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.
neutral
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered1Evaded / deflected11Questions audited
Answered
Medium priority
Why did gross and net fixed assets increase by 107 and 60 cr?
Asked by Himmanusha, Doll Capital
Management clearly explained the increase is due to buying land to save rent, directly answering the question.
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Question
our gross fixed assets and net fixed assets have increased by almost 107 and 60 cr. Uh what is driving this and is this the investment in the core print business or it's more on the digital side
Management (name not stated)
company is buying uh certain assets especially land where we already had the offices and printing center on which currently we are paying rental. So we are saying we'll buy the land make our own property so we can save the rental
Evasive
High priority
What is the long-term revenue mix aspiration for print vs digital?
Asked by Himmanusha, Doll Capital
Management avoided giving a specific revenue mix target, instead discussing burn rate and eventual profitability.
no specific mix target givenreframed to talk about burn rate
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Question
can you just provide some color from a longerterm basis maybe 3 4 years or 5 years how should we see print versus digital from a revenue mix? What would be the management's aspiration?
Management (name not stated)
digital might not be positive at aa level but our burn rate would be negligible. ... once we start earning the revenue digital should also become beta positive.
Partial answer
High priority
Will print revenue growth be driven by volume or price increases?
Asked by Himmanusha, Doll Capital
Management gave a vague split for advertising and said circulation focus is only volume, but the percentage was unclear.
ambiguous percentagedid not clarify 70% or 50%
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Question
the core print business what do you see foresee more that should drive the revenue growth for us? Will it be more of volumes ... or it would be a balanced mix of volume as well as ... price increases.
Management (name not stated)
in the advertising segment our focus is I would say 70% what you 50% yield increase. When it comes to circulation, our focus is only on the circulation numbers, not on the yield
Answered
Medium priority
Why is radio revenue declining more steeply this quarter?
Asked by Himmanusha, Doll Capital
Management explained the decline was due to base effect from elections and government billing, and gave timeline for new stations.
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Question
the decline is slightly more steep specifically in this quarter in radio. Anything to read over there ... there were some price increases which were announced ... And thirdly, what is the status on new radio stations?
Management (name not stated)
the major reason for drop ... is you know we had Maharashtra elections. ... billing from a lot of governments which had initiatives ... those were the two three special events which happened last year
Evasive
Low priority
What is the feedback on the Baskar English app and Uttarakhand app?
Asked by Bahi Jawan, care PMS
Management gave no concrete numbers or detailed feedback, only saying numbers are nascent and feedback is decent.
no specific metricsvague feedback
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Question
the Bashkar English app has completed one year since the launch. What are the feedback we receive ... and also what is the feedback we receive for the app we launch in the UT in recently?
Management (name not stated)
Bascar English app the numbers are still in a very very nent stage. ... consumer feedback is decent. ... as far the Uttakhand is concerned uh we are happy with the initial encouragement.
Partial answer
Medium priority
What is the revenue guidance for 14 new radio stations in FY27?
Asked by Bahi Jawan, care PMS
Management declined to give revenue guidance but provided margin ramp-up timeline.
no revenue guidance given
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Question
for the radio business ... we are fully operational or 14 radio station in FY27. So what will be the revenue guidance for that and will it be sim with the similar margins we have right now?
Management (name not stated)
I doubt in the first year you can have a that kind of margin to start with ... first year will not be possible to come up to the margin of 30 40%. I think we'll have to give them those station at least 2 three years time to come up to that margin.
Answered
High priority
What is the print advertising revenue growth excluding elections?
Asked by Yash R, BNK Securities
Management clarified the 6% growth is for print only, directly answering the question.
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Question
the advertising revenue ... has grown by around 6% if we exclude the elections ... But that's on a consolidated basis. What about the mix of print and radio?
Management (name not stated)
This we talking about only print. This is only print not the console.
Answered
Medium priority
What was the government share of advertising last year vs this year?
Asked by Yash R, BNK Securities
Management provided specific percentages for government share, directly answering.
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Question
what is the government uh share last year?
Management (name not stated)
Last year government uh contributed almost 24%. And this year it has gone down to 17%.
Partial answer
High priority
Is the 6% growth driven by volume or rate improvement?
Asked by Yash R, BNK Securities
Management gave category growth rates but did not clarify the volume vs rate split for the 6% growth.
did not specify if 80/20 refers to volume/rate
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Question
Has that been on account of volume majorly or is there has there been some improvement rates as well?
Management (name not stated)
it's I would say 80/20. For example, in education, we have grown by ... high single digit. Automobile ... single digit. Real estate ... double strong double digit.
Answered
Medium priority
What is the circulation number in December?
Asked by Yash R, BNK Securities
Management provided a specific number for circulation.
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Question
what is the number in December?
Management (name not stated)
Around 40 lakh copies.
Answered
High priority
Any update on the 26% increase in government print ad rates?
Asked by Mohit Seni, Individual Investor
Management confirmed implementation and said impact will be visible this quarter.
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Question
the government has given n for increasing 26% in print ad rates. Any update on that from your side? Any communication with the government?
Management (name not stated)
this has been implemented by certain states and the actual impact of that should be visible from this quarter itself.
Partial answer
Medium priority
What is the auto revenue percentage now and will it return to pre-COVID 15-16%?
Asked by Ria Meta, Individual Investor
Management gave current 10% but did not commit to returning to 15%, only said it depends on auto companies.
no commitment to reaching 15%
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Question
precoid level we were around almost 15 16% of our revenue used to come from auto. Are we anticipating similar percentage going forward?
Management (name not stated)
it's already in double jetted right now around 10%. Now from 10 to go to 15 I think all the automobile companies will have to really do a hard work.