Repro India Limited , a leading player in the printing and publishing industry, has reported mixed results for Q1, with strong growth in its digital business offset by declines in its long-run vertical.

Financial Performance

Repro India's consolidated Q1 revenue reached Rs 118.00 crore, marking a 4% year-on-year growth. However, the company posted a consolidated loss of Rs 273.00 lakhs for the quarter. On a standalone basis, Repro India reported a loss of Rs 355.00 lakhs.

Digital Business Growth

The company's digital business vertical generated revenue of Rs 94.50 crore in Q1, representing a significant 22% year-on-year growth. This segment now accounts for 80% of the company's revenue share, having grown 2.5 times over the past three years.

Within the digital operations, the platform business segment grew by 38%, despite an 8% impact from changes in Flipkart's revenue recognition methods.

Long-Run Vertical Decline

The long-run vertical experienced a sharp decline, with revenue falling 34% to Rs 23.00 crore. This decrease is attributed to structural changes in NCERT's distribution model, where the decision to directly print and distribute K-12 books has bypassed academic publishers. As a result, the long-run vertical's revenue has fallen over 65% from steady state levels across five quarters.

Operational Metrics

Repro India now processes 43,029 digital books daily, representing a 13% year-on-year growth. The company has onboarded 725 publishers, which represents 55% of the Rs 70,000.00 crore total addressable market.

Future Outlook

Management is actively exploring options for the struggling long-run vertical while focusing on expanding digital operations. The company is leveraging its partnerships with multiple domestic and international platforms, including Amazon, Flipkart, and Walmart, to drive growth in its digital business.

Subsidiary Closure

In a separate development, Repro India's Board of Directors has approved the closure of Repro DMCC, a non-operational wholly-owned subsidiary incorporated in the Dubai Multi Commodities Centre (DMCC). This closure is not expected to impact the company's revenue or overall business operations.

Management Commentary

Mukesh Dhruve, Whole Time Director of Repro India, commented on the results, stating, "While we face challenges in our traditional long-run print services due to structural changes in the market, our digital business continues to show robust growth. We are focusing on expanding our digital offerings and leveraging our strong partnerships with major e-commerce platforms to drive future growth."

As the Indian book market continues to evolve, Repro India is positioning itself to capitalize on the growing demand for digital content distribution and print-on-demand services. The company's focus on technology-enabled demand generation and diversified product offerings is expected to drive its performance in the coming quarters.

Repro India Limited (NSE: REPRO, BSE: 532687) has received a vote of confidence from ICRA Limited, a prominent credit rating agency, as it reaffirms the company's credit ratings for its bank facilities totaling Rs 170 crore. The reaffirmation comes with a stable outlook, signaling a positive assessment of Repro India's financial health and creditworthiness.

Rating Details

ICRA has maintained the following ratings for Repro India's bank facilities:

The [ICRA]BBB+ rating indicates moderate credit risk, suggesting that the company has adequate capacity to meet its financial obligations. The short-term rating of [ICRA]A2 reflects a strong degree of safety regarding timely payment of financial obligations, carrying low credit risk.

Correction of Previous Communication

ICRA issued a revised rating communication letter on July 21, 2025, to correct an inadvertent error in their previous letter dated January 03, 2025. The new letter supersedes the earlier communication, ensuring accurate representation of the company's credit standing.

Implications for Repro India

The reaffirmation of these ratings is likely to be viewed positively by stakeholders, as it suggests:

1. Stable financial performance
2. Adequate liquidity position
3. Continued ability to service debt obligations

Disclosure Compliance

In compliance with regulatory requirements, Repro India Limited has promptly disclosed this information to the stock exchanges. The company has also made the rating information available on its official website, www.reproindialtd.com , ensuring transparency for investors and other interested parties.

The stable outlook assigned by ICRA indicates that the rating is likely to remain unchanged in the near term, barring any unforeseen circumstances that could impact the company's credit profile.