DB Corp Q4 & FY26 Results: Net Profit Rises 19%, Digital MAUs Hit ~20 Million
DB Corp reported Q4FY26 consolidated net profit of Rs. 622 million (+18.8% YoY), total revenue of Rs. 5,896 million (+4% YoY), and EBITDA of Rs. 1,176 million (+15.6% YoY). For FY2026, consolidated total revenue stood at Rs. 24,408 million with net profit of Rs. 3,320 million. Digital MAUs reached ~20 million as of March 2026, and MY FM expanded to 37 cities. The Board reappointed Sudhir Agarwal as MD for a five-year term from January 1, 2027.
*this image is generated using AI for illustrative purposes only.
DB Corp Limited (DBCL), India's largest print media company, announced its audited financial results for the fourth quarter and full year ended March 31, 2026, reporting consolidated net profit growth of 19% year-on-year in Q4FY26. The Board of Directors approved these results at its meeting held on May 11, 2026, which commenced at 11:00 am (IST) and concluded at 12:10 pm (IST). Joint statutory auditors Price Waterhouse Chartered Accountants LLP and Gupta Mittal & Co., Chartered Accountants issued audit reports with unmodified opinions on both standalone and consolidated financial results. The company's digital platforms recorded approximately 20 million Monthly Active Users (MAUs) as of March 2026, with Dainik Bhaskar retaining its position as the #1 Hindi and Gujarati News App. The Board also approved the re-appointment of Managing Director Sudhir Agarwal for a further five-year term.
Q4FY26 Consolidated Financial Performance
For Q4FY26, DB Corp delivered broad-based growth across key financial metrics on a consolidated basis. Total revenue grew 4% year-on-year to Rs. 5,896 million from Rs. 5,668 million in Q4FY25. EBITDA rose 15.6% year-on-year to Rs. 1,176 million from Rs. 1,017 million, with the EBITDA margin expanding by approximately 200 basis points. Net profit grew 18.8% year-on-year to Rs. 622 million from Rs. 523 million. Total advertising revenue grew approximately 6% year-on-year to Rs. 4,067 million from Rs. 3,841 million in Q4FY25. The following table summarises key Q4FY26 consolidated financial metrics compared with Q4FY25 and Q3FY26:
| Metric: | Q4FY26 (Rs. Mn) | Q4FY25 (Rs. Mn) | YoY Growth | Q3FY26 (Rs. Mn) | QoQ Growth |
|---|---|---|---|---|---|
| Print & Other Business Advertisement: | 3,718 | 3,467 | +7.2% | 3,986 | -6.7% |
| Radio Advertisement: | 358 | 378 | -5.4% | 412 | -13.0% |
| Circulation Revenue: | 1,162 | 1,172 | -0.8% | 1,178 | -1.3% |
| Consolidated Operational Revenue: | 666 | 655 | +1.8% | 720 | -7.5% |
| Consolidated Total Income: | 5,896 | 5,668 | +4.0% | 6,293 | -6.3% |
| Print & Other Business EBITDA: | 1,081 | 910 | +18.7% | 1,465 | -26.2% |
| Radio EBITDA: | 95 | 107 | -11.0% | 127 | -25.4% |
| Consolidated EBITDA: | 1,176 | 1,017 | +15.6% | 1,592 | -26.2% |
| Net Profit: | 622 | 523 | +18.8% | — | — |
FY26 Full-Year Consolidated Performance
For the full year FY2026, DB Corp reported consolidated total revenue of Rs. 24,408 million compared to Rs. 24,212 million in FY2025. Advertising revenue stood at Rs. 16,918 million versus Rs. 16,899 million in FY2025. Excluding the election-driven high base of FY2025, the print advertising business delivered 6.3% year-on-year revenue growth and 7.1% year-on-year EBITDA growth on a like-to-like basis, with the EBITDA margin expanding by approximately 66 basis points to approximately 28% in FY2026. Full-year EBITDA stood at Rs. 5,736 million compared to Rs. 6,270 million in FY2025, while net profit came in at Rs. 3,320 million against Rs. 3,710 million in FY2025. The table below presents key FY26 versus FY25 consolidated metrics:
| Metric: | FY2026 (Rs. Mn) | FY2025 (Rs. Mn) |
|---|---|---|
| Total Revenue: | 24,408 | 24,212 |
| Advertising Revenue: | 16,918 | 16,899 |
| Circulation Revenue: | 4,751 | 4,734 |
| EBITDA: | 5,736 | 6,270 |
| Net Profit: | 3,320 | 3,710 |
| Radio Advt. Revenue: | 1,592 | 1,672 |
| Radio EBITDA: | 467 | 558 |
Standalone Financial Results
On a standalone basis, DB Corp reported revenue from operations of Rs. 5,763.89 million for Q4FY26 compared to Rs. 5,476.94 million in Q4FY25. Standalone net profit for Q4FY26 stood at Rs. 622.45 million versus Rs. 523.72 million in Q4FY25. For the full year ended March 31, 2026, standalone revenue from operations was Rs. 23,550.21 million compared to Rs. 23,382.41 million in FY2025, while standalone net profit stood at Rs. 3,316.47 million versus Rs. 3,706.22 million in FY2025. Profit before tax on a standalone basis stood at Rs. 4,474.51 million for FY2026 versus Rs. 4,981.77 million in FY2025.
| Metric: | Q4FY26 | Q4FY25 | FY2026 | FY2025 |
|---|---|---|---|---|
| Revenue from Operations (Rs. Mn): | 5,763.89 | 5,476.94 | 23,550.21 | 23,382.41 |
| Net Profit (Rs. Mn): | 622.45 | 523.72 | 3,316.47 | 3,706.22 |
| Profit Before Tax (Rs. Mn): | 852.49 | 708.15 | 4,474.51 | 4,981.77 |
| Basic EPS (Rs.): | 3.49 | 2.94 | 18.61 | 20.80 |
| Diluted EPS (Rs.): | 3.49 | 2.94 | 18.60 | 20.79 |
Standalone Balance Sheet Highlights
The standalone statement of assets and liabilities as at March 31, 2026 reflects a strengthened equity position. Total standalone assets stood at Rs. 31,984.42 million compared to Rs. 30,568.86 million as at March 31, 2025, while total equity stood at Rs. 24,307.25 million versus Rs. 22,269.47 million. Net cash generated from operating activities on a standalone basis was Rs. 3,651.09 million for FY2026 compared to Rs. 4,140.44 million in FY2025. Key balance sheet items are presented below:
| Particulars: | March 31, 2026 (Rs. Mn) | March 31, 2025 (Rs. Mn) |
|---|---|---|
| Total Assets: | 31,984.42 | 30,568.86 |
| Non-current Assets: | 14,947.27 | 11,255.55 |
| Current Assets: | 17,037.15 | 19,313.31 |
| Total Equity: | 24,307.25 | 22,269.47 |
| Non-current Liabilities: | 3,365.65 | 3,102.72 |
| Current Liabilities: | 4,311.52 | 5,196.67 |
| Cash and Cash Equivalents: | 1,049.22 | 1,197.46 |
Segment Performance
On a consolidated basis, the Printing, Publishing and Allied Business segment reported revenue of Rs. 5,414.87 million in Q4FY26 compared to Rs. 5,103.08 million in Q4FY25. For the full year FY2026, this segment contributed revenue of Rs. 21,981.70 million versus Rs. 21,737.08 million in FY2025. The Radio segment reported revenue of Rs. 349.88 million in Q4FY26 versus Rs. 375.93 million in Q4FY25, and Rs. 1,579.14 million for FY2026 compared to Rs. 1,663.03 million in FY2025. Consolidated total assets stood at Rs. 31,965.84 million as at March 31, 2026 versus Rs. 30,546.40 million as at March 31, 2025, while net cash generated from consolidated operating activities was Rs. 3,652.08 million for FY2026 compared to Rs. 4,143.23 million in FY2025.
| Segment: | Q4FY26 (Rs. Mn) | Q4FY25 (Rs. Mn) | FY2026 (Rs. Mn) | FY2025 (Rs. Mn) |
|---|---|---|---|---|
| Printing, Publishing & Allied Revenue: | 5,414.87 | 5,103.08 | 21,981.70 | 21,737.08 |
| Radio Revenue: | 349.88 | 375.93 | 1,579.14 | 1,663.03 |
| Printing, Publishing & Allied Segment Profit: | 805.69 | 578.45 | 3,804.00 | 4,198.26 |
| Radio Segment Profit: | 54.52 | 70.25 | 318.83 | 414.56 |
Digital Business and MY FM Expansion
DB Corp's digital platforms continued to scale strongly, with Monthly Active Users (MAUs) standing at approximately 20 million as of March 2026. Dainik Bhaskar retained its position as the #1 Hindi and Gujarati News App. According to Comscore data, the Dainik Bhaskar Mobile App recorded 16.8 million monthly unique visitors in March 2026, up from 1.6 million in January 2020, reflecting nearly 10x growth over the period. MY FM, the company's radio brand, expanded its footprint with the launch of seven new stations, taking its presence to 37 cities across India. New stations were launched in Daman, Gandhidham, Bhuj, Ratlam, Pali, Sri Ganganagar, and Alwar, making MY FM the first and only private radio broadcaster in these markets. These stations have also received DAVP approval, enabling access to government advertising.
| Digital & Radio Metric: | Details |
|---|---|
| Monthly Active Users (MAUs): | ~20 million (March 2026) |
| Dainik Bhaskar App Ranking: | #1 Hindi and Gujarati News App |
| Monthly Unique Visitors – Comscore (March 2026): | 16.8 million |
| Monthly Unique Visitors – Comscore (January 2020): | 1.6 million |
| MY FM Cities: | 37 cities across India |
| New Stations Launched: | 7 (Daman, Gandhidham, Bhuj, Ratlam, Pali, Sri Ganganagar, Alwar) |
Comscore data further highlights DB Corp's competitive positioning among news apps in India. The Dainik Bhaskar Mobile App has been the only news app to sustain consistent growth over the past five years, as shown in the comparative trend below:
| News App (Monthly Unique Visitors – Millions): | Jan-20 | Jan-21 | Jan-24 | Jan-25 | Jan-26 | Mar-26 |
|---|---|---|---|---|---|---|
| Dainik Bhaskar (Mobile App): | 1.6 | 6.2 | 10.7 | 15.9 | 16.3 | 16.8 |
| Divya Bhaskar (Mobile App): | 0.5 | 1.6 | 2.8 | 3.0 | 3.1 | 2.9 |
| Aaj Tak (Mobile App): | 3.8 | 5.1 | 3.9 | 2.9 | 2.6 | 2.9 |
| ABP Live News (Mobile App): | 3.6 | 1.5 | 0.6 | 0.5 | 0.4 | 0.5 |
| Dainik Jagran Hindi News (Mobile App): | 0.3 | 0.4 | 0.5 | 0.5 | 0.1 | NA |
Source: Comscore Mobile Metrix Media Trend, All Applications, Custom List of News Apps, Jan-20 to Mar-26, India. Excluding aggregators.
MD Re-appointment and Management Commentary
The Board of Directors approved the re-appointment of Mr. Sudhir Agarwal as Managing Director of D.B. Corp Limited for a term of five years with effect from January 1, 2027 to December 31, 2031, subject to shareholder approval. The re-appointment was made on the basis of recommendation of the Nomination and Remuneration Committee. It has been confirmed that Mr. Sudhir Agarwal is not debarred from holding the office of Director by virtue of any order passed by the Securities and Exchange Board of India or any other such authority. Mr. Agarwal has approximately 35 years of experience in the printing and publishing business and has been on the Board of the Company since inception. Under his leadership, the Company expanded from one state in 1997 to 12 states, and from 4 editions to 61 editions. Mr. Sudhir Agarwal is the brother of Mr. Girish Agarwal and Mr. Pawan Agarwal, Directors of the Company.
| Re-appointment Details: | Particulars |
|---|---|
| Director Name: | Mr. Sudhir Agarwal (DIN: 00051407) |
| Role: | Managing Director |
| Term: | 5 years (January 1, 2027 to December 31, 2031) |
| Subject To: | Approval of Members of the Company |
| Experience: | ~35 years in printing & publishing |
| Board Tenure: | Since inception |
| Family Relations: | Brother of Mr. Girish Agarwal and Mr. Pawan Agarwal, Directors |
Commenting on the results, Mr. Sudhir Agarwal, Managing Director, DB Corp Ltd., said: "Our performance for the year reflects strong and consistent progress, driven by healthy execution across our core businesses. Print continues to demonstrate resilience with sustained advertising demand and stable circulation, reinforcing our confidence in the medium's relevance and strength in our key markets. At the same time, our digital platforms are scaling well, with improving engagement and a growing user base, further strengthening our integrated 'phygital' presence. Our continued focus on cost discipline and operational efficiency has supported stable margins, even as we invest in growth initiatives. Looking ahead, we remain confident about the outlook, supported by improving consumption trends and healthy advertiser sentiment across key sectors. We will continue to focus on strengthening our market position and leveraging opportunities to drive sustainable, long-term growth."
Source: None/Company/INE950I01011/518f0e8211f24af1.pdf
Historical Stock Returns for DB Corp
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.27% | -8.23% | -0.88% | -19.91% | -9.74% | +145.36% |
How does DB Corp plan to monetize its rapidly growing 20 million MAU digital user base, and what is the timeline for digital advertising revenue to become a meaningful contributor to overall revenue?
With MY FM now present in 37 cities including several first-mover markets, how quickly can the newly launched stations achieve profitability given the radio segment's declining revenue trend in FY26?
As print advertising growth in FY26 was largely driven by excluding the election-year high base, what structural advertiser categories or regional markets is DB Corp targeting to sustain the 6%+ organic growth trajectory in FY27?
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