D. B. Corp Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript D. B. Corp Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
DB Corp reported Q4 FY26 consolidated advertising revenue growth of around 6% year-on-year to INR 4,067 million and total revenue growth of 4% to INR 5,896 million, with EBITDA up 15.6% and PAT up 18.8% year-on-year. For FY26, revenue was largely flat versus FY25, though management said print advertising revenue and EBITDA grew on a like-for-like basis excluding the prior year's election impact. Management also discussed newsprint cost pressures, digital app user growth, radio segment expansion, and circulation trends during the call.
Numbers mentioned
Consolidated advertising revenue: INR 4,067 million (Q4 FY26)
p. 3
“Our consolidated advertising revenue in Q4 FY '26 grew by around 6% year-on-year to INR 4,067 million compared to INR 3,841 million in Q4 FY '25”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Circulation revenue: INR 1,162 million (Q4 FY26)
p. 3
“along with stable circulation revenue at INR 1,162 million”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Consolidated total revenue: INR 5,896 million (Q4 FY26)
p. 3
“The consolidated total revenue grew by 4% year-on-year to INR 5,896 million”
Pawan Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR 1,176 million (Q4 FY26)
p. 3
“EBITDA for the quarter grew by 15.6% year-on-year to INR 1,176 million”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Profit after tax: INR 622 million (Q4 FY26)
p. 3
“while profit after tax grew by 18.8% year-on-year to INR 622 million underscoring the resilience and operational strength of our business model”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Consolidated total revenue: INR 24,408 million (FY26)
p. 3
“For FY 2026, our performance was largely flat compared to the last fiscal with consolidated total revenues at INR 24,408 million compared to INR 24,212 million in FY '25”
Pawan Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR 5,736 million (FY26)
p. 3
“EBITDA at INR 5,736 million and PAT at INR 3,320 million”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Print advertising revenue growth (like-for-like): 6.3% year-on-year (FY26)
p. 3
“our print advertising revenue delivered a healthy growth of 6.3% year-on-year and EBITDA growth of 7.1% year-on-year with EBITDA margin expansion of 66 bps to a robust 28% in FY 2026”
Pawan Agarwal, page 3 of the filed PDF · View the filing
News app monthly active users: around 20 million (As of March 2026)
p. 3
“As of March 2026, our news apps recorded around 20 million monthly active users”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Radio advertising revenue: INR 358 million (Q4 FY26)
p. 3
“In the Radio segment, advertising revenues for the quarter stood at INR 358 million while EBITDA stood at INR 95 million”
Pawan Agarwal, page 3 of the filed PDF · View the filing
My FM city presence: 37 cities (FY26)
p. 3
“During the year, My FM expanded its network with 7 new stations entering our presence now to 37 cities across India”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Circulation copies: almost 39 lakhs (Q4 FY26)
p. 7
“Quarter 4 copies are almost 39 lakhs.”
Girish Agarwal, page 7 of the filed PDF · View the filing
Newsprint news strength mix domestic/imported: 77% India, 23% imported (Q4 FY26)
p. 7
“In quarter 4, the mix has been 77%-23%, 77% India, 23% imported.”
Girish Agarwal, page 7 of the filed PDF · View the filing
Average newsprint rate: INR 49,000 per ton (Q4 FY26)
p. 7
“In quarter 4, this number has become INR49,000 and going forward, we believe this number will further go up maybe by 6% to 8% going forward in the quarter 1 itself.”
Girish Agarwal, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Advertising revenue growth — strong single-digit growth · FY27
stated as an aspiration by Girish Agarwal
p. 4
“looking at the fundamentals of Indian market, the ground numbers, I am very confident that this growth should continue off a strong single-digit number even for this year also.”
Girish Agarwal, page 4 of the filed PDF · View the filing
EBITDA margin — 24%
stated as an aspiration by Girish Agarwal
p. 5
“So, we believe that the maintaining of this number, this margin should be achievable.”
Girish Agarwal, page 5 of the filed PDF · View the filing
Promoter shareholding cap — 75%
stated firmly by Girish Agarwal
p. 5
“Yes, you are right. Just to cap up till 75.”
Girish Agarwal, page 5 of the filed PDF · View the filing
Newsprint prices — 6% to 8% increase · Q1
stated firmly by Girish Agarwal
p. 11
“In the Q1, we believe this should -- this may -- actually not may, this has already gone up by 7%, 8% because we have the forward order with us.”
Girish Agarwal, page 11 of the filed PDF · View the filing
Digital MAUs
stated as an aspiration by Girish Agarwal
p. 11
“we expect this 20 million should go up substantially in terms of maus.”
Girish Agarwal, page 11 of the filed PDF · View the filing
Digital business profitability from new hire — a couple of months
stated as an aspiration by Girish Agarwal
p. 12
“he'll take at least, I would say, a couple of months to start showing the results and -- but we're very optimistic on that.”
Girish Agarwal, page 12 of the filed PDF · View the filing
Acquisition of other media houses
stated firmly by Pawan Agarwal
p. 12
“No, sir. We have no any such plan to acquire any other media business.”
Pawan Agarwal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said April showed strong double-digit growth and expects strong single-digit growth to continue for the year, with EBITDA margin maintained around 24%.
Answered by Girish Agarwal
Asked by Devang Shah: What are the future prospects for growth and EBIT margin, given last year's state elections boosted revenue?
p. 4
“Now this year, in the month of April, we have seen a very good double-digit strong growth.”
Girish Agarwal, page 4 of the filed PDF · View the filing
Management said most segments except government/election advertising grew, with real estate, jewelry and healthcare posting double-digit growth while auto grew single digit and FMCG was flat.
Answered by Girish Agarwal
Asked by Riya Mehta: Which sectors drove the print advertising growth?
p. 5
“Barring out the government, including the election advertising, every other segment has shown a growth from single digit to some of them into a double digit also.”
Girish Agarwal, page 5 of the filed PDF · View the filing
Management said the capex is largely for buying out rented properties used for printing presses and offices across several cities.
Answered by Girish Agarwal
Asked by Riya Mehta: What is the INR 120-140 crore capex being spent on?
p. 5
“Largely with this money is going into buying out the existing properties, what we have rental.”
Girish Agarwal, page 5 of the filed PDF · View the filing
Management said they are evaluating the most tax-efficient way to deploy the cash.
Answered by Girish Agarwal
Asked by Riya Mehta: What are the plans for the company's cash position, including any buyback?
p. 6
“Certainly, we'll be looking at thinking that what is the best tax-efficient manner to do with the cash.”
Girish Agarwal, page 6 of the filed PDF · View the filing
Management said there is no change in policy, and the Board is evaluating a more tax-efficient use of cash.
Answered by Girish Agarwal
Asked by Bhavi Chauhan: Has the dividend policy changed given no dividend was declared this year versus last year's 60% payout?
p. 6
“There is no change in the policy. I think Board is evaluating more tax-efficient manner to use the cash.”
Girish Agarwal, page 6 of the filed PDF · View the filing
Management said publishers have filed a case against Google and others with the Competition Commission of India, and nothing has happened yet.
Answered by Girish Agarwal
Asked by Bhavi Chauhan: Is there any update on receiving revenue from platforms like Google?
p. 6
“All the platforms put together have gone to the Competition Commission of India, filing a case against Google and others.”
Girish Agarwal, page 6 of the filed PDF · View the filing
Management attributed the decline to broader industry pressure and said the company is still outperforming competitors in relative terms.
Answered by Girish Agarwal
Asked by Yash: Why have circulation copies declined by about a lakh over recent quarters?
p. 9
“Yes, it looks like that a couple of the markets, the competitors are not able to really hold the copies, so we are able to gain the market share there.”
Girish Agarwal, page 9 of the filed PDF · View the filing
Management cited market-specific dynamics and a shortage of delivery boys as challenges affecting circulation growth.
Answered by Girish Agarwal
Asked by Himanshu Upadhyay: Why hasn't circulation grown despite new schemes and investment?
p. 9
“We have been noticing certain problems in the market. For example, the vendor, the delivery boys, those who used to deliver those who deliver the paper in the morning, there has been shortage of those boys also because our newspapers start distributing at 4 in the morning until 6:30.”
Girish Agarwal, page 9 of the filed PDF · View the filing
Management said the war gave slight traction to app users but it is unclear how advertiser sentiment will evolve given the Prime Minister's recent remarks.
Answered by Girish Agarwal
Asked by Mohit Saini: Has the recent war/geopolitical situation increased app traffic, and are advertisers pulling back given calls to restrain discretionary spending?
p. 12
“So, let's see how it pans out. So really, nobody is clear how it will unfold.”
Girish Agarwal, page 12 of the filed PDF · View the filing
Risks flagged
Rising newsprint prices due to raw material cost pressure, global supply dynamics and logistics costs
p. 3
“On the cost side, newsprint prices witnessed some upward trends during the quarter due to factors such as raw material cost pressure, global supply dynamics and logistics costs and demand supplying imbalances.”
Pawan Agarwal, page 3 of the filed PDF · View the filing
Declining circulation copies in some markets
p. 8
“You're right there are 39 lakhs. So almost a lakh copy.”
Girish Agarwal, page 8 of the filed PDF · View the filing
Shortage of newspaper delivery boys affecting distribution
p. 10
“there has been shortage of those boys also because our newspapers start distributing at 4 in the morning until 6:30.”
Girish Agarwal, page 10 of the filed PDF · View the filing
Uncertainty from geopolitical tensions affecting advertiser and consumer sentiment
p. 12
“So really, nobody is clear how it will unfold.”
Girish Agarwal, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.