Mumbai: India’s leading newspaper groups are rapidly broadening their business models as the structural decline in print readership pushes publishers to look beyond circulation and print advertising. Non-print businesses, including digital platforms, outdoor advertising and event management, are expected to account for about a quarter of revenue this fiscal, compared with around 13% in fiscal 2019, according to a Crisil Ratings study.
The shift represents a significant change in the revenue mix of the country’s largest newspaper publishers, with non-print operations emerging as an increasingly important counterweight to pressure on the traditional print franchise. The trend is visible across both English and regional-language publications.
Crisil Ratings’ analysis of newspaper groups operating five of India’s most widely circulated dailies points to a sharp erosion in the industry’s circulation base. Circulation for large newspaper companies declined to around 10 million in 2025 from approximately 15 million in 2019. The decline is expected to continue as younger audiences increasingly consume news and other content through digital platforms.
Print-linked revenue, including print advertising, has consequently recorded a compound annual decline of around 1-2% over the past seven years. In contrast, the newer businesses are expected to become a larger contributor to overall growth.
Manish Gupta, Senior Director and Deputy Chief Rating Officer, Crisil Ratings, said, “Diversification is no longer optional for large newspaper publishers.” He noted that revenue from non-print businesses is projected to grow 10-12% annually between fiscals 2025 and 2027, substantially ahead of the 2-3% growth expected from traditional print operations.
The ability of established publishers to leverage their brands and extensive regional presence is supporting this transition. Publishers are increasingly packaging print, digital, radio, outdoor and event offerings into integrated advertising solutions, allowing advertisers to engage audiences across multiple touchpoints rather than relying solely on newspaper inventory.
The diversification is also providing some protection to profitability, although the newer businesses generally carry lower margins than print. Crisil expects margins from the broader portfolio to remain around 12-13% this fiscal, aided by scale efficiencies in digital and other adjacent businesses.
Out-of-home advertising and event management, however, remain more cost-intensive businesses, with higher variable expenses and significant competitive pressure. Digital operations, meanwhile, are gradually narrowing their EBITDA losses as platforms mature, build scale and move beyond the investment-heavy incubation phase.
The expansion into new businesses is taking place against a relatively strong financial backdrop. Large publishers are entering the transition with conservative capital structures, net cash positions and substantial liquid investment portfolios, providing them with room to fund expansion while absorbing weaker operating accruals from print.
Ankit Hakhu, Director, Crisil Ratings, said, “Credit resilience will be anchored less in the trajectory of print business and more in the strength of balance sheets.” He added, “Nearly 90% of net worth is held in liquid and investment assets, including financial assets and cash equivalents.”
The income generated from these assets, combined with low leverage, should provide a cushion as publishers scale up their newer businesses.
For the industry, diversification is evolving from a supplementary growth strategy into a core component of long-term business resilience. Established publishers have the advantage of strong brands, large audiences and deep regional distribution networks, which can be repurposed across multiple advertising and consumer-engagement formats.
However, the transition is not without risks. A faster-than-anticipated decline in circulation, difficulties in monetising digital audiences or a slower-than-expected ramp-up in non-print businesses could put pressure on both growth and credit profiles. The ability of publishers to convert their established audience relationships into sustainable digital, experiential and advertising revenues will therefore remain a key factor to watch.
