NSE: DBCORP · BSE: 533151
D.B.CORP LTD
Publishes Hindi and Gujarati newspapers, including Dainik Bhaskar and Divya Bhaskar, and runs the My FM radio network. The bulk of revenue comes from the Printing, Publishing and Allied Business segment, which generated Rs 2,198.17 crore in FY26 and earns from advertising and cover-price sales of newspapers. The Radio segment (My FM) added Rs 157.914 crore in FY26, earning primarily from advertising across its 37-city network. In Q1 FY27, print advertising revenue grew ~10% YoY to Rs 4,320 million, with circulation revenue at Rs 1,204 million and radio revenue at Rs 425 million. The company distributes ~38 lakh newspaper copies at a cover price of Rs 4.93 and reaches ~20 million digital monthly active users. Newsprint is the key cost, with materials accounting for 27.6% of revenue; newsprint prices rose ~13% YoY to ~Rs 53,000/ton in Q1 FY27. Employee costs (19.5%) and other operating expenses (32.1%) make up the balance, with FY27 capex guided at Rs 150-160 crore, directed mainly at acquiring owned properties to reduce rentals. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Printing, Publishing and Allied Business, Radio. Cyclical, ad-driven print media with radio and digital adjacencies
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,769 | 2,129 | 2,402 | 2,339 | 2,356 |
| EBITDA (ex other income) | 303 | 322 | 623 | 545 | 488 |
| margin % | 17.1 | 15.1 | 25.9 | 23.3 | 20.7 |
| Owners' profit | 143 | 167 | 415 | 360 | 329 |
| EPS, as reported (₹) | 8.12 | 9.53 | 23.90 | 20.82 | 18.63 |
| ROE % · ROCE % | 7.6 · 10.0 | 8.7 · 11.4 | 19.2 · 23.3 | 16.7 · 20.6 | 13.7 · 17.1 |
| Debt / equity (x) | 0.01 | 0.02 | 0.01 | 0.03 | 0.01 |
| Cash from operations | 371 | 244 | 579 | 414 | 365 |
| Capex | (30) | (25) | (47) | (49) | (143) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 559 | 643 | 548 | 559 | 614 | 605 | 576 | 604 |
| Profit before tax | 110 | 160 | 71 | 108 | 126 | 129 | 85 | 134 |
| Net profit | 83 | 118 | 52 | 81 | 93 | 96 | 62 | 101 |
| EPS (₹) | 4.63 | 6.62 | 2.93 | 4.54 | 5.24 | 5.36 | 3.49 | 5.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Printing, Publishing and allied business | 541 | 23.0 |
| Radio | 158 | 6.7 |
| Printing Publishing and allied business | 1,136 | 48.2 |
| Printing Publishing and Allied Business | 521 | 22.1 |
| Total, before eliminations | 2,356 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| D.B.CORP LTD ◆ | 2,674 | 7.6 | 1.10 | 4.5 | 13.7 | 16.2 | 9.3 | 27.3 |
| JAGRAN PRAKASHAN LIMITED | 1,347 | 7.1 | 0.63 | 3.6 | 8.7 | 11.7 | 7.8 | 20.4 |
| SANDESH LTD | 780 | 7.3 | 0.55 | 7.4 | 4.6 | 6.5 | 9.9 | 24.4 |
| HINDUSTAN MEDIA VENT LTD | 560 | 6.2 | 0.35 | 3.3 | 3.1 | 10.0 | 6.3 | 38.1 |
| HT MEDIA LIMITED | 524 | — | 0.26 | 6.2 | (2.4) | 1.4 | 10.0 | 20.8 |
| ENCODE PACKAGING INDIA LIMITED | — | — | — | — | (0.0) | (0.0) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.6 | 7.6 | 10 of 19 | 50% |
| P/B | 1.1 | 0.9 | 10 of 17 | 44% |
| ROCE | 16.2 | 9.8 | 9 of 24 | 65% |
| ROE | 13.7 | 3.8 | 5 of 18 | 77% |
| Debt / Equity | 0.0 | 0.0 | 10 of 18 | 47% |
| EBITDA margin | 27.3 | 20.6 | 3 of 16 | 87% |
| Revenue growth | 7.9 | 9.6 | 10 of 16 | 40% |
| Profit growth | 24.6 | 19.4 | 6 of 16 | 67% |
| Market cap | 2674 | 143 | 1 of 24 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · D.B.Corp Q2 PAT drops 26% on festive season shift; newsprint costs jump 21% | investor communications | medium | — | — |
| 16 Oct 2026 · Audio recording of Q2FY27 earnings call uploaded on website | investor communications | low | — | — |
| 16 Oct 2026 · D.B.Corp files newspaper ad of Q2 FY27 unaudited financial results | compliance | minimal | — | — |
| 15 Oct 2026 · Q2 FY27 Results: Revenue declines 3%, PAT down 26% YoY | results | high | — | — |
| 15 Oct 2026 · D.B. Corp Q2 FY27 results: Revenue and profit decline year on year | results | high | — | — |
| 15 Oct 2026 · D.B.Corp allots 16,503 equity shares under ESOS schemes | capital market events | low | — | — |
| 9 Oct 2026 · D.B.Corp to host Q2FY2027 results conference call on October 16 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · D.B.Corp board meeting on Oct 15, 2026 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · DB Corp files SEBI Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 and H1 FY27 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.