DB Corp Ltd — Q4 FY26
DB Corp reported a steady Q4 FY26 with consolidated revenue of ₹589.6 crore (+4% YoY) and PAT of ₹62.2 crore (+18.8% YoY), driven by 6% advertising growth in print, partially of...
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✓ Verified against BSE filing
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 auditedContradictedNumbers vs filing
Partial answer
High priority
Expectations for next quarter after state elections and EBITDA margin target.
Asked by Dwang Sha, and financials
Management gave qualitative growth outlook but did not commit to a specific EBITDA margin target.
no specific margin target givenvague on election revenue impact
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Question
So the question is regarding the future prospects like what are we expecting for the next like the state elections were there. So are we going to see in the next quarter of bumping on that other incomes or something like that or like is there any plan to achieve 18% or 16% plus a bit margin or something or like that?
Management (unidentified)
Last year our performance if I take the election revenues out was around 6 and a half%. On the advertising... Now this year in the month of April we have seen a very good double-digit strong growth... I am very confident that this growth should continue of a strong singledigit number even for this year also... my iida margin last year was 24% before this year we were at 26%. So we believe that the maintaining of this number this margin should be achievable.
Answered
Medium priority
Whether promoter buying shares is for delisting or just up to 75%.
Asked by Dwang Sha, and financials
Management directly confirmed the promoter buying is only to reach 75%, no delisting plan.
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Question
So is there any plan to reach beyond 75% if you then you have to go for the open offer for the dlisting or something or something like that. Is there any plan for that or it's like just to cap up till 75 only?
Management (unidentified)
Yes, you are right. Just to cap up till 75 sir.
Answered
High priority
Segment-wise growth breakdown for advertising revenue excluding government.
Asked by Ria Meta, Equitas
Management provided specific growth ranges for key segments.
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Question
Could you help me break up between the segments where sector and segments where this growth is coming from barring out the government including the election advertising.
Management (unidentified)
Every other segment has shown a growth from single digit to some of them into a double digit also. Auto had a single digit growth. Real estate had a double digit. Jewelry had a double digit. Healthcare had a double digit. FMCG was flat.
Answered
Medium priority
Where is the 120 crore capex going?
Asked by Ria Meta, Equitas
Management clearly explained the capex is for buying rented properties.
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Question
So basically there is some KEX which we are going of 120 K. Could you help me where is this money going to?
Management (unidentified)
Largely with this money is going into buying out the existing properties. What we have rental for example in most of the places we have rented out the properties for our printing presses and offices. So we are slowly and gradually trying to buy out these properties so that we don't have to pay the rent.
Evasive
Medium priority
Reason for dip in digital MAUs from 22 million.
Asked by Ria Meta, Equitas
Management did not explain the MAU decline, just said it's due to local events.
no specific reason for dipattributed to local events
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Question
Also in terms of digital... around May 2025 we had almost 22 million MAUs it has slightly reduced what can be the particle is it a monthly phenomena or should I read into it have we increased our rates what would be the key reason for this
Management (unidentified)
If you look at the overall number there's been a constant growth now in one particular month the number goes up because of any local event you know but otherwise we are on a steady pace of a growth.
Partial answer
High priority
Change in dividend policy after 60% payout last year.
Asked by Bhavy Chan, Care PMS
Management denied policy change but did not explain why no dividend this year.
no commitment on future dividendvague on tax efficiency
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Question
Last year the company has pay out of 60%. Whereas this year there is not such a dividend declare right now. So is there any change in our dividend policy?
Management (unidentified)
There is no change in the policy. I think board is evaluating more tax efficient manner to use the cash.
Answered
Medium priority
Update on revenue from Google and other platforms.
Asked by Bhavy Chan, Care PMS
Management directly stated the case is pending with no progress.
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Question
There have been news on the platform such as Google and other mclass. So we are not getting any revenue from them right now. So is there any update of getting that revenues?
Management (unidentified)
All the platforms put together have gone to the competition commission of India filing a case against Google and others. So we are still awaiting nothing has happened so far from there.
Partial answer
High priority
Sectoral growth rates and contribution for Q4.
Asked by Sanushi, individual investor
Management declined to provide exact growth rates but gave contribution ranges.
refused to give exact numbersonly gave qualitative ranges
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Question
Can you share the sectoral growth rates and their contribution for the Q4?
Management (unidentified)
We don't give the exact number sector wise and all that because of the competitive reason. I hope you will appreciate that. In terms of contribution, education remains in the mid double digits, real estate in a double digit, automobile in a strong single digit, government in a decent double digit, jewelry in a single digit.
Answered
Medium priority
Ad yield growth percentage in Q4.
Asked by Sanushi, individual investor
Management clearly stated no significant yield growth.
Read the exchange
Question
What was the ad yield growth percentage in quarter 4?
Management (unidentified)
There is no major yield growth in quarter 4. The yield has largely remained the same largely the growth has come from the volumes. But some minor percentage growth in yield but nothing worthwhile.
Answered
Medium priority
Circulation copies in Q4.
Asked by Sanushi, individual investor
Management provided the exact number.
Read the exchange
Question
Can you also provide the circulation copies reported in the quarter four?
Management (unidentified)
Quarter four copies are almost 39 lakhs.
Answered
Low priority
Newsprint mix between domestic and imported in Q4.
Asked by Sanushi, individual investor
Management gave the exact mix.
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Question
What was the new sprint mix between the domestic and the imported in quarter 4?
Management (unidentified)
In quarter 4 the mix has been 80/20 80% Indian 20% imported.
Partial answer
High priority
Ad revenue growth excluding election impact and government share.
Asked by Yash, JB associated
Management confirmed the growth number but gave a range for government share.
vague on government share exact percentage
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Question
Now you mentioned that excluding the election impact we've grown by around the 6 o% 6.3% to be precise as far as print is concerned printing revenue is concerned right... what is the government share?
Management (unidentified)
Correct. You just got the right number. Totally I mean it remains same at around 17 18% or has it changed in the out number one percentage here and there.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Ex-election ad revenue growth 6.3% for print | 6.3% | 4% | Overstated vs filing |
| Last year EBITDA margin 24%, before that 26% | 24% | 17% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.