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D B Corp Ltd

DBCORP

NSE

₹163.06-1.71%19 Oct 2026

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Newspaper

D B Corp Ltd

DBCORP

NSE

₹163.06

-1.71%

19 Oct 2026

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Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

D. B. Corp Ltd is fundamentally a trust factory - it builds the most widely read newspapers in India and then sells that trust to advertisers who want to reach the country’s non-metro heartland. Born from a single Hindi daily launched in 1958, the company grew by perfecting a radical door-to-door launch method that made it the number-one newspaper from day one in every new city it entered, a strategy later studied by Harvard Business Review. That same “un-metro” instinct now powers a multi-platform machine: the company has taken its dominant print readership of roughly 14 crore people and extended it into a fast-growing digital news app and a network of FM radio stations, creating a combined physical-and-digital footprint across 14 states and 4 languages.

Business segments

Three engines built on the same audience - a print cash cow that is the largest circulated newspaper group in India, a radio network that sells the same non-metro ears to advertisers, and a digital news platform scaling toward its own monetisation model.

1. Print: the group’s foundation and advertising engine

Five newspapers in three languages, printed across 51 plants and delivered to roughly 14 crore readers, generate revenue by selling both advertising space and copies at full cover price - with advertising as the dominant stream.

Sells attention, not just paper - advertising is the largest revenue stream, with businesses from education and real estate to FMCG and government paying to appear in the newspaper; in a normal year, government ads alone make up 15-16% of total ad revenue, and the company can flex pages up to 120 for special editions when demand surges.
Circulation is paid, not subsidised - readers buy the paper at a cover price of about ₹4.86, and since COVID the company stopped all discounted copies and schemes, selling only at full price; the stated goal is to grow the number of paying readers rather than raise the price.
The moat is non-metro dominance - Dainik Bhaskar is the number-one newspaper in Rajasthan and the top newspaper in Urban India among the most affluent consumer segments, while Divya Bhaskar holds a 31% lead in Ahmedabad; the company deliberately built its empire in Tier-2 and Tier-3 cities where 90% of India’s population lives and where literacy and economic indicators are rising.
Printing at scale, with flair - 84 high-speed presses from KBA Germany and Manugraph India run across 51 printing centres, strategically located within 150 km of each other for timely delivery; the machines are customised to produce innovations like 3D printing, fragrance printing, and mega anniversary editions, one of which is registered in the World Record Book for a front page mixed with MICA.
Newsprint is half the cost, so it is managed tightly - raw paper accounts for around 50% of operating costs; the company sources 70-75% domestically, uses short, medium, and long-term contracts, and adjusts paper quality and page counts to absorb price swings that have ranged from ₹49,350 to ₹63,500 per metric ton in recent years.

2. Digital: the phygital growth bet

The Dainik Bhaskar app is the number-one Hindi and Gujarati news app, built on the same investigative journalism as the print business but delivered ad-free to over two crore monthly active users - monetisation is still being tested.

Sticky by design - average time spent per session is 14-15 minutes, roughly three times the 4-5 minutes of its nearest competitor, because the app serves personalised content based on location, preferences, and real-time context, built by a technology team hired from leading consumer-product companies.
Video and stringers fill the feed - the app was the first Indian news app to offer mobile-native vertical video news, and a network of over 500 stringer reporters across 600-plus small towns contributes more than 1,000 reports and videos daily, giving the platform hyperlocal depth that national competitors lack.
An English bridge to new audiences - in early 2025 the company launched “Bhaskar English,” a separate mobile app aimed at expanding the brand’s reach to a global, English-reading audience while staying rooted in its trusted-news positioning.
Guided by a New York Times veteran - the digital advisory board includes Mr. Mark Thompson, the former CEO of the New York Times who led that paper’s digital transformation, signalling the ambition to eventually build a subscription-driven model on the back of premium journalism.

3. Radio: the local advertising companion

94.3 MY FM operates 30 FM stations across seven states, all in the same Tier-2 and Tier-3 cities where Dainik Bhaskar leads in print, selling airtime to advertisers who want a combined newspaper-and-radio package.

No.1 in its chosen markets - MY FM is the top radio station in Madhya Pradesh, Chhattisgarh, and Rajasthan, the largest network in Chandigarh, Punjab, and Haryana, and the biggest player in “Rest of Maharashtra”; it commands market-leading positions in each of its 30 cities.
Revenue is pure advertising - the business earns entirely from selling airtime, with about 11 minutes of ads per hour, leaving headroom to grow; since no new inventory can be added, growth comes from rate hikes, innovations, and non-airtime activations.
Local advertisers are half the volume - in the Radio Business, retail and local advertisers' share of ad volumes increased 10% over CY2021 to reach 49% of total ad volumes in CY2022, with Gujarat, Maharashtra and Uttar Pradesh leading.
Lean and quickly profitable - the radio segment delivers industry-leading EBITDA margins, and all seven stations launched in a later phase turned EBITDA-positive within three months of going on air.
Expanding the footprint - in August 2025, MY FM won 14 new radio stations in greenfield cities through a government auction, with licences valid for 15 years from the date each station becomes operational.

Group structure and partners

A tightly held promoter group owns nearly 72% of the company, with two negligible subsidiaries and a high-profile digital advisory board that includes the former CEO of the New York Times.

The promoter group holds 71.93% of the equity, with DB Consolidated Private Limited as the largest single shareholder at 54.46%; Sudhir Agarwal is the promoter and managing director.
There are two subsidiaries - DB Infomedia Private Limited (wholly owned) and I Media Corp Limited (a step-down subsidiary) - both in print media but with negligible scale of operations.
The digital advisory board includes Mr. Mark Thompson, ex-CEO of the New York Times, brought in to guide the company’s digital transformation; the company also has exclusive content tie-ups with The New York Times, Harvard Business Review, and The Economist.
The company is a member of multiple industry bodies including the Indian Newspaper Society, Audit Bureau of Circulations, WAN IFRA, and the Digital News Publishers’ Association.
Two insolvency-related events have occurred: a 2021 petition was settled and dismissed within two days, and a 2025 claim by a German newsprint supplier for roughly ₹15.7 crore relates to a disputed trade payable for goods the company states were never delivered due to a vessel fire at Mundra port.

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Quarterly Results

Profit & Loss

Balance Sheet

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Ratios

Peer Comparison

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Mkt Cap

Market Capitalization

₹2,932Cr

Close Price

₹164.49

Industry

Newspaper

Price To Earnings

8.96

Price To Sales

1.24

Revenue

₹2,366Cr

Rev Gr TTM

Revenue Growth TTM

0.09%

PAT Gr TTM

PAT Growth TTM

-5.16%

Consolidated

Standalone

Numbers

Percentage

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	645	617	590	559	643	548	559	614	605	576	604	581
Growth YoY Revenue Growth YoY%	13.9	16.2	6.4	-4.6	-0.3	-11.3	-5.2	9.9	-5.8	5.3	7.9	-5.5
Expenses ExpensesCr	462	445	425	438	465	465	449	476	470	472	467	490
Operating Profit Operating ProfitCr	183	172	164	121	177	83	111	138	135	104	136	91
OPM OPM%	28.4	27.9	27.9	21.6	27.6	15.1	19.8	22.5	22.3	18.1	22.6	15.7
Other Income Other IncomeCr	20	25	26	24	13	19	28	20	24	13	28	33
Interest Expense Interest ExpenseCr	7	6	6	7	6	7	7	7	6	7	6	6
Depreciation DepreciationCr	29	29	28	27	24	24	24	25	25	26	24	25
PBT PBTCr	167	162	157	110	160	71	108	126	129	85	134	93
Tax TaxCr	43	39	40	28	42	18	27	33	33	23	33	24
PAT PATCr	124	123	118	83	118	52	81	93	96	62	101	69
Growth YoY PAT Growth YoY%	156.8	198.6	49.7	-17.6	-4.7	-57.3	-31.4	13.2	-19.2	18.8	24.6	-26.6
NPM NPM%	19.2	19.9	20.0	14.8	18.4	9.6	14.4	15.2	15.8	10.8	16.7	11.8
EPS EPS₹	7.0	6.9	6.6	4.6	6.6	2.9	4.5	5.2	5.4	3.5	5.7	3.9

Quarter	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue RevenueCr	645	617	590	559	643	548	559	614	605	576	604	581
Growth YoY Revenue Growth YoY%	13.9	16.2	6.4	-4.6	-0.3	-11.3	-5.2	9.9	-5.8	5.3	7.9	-5.5
Expenses ExpensesCr	462	445	425	438	465	465	449	476	470	472	467	490
Operating Profit Operating ProfitCr	183	172	164	121	177	83	111	138	135	104	136	91
OPM OPM%	28.4	27.9	27.9	21.6	27.6	15.1	19.8	22.5	22.3	18.1	22.6	15.7
Other Income Other IncomeCr	20	25	26	24	13	19	28	20	24	13	28	33
Interest Expense Interest ExpenseCr	7	6	6	7	6	7	7	7	6	7	6	6
Depreciation DepreciationCr	29	29	28	27	24	24	24	25	25	26	24	25
PBT PBTCr	167	162	157	110	160	71	108	126	129	85	134	93
Tax TaxCr	43	39	40	28	42	18	27	33	33	23	33	24
PAT PATCr	124	123	118	83	118	52	81	93	96	62	101	69
Growth YoY PAT Growth YoY%	156.8	198.6	49.7	-17.6	-4.7	-57.3	-31.4	13.2	-19.2	18.8	24.6	-26.6
NPM NPM%	19.2	19.9	20.0	14.8	18.4	9.6	14.4	15.2	15.8	10.8	16.7	11.8
EPS EPS₹	7.0	6.9	6.6	4.6	6.6	2.9	4.5	5.2	5.4	3.5	5.7	3.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,052	2,258	2,328	2,463	2,224	1,508	1,769	2,129	2,402	2,339	2,356	2,366
Growth Revenue Growth%	2.1	10.1	3.1	5.8	-9.7	-32.2	17.3	20.4	12.8	-2.6	0.7	0.1
Expenses ExpensesCr	1,517	1,616	1,765	1,958	1,742	1,203	1,466	1,807	1,779	1,794	1,867	1,899
Operating Profit Operating ProfitCr	535	642	564	504	482	305	303	322	623	545	488	467
OPM OPM%	26.1	28.4	24.2	20.5	21.6	20.2	17.1	15.1	25.9	23.3	20.7	19.7
Other Income Other IncomeCr	28	17	24	17	12	28	20	39	80	82	85	99
Interest Expense Interest ExpenseCr	9	7	7	9	25	24	18	21	24	25	26	25
Depreciation DepreciationCr	88	86	92	99	121	115	110	112	114	104	100	100
PBT PBTCr	466	565	488	414	348	193	195	228	565	499	448	441
Tax TaxCr	169	191	164	140	73	52	52	59	140	128	116	114
PAT PATCr	297	375	324	274	275	141	143	169	426	371	332	327
Growth PAT Growth%	-6.2	26.3	-13.6	-15.5	0.4	-48.6	0.8	18.6	151.7	-12.8	-10.5	-5.2
NPM NPM%	14.5	16.6	13.9	11.1	12.4	9.4	8.1	7.9	17.7	15.9	14.1	13.8
EPS EPS₹	15.8	20.3	17.6	18.3	15.7	8.1	8.1	9.5	23.9	20.8	18.6	18.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,052	2,258	2,328	2,463	2,224	1,508	1,769	2,129	2,402	2,339	2,356	2,366
Growth Revenue Growth%	2.1	10.1	3.1	5.8	-9.7	-32.2	17.3	20.4	12.8	-2.6	0.7	0.1
Expenses ExpensesCr	1,517	1,616	1,765	1,958	1,742	1,203	1,466	1,807	1,779	1,794	1,867	1,899
Operating Profit Operating ProfitCr	535	642	564	504	482	305	303	322	623	545	488	467
OPM OPM%	26.1	28.4	24.2	20.5	21.6	20.2	17.1	15.1	25.9	23.3	20.7	19.7
Other Income Other IncomeCr	28	17	24	17	12	28	20	39	80	82	85	99
Interest Expense Interest ExpenseCr	9	7	7	9	25	24	18	21	24	25	26	25
Depreciation DepreciationCr	88	86	92	99	121	115	110	112	114	104	100	100
PBT PBTCr	466	565	488	414	348	193	195	228	565	499	448	441
Tax TaxCr	169	191	164	140	73	52	52	59	140	128	116	114
PAT PATCr	297	375	324	274	275	141	143	169	426	371	332	327
Growth PAT Growth%	-6.2	26.3	-13.6	-15.5	0.4	-48.6	0.8	18.6	151.7	-12.8	-10.5	-5.2
NPM NPM%	14.5	16.6	13.9	11.1	12.4	9.4	8.1	7.9	17.7	15.9	14.1	13.8
EPS EPS₹	15.8	20.3	17.6	18.3	15.7	8.1	8.1	9.5	23.9	20.8	18.6	18.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	184	184	184	175	175	175	177	178	178	178	178	178
Reserves ReservesCr	1,163	1,411	1,745	1,652	1,503	1,648	1,705	1,770	2,043	2,046	2,251	2,330
Current Liabilities Current LiabilitiesCr	498	356	364	438	564	402	407	388	469	520	431	437
Non Current Liabilities Non Current LiabilitiesCr	155	134	142	129	244	251	247	243	303	310	337	322
Total Liabilities Total LiabilitiesCr	2,000	2,084	2,435	2,394	2,486	2,476	2,537	2,579	2,993	3,055	3,197	3,267
Current Assets Current AssetsCr	704	889	1,118	1,143	1,104	1,124	1,291	967	1,376	1,935	1,708	2,072
Non Current Assets Non Current AssetsCr	1,296	1,195	1,318	1,251	1,381	1,352	1,246	1,611	1,617	1,120	1,489	1,195
Total Assets Total AssetsCr	2,000	2,084	2,435	2,394	2,486	2,476	2,537	2,579	2,993	3,055	3,197	3,267

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital Equity CapitalCr	184	184	184	175	175	175	177	178	178	178	178	178
Reserves ReservesCr	1,163	1,411	1,745	1,652	1,503	1,648	1,705	1,770	2,043	2,046	2,251	2,330
Current Liabilities Current LiabilitiesCr	498	356	364	438	564	402	407	388	469	520	431	437
Non Current Liabilities Non Current LiabilitiesCr	155	134	142	129	244	251	247	243	303	310	337	322
Total Liabilities Total LiabilitiesCr	2,000	2,084	2,435	2,394	2,486	2,476	2,537	2,579	2,993	3,055	3,197	3,267
Current Assets Current AssetsCr	704	889	1,118	1,143	1,104	1,124	1,291	967	1,376	1,935	1,708	2,072
Non Current Assets Non Current AssetsCr	1,296	1,195	1,318	1,251	1,381	1,352	1,246	1,611	1,617	1,120	1,489	1,195
Total Assets Total AssetsCr	2,000	2,084	2,435	2,394	2,486	2,476	2,537	2,579	2,993	3,055	3,197	3,267

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	335	360	364	235	363	374	371	244	579	414	365
Investing Cash Flow Investing Cash FlowCr	-182	-32	-198	-21	-154	-137	-224	-144	-380	-11	-173
Financing Cash Flow Financing Cash FlowCr	-240	-244	-42	-381	-307	-151	-155	-132	-194	-366	-208
Net Cash Flow Net Cash FlowCr	-87	85	124	-166	-98	86	-7	-32	5	37	-16
Free Cash Flow Free Cash FlowCr	136	307	185	171	324	331	341	220	537	371	223
CFO To PAT CFO To PAT%	113.0	96.1	112.3	86.0	132.1	264.5	260.0	144.4	136.0	111.7	110.0
CFO To EBITDA CFO To EBITDA%	62.7	56.1	64.6	46.7	75.4	122.8	122.4	75.8	92.8	76.0	74.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	335	360	364	235	363	374	371	244	579	414	365
Investing Cash Flow Investing Cash FlowCr	-182	-32	-198	-21	-154	-137	-224	-144	-380	-11	-173
Financing Cash Flow Financing Cash FlowCr	-240	-244	-42	-381	-307	-151	-155	-132	-194	-366	-208
Net Cash Flow Net Cash FlowCr	-87	85	124	-166	-98	86	-7	-32	5	37	-16
Free Cash Flow Free Cash FlowCr	136	307	185	171	324	331	341	220	537	371	223
CFO To PAT CFO To PAT%	113.0	96.1	112.3	86.0	132.1	264.5	260.0	144.4	136.0	111.7	110.0
CFO To EBITDA CFO To EBITDA%	62.7	56.1	64.6	46.7	75.4	122.8	122.4	75.8	92.8	76.0	74.8

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	5,676	6,977	5,612	3,279	1,387	1,576	1,506	1,736	4,670	4,122	3,325	2,932
Price To Earnings Price To Earnings	22.6	18.6	17.3	12.0	5.0	11.1	10.6	10.3	11.0	11.1	10.0	9.0
Price To Sales Price To Sales	2.8	3.1	2.4	1.3	0.6	1.0	0.8	0.8	1.9	1.8	1.4	1.2
Price To Book Price To Book	4.1	4.4	2.9	1.8	0.8	0.9	0.8	0.9	2.1	1.9	1.4	1.2
EV To EBITDA EV To EBITDA	10.7	10.7	9.5	6.3	3.3	5.0	3.9	5.6	7.0	6.2	5.5	4.6
Profitability Ratios Profitability Ratios
GPM GPM%	58.4	61.5	59.2	53.0	55.5	61.1	55.8	46.7	57.1	58.7	57.1	57.1
OPM OPM%	26.1	28.4	24.2	20.5	21.6	20.2	17.1	15.1	25.9	23.3	20.7	19.7
NPM NPM%	14.5	16.6	13.9	11.1	12.4	9.4	8.1	7.9	17.7	15.9	14.1	13.8
ROCE ROCE%	32.5	34.7	25.1	22.5	18.4	10.5	10.2	11.5	23.8	20.9	17.6	18.6
ROE ROE%	22.0	23.5	16.8	15.0	16.4	7.8	7.6	8.7	19.2	16.7	13.7	13.0
ROA ROA%	14.8	18.0	13.3	11.4	11.1	5.7	5.6	6.6	14.2	12.1	10.4	10.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	5,676	6,977	5,612	3,279	1,387	1,576	1,506	1,736	4,670	4,122	3,325	2,932
Price To Earnings Price To Earnings	22.6	18.6	17.3	12.0	5.0	11.1	10.6	10.3	11.0	11.1	10.0	9.0
Price To Sales Price To Sales	2.8	3.1	2.4	1.3	0.6	1.0	0.8	0.8	1.9	1.8	1.4	1.2
Price To Book Price To Book	4.1	4.4	2.9	1.8	0.8	0.9	0.8	0.9	2.1	1.9	1.4	1.2
EV To EBITDA EV To EBITDA	10.7	10.7	9.5	6.3	3.3	5.0	3.9	5.6	7.0	6.2	5.5	4.6
Profitability Ratios Profitability Ratios
GPM GPM%	58.4	61.5	59.2	53.0	55.5	61.1	55.8	46.7	57.1	58.7	57.1	57.1
OPM OPM%	26.1	28.4	24.2	20.5	21.6	20.2	17.1	15.1	25.9	23.3	20.7	19.7
NPM NPM%	14.5	16.6	13.9	11.1	12.4	9.4	8.1	7.9	17.7	15.9	14.1	13.8
ROCE ROCE%	32.5	34.7	25.1	22.5	18.4	10.5	10.2	11.5	23.8	20.9	17.6	18.6
ROE ROE%	22.0	23.5	16.8	15.0	16.4	7.8	7.6	8.7	19.2	16.7	13.7	13.0
ROA ROA%	14.8	18.0	13.3	11.4	11.1	5.7	5.6	6.6	14.2	12.1	10.4	10.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DBCORP	JAGRAN	SANDESH
Market CapitalizationMkt CapCr	2,932	1,323	765
Close PriceClose₹	164.49	60.80	1,010.00
IndustryIndustry	Newspaper	Newspaper	Newspaper
Price To EarningsPE	8.96	7.02	7.13
Price To SalesPS	1.24	0.69	0.93
RevenueRevenueCr	2,366	1,916	824
Revenue Growth TTMRev Gr TTM%	0.1%	0.6%	175.7%
PAT Growth TTMPAT Gr TTM%	-5.2%	49.9%	26.7%

	DBCORP	JAGRAN	SANDESH
Market CapitalizationMkt CapCr	2,932	1,323	765
Close PriceClose₹	164.49	60.80	1,010.00
IndustryIndustry	Newspaper	Newspaper	Newspaper
Price To EarningsPE	8.96	7.02	7.13
Price To SalesPS	1.24	0.69	0.93
RevenueRevenueCr	2,366	1,916	824
Revenue Growth TTMRev Gr TTM%	0.1%	0.6%	175.7%
PAT Growth TTMPAT Gr TTM%	-5.2%	49.9%	26.7%

FY2026

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Sep 26