1. At a Glance
India’s top Hindi daily publisher—Dainik Bhaskar—is sitting on a 4.6% dividend yield and ROCE over 20%. But with sales growth crawling like a sloth on a treadmill, is this a media mogul in semi-retirement?
2. Introduction with Hook
Imagine running the biggest Hindi daily in India and still struggling with top-line growth. That’s D B Corp for you—a content king trying to stay relevant in the digital jungle.
- Market Cap: ₹5,009 Cr
- Dividend Yield: 4.62% (Yes, really.)
- Stock P/E: 15 (Your average desi bargain.)
But…
- 5-Year Sales Growth: 1% (Are they printing or sleepwalking?)
- Q1FY26 Net Profit: ₹81 Cr, down from ₹118 Cr YoY
3. Business Model (WTF Do They Even Do?)
D B Corp publishes newspapers in Hindi, Gujarati, and Marathi, runs 94.3 MY FM across 30+ cities, and dabbles in digital and event marketing.
Key Brands:
- Dainik Bhaskar (Hindi)
- Divya Bhaskar / Saurashtra Samachar (Gujarati)
- Divya Marathi
They’re also in digital (bhaskar.com), radio (My FM), and events (local promotions).
Revenue Mix (est.):
- Print Ads: 60–65%
- Circulation: 20–25%
- Radio + Digital + Events: The rest
4. Financials Overview
📉 Profit & Loss (₹ Cr)
| FY | Revenue | Net Profit | OPM | EPS |
|---|---|---|---|---|
| FY21 | 1,508 | 141 | 20% | 8.08 |
| FY22 | 1,769 | 143 | 17% | 8.05 |
| FY23 | 2,129 | 169 | 15% | 9.50 |
| FY24 | 2,402 | 426 | 26% | 23.89 |
| FY25 | 2,339 | 371 | 23% | 20.82 |
Note: FY24 was their “Aadmi hoon, comeback ho raha hoon” year.
5. Valuation
At CMP ₹281, with a P/E of ~15 and ROCE of 21%, the stock seems decently valued—if you believe the good times will print again.
📌 Fair Value Range
- Bearish (Ad revenue stagnates): ₹230–₹250
- Base Case (Steady ad/circ. income): ₹290–₹320
- Bull Case (Digital revival + margin surge): ₹370–₹400
6. What’s Cooking – News, Triggers, Drama
- Q1FY26 results: ₹81 Cr net profit; interim dividend ₹5/share
- Ad spends flat: FMCG & real estate steady, auto weak
- Digital expansion: Bhaskar+ app slow to gain traction
- Events & vernacular audio: Exploring growth avenues
Biggest worry? GenZ reads memes, not newspapers.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹178 Cr |
| Reserves | ₹2,046 Cr |
| Borrowings | ₹283 Cr |
| Total Assets | ₹3,055 Cr |
Highlights:
- Virtually debt-free
- ₹2,000+ Cr in reserves
- Conservative capital allocation
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | ₹579 Cr | -₹380 Cr | -₹194 Cr | ₹5 Cr |
| FY25 | ₹414 Cr | -₹11 Cr | -₹366 Cr | ₹37 Cr |
Translation: Strong cash generation, still frugal with investing. But high dividend payout signals lack of better growth ideas.
9. Ratios – Sexy or Stressy?
| Metric | FY25 |
|---|---|
| ROCE | 21% |
| ROE | 17% |
| Dividend Payout | 58% |
| Inventory Days | 144 |
| Debtor Days | 71 |
| Cash Conversion Cycle | 77 days |
Lean, clean… but a bit too serene?
10. P&L Breakdown – Show Me the Money
| Quarter | Sales | Op. Profit | OPM | Net Profit |
|---|---|---|---|---|
| Q1 FY26 | ₹559 Cr | ₹111 Cr | 20% | ₹81 Cr |
| Q1 FY25 | ₹590 Cr | ₹164 Cr | 28% | ₹118 Cr |
Note: Margins hit from weaker ad revenue, cost inflation (paper), and IPL ad shift to digital.
11. Peer Comparison
| Company | P/E | ROE | Dividend Yield | OPM | Sales (₹Cr) |
|---|---|---|---|---|---|
| D B Corp | 15 | 17% | 4.6% | 21% | 2,309 |
| Jagran | 17 | 5% | 8.3% | 8.5% | 1,888 |
| Sandesh | 11 | 6% | 0.4% | 23% | 292 |
| HT Media | 183 | 0.2% | 0% | -1.8% | 1,805 |
| Hindustan Media | 8.6 | 5.1% | 0% | -4.3% | 732 |
Verdict: D B Corp is the Dadaji of print—slow but steady, and still gives you cash.
12. Miscellaneous – Shareholding, Promoters
| Category | Holding (Mar 2025) |
|---|---|
| Promoter | 72.95% |
| FII | 13.06% |
| DII | 4.07% |
| Public | 9.89% |
Fun Fact: Public shareholding has dropped steadily. Is it boredom or foresight?
13. EduInvesting Verdict™
D B Corp is the kind of stock your CA uncle would love—decent ROE, clean books, cash in hand, and generous dividends. But growth? That’s where the ink runs dry.
It’s a cash cow… in a barn that’s not growing anymore.
If you’re chasing exponential gains, look elsewhere.
If you’re looking for quarterly dividends to buy samosas with, Bhaskar might still deliver.
Metadata
– Written by EduInvesting Analyst | 16 July 2025
– Tags: Dainik Bhaskar, Print Media, Dividend Stocks, DB Corp, Small Cap, Value Picks
