Financials
D.B. Corp’s Q3 proves print is still making headlines-and profits!
MUMBAI: D.B. Corp Limited, the stalwart of India’s print media and the force behind Dainik Bhaskar, isn’t just surviving the digital revolution—it’s thriving. With roots planted firmly by the visionary Ramesh Chandra Agarwal, whose entrepreneurial spirit was as legendary as his iconic moustache, the company has grown into a Rs 6,000 crore behemoth. Agarwal didn’t just see the future of news—he printed it, bound it, and delivered it straight to your doorstep. Some might call it magic; others call it business acumen.
Now, let’s address the elephant in the newsroom: how does a traditional print juggernaut continue to command respect (and revenue) in an era dominated by swipes and clicks? Are they charming us with nostalgia for the rustle of a fresh newspaper, or have they cracked the code to fuse tradition with innovation?
The Q3 FY25 and nine-month financial results provide a peek behind the curtain at the inner workings of this inked empire. FYI, it’s not just about selling newspapers anymore. D.B. Corp is proving that legacy doesn’t mean lethargy—it’s a calculated dance of strategy, storytelling, and perhaps a dash of old-school charm.
Stay tuned, because as these numbers unfold, you’ll see exactly how this print powerhouse is flipping the script in a digital world—and still managing to turn ink into gold.
Consolidated Performance
For Q3 FY25, D.B. Corp recorded a total revenue of Rs 6,556.41 million, a marginal decline from Rs 6,647.65 million in Q3 FY24. This dip, anticipated due to the absence of last year’s state-election advertising windfall, underscores the cyclical nature of advertising revenues. Advertising revenue itself clocked in at Rs 4,767 million, a slight dip from Rs 4,819 million in Q3 FY24. Circulation revenue held its ground, reporting Rs 1,195 million compared to Rs 1,200 million a year earlier.
A bright spot in these results was the company’s EBITDA for Q3 FY25, which stood at Rs 1,902 million. With a robust EBITDA margin of 29 per cent, the results highlight the impact of stabilised newsprint prices and prudent cost management. However, it was a step down from Q3 FY24’s Rs 2,031 million, reflecting the competitive pressures in the media industry. Net profit for the quarter came in at Rs 1,182 million, slightly lower than Rs 1,240 million in Q3 FY24—a decline of 4.7 per cent, mitigated by effective operational strategies.
For the nine-month period, revenue reached Rs 18,544.18 million, eking out a modest 1 per cent growth over Rs 18,403.11 million in FY24. Call it steady, but not exactly headline-grabbing. However, the real hero here is EBITDA, which rose by four per cent year-on-year to Rs 5,252 million—proof that efficiency is king. And let’s not forget the net profit, which climbed five per cent to Rs 3,186.49 million. It’s not a windfall, but hey, every bit counts. The print business also flexed its financial muscles, expanding EBITDA margins by 200 basis points to a solid 32 per cent. Talk about turning newsprint into gold!
Standalone Performance
On a standalone basis, revenue from operations for Q3 FY25 came in at Rs 6,417.46 million, a slight dip from Rs 6,430.74 million in Q3 FY24. The standalone EBITDA for the quarter stood at Rs 1,597.25 million, reflecting cost discipline in a challenging market. Net profit (PAT) was recorded at Rs 1,178.81 million, marginally lower than the Rs 1,228.94 million reported a year earlier. For the nine months ended December 31, 2024, standalone revenue totalled Rs 17,905.47 million, showing resilience against Rs 17,833.11 million during the same period last year. EBITDA for this period reached Rs 4,273.62 million, while PAT stood at Rs 3,182.50 million. These numbers highlight the delicate balance D.B. Corp strikes between tradition and transformation. After all, who says print media can’t play in the big leagues of a digital-first world?
Breaking down the segments
. Print and Publishing: The print segment, D.B. Corp’s mainstay, delivered revenue of Rs 5,942 million in Q3 FY25. While advertising revenues dipped slightly compared to the high base of last year’s election-driven surge, circulation revenue demonstrated resilience. The standout achievement here was the 14 per cent year-on-year reduction in newsprint costs to Rs 47,600 per metric tonne. This cost efficiency stems from strategic procurement measures and stabilised input prices. Could this herald a new era of leaner operations for the print giant?
. Radio Business: The radio segment continues to amplify its presence, with advertising revenue rising 6 per cent year-on-year to Rs 492 million. EBITDA for the segment grew by 2 per cent to Rs 187 million, reflecting consistent performance in a competitive landscape. With the increasing shift to audio streaming platforms, how long can traditional radio sustain this growth trajectory?
. Digital Business: The digital arm of Dainik Bhaskar was the undisputed star performer. Monthly unique visitors surged from 10.8 million in March 2024 to an impressive 15.7 million by October 2024, cementing its position as India’s leading Indian-language news app. The focus on high-quality, hyperlocal content and cutting-edge technology has clearly paid dividends. Could the digital pivot become the backbone of D.B. Corp’s future growth?
D.B. Corp’s strategic thrust remains firmly on editorial excellence and digital innovation. Investigative exposés, such as the hard-hitting reports on corruption in the Indore-Bhopal metro project, have bolstered the company’s reputation for fearless journalism. Special editions like the Mahalakshmi Diwali Issue, packed with cultural relevance, continue to resonate deeply with readers.
One of the quarter’s standout initiatives was the “Jeeto 14 Crore” reader-connect scheme. This ambitious programme saw significant engagement, reinforcing D.B. Corp’s bond with its audience. On the digital front, innovations like vertical video formats and interactive content are redefining how news is consumed, particularly in a mobile-first era.
While softening newsprint prices have provided some breathing room, the broader economic environment remains challenging. The slight dip in advertising revenues highlights the vulnerability of media businesses to cyclical factors such as elections and seasonal ad spend. Can D.B. Corp diversify its revenue streams further to mitigate these fluctuations?
As India’s media industry undergoes rapid transformation, D.B. Corp stands at a crossroads. However, questions remain: can bold editorial strategies continue to differentiate the brand in a crowded market? Will the digital pivot yield sustained profitability?
The coming quarters will be pivotal in defining D.B. Corp’s future trajectory. For now, all eyes remain on this media stalwart as it crafts the next chapter in its corporate saga.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
