D. B. Corp (DBCORP) Q4 24/25 earnings summary

Executive summary

• FY 2025 total revenue was INR 24,212 million, down from INR 24,821 million in FY 2024 due to a high election-driven base and Q4 market headwinds.

• Advertising revenue for FY 2025 was INR 16,899 million, with a 13% CAGR over three years.

• Net profit (PAT) for FY 2025 was INR 3,710 million, with a 38% CAGR over three years.

• Q4 FY 2025 revenue was INR 5,668 million, down from INR 6,418 million YoY due to the absence of election-related advertising and cautious advertiser sentiment.

• Circulation strategy led to increased copies and strong print readership, while digital and radio businesses showed resilience.

Financial highlights

• FY 2025 EBITDA was INR 6,270 million, with a margin of 26%; print business EBITDA margin was 30%.

• Q4 FY 2025 EBITDA was INR 1,017 million; net profit was INR 523 million.

• Radio business FY 2025 advertising revenue grew 4.5% YoY to INR 1,663 million; EBITDA rose 1.3% YoY to INR 558 million.

• Newsprint prices in Q4 FY 2025 were INR 47,500 per ton, down 4% YoY; annual newsprint cost reduced by 13% YoY to INR 47,550 PMT.

• Dividend payout increased to 58% in FY 2025 from 55% in FY 2024.

Outlook and guidance

• Management anticipates a return to growth in upcoming quarters, with April already showing strong double-digit advertising growth and stable newsprint prices.

• Circulation is expected to grow 2% in the near term, with a target of 3-4% for FY 2026.

• Digital business aims to reach 50 million MAUs before large-scale monetization; current MAUs are 19.6–20 million.

• Other expenses are expected to be slightly lower than Q4 FY 2025 levels in the coming year.

• India's consumption-driven growth, tax benefits, and monsoon prospects are seen as positive triggers.