D.B.Corp Limited — Investor Meet, 15-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

DB Corp Ltd reported FY25 revenues of Rs. 2,421 Cr, slightly down from FY24, with advertising revenue at Rs. 1,690 Cr and circulation at Rs. 473 Cr. EBITDA was Rs. 627 Cr (26% margin) and net profit Rs. 371 Cr, showing a 38% CAGR over three years. Q4 revenues declined to Rs. 567 Cr due to a high election-year base; ad revenues fell while circulation remained steady, aided by the ‘Jeeto 14 Crores’ scheme. Radio ad grew 4.5% YoY; EBITDA rose 1.3%. Digital monthly active users hit 19.6 million, aiming for 50 million with a mixed ad-subscription model. Management sees ad spends recovering with double-digit growth, supported by income tax relief, 8th Pay Commission benefits, and a normal monsoon. Circulation growth for FY26 is targeted at 3%-4%, helped by promotions and stable/slightly lower newsprint costs. Q4 cost increase was due to circulation promotions and digital marketing. Dividend payout remains around 58%. The outlook is cautiously optimistic on growth recovery driven by market leadership and improving ad trends.