📰 At a Glance
D.B. Corp Ltd (NSE: DBCORP) — the publisher of Dainik Bhaskar, Divya Bhaskar, and Divya Marathi — is one of India’s largest regional media houses. While the company’s sales grew at just 1% CAGR over 5 years, it delivered juicy dividends (4.7% yield), kept ROCE above 20%, and net profits soared 120% in just two years.
If newspaper is dying, this one is dying fabulously — with EBITDA margins of 26% and profits hitting ₹371 Cr in FY25.
🏢 About the Company
- Segments: Print (Hindi, Gujarati, Marathi dailies), Radio (My FM), Digital, Events
- Reach: 65+ editions across 12 states
- Digital presence: 19.6 million Monthly Active Users as of FY25
- Subsidiaries: Radio arm + several media-tech investments
Their core business is delivering news to India’s Tier-2 and Tier-3 soul — and they’re one of the last standing profitable print giants in India.
👨💼 Key Managerial Personnel
- Sudhir Agarwal – Managing Director
- Girish Agarwal – Non-Executive Director
- G.L. Kela – CFO
- Strong family control — promoter holding is a robust 72.95% as of Mar 2025.
And unlike some media houses, they don’t change their editors like disposable pens.
📊 Financial Recap (FY21–FY25)
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,508 | 1,769 | 2,129 | 2,402 | 2,339 |
| EBITDA (₹ Cr) | 307 | 305 | 324 | 623 | 545 |
| Net Profit (₹ Cr) | 141 | 143 | 169 | 426 | 371 |
| EPS (₹) | 8.08 | 8.05 | 9.50 | 23.89 | 20.82 |
| OPM % | 20% | 17% | 15% | 26% | 23% |
| ROCE % | 10% | 10% | 12% | 25% | 21% |
💡 Key Takeaway: Despite almost flat sales, profit more than doubled in two years due to tight cost control and high ad yields.
📈 Why It Stands Out
- Highest EBITDA margin in the print industry – peaking at 28% in FY24
- Consistently high dividend payout – 58% of profits returned to shareholders
- Promoters holding near 73%, very stable
- Net cash position as of FY25, despite moderate borrowings
They’re basically the Infosys of Print Media — minus the tech but with better Hindi puns.
🔍 Segment Highlights
📰 Print Media
- Revenue continues to dominate the mix
- Decline in raw paper prices improved margins
- Ad revenue from elections and festivals saved FY25
📻 Radio (MY FM)
- Still a small contributor (~5–6% of total revenue)
- Growing listenership but remains margin-thin
🌐 Digital
- 19.6 million MAUs
- Monetization still in early stages
- Competes with Instagram Reels, WhatsApp forwards, and your mom’s unsolicited FB posts
🧮 Forward Fair Value Estimate (FY26–27)
Assuming stable revenue and EPS growth of 8–10%, and maintaining a P/E of 15 (conservative for media):
- Forward EPS (FY27E): ₹26–₹28
- Fair Value Range: ₹390–₹420
CMP is ₹275 — so there’s potential 40–50% upside if profitability holds and digital monetization improves.
🧾 Balance Sheet Snapshot (FY25)
| Item | Value (₹ Cr) |
|---|---|
| Net Worth | ~₹2,224 Cr |
| Borrowings | ₹283 Cr |
| Cash & Investments | ₹1,980 Cr |
| ROE | 16.7% |
| Debt/Equity | ~0.13x |
| Dividend Yield | 4.72% |
| Operating Cash Flow | ₹414 Cr |
The company is sitting on enough cash to start its own bank (just kidding… unless?)
📉 What’s Not So Great
- Revenue CAGR: 1% over 5 years (flatlining)
- TTM profit growth: –12% (base effect + election fatigue?)
- Print dependence: Still ~80% of total income
- Digital monetization: Not yet meaningful
It’s profitable, yes. But can it scale beyond paper and FM radio in 2025? That’s the ₹5,000 Cr question.
🎯 EduInvesting Take
DB Corp is like your financially conservative uncle who still reads print newspapers, pays taxes on time, and has no debt.
✅ Strong profits
✅ Loyal readership
✅ Dividend darling
❌ No “tech” spark
❌ Slow revenue growth
If you want a media stock that won’t give you heartburn like Zee or HT Media — this is your quiet, boring, and solid pick.
🚨 Risks & Red Flags
- Print advertising is cyclical – linked to elections, festivals, and market mood
- Low innovation pace – rivals like ABP Live, TV9, or Digital First players might eat their lunch
- Younger audience shift – TikTok clones and Reels dominate Tier-2 news consumption
🔮 Outlook
- FY26 will hinge on:
- Election-related ad budgets
- Paper price stability
- Digital monetization push
- Management guided a cautious outlook for FY26 but aims to maintain 25%+ EBITDA margins
🏁 TL;DR
D.B. Corp is the last man standing in India’s regional print war — delivering fat margins, fatter dividends, and controlled costs.
It may not be sexy, but it’s safe, solid, and surprisingly lucrative for a media stock. A rare case where “news business” is actually profitable.
Author: Prashant Marathe
Date: 13 June 2025
Tags: D.B. Corp, Dainik Bhaskar, media stocks, dividend yield, print media, FY25 results, EduInvesting recap, radio segment, digital news, ROCE, ad revenue
