Allied Blenders and Distillers Limited — Q3 FY26

DB Corp's Q3 FY26 results were impacted by a high base from last year's festive season and state elections, with advertising revenue declining 7.8% YoY to ₹4,395 million. However, on a like-for-like basis excluding election revenue, print advertising grew 6% in 9M FY26. The company maintained healthy margins through cost control, with print EBITDA margin at 29% and consolidated EBITDA margin at 25%. Digital remains a key growth pillar with 21 million monthly active users on news apps. Management expects newsprint prices to remain rangebound with minor fluctuations. Key risks include continued softness in radio advertising and potential slowdown in real estate advertising. The government's 26% increase in print ad rates is being implemented and should benefit from Q4 onwards.