DB Corp announces Q3FY26 results

In Q3FY26, print business EBIDTA margin expanded by 100 basis points QOQ to 29% with QOQ growth of 3%. During Q3FY26, the company’s performance was impacted by high base effects arising from the festive season and election-related advertising in the corresponding quarter of last year. Portion of festive advertising spend shifted to Q2FY26, whereas in the previous year festivities were largely concentrated in Q3. 

Additionally, state elections in Haryana and Jharkhand during Q3FY25 had contributed incremental advertising revenues, which were absent in the current quarter. As a result, advertising revenue declined on a year-on-year basis by 7.8% YOY to INR 4395-million. Total revenue declined by 4% YOY to INR 6293 million. EBITDA for Q3FY26 stood at INR 1592-million with an EBITDA margin of 25%, registering sequential growth of around 1% QOQ, while profit after tax was INR 955-million, registering a sequential growth of 2% QOQ. We are able to maintain EBITDA and PAT margins due to continued cost discipline and operational efficiencies.

DB Corp has delivered advertisement revenue CAGR growth of 13% in the last three years period from INR 11827-million in FY22 to INR 16,899-million in FY25. Similarly, PAT has delivered an impressive 38% CAGR growth in the last 3 years from INR 1,426-million in FY22 to INR 3710-million in FY25.

For December YTD 9 months 2026, overall consolidated and print advertising revenue has maintained growth momentum on a like to like basis excluding last year election driven revenue with growth of 6.1%. We have also registered growth in EBIDTA excluding the last year election impact.

Sudhir Agarwal, managing director, DB Corp Ltd, said, “We delivered a stable performance in Q3FY26 in a quarter that was impacted by a higher base from the festive season and state elections in the same period last year. With a larger part of the festive spend shifting into Q2 this year, the year-on-year comparison was not directly comparable. Encouragingly, advertiser sentiment improved sequentially through the quarter, reflecting a gradual pick-up in demand across our markets. Even in this environment, our continued focus on cost discipline and operational efficiencies helped us maintain healthy margins, underlining the resilience of our operating model.”

He added, “Looking ahead, we remain positive on the overall consumption outlook in India. The upcoming Union Budget, expected revisions in government pay and allowances, and other policy measures should support spending in the fourth quarter. Combined with improving sequential trends and our strong brand, deep editorial connects and growing digital reach, we believe we are well positioned to capture emerging opportunities and create long-term value for our stakeholders.”