Ladies and gentlemen, good day and welcome to D. B. Corp Limited Q3 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. We have with us today the senior management team of D. B. Corp Limited, Mr. Pawan Agarwal, Deputy Managing Director; Mr. Girish Agarwal, Promoter Director; Mr. Lalit Jain, Chief Financial Officer; Mr. Mushtaq Ali , Senior Vice President, Finance and Accounts; and Mr. Prasoon Kumar Pandey, Head, Investor and Media Relations, who will represent D. B. Corp Limited on the call.
The management will be sharing the key operating and financial highlights for the quarter ended December 31st, 2025, followed by a question and answer session. Please note that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Documents relating to the company's financial performance have been emailed to you and are available on the website of the stock exchanges and the company's investor section. Trust you have been able to go through the same. I now hand the conference over to Mr. Pawan Agarwal. Thank you, and over to you, Mr. Agarwal.
Thank you, and good morning, everyone, and thank you for joining us for the Q3 FY26 earnings call. We will begin with a brief overview of our financial performance for the quarter ended September 31st, 2025, followed by key operational updates across our businesses. For the nine months ended December FY 2026, consolidated total revenues stood at INR 18,512 million, broadly in line with last year despite a high base. Consolidated advertising revenues also remained stable at INR 12,851 million. Importantly, on a like-to-like basis, excluding last year's election-driven revenue, advertising revenues continued to show growth of 6%, and EBITDA also grew on a comparable basis. During Q3 FY 2026, our performance was impacted by a high base from the festive season and state elections in the same quarter last year.
In the current quarter, in the current year, a portion of our festive advertising spend shifted to Q2, while the election-related advertising seen last year was absent. As a result, advertising revenues for the quarter stood at INR 4,395 million, reflecting a year-on-year decline of 7.8%. On a year-on-year basis, this reflects the impact of the high base. However, on a like-to-like basis, advertising trends remained stable with sequential improvements through the quarter. On a QoQ basis, our print business and EBITDA margin expanded by 100 basis points to 29%, supported by effective cost management and operating efficiencies. Total operating costs have seen reduction of 2% on QoQ basis. Now, coming to the overall financial performance for the quarter.
Total revenues stood at INR 6,293 million, reflecting a year-on-year decline of 4% due to the high base. Despite the revenue impact, a strong focus on efficiency helped us control costs effectively. Total costs declined by 1.3% on a quarter-on-quarter basis. As a result, EBITDA for Q3 FY 2026 stood at INR 1,592 million, with an EBITDA margin of 25% and profit after tax was INR 955 million. On newsprint, prices remained stable during Q3 FY 2026 with some sequential corrections. We expect newsprint prices to remain range bound in the near term, subject to geopolitical developments and foreign exchange movements. Moving on to our digital business. It continues to be a key growth pillar.
As of November 2025, our news apps recorded around 21 million monthly active users, maintaining Dainik Bhaskar's position as the number one Hindi and Gujarati news app. Our continued focus on high quality content, improved user experience, and strong technology continues to drive engagement and retention. In the Radio segment, advertising revenues for the quarter stood at INR 410 million, with EBITDA at INR 127 million. While this segment was impacted by a softer advertising environment, we remain focused on strengthening our listener engagement and our market presence. With this, I would now like to hand over the call to Mr. Girish Agarwal for his comments. Thank you.
Thank you, Mr. Pawan Agarwal, and good morning, everybody, and thank you for joining us today. The print media advertising is growing as on the YTD nine-month basis with a higher single digit on Apple to Apple basis. But as you know, last year was the base for election and all other things. Also this year, the festive season went on to the second quarter. So that is the reason the third quarter is not looking very impressive. All our traditional print categories have registered growth except the government category, which has declined big time by 24% in nine months because of the high base last year. As Mr. Pawan Agarwal highlighted, Q3 FY 2026 was shaped by a high base from the festive season and election-related advertising in the same period last year. This year, festivities started in Q2, which affected year-on-year growth comparison in Q3.
However, what is encouraging is that the gradual improvement in advertising demand as the quarter progressed, indicating improving confidence among advertisers. On the circulation side, our focus continues to be on strengthening readers connect and maintaining and growing our market leadership. From a profitability standpoint, we remain encouraged by our ability to maintain healthy margins despite revenue pressure driven by the tight cost control, stable newsprint prices and operational discipline. These factors continue to support the resilience of our earnings profile. With that, we could now open the floor for the questions and answer session. Thank you, and over to you. Thank you.
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Falguni Datta with Mansarovar Financials. Please go ahead.
Yeah. Good morning, sir.
Good morning.
I just had one question. Reading one of the papers that U.P. and Rajasthan schools, the government has made newspaper reading compulsory. Will that not help us? I mean, at least in Rajasthan.
Yeah. This is a very encouraging move by the state governments and Uttar Pradesh and Rajasthan has done it. As we are following up with the other government, we are hopeful that Madhya Pradesh, Chhattisgarh, Gujarat and other states will follow suit in next couple of weeks and months. This is certainly encouraging, and this will not only help some sort of circulation for us and other publications also, but I think this will start making the foundation for the school-going kids to read the newspaper and earn the knowledge going forward.
And sir, has it started in Rajasthan or we will be seeing it in the next quarter? I mean, the implementation.
Yeah. No, it will take at least a quarter because now the government has made the policy. The budget has to go from the finance to the education and then to each of the school board.
Okay, sir. Thank you, sir. That's all from my side.
Thank you.
Thank you. Next question comes from the line of Himanshu Shah with Dolat Capital. Please go ahead.
Thanks a lot for the opportunity. Sir, just first, one of the bookkeeping question. Our gross fixed assets and net fixed assets have increased by almost INR 167 crore. What is driving this? Is this the investment in the core print business or it is more on the digital side? If you can provide some color. This increase is more on a quarter-on-quarter basis. We are first time seeing such an increase after a long time.
Yeah. No, actually, what is happening, this is all happening because of the print company is buying certain assets, especially the land which had the offices earlier.
Sorry, sir. Your voice is not very clearly audible. My apologies.
I think there is a lot of noise coming from your background, so maybe you can mute and then hear me.
Sure, I will do the needful.
Yeah. Company is buying certain assets, especially land, where we already had the offices and printing center, on which currently we are paying rental. We are saying we will buy the land, make our own property so we can save the rental. As we have seen in the couple of places, buying asset looks better going forward.
Got it, sir. Secondly, sir, can you just provide some color from a longer term basis, maybe three, four years or five years, how should we see print versus digital from a revenue mix? What would be the management's aspiration? It has been couple of years where we have refrained from commenting on digital, especially from a financial numbers point of view. And try to assume digital should be at least mid-single digit kind of contribution in our business as on date, considering the investments that we have made over the last three, four years.
Yeah. See, what is happening on the digital front, the investment is going to acquire the reader, and we are very happy to share that. You already know we have 21 million visitors on our website in the month of November. As of now, everybody is reading, but largely for free. So I think the revenue part of the digital is still some more time to go.
But sir, what would be your aspiration basis? Whatever we must be seeing as trends globally, as well as the pace of adoption in India, could it be like in early teens or mid teens, say, three, four years down the line?
Should be.
It should be. Try to assume digital might not be positive at EBITDA level, but our burn rate could be very negligible.
As of now, there is a burn rate in digital, but the whole effort, as we mentioned, in a couple of years should be that once we start earning the revenue, digital should also become EBITDA positive.
Got it. Sir, lastly, the core print business, what do you foresee more that should drive the revenue growth for us? Will it be more of volumes, at least over the foreseeable future and our focus would be on that side? Or it would be a balanced mix of volume as well as we are at a stage where we may be in a position to take some amount of price increases?
See, in the Advertising segment, our focus is, I would say, 70% volume, 30% yield increase. When it comes to circulation, our focus is only on the circulation numbers, not on the yield in the circulation. If you notice our cover price compared to last year and this year is almost the same, because we don't want to burden the consumer reader on the cost side.
That is the reason we believe that our focus should be more on the numbers rather than in circulation, increasing the price. In advertising, again, the volume and little bit of the price correction also.
Okay. Can I squeeze in one last on Radio side, sir?
Please go ahead.
Two questions surrounding Radio. One, the decline is slightly more steep, specifically in this quarter in radio. Anything to read over there? I am honest on that. Second, there were some price increases which were announced in radio. Considering that the decline is a bit more steeper. Thirdly, what is the status on new radio stations that we have acquired? When should those stations becoming operational? Those are the three questions surrounding Radio.
Sure. Let me answer the third question first on the new stations. We have acquired about 14 stations. Of these, seven are stations where we have a standalone radio. We are the only operator there. We are hopeful to start operations in these seven cities by March or end of April for sure, and the remaining seven also in the first quarter of next financial year. Hopefully by June, all 14 stations should be operational. On the price increase, the industry had declared a price increase, but unfortunately we do not see a price increase movement in the market. We have made some corrections, but it is not significant. We are still driving volumes and ideation and creative business. The major reason for drop in radio from last year quarter is, we had Maharashtra elections.
We also had billing from a lot of governments which had initiatives in this quarter because of CoWIN, et cetera. Those were the two, three special events which happened last year, and that is why you see a large decline compared to last quarter.
Having said that, I strongly believe government need to relook at this Radio business. Because if radio continues to do only song and music, I do not think Radio will be able to grow. What it was given us to understand 10 years back, 15 years back also, that eventually radio will get into the news also. I think that is where the differentiation will come in picture. That is where the adaptability will come in picture. The stickiness of a consumer will come in picture. But unfortunately, that is not happening. So I guess the Government of India need to really look at the Radio business, how they want to grow it.
Sure, sir. When you are referring news, it is more of current affairs and local news, including that?
Yeah, everything. News is a news.
Fair, sir. All the best for the future.
Thank you, sir.
Great job overall, sir, over the last three, four years, especially post-COVID.
Thank you, sir. I appreciate this.
Thank you. Next question comes on the line of Bhavi Chauhan with Care PMS. Please go ahead.
Good morning, sir. Thank you for the-
Good morning.
opportunity.
Yes, please go ahead.
The Bhaskar English app has completed one year since the launch. What is the feedback we receive for the Bhaskar English app? What is the feedback we receive for the app we launched in Uttarakhand recently?
Yeah. Bhaskar English app, the numbers are still in a very nascent stage. The consumer feedback is decent. There are certain suggestions which came from the market. We are uploading that, updating that app. Nothing much to really talk about numbers over there. As for Uttarakhand is concerned, we are happy with the initial encouragement. I think the bigger number of Uttarakhand will happen in next two years' time with the Uttar Pradesh election going to happen.
Okay. For the Radio business, we are fully operational at 14 radio stations FY 2027. What will be the revenue guidance for that, and will it be set with the similar margins we have right now?
I doubt in the first year you can have that kind of margin to start with. I think when the radio station starts, you will have the advertising coming in gradually. First year will not be possible to come up to the margin of 30%-40%. I think we will have to give them, those station, at least two, three years' time to come up to that margin.
Okay. Thank you, sir. That is it from my side.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Yogesh Kirve with B & K Securities. Please go ahead.
Yeah, hi. Good morning.
Good morning.
My first question is with regards to the advertising revenue, which has been mentioned that it has grown by around 6% if we exclude the elections in the previous year.
Correct.
That is on a consolidated basis. What about the mix of Print and Radio? I mean, if you were to split it into these two.
This, we are talking about only Print. This is only Print, not the console.
Okay. So that's grown at 6%. What is the government share last year?
Last year, government contributed almost 24%, and this year it has gone down to 17%.
Oh, okay. The remaining growth that you're saying, which is at 6%, right? Excluding these elections-
That's it.
The government revenue that has come into play. Has that been on account of volume majorly, or has there been some improvement rates as well? Because there, the industry has been struggling for quite a while now.
Yeah. I would say 80/20. For example, in education, we have grown by, if I look at a nine-month number, education has grown by almost high single digit. Automobile category has grown a single digit. Real estate has gone up strong double digit. Jewelry at a double digit. Hospitality, like hospitals and clinic healthcare, has grown up by almost 20%. Banking, thanks to IPOs and financial services, has gone up by 30%. So there are all other categories doing good. Except there is a little decline in the FMCG in nine months' time. But every other category has done very well, except the government and including political, which has gone down by 24%. That 24% has taken out the steam of the whole system.
Right. Where are we on the circulation front? We have launched quite a few schemes and-
Right
Again, has not translated much into the copies growth. Where are we in this quarter or at the end of the quarter, December?
I would look at it slightly different. With all the effort we have done, we have been able to stop the decline. If you look at the nine-month number, there is no decline in the circulation. I think that is very encouraging, that there is no decline in the circulation with all the efforts. Hopefully, going forward, we are just launching another readership scheme and a circulation growth program. Hopefully, we should see some growth coming in. Having said that, to be very honest, we have been working on the ground to maintain the copies is also quite a task right now. I am happy that my team did a fantastic job.
What is the number in December?
Around 40 lakh copies.
Oh, okay. What about the newsprint rates? There have been news in the market saying that the rates are going to be a little topsy-turvy considering the geopolitical tensions that are going around.
Yeah. Correct. As of now, if I look at the Newsprint, on a QoQ basis, we are the same. On a YoY basis, we are at 2% less. But as you rightly mentioned, the quarter four and the quarter one or two going forward, considering the geopolitical situation, may go up a little bit here and there. But I won't say topsy-turvy because I'm not looking at major change. Maybe a minor change of couple of percentages because of the exchange fluctuation and also the sea freight.
Okay. What has the mix been? It's roughly around 75 and 25 local to imported, or how is it?
Yeah. It's around 70/30.
Okay. All right. Thank you. That's about it from my end.
Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Lohit Saini with Jay Ram Stock Brokers. Please go ahead.
Hello.
Yes, sir.
You have recently appointed corporate sales head in South India. Are you planning to launch Bhaskar English app in South India? Are you planning to target any specific regions or cities?
No, sir.
What is your plan to grow the English apps?
No, sir. That person appointment over there has happened largely because earlier person moved out. Therefore, more of a replacement of that person. This person is 100% focused on the print and a little bit on digital. English app is already there. Our English app, just to reiterate the fact again, is targeting towards our markets only, where some people, those who do not find it very convenient to read in Hindi or Gujarati or Marathi, they could go on my English app and read that.
Okay, so you are not planning to introduce in any new market, out India or any other?
Sir, we have 14 states with us, which is almost 50% of India. I think that's a large enough market right now to penetrate furthermore.
Okay. Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Mohit Saini, an individual investor. Please go ahead.
Yeah. Thanks for the opportunity. Good morning, sir.
Good morning, sir.
The government has given nod for increasing 26% in print ad rates. Any update on that from your side? Any communication with the government?
Yes, sir. First of all, a very big thanks to Government of India and all the state government to finally agree to give us some increase, considering the growth in the newsprint cost and other expenses. This has been implemented by certain states, and the actual impact of that should be visible from the quarter itself.
Okay. Going forward, can we see some double digit from FY 2027? There is election in U.P. and Uttarakhand.
Sir, U.P. election, I think is happening next year. Correct? January of-
Yes.
Yeah. Let's hope. Why not?
Okay. And sir, there's some rumor regarding acquisition of a large newsprint company. Are we aware of something like that? And are we ready if some opportunity comes?
Newsprint means the manufacturing company? Newspaper-
Yes, sir.
Newsprint manufacturing company. We are not aware about such acquisition. Anyway, sir, to be very honest, we believe if a particular mill can supply the newsprint to us on a contractual basis, we are very happy with that.
All right. That's it from my side. Thank you very much.
Thank you. Next question comes from the line of Rhea Mehta, an Equitas Investments . Please go ahead.
Thank you for giving me the opportunity.
Pleasure, ma'am.
My first question is in terms of, we were anticipating good growth in auto last quarter considering the GST growth. I understand we did high single-digit growth there. Are we anticipating any further growth there in the coming quarters?
We are talking to all the automobile industries. They all grew pretty well in quarter two, which was September end. They all showed a very good growth. I think in October, November, it wasn't really that great for them. Hopefully, now the numbers should start picking up for them and they start driving more. We are seeing good growth. In fact, January also, last 10 days, we have seen good advertising. I'm very confident of the automobile category.
Okay. I think pre-COVID levels, we were around almost 15%-16% of our revenue used to come from auto. Are we anticipating a similar percentage going forward? Will this be back to the original levels?
It is already in double digits right now, around 10%. From 10% to go to 15%, I think all the automobile companies will have to really do hard work. Hopefully they should.
Okay. My second question is in terms of going forward in Q4 and maybe probably 2027, which are the growth areas do you anticipate in terms of sectoral? I understand education is kind of cyclical, it is quarter-to-quarter based. Which areas are you seeing growth coming from?
I am looking at growth from automobile, real estate, healthcare, banking, finance, and of course, education also. These are my five, six categories, which are key for me, core for me. They all are doing decent on the ground. Real estate, unfortunately, last one and a half, two months has gone slow after Diwali. I think because of the prices hike happened countrywide. So real estate is one category which as of now is slow. When I am talking to the developers, they all are holding onto it. Let us hope they should all start gearing up and the market picks up going forward.
Right. On the last quarter also around I think we had a high base because of election. What would be the total amount last year which was incremental because of election?
Ma'am, because of the business confidentiality issue, we don't disclose the category-wise direct number. But as I mentioned to you, the government category had a total, government means government political offer together, had a contribution of 24%, which has come down to around 17% this year.
Got it. In the government category, how much would be the political contribution and how much would be central and state?
My apologies, ma'am, we don't disclose that again for the business confidentiality reasons.
Okay. Thank you so much for the opportunity.
I appreciate it, madam. Thank you very much.
Thank you. Next question comes from the line of Khushi, an individual investor. Please go ahead.
Hello, everybody.
Yes, good afternoon.
Yeah. Good morning, sir. You clearly mentioned the sectoral growth for YTD FY 2026, but I would like to know what is the sectoral growth for the quarter.
As I mentioned to you, quarter sectorial growth is not good because last year, if you remember, the entire Navratri was on Q3. This time, the Navratri started on Q2 on 22nd, 23rd of September. The revenue shifted on the Q2. That's the reason for our real comparison, it will be better to compare 9 months. Because if you look at Q-
Right.
Then suddenly you will see the number has declined, while the business, just because of the Navratri cyclical thing shifted.
Could you please tell me the number if possible?
Yeah. Q3 number, for example, I can tell you right now on our YoY. Automobile shows a decline of around 12%. Actually, it is not a decline. I know because of Navratri, the business went on those eight days over there. For example, jewelry is showing a decline of around 7% here. While it is not a decline.
Yes. And government and all this FMCG.
Yeah. Government, again, same decline of that 20%, 24%.
FMCG.
FMCG. Okay. FMCG here has shown a 2% growth if I compare YoY basis. While if I see nine months, there is a slight decline in the FMCG.
Okay. What is the contribution for the quarter?
Of what?
The sector contributions.
Okay. Sector contribution, for example, Automobile was 10%-11%, and Jewelry was 8%. Real estate was 10%. FMCG was 5%. Yep.
And same for the YTD FY 2026, would be?
No, that contribution percentages are different altogether.
Yeah. What is the number I am asking for the nine months?
I don't have it handy with me. You can connect with our investor relationship manager, Mr. Prasoon Pandey. He'll be able to provide you all the details.
Okay. My next question is, what is the AD growth percent for the quarter?
As I mentioned to you, 90% growth, almost 80%-90% growth came from the volume.
Right. There's no-
How is this. Yeah, sorry.
No substantial growth from the yield.
All right. How is it when it is compared to pre-COVID levels?
I do not have number handy here of last six year, madam. We can certainly-
All right.
Mr. Prasoon Pandey can help you with that.
Okay. That is all from my side. Thank you.
Thanks, madam. Appreciate it.
Thank you. Next question comes from the line of Yogesh Kirve with B & K Securities. Please go ahead.
Yeah. Hi. Sorry, just one small clarification.
Sure.
The volume and the rate growth that you are seeing, the growth that is coming from 18% and 20%, that is for the quarter or that is for YTD, nine months?
Same, quarter or nine months. I would actually compare nine months because this quarter, as I mentioned to you, some of the Diwali billing shifted earlier. So I would take it as a nine months.
Okay. Now you've mentioned clearly, and we've also discussed this earlier, that 6% growth is when we take out the elections out of the equation, right? What about the EBITDA for the print business per se?
EBITDA grew by 100 basis points, if I'm not wrong.
Margin.
The EBITDA margin, if I look at the margin, went up by 100 basis points compared to because of this growth on apple-to-apple comparison.
What about in terms of percentage growth, if we can put it that way?
One second. See, the EBITDA margin for this quarter is 25%, correct? On a console basis.
Okay. What about Print?
On the Print side, the EBITDA margin is I do not have a print alone right now here.
Including elections in the picture.
Okay. One second. This is all including election. Yeah. I do not have a print alone here. One second. Yeah, I have a print here. Yeah, print alone margin is 29%.
Okay. But then that is given to be in the results as well. My question was, what if we take the elections out of the equation? Like you have given a growth rate of 6%, right? Excluding elections.
Yeah.
What is the impact on-
It will go up.
EBITDA? I am trying to compare how our profitability has performed if we take the elections out of question.
Yeah. I think we have not done the number calculation on this. We can certainly give it and get back to you.
Sure. All right. Thank you.
Thank you. A reminder to all the participants that you may press star and one to ask a question.
Just to answer the last question asked by the gentleman. See, all these numbers calculation of taking election out, putting something in, and all that is more for our internal explanation. But net-net, we need to be focused that are we growing as a company? Because some election will happen last year, something else will happen this year. Our focus is that considering everything, whether it is election, good time, bad time and all, we should be able to be profitable and grow. That is our focus is all about. Thank you. Please go ahead. Next question, please.
Thank you. Ladies and gentlemen, as there are no further questions, we have reached the end of question and answer session. I would now like to hand the conference over to the management for closing comments.
Thank you everyone for your participation today and time on this earning call. I hope we have responded to your queries, and we will always be happy, as we mentioned, to be of assistance to our investor relation department, headed by Mr. Prasoon Kumar Pandey, for all your queries. Thank you, and have a good day ahead.
Thank you very much. Good day.
Thank you. On behalf of D. B. Corp Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.