D. B. Corp Ltd

Financial performance

• Consolidated Q2 FY27 revenue Rs 614 crore; down from Rs 635 crore.
• Advertising revenue Rs 411 crore; down from Rs 439 crore YoY.
• Circulation revenue Rs 116 crore; down from Rs 121 crore YoY.
• EBITDA Rs 124 crore; net profit Rs 69 crore.
• H1 FY27 revenue Rs 1,246 crore; EBITDA Rs 289 crore; net profit Rs 169 crore.
• Radio revenue Rs 39 crore; Radio EBITDA Rs 11 crore.
• Newsprint cost up 14% in Q2 FY27.
• Standalone Q2 FY27 revenue Rs 580.81 crore; standalone net profit Rs 68.50 crore.
• EPS (Consolidated) Basic/Diluted Rs 3.85 for Q2 FY27.

Operational highlights

• Digital MAUs ~18 million as of Aug 2026 per Comscore.
• One-time gain from lease termination Rs 13.39 crore under Other Income.
• Festive season expected to support advertising momentum; further cost discipline emphasized.

Capital / Securities

• Compensation Committee approved allotment of 16,503 equity shares (face value Rs 10) on Oct 15, 2026.
• Post-allotment issued capital is Rs 178,27,11,820; total shares now 178,271,182.

D.B. Corp Ltd: Trading window closed from Oct 1, 2026 till 48 hours after the declaration of Unaudited (Standalone & Consolidated) Financial Results for the quarter and half year ending Sept 30, 2026

Rating Action & Facilities

• Fund-based LT/ ST facilities ₹126 crore: CARE AA+; Stable / CARE A1+; Reaffirmed.
• Fund-based LT facilities ₹148.25 crore: CARE AA+; Stable; Reaffirmed.

Rationale

• Market leadership in Hindi print; flagship brand Dainik Bhaskar.
• Robust financial profile with low leverage and strong debt protection.
• Healthy liquidity; cash and investments ₹1,177 crore; no long-term debt.
• FY26 TOI ₹2,355.5 crore; PBILDT margin 20.8% due to election revenue absence.
• Debtors elevated; average collection 71 days; 27% outstanding >6 months.
• Consolidated view with small subsidiaries; management experienced and execution-focused.

Outlook & Material Changes

• Outlook: Stable; reaffirmation implies no change in rating.
• Material changes since last rating: none; ratings reaffirmed.

Key Financial Highlights

• FY26 TOI ₹2,355.5 crore; PBILDT margin 20.82%; PAT ₹332 crore.
• Net debt negative; gearing 0.11x; interest coverage 18.89x.
• Cash & investments ₹1,177 crore; liquidity strong; no long-term debt.
• Total debt/GCA 0.62x; current ratio 2.57x; average collection 71 days.
• Newsprint costs ~35-40% of operating costs; volatility risk remains.

NSE/BSE no-objection for promoter reclassification

• NSE and BSE issued no-objection letters on Sep 23, 2026 for reclassification.
• Promoter group entities: BEDR Realcon Private Limited and Diligent Pinkcity Center Private Limited.
• Reclassification is from Promoter Group to Public under Regulation 31A of SEBI LODR.
• Earlier intimation dated July 2, 16, and 21, 2026 were made.
• Entity to comply with subsequent material disclosures under Reg 31A.

ESG rating update

• CRISIL assigned ESG rating 'Crisil ESG 62' to D.B. Corp Limited.
• Rating was voluntary and independently assessed from public disclosures at standalone level.
• D.B. Corp did not engage CRISIL for rating.
• Communication received on Sept 15, 2026 at 08:08 p.m. IST.
• Intimation uploaded on the company's website.

ESG rating

• CRISIL ESG Rating assigned as 'Crisil ESG 62' to D.B. Corp Limited.
• CRISIL independently assessed based on public disclosures; no engagement by the company.
• Communication received Sep 15, 2026, 08:08 p.m. IST; intimation uploaded on the company website.

AGM Details

• Date and time: 02-09-2026 at 11:30 IST.
• Mode: VC/OAVM with remote e-voting and e-voting at AGM.
• Record date: 26-08-2026.
• End time: 12:48 PM.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements approved.
• Resolution 2 (Ordinary): Re-appointment by rotation of Mr. Pawan Agarwal approved.
• Resolution 3 (Ordinary): Ratification of remuneration payable to Cost Auditor approved.
• Resolution 4 (Special): Re-appointment of Mr. Sudhir Agarwal as MD approved; minor dissent.

AGM Details

• Date/time: Sep 2, 2026, 11:30 AM–12:48 PM IST.
• Mode: VC/OAVM; deemed venue at registered office, Ahmedabad.
• Remote e-voting: Aug 29–Sep 1, 2026.
• 78 members attended via VC/OAVM.
• Auditors' reports had no qualifications.
• Notice/Annual Report available on company and exchange websites.

Ordinary Business

• Adoption of audited standalone and consolidated financial statements for FY 2025-26.
• To re-appoint director retiring by rotation.

Special Resolutions

• Remuneration payable to Cost Auditor ratified.
• To re-appoint Sudhir Agarwal as MD for 5 years (2027–2031) with remuneration.

Voting Status

• Voting results and scrutinizer's report to be submitted separately.