DB Corp
DB Corp Limited is an Indian media conglomerate primarily engaged in newspaper publishing, radio broadcasting, and digital platforms, best known for its flagship Hindi-language daily Dainik Bhaskar.[1] The company operates across print, audio, and online media, focusing on regional markets in Hindi, Gujarati, and Marathi languages.[2] Established in 1958 with the launch of Dainik Bhaskar in Rajasthan, DB Corp has expanded to publish 61 editions of its newspapers across 12 states, including 43 editions of Dainik Bhaskar, 8 of Divya Bhaskar, and 6 of Divya Marathi, supported by 211 sub-editions.[1] It claims the position of India's largest circulated multi-edition daily and the top newspaper group by readership, reaching 6.62 crore readers according to Indian Readership Survey data from 2019.[1] The company's radio arm, MY FM, and digital initiatives complement its print dominance, particularly in Tier II and III cities driving India's economic growth.[1] DB Corp has achieved notable recognition for brand excellence and marketing innovation, including awards for content campaigns, event sponsorships, and digital CSR efforts.[3] Financially, it reported a 38% compound annual growth rate in profit after tax over the three years ending FY25, alongside advertisement revenue growth of 13% CAGR in the same period.[4] The company maintains leadership in multiple states, such as Rajasthan for Dainik Bhaskar with average circulation exceeding 16 lakh copies.[1]History
Founding and Early Development
DB Corp originated with the establishment of Dainik Bhaskar, its flagship Hindi-language newspaper, which was launched on August 13, 1958, in Bhopal, Madhya Pradesh, by Ramesh Chandra Agarwal alongside his father, Dwarka Prasad Agarwal, building on the family's prior involvement in printing.[5][6] The newspaper initially targeted local readership in Tier II and III cities, emphasizing accessible content for non-metro audiences, which laid the groundwork for its circulation growth amid competition from established English and regional dailies.[1] In its formative years, Dainik Bhaskar focused on technological upgrades and quality journalism to differentiate itself; in 1977, the group installed India's first web offset printing machine in Bhopal, enabling faster production and higher print quality.[5] By 1981, it had become the dominant newspaper in Bhopal through consistent reporting and improved distribution, surpassing local competitors in circulation.[5] This period marked a shift from a modest family venture to a scalable operation, with early expansions into nearby regions setting the stage for broader market penetration. Further development accelerated in the 1980s, as the company ventured beyond Bhopal: on March 5, 1983, Dainik Bhaskar debuted in Indore, capturing significant market share by addressing local issues and reader preferences overlooked by rivals.[5] In 1988, it entered Raipur, capitalizing on untapped demand in central India and refining strategies like reader surveys and localized editions to drive loyalty.[5] These steps solidified DB Corp's foundation as a regional powerhouse, with Ramesh Chandra Agarwal's leadership emphasizing innovation in printing and content relevance over the next decades.[6]Expansion into Multiple Languages and Regions
DB Corp initially focused on Hindi-language publications through Dainik Bhaskar, launching its first edition in Bhopal, Madhya Pradesh, on January 26, 1958.[1] The newspaper expanded within Hindi-speaking regions, entering Indore in 1983 and subsequently growing to multiple editions across Madhya Pradesh, Rajasthan, Haryana, Bihar, Jharkhand, Chhattisgarh, Uttar Pradesh, and other northern and central Indian states.[7] By 2019, Dainik Bhaskar had established 43 editions in 11 states, marking a progression from a single-state operation in 1997 to broad regional coverage in the Hindi heartland.[7] Diversification into non-Hindi languages began with Gujarati through Divya Bhaskar, launched on June 23, 2003, in Ahmedabad, Gujarat, where it achieved immediate market leadership with over 450,000 copies sold on launch day.[8] This entry into Gujarat represented DB Corp's first major linguistic shift outside Hindi, followed by expansions to Vadodara on September 12, 2004, and Rajkot later that year, resulting in 8 editions across 2 states by the 2010s.[5] The Gujarati venture capitalized on regional linguistic loyalties, integrating local content to build readership in a market dominated by established competitors.[9] Further expansion occurred in 2011 with the Marathi-language Divya Marathi, debuting on May 31 from Aurangabad, Maharashtra, as DB Corp's 60th edition overall.[10] Subsequent editions followed in Nashik, Jalgaon, Ahmednagar, Solapur (2012), and Akola (2013), yielding 6 editions in Maharashtra.[11] This move extended the company's footprint into western India, emphasizing localized reporting to penetrate the competitive Marathi media landscape.[12] By 2025, DB Corp maintained 61 print editions across 12 Indian states in three primary languages—Hindi, Gujarati, and Marathi—without significant international presence.[1] This multi-regional strategy, spanning over 210 sub-editions, has positioned the company as India's largest newspaper group by circulation in these languages, though growth has plateaued amid digital shifts.[13]Incorporation, Listing, and Diversification
D. B. Corp Limited was originally incorporated as Multi-Tech Energy Limited on October 27, 1995, under the Companies Act, 1956, receiving its certificate of incorporation from the Registrar of Companies, Gujarat.[14] The company underwent a name change to D. B. Corp Limited, effective December 1, 2005, via a fresh certificate of incorporation.[15] Prior to focusing on media, it pursued energy-related activities, but shifted to print publishing following a demerger of the publication business from Writers & Publishers Limited into the company, effective April 1, 2005, as approved by the High Court of Madhya Pradesh.[15] The company launched its initial public offering (IPO) in December 2009 through a book-built issue, raising capital to fund expansion and operations.[16] Shares subsequently listed on the Bombay Stock Exchange (BSE) under script code 533151 and the National Stock Exchange (NSE) under symbol DBCORP on January 6, 2010, with trading opening at ₹250 per share.[17] This listing marked D. B. Corp's transition to a publicly traded entity, enabling broader investor participation and supporting its growth in the competitive Indian media landscape.[18] Post-listing, D. B. Corp pursued diversification beyond core print media to mitigate risks from declining newspaper circulation and advertising shifts. In 2006, its subsidiary Shriram Entertainment Limited (SMEL) acquired licenses for 17 FM radio stations under the MY FM brand, establishing a foothold in broadcasting across multiple states.[15] The company further expanded into digital media with platforms like Divya Bhaskar online and mobile apps, achieving 20 million monthly active users by fiscal 2026, alongside event management ventures that include conferences and cultural programs to tap non-print revenue streams.[19] Recent efforts include securing 14 additional radio stations in 2025 via government auctions, enhancing geographic reach in underserved markets.[20] These moves have positioned D. B. Corp as a multi-platform media conglomerate, with radio, digital, and events contributing to revenue diversification amid print sector challenges.[15]Business Operations
Print Media Publications
DB Corp's print media operations focus on regional-language daily newspapers under the Bhaskar Group, with 61 editions and 211 sub-editions across 12 states in three languages: Hindi (covering 11 states), Gujarati (2 states), and Marathi (1 state).[1][21] The portfolio includes five main titles: Dainik Bhaskar and DB Star in Hindi, Divya Bhaskar and Saurashtra Samachar in Gujarati, and Divya Marathi in Marathi.[1][22] The flagship Dainik Bhaskar, a Hindi broadsheet launched in 1958 in Bhopal, Madhya Pradesh, comprises 43 editions and serves as the group's primary publication with broad regional penetration.[1] It has held the position of India's largest-circulated daily based on Audit Bureau of Circulations (ABC) data through July-December 2019 and Press in India reports for 2017-18.[1] As of 2025, its daily circulation stands at approximately 3.57 million copies per ABC audits.[23] Divya Bhaskar, a Gujarati daily, features 8 editions mainly in Gujarat, including cities such as Ahmedabad, Surat, and Vadodara.[1][24] Saurashtra Samachar provides additional Gujarati coverage targeted at the Saurashtra region of Gujarat.[22] Divya Marathi, introduced on May 29, 2011, is a Marathi daily with 6 editions in Maharashtra, such as Aurangabad.[1] DB Star, a compact Hindi format, operates 4 editions in key cities: Bhopal, Indore, Gwalior, and Raipur.[1] These publications emphasize localized content through sub-editions to address diverse reader preferences in urban and rural markets.[21]Radio Broadcasting
DB Corp's radio broadcasting operations are conducted under the MY FM brand (94.3 FM), which emphasizes hyperlocal content tailored to Tier II and III cities in non-metropolitan regions. The division leverages synergies with the company's print media assets, particularly its Hindi-language newspapers, to integrate news and regional insights into programming branded as "Jiyo Dil Se." MY FM maintains live broadcasts with radio jockeys across all its markets, distinguishing it through real-time, location-specific engagement rather than syndicated content prevalent in larger urban stations.[25] The network commenced operations with its inaugural station in Jaipur on May 28, 2006, following the award of 17 licenses in the 2005-2006 phase of private FM auctions. Subsequent expansions included 13 additional frequencies secured in the Phase III auctions of 2015-2016, with launches occurring between July 2016 and March 2017 in cities such as Hisar, Karnal, Rajkot, Aurangabad, Ahmednagar, Nanded, Sangli, Nasik, Jalgaon, Solapur, Dhule, Bikaner, and Akola. As of mid-2025, MY FM operated 30 stations spanning seven states, including Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Punjab, Chhattisgarh, and Haryana, with key markets encompassing Bhopal, Indore, Gwalior, Udaipur, Jodhpur, Kota, Jabalpur, Nagpur, Ahmedabad, Surat, Rajkot, Chandigarh, Jalandhar, Amritsar, Bilaspur, Raipur, Ajmer, and the aforementioned Phase III additions.[25][26] In August 2025, DB Corp's MY FM secured licenses for 14 new stations in underserved greenfield cities through the third batch of Private FM Radio Phase III auctions, covering locations such as Alwar, Bhilwara, Bhuj, Daman, and Ratlam, at a total cost of approximately Rs. 15.29 crore. These approvals, announced on August 14, 2025, aim to extend the network's footprint into additional Tier III markets, enhancing advertising reach and listener engagement in regions aligned with DB Corp's print dominance. Operational rollout for these stations remains subject to regulatory clearances and infrastructure setup, with the expansion positioned to capitalize on growing FM listenership in heartland India amid digital audio competition.[27][28]Digital and Event Management Ventures
DB Corp's digital operations are conducted through DB Digital, a division dedicated to creating mobile-first news products tailored for Indian audiences, emphasizing vernacular languages and hyper-local content. The primary platforms include the Dainik Bhaskar app in Hindi and the Divya Bhaskar app in Gujarati, both achieving app store ratings of 4.4 out of 5 as of the latest reported data.[29] These apps prioritize personalized news feeds, video content, and e-paper access to drive user retention and growth.[29][30] User engagement metrics demonstrate significant expansion: monthly active users (MAU) for the Dainik Bhaskar app rose from 4.8 million in July 2020 to 10.4 million in May 2023, representing over an eightfold increase, while Divya Bhaskar MAU grew from 1.4 million to 3.0 million in the same timeframe.[29] ComScore rankings position the Dainik Bhaskar app as India's top news publisher app by active user base and engagement as of 2024.[29][30] Additionally, the platforms have facilitated over 1 million e-paper downloads, with approximately 850,000 attributed to Dainik Bhaskar and 150,000 to Divya Bhaskar.[29] DB Digital aims to scale these offerings to serve over 500 million users by focusing on trusted, localized information amid India's mobile penetration exceeding 1 billion devices by 2030 projections.[30] Event management forms a complementary venture, integrating with digital and print media to enhance community interaction and brand visibility. DB Corp organizes promotional and cultural events, such as the Jaipur Mahotsav in celebration of Dainik Bhaskar's 15-year milestone, featuring diverse activities to engage local populations.[31] Other initiatives include webinars, like the November 11, 2021, session on stock market strategies with experts including Nilesh Shah, and recurring events such as Bhaskar Garba cultural festivals and marathons in cities like Raipur.[32][33] These activities leverage DB Corp's media reach for sponsorships, live coverage, and audience mobilization, though they constitute a smaller revenue segment compared to core publishing and digital streams.[2] Company filings describe event management as part of integrated services alongside digital news platforms, supporting overall audience monetization through advertising and partnerships.[34]Financial Performance
Revenue Sources and Trends
DB Corp's revenue is predominantly derived from advertising, which accounted for approximately 72% of total operations revenue in FY 2024-25, followed by circulation from newspaper and magazine sales at around 20%.[35] Advertising encompasses print, digital, and radio formats, with print dominating due to the company's extensive newspaper network including Dainik Bhaskar and regional editions. Circulation revenue stems from single-copy sales and subscriptions, while supplementary sources include printing job charges for third parties, event management, and sales of production wastage. Radio operations, via the MY FM network, contribute through spot advertising and sponsorships, representing about 7% of revenue. Digital ventures, though not yet a major segment, generate income from online ads and content monetization across platforms like www.dainikbhaskar.com.[](https://dbcorpltd.com/img/DB_corp_Annual_Report_Upated_Aug_2025.pdf)[](https://dbcorpltd.com/img/DB_corp_Annual_Report_Upated_Aug_2024.pdf) In FY 2024-25, total revenue from operations reached ₹23,382.41 million, a 2.6% decline from ₹24,004.83 million in FY 2023-24, reflecting challenges in print advertising amid newsprint price volatility and supply disruptions. Advertising revenue fell 3.6% to ₹16,899.15 million, impacted by reduced government ad spends and sectoral slowdowns, though it maintained a 13% compound annual growth rate (CAGR) from FY 2022 to FY 2025. Circulation revenue dipped 1.2% to ₹4,733.57 million, aligning with industry-wide circulation declines of 1.2%, despite stable reader engagement. Radio revenue grew 4.4% to ₹1,663.03 million, supported by EBITDA expansion, while printing jobs rose 2.9% to ₹1,204.72 million and other operating revenue increased 3.4% to ₹553.67 million.[35][35][36]| Revenue Segment | FY 2023-24 (₹ million) | FY 2024-25 (₹ million) | YoY Change (%) |
|---|---|---|---|
| Advertising | 17,523.59 | 16,899.15 | -3.6 |
| Circulation | 4,790.99 | 4,733.57 | -1.2 |
| Radio | 1,592.81 | 1,663.03 | +4.4 |
| Printing & Other | 1,706.29 | 1,758.39 | +3.1 |
| Total Operations | 24,004.83 | 23,382.41 | -2.6 |
Key Financial Metrics and Challenges
In fiscal year 2024-25, DB Corp achieved total revenue of ₹2,421 crore, marking a 2.6% decline from ₹2,482 crore in FY 2023-24, primarily attributable to a high base effect in advertising.[35] Advertising revenue, which comprised approximately 70% of total turnover, totaled ₹1,690 crore, down 3.6% year-over-year.[35] EBITDA stood at ₹627 crore, yielding a 26% margin (with print-specific margins at 30%), while profit after tax (PAT) reached ₹371 crore, a 12.8% decrease from the prior year but supported by a 38% compound annual growth rate over the preceding three years.[35][4] Key financial metrics for recent fiscal years are summarized below:| Metric | FY 2024-25 | FY 2023-24 | Change (%) |
|---|---|---|---|
| Total Revenue | ₹2,421 Cr | ₹2,482 Cr | -2.6 |
| Advertising Revenue | ₹1,690 Cr | ₹1,752 Cr | -3.6 |
| EBITDA | ₹627 Cr | ₹703 Cr | -10.9 |
| PAT | ₹371 Cr | ₹425 Cr | -12.8 |
| EBITDA Margin | 26% | 28% | -7.1 |
| Return on Equity | 16.7% | 20.3% | -17.7 |