D. B. Corp (DBCORP) Q3 25/26 earnings summary

Executive summary

• Consolidated total revenues for the nine months ended December FY26 were INR 18,512 million, broadly flat year-over-year despite a high base from last year's festive and election-driven revenues.

• Q3 FY26 revenues declined 4% year-over-year to INR 6,293 million, mainly due to the absence of election-related advertising and a shift in festive ad spend to Q2.

• Advertising revenues for Q3 FY26 were INR 4,395 million, down 7.8% year-over-year, but showed sequential improvement and stability on a like-to-like basis.

• EBITDA for Q3 FY26 stood at INR 1,592 million with a margin of 25%; profit after tax was INR 955 million.

• Second interim dividend of Rs. 2 per equity share declared for FY26, with record date set for January 22, 2026.

Financial highlights

• Consolidated advertising revenues for the nine months were INR 12,851 million, stable year-over-year; excluding last year's election-driven revenue, ad revenues grew 6%.

• Print business EBITDA margin expanded by 100 basis points sequentially to 29% in Q3 FY26.

• Total operating costs reduced by 2% quarter-on-quarter; total costs declined 1.3% QoQ.

• Circulation revenue for Q3 FY26 was INR 1,178 million, down 1.4% YoY.

• Q3 FY26 EPS (basic and diluted) at Rs. 5.36; nine months EPS at Rs. 15.14.

Outlook and guidance

• Management expects newsprint prices to remain stable, with minor fluctuations due to geopolitical and forex factors.

• Digital business is expected to become EBITDA positive in the coming years as monetization improves.

• New radio stations (14 acquired) are expected to be fully operational by June next year, with gradual margin improvement over 2-3 years.

• Anticipated growth in advertising from sectors like automobile, real estate, healthcare, banking, finance, and education.

• Positive outlook for Q4 driven by anticipated Union Budget, government pay revisions, and improving advertiser sentiment.