crores. Consolidated PAT for the quarter fell 12% to ₹55.17 crores, impacted by lower advertisement revenues and a ₹6.89 crore provision for the new labor code. However, the 9-month performance remains strong with PAT growing 23% to ₹178.87 crores, though this was significantly aided by a ₹31.80 crore one-time gain from a Keyman policy maturity. Segmentally, the flagship Dainik Jagran saw margin compression, while the Radio and Midday businesses faced revenue headwinds.
- Consolidated Q3 Revenue fell 7.7% YoY to ₹476.71 crores, driven by a decline in advertisement income across print and radio.
- Standalone Q3 PAT decreased to ₹52.43 crores from ₹59.68 crores in the previous year.
- Operating profits were impacted by a ₹6.89 crore provision made for the implementation of the new labor code.
- 9MFY26 PAT grew 23% YoY to ₹178.87 crores, supported by ₹31.80 crores from Keyman policy maturity proceeds.
- Radio business (Music Broadcast Ltd) saw a sharp revenue decline to ₹46.48 crores from ₹65.38 crores in Q3FY25.
Jagran Prakashan reported a standalone revenue of ₹413.77 crore for Q3 FY2025-26, a 4.4% decline from ₹433.01 crore in the previous year. Net profit for the quarter fell to ₹52.43 crore from ₹59.68 crore YoY, partially impacted by a one-time employee benefit cost of ₹5.77 crore related to new labor codes. The company continues to operate without a Managing Director amid ongoing promoter-level litigation in the NCLT. Despite the internal disputes, management asserts there is no immediate adverse impact on the company's financial stability.
- Standalone Revenue from operations fell 4.4% YoY to ₹41,377.14 Lakhs.
- Net Profit for the quarter decreased by 12.1% YoY to ₹5,242.62 Lakhs.
- A one-time expense of ₹576.94 Lakhs was recognized due to the implementation of New Labour Codes.
- Nine-month standalone profit for FY26 stands at ₹18,549.90 Lakhs compared to ₹21,111.61 Lakhs in FY25.
- Ongoing promoter disputes under Sections 241 and 242 of the Companies Act remain pending with the NCLT.
Jagran Prakashan Limited (JPL) has informed that the NCLT Allahabad bench has re-notified the hearing for two major company petitions to February 13, 2026. The petitions, involving promoter-level disputes (Mahendra Mohan Gupta vs. Devendra Mohan Gupta), were listed on February 3, 2026, but no arguments were heard as the bench was focused on urgent IBC matters. This ongoing legal battle under Sections 241 and 242 of the Companies Act concerns allegations of oppression and mismanagement within the promoter group. Previously scheduled hearing dates between February 4 and February 11, 2026, have been cancelled.
- Hearing for CP No. 64/2023 and CP No. 57/2025 rescheduled to February 13, 2026, at 3:00 p.m.
- No arguments were advanced during the February 3, 2026, session due to a Special Bench constitution for IBC matters.
- The legal dispute involves key promoters and Jagran Media Network Investment Private Limited regarding management control.
- Previous hearing dates between February 4 and February 11, 2026, have been officially cancelled.
- The company will provide further updates upon material developments in the proceedings.
Financial Performance
Revenue Growth by Segment
In Q2FY26, Standalone Operating Revenue reached INR 413.77 Cr, a 10.1% increase from INR 375.76 Cr. Advertisement revenue grew 12.9% to INR 276.15 Cr. Dainik Jagran segment revenue grew 12.3% to INR 299.29 Cr. Digital revenue was INR 20.27 Cr, down 2% from INR 20.69 Cr. Outdoor and Event businesses grew by 27% and 8% respectively in the previous fiscal year.
Geographic Revenue Split
The company maintains a dominant market leadership position in the Hindi belt, covering 13 states including Uttar Pradesh, Uttarakhand, Bihar, Jharkhand, Punjab, Haryana, and the National Capital Region. Specific percentage split per state is not disclosed, but Dainik Jagran accounts for approximately 72% of standalone operating revenue.
Profitability Margins
Standalone Operating Profit for Q2FY26 was INR 70.09 Cr (16.9% margin), up 9.1% from INR 64.25 Cr. PAT for Q2FY26 rose 49.6% to INR 123.70 Cr, aided by INR 31.80 Cr from Keyman policy proceeds. Consolidated Net Profit Margin fell to 4.71% in FY25 from 8.15% in FY24 due to impairment losses in subsidiaries.
EBITDA Margin
Consolidated Operating Profit Margin was 15.41% in FY25, down from 19.05% in FY24. The decline was driven by higher impairment losses on financial assets in the Music Broadcast Ltd (MBL) subsidiary and lower overall revenues.
Capital Expenditure
The company maintains moderate capital expenditure plans, which are comfortably covered by a cash balance of INR 1,083 Cr as of March 31, 2025. Specific INR Cr figures for future capex are not disclosed, but historical debt obligations of INR 175 Cr were met in FY24.
Credit Rating & Borrowing
CRISIL has assigned 'CRISIL AA/Stable' for Jagran Prakashan Ltd and Music Broadcast Ltd, and 'CRISIL AA-/Stable' for Midday Infomedia Ltd. Interest coverage ratio stood at 13.56x (Consolidated) and 17.38x (Standalone) for FY25.
Operational Drivers
Raw Materials
Newsprint is the primary raw material, representing a substantial but unspecified percentage of operating costs. Volatility in newsprint prices is cited as a major risk to operating margins.
Import Sources
Not specifically disclosed in the documents, though newsprint is typically sourced both domestically and through imports in the Indian print industry.
Capacity Expansion
The company operates 300+ editions and sub-editions across 10 languages. It has a 13-state print presence and 19 digital media portals. No specific MTPA or unit-based expansion was quantified.
Raw Material Costs
Newsprint price volatility significantly impacted EBITDA margins in FY23. Prudent cost control and operational efficiencies in Q2FY26 contributed to a 16% increase in Dainik Jagran's operating profit to INR 69 Cr.
Manufacturing Efficiency
Operating margin for the core Dainik Jagran business improved to 23.01% in Q2FY26 from 22.38% in Q2FY25, reflecting improved operational efficiency.
Logistics & Distribution
Circulation revenue decreased by 6% in FY25 due to lower circulation volumes, following industry trends. The company is taking initiatives to stabilize circulation in H2 FY26.
Strategic Growth
Expected Growth Rate
10.10%
Growth Strategy
Growth is targeted through the integration of Radio and Digital offerings, expansion of non-Free Commercial Time (non-FCT) segments like events, and leveraging leadership in Tier-2 and Tier-3 cities. The company is also focusing on product enhancement by increasing pages per copy.
Products & Services
Newspapers (Dainik Jagran, Mid-day, Naidunia), Magazines (Sakhi), Radio broadcasting (Radio City), Digital news portals, Outdoor advertising (OOH), and Event management.
Brand Portfolio
Dainik Jagran, Radio City, Mid-day, Inext, Naidunia, Punjabi Jagran, Inquilab, Sakhi, GujaratiJagran.com, Jagran Prime.
New Products/Services
Launched GujaratiJagran.com and Jagran Prime. Digital reach has reached ~65 million users in the News/Information category.
Market Expansion
Focusing on deepening presence in the Hindi belt and growing the digital segment, which currently contributes approximately INR 20.27 Cr per quarter.
Market Share & Ranking
Dainik Jagran is the No. 1 newspaper in India by readership (6.9 Cr readers), leading the No. 2 competitor by 1.6 Cr readers (a 30% lead).
Strategic Alliances
Consolidated entities include Music Broadcast Ltd (MBL), Midday Infomedia Ltd (MIL), Leet OOH Media Pvt Ltd, MMI Online Ltd, and X-Pert Publicity Pvt Ltd.
External Factors
Industry Trends
The print industry faces headwinds from digital transformation. JPL is positioning itself by growing its digital, OOH, and events segments to 16% of total revenue in FY25 from 8% in FY19.
Competitive Landscape
Primary competitors in the Hindi daily segment include Amar Ujala and Hindustan, particularly in Uttar Pradesh and Uttarakhand.
Competitive Moat
The moat is built on a 7-decade brand legacy and a massive readership base of 6.9 Cr. This scale creates a network effect for advertisers that is difficult for competitors to replicate in the Hindi belt.
Macro Economic Sensitivity
Highly sensitive to economic cycles as advertisement revenue (the primary income source) fluctuates with corporate marketing budgets and GDP growth.
Consumer Behavior
Shift toward digital news consumption is impacting print circulation, which remains below pre-pandemic levels across the industry.
Geopolitical Risks
Global supply chain issues affecting newsprint availability and pricing represent the primary geopolitical risk.
Regulatory & Governance
Industry Regulations
Operations are subject to DAVP (Directorate of Advertising and Visual Publicity) rates for government advertisements and RNI (Registrar of Newspapers for India) regulations.
Taxation Policy Impact
Effective tax rate is standard for Indian corporates; Standalone PBT of INR 161.50 Cr resulted in PAT of INR 123.70 Cr in Q2FY26.
Legal Contingencies
There is ongoing litigation among the promoters. CRISIL notes that while it currently has no material financial implication, any adverse outcome could impact the credit risk profile.
Risk Analysis
Key Uncertainties
Volatility in newsprint prices (high impact on margins), promoter litigation (governance risk), and the pace of digital migration (long-term structural risk).
Geographic Concentration Risk
High concentration in the Hindi belt (North India), which accounts for the vast majority of print revenue.
Third Party Dependencies
Dependency on newsprint suppliers and government advertising bodies for revenue and receivables.
Technology Obsolescence Risk
Risk of print becoming obsolete; mitigated by investment in 19 digital portals and reaching 65 million digital users.
Credit & Counterparty Risk
Receivables from government departments take longer to recover, contributing to impairment losses on financial assets (INR 15 Cr provision in MBL in FY25).