Mumbai: DB Corp posted a subdued performance in the December quarter of FY26, with profit and revenue declining sharply on a year-on-year basis amid continued softness in advertising across print and radio, even as sequential trends showed signs of stabilisation.
The media company reported a net profit of ₹95.5 crore for the quarter ended December 31, 2025, marking a 19.2% decline from ₹118.2 crore in the corresponding period last year. However, profit improved marginally on a sequential basis, rising 2.2% from ₹93.5 crore in Q2 FY26.
Revenue from operations stood at ₹605.3 crore, down 5.8% year-on-year compared to ₹642.7 crore in Q3 FY25, and lower by 1.6% sequentially. Total income for the quarter came in at ₹693.3 crore, reflecting a muted topline performance.
At the operating level, consolidated EBITDA declined 16.3% year-on-year to ₹350.2 crore, impacted by lower ad volumes and a high festive base in the year-ago quarter. Sequentially, EBITDA remained largely flat, inching up 0.5% from ₹348.4 crore in the September quarter, supported by cost discipline.
Profit before tax fell to ₹128.8 crore, registering a 19.5% year-on-year decline, though it rose around 2% quarter-on-quarter, mirroring the gradual stabilisation in operating performance.
Advertising Revenues Under Pressure
Advertisement revenue from print and allied businesses, which continues to form the bulk of the company’s earnings, declined 6.9% year-on-year to ₹389.6 crore. On a quarter-on-quarter basis, print ad revenue slipped 1.6%, reflecting cautious advertiser sentiment.
The radio segment remained under stress, with advertisement revenue falling 15.7% year-on-year to ₹41 crore, and down 4.3% sequentially, highlighting prolonged weakness in radio advertising spends.
Circulation revenue also softened, coming in at ₹217.8 crore, down 4.4% year-on-year and 3.5% quarter-on-quarter, indicating pressure on reader-driven income.
In contrast, other operating revenue provided some relief, rising 21.1% year-on-year to ₹75.2 crore, and increasing 8.9% sequentially.
Segmental Performance
EBITDA from print and other businesses declined 14.5% year-on-year to ₹386.5 crore, though it edged up 0.8% sequentially. Radio EBITDA saw a steeper contraction, falling 32.1% year-on-year to ₹13.7 crore, and declining 24.6% quarter-on-quarter, underscoring the challenging environment for the segment.
Management Commentary & Outlook
Commenting on the results, Sudhir Agarwal, Managing Director, said the quarter was impacted by a high base due to festive advertising and state elections in the year-ago period. He noted that a significant portion of festive ad spends shifted to the September quarter this year, affecting year-on-year comparisons.
Agarwal added that advertising demand showed a gradual sequential recovery across markets during the quarter, while continued focus on cost efficiencies helped protect margins.
Looking ahead, the company remains cautiously optimistic, citing the upcoming Union Budget, anticipated government pay revisions, and policy measures as potential drivers of consumption demand in the March quarter. DB Corp expects improving sequential trends, coupled with its strong editorial connect and expanding digital footprint, to support growth over the medium to long term.
