D B Corp Ltd Management Discussions

Indian Economy

Indias economic fundamentals continued to demonstrate remarkable resilience and strength during FY26, reinforcing confidence in the countrys long term growth trajectory. Despite external headwinds, the Indian economy is expected to remain the fastest- growing major economy in FY27, with GDP growth projected at 6.6%.

The Indian economy grew by 7.8% in Q4 FY26, compared with 7.0% growth in the corresponding quarter of the previous fiscal. Supported by the strong Q4 performance, the annual FY26 growth is estimated at 7.7% (7.1% in FY25). Almost all sectors recorded better growth in Q4 FY26, with Industry (7.3%) and Services (9.9%) growing robustly, followed by Agriculture (3.6%). Within the Industry sector, Construction grew by 8.4% and Manufacturing increased by 7.3%. Among the Services, Trade, Hotels, Transport, Communication and Services related to Broadcasting registered a robust growth of 12.5%, followed by Financial, Real Estate and Professional Services, which grew by 10.4%.

The trends across expenditure components also reflected a significant improvement during FY26, driven largely by the strong performance of services such as Trade, Hotels, Transport and Financial Services, along with Manufacturing and Construction. Corporate sector of India is also expected to maintain a steady growth trajectory, with revenue growth projected at 8-9% in fiscal 2027. According to Crisil, Indias real gross domestic product (GDP) is projected to grow by 7.1% in fiscal 2027, supported by consumption and investment. The revised GDP series estimates real GDP growth at 7.6% in fiscal 2026, compared with 7.1% in fiscal 2025, reinforcing that Indias economic expansion continues to retain real traction despite a turbulent global environment.

Consumption Outlook:

Amid global uncertainties, Indias consumption story has emerged as a key driver of economic growth. Supported by favourable policy measures, evolving household structures and the countrys progression towards upper-middle-income status, consumption is expected to drive the next wave of economic expansion. With Private Final Consumption Expenditure (PFCE) estimated at 57% of GDP in fiscal 2026, as per the new GDP series, consumption continues to serve as the primary engine of Indias economy.

Indias consumption landscape is poised for a structural transformation between fiscals 2026 and 2031. Policy tailwinds, including the 8^th Pay Commission and GST rate rationalisation, alongside structural shifts such as the increasing prevalence of nuclear families and rising female workforce participation, are expected to strengthen consumption demand. In addition, the countrys transition towards upper-middle-income status, with GDP per capita expected to rise from $3.0k to more than $4.5k, is likely to further support consumption-led growth.

According to the Household Consumption Expenditure Survey (HCES), lower-income segments recorded stronger consumption growth than higher-income groups between fiscals 2023 and 2024. The bottom 20% of the population by consumption registered faster growth in Monthly Per Capita Expenditure (MPCE) than the top 20% in both rural and urban areas.

Rural is faring better than urban, as:

? Rural LFPR increased (58.4% v/s 57.1%), while urban LFPR moderated (50.4% v/s 50.6%).

? In rural areas, the LFPR rose for both female (39.4% v/s 37%) and male (78.8% v/s 78.4%) workers.

? In contrast, urban LFPR slowed for females (25.5% v/s 25.6%) and stagnated for males (75.1%).

? The unemployment rate declined for all, except urban females. Urban females saw the highest unemployment rate (9% v/s 8.9%), which also increased.

Corporate revenue growth to stay range bound at 8-9% in fiscal 2027

E-estimated, P-projected Note:

1. Analysis based on 905 listed corporates, excluding oil and gas as well as banking, financial services, and insurance (BFSI) companies, representing ~55% of the average market capitalization of listed companies during the six months ended June 30, 2025

2. The black dotted line represents the decadal average of annual corporate India revenue growth from fiscals 2017 to 2026

3. Nominal GDP is as per the new series of annual and quarterly national accounts estimates with base year 2022-23

Source: Crisil i360, company reports, industry, Crisil intelligence.

The 8^th Pay Commission is expected to provide a boost to consumption. However, as seen in previous Pay Commission cycles, the extent of the impact will depend on the increase in payouts. Broadly, two scenarios are expected:

? If the increase in payout is 10-15%, incremental revenue growth in consumption-linked sectors, such as durables and packaged foods, is expected to be modest (<100 bps), similar to the experience during the 7^th Pay Commission.

? If the increase in payout is >30%, it could lead to even higher growth, as seen during the 6^th Pay Commission, wherein packaged foods, passenger vehicles and durables saw a 300-400 bps increase in revenue growth.

Structural Reforms and Trade Integration:

With six trade deals signed in the past four years, India now has FTAs with more than half of the worlds top importers, with the share set to increase to two-third once the terms of the US FTA are finalised. This is a significant rise since 2021, when Indias FTAs offered preferential access to only 17% of its global merchandise export markets by value.

Media and Entertainment Sector

The year 2025 marked a pivotal inflection point for Indias Media & Entertainment (M&E) sector, as it entered a new phase of scale, innovation and transformation. Beyond growth in numbers, the year reflected evolving audience engagement and the increasing convergence of technology with storytelling.

The industry continued its steady year-on-year growth in 2025, reaching Rs. 2.78 trillion (US$32 billion), representing a 9% increase that outpaced Indias nominal GDP per capita growth of 7%. Importantly, the industrys performance exceeded last years estimates, reinforcing confidence in its long-term growth trajectory and its ability to adapt to evolving market dynamics. The M&E sector contributes around 0.8% of Indias GDP, provides direct employment to around 2.75 million people, and supports indirect employment for over 10 million people.

The M&E sector is expected to grow by 2.8% in 2026 to reach Rs. 2.86 trillion (US$32.9 billion). Excluding the online gaming segment, the M&E sector is expected to grow by 8% in 2026 and thereafter at a CAGR of over 7%, reaching Rs. 3.3 trillion (US$37.9 billion) by 2028.

Print

Despite global declines, print remained resilient in India. Advertising revenues rose 2% in 2025, especially in premium formats for affluent metro and non-metro readers. Event-driven income grew for several newspapers; however, subscription earnings dropped 1% due to reduced circulation among

The print segment remained largely stable in 2025 and is estimated at Rs. 259 billion. While advertising revenues grew by 2%, circulation revenues declined by 1%, reflecting the challenges faced by most print companies in maintaining circulation levels. Despite these headwinds, print continued to be the preferred medium for reaching affluent, decision-making audiences and remained the platform of choice for premium sectors such as automotive, real estate, education, BFSI and retail, particularly for product launches and high-impact campaigns.

Looking ahead, print advertising revenues are projected to grow at a CAGR of approximately 2%, supported by the mediums continued effectiveness in reaching affluent consumers and promoting premium, high-value products. At the same time, publishers are increasingly shifting from traffic-led models to trust-based, loyalty-driven ecosystems, supported by subscriptions, memberships, communities and branded content.

Advertising grew by 2%, while circulation revenue declined by 1% in 2025

	2023	2024	2025
Advertising	177,6	176.5	179.3
Circulation	31.7	30.7	30.1
Total	2593	257.2	259.4

Both newspapers and magazines grew marginally

	2023	2024	2025
Newspapers	252 2	250.0	251.0
Magazines	7.1	7.2	7.5
Total	259.3	257.2	259.4

Advertising:

Overall ad insertion volumes increased by 2% over 2024, while ad rates remained largely flat, supported by the greater use of premium and high-impact advertising formats by advertisers. This marked the third consecutive year of growth in ad volumes, outperforming global trends, with total ad volumes now around 6% higher than their 2021 levels. The number of advertisers on print also increased to almost 150,000, spanning 669 categories and 179,000 brands. English and Hindi publications together accounted for 67% of newspaper ad volumes, with Hindi remaining the largest contributor, representing 37% of total newspaper advertising volumes and reflecting its extensive reach across markets.

Events as a Growth Driver:

Events emerge as a high-growth area for the sector, with publishers significantly expanding their on-ground operations and reporting strong revenue traction compared to traditional print advertising. While difficult to estimate, events are expected to contribute approximately 4% to 6% of the total segments advertising revenues by 2027. At the same time, print continued to evolve as a performance advertising medium. One in every three print advertisements carried a call to action through a QR code, a time-bound offer, an e-commerce or q-commerce incentive, a contest, or another form of audience engagement. Product launches and platform-day offers also increasingly integrated newspapers with mobile phones, a trend that appears set to continue. Looking ahead, advertising is expected to grow by over 3% in 2026 and at a CAGR of 2% until 2028, driven by advertisers ability to reach increasingly elusive affluent audiences, who can often skip advertisements on digital platforms, as well as by premium inventory formats that help sustain revenues even as circulation continues to decline. Events have evolved into an important driver of both revenue and audience engagement for the print industry.

Government Advertising:

Government advertising rates increased by 26% towards the end of 2025, providing a long overdue pricing reset for the print industry. According to EY estimates, the rate revision is expected to translate into an additional 2% to 3% increase in overall advertising revenues, provided government advertising volumes remain sustained. The impact is expected to be more pronounced for regional and smaller publishers, where government advertising serves as a baseline revenue stream rather than incremental upside.

Going forward:

As Al-generated summaries increasingly reduce referral traffic by 30%, credibility is expected to become the key differentiator for publishers. In response, publishers are likely to establish stronger credibility standards to distinguish human-verified journalism from automated news feeds. A governance-first approach to AI adoption is expected to emerge as a competitive advantage, enabling publishers to leverage automation while preserving editorial integrity and strengthening brand trust.

The News in Education (NIE) programme is also expected to witness renewed focus and innovation, as print companies seek to cultivate newspaper reading habits among younger audiences. Potential mandates from state governments to incorporate news and awareness into school and college curricula could increase circulation to educational institutions, while simultaneously fostering long-term readership habits among younger generations.

Top five sectors in 2025 increased their contribution to 65% of total print ad volumes, up from 63% in 2024

Rank	Top five sectors	2024	2025
1	Auto	15%	16%
2	Services	15%	15%
3	Education	15%	14%
4	Banking/ finance/ investment	10%	11%
5	Retail	9%	8%

Print remains a "go-to" segment for affluent audiences, with the top five categories contributing 30% in 2025

Rank	Top five categories	2024	2025
1	Cars	7%	9%
2	Properties/ real estates	5%	6%
3	Two wheelers	6%	6%
4	Multiple courses	5%	5%
5	Retail outlets - Jewelers	5%	5%

Digital

The digital media segment achieved a significant milestone by becoming the first media and entertainment (M&E) segment to cross the Rs. 1 trillion (Rs. 1 lakh crore) mark. Telecom subscriptions reached 1.23 billion, although tele-density remained at 87% and continued to be heavily skewed towards urban areas. The rapid adoption of next-generation connectivity was evident as 5G subscriptions grew by 39% during 2025. Internet penetration also continued to strengthen, with broadband subscriptions crossing the one billion mark. Of those accessing the internet, 98% used broadband services, of which 4% were on wired broadband while the remaining users relied on wireless services. Smartphone adoption also remained robust, with 584 million users, representing approximately 40% of Indias population, using smartphones.

Digital consumption:

? Indians spent 1.2 trillion hours (+9%) on their phones in 2025, 59% of their phone time was spent on media and entertainment.

? There were around 178 million audio streaming users, of which 92% did not pay for any subscription plan.

? The reach of online news platforms dramatically reduced by 9% during 2025, with Al search summaries and the growth of Al apps being cited by industry stakeholders as the key reasons for the fall.

? Social media users grew to around 500 million in 2025 and spent 731 billion hours on social media in 2025 (+5%).

Digital advertising:

Digital advertising grew 26% to reach Rs. 947 billion in 2025, as several advertiser categories shifted ad spends from traditional to digital media, led by FMCG, travel and pharma.

Digital subscription:

Digital subscription revenues grew by 60% in 2025, driven by strong growth across video, audio and news platforms. Video subscription revenues increased by 61 % to reach Rs. 148 billion, with 143 million households paying for 216 million video OTT subscriptions. Looking ahead, the digital media segment is expected to grow at a CAGR of 14%, reaching Rs. 1,640 billion by 2028. This growth is expected to be supported by several key drivers.

Drivers for growth:

Smartphone penetration is expected to grow to 670 million by 2028, further supporting the expansion of the digital ecosystem. Digital subscription revenues are projected to grow at 15% to reach Rs. 248 billion by 2028. Within this, video subscriptions are expected to grow at 14%, driven by premium events and the increasing adoption of Connected TV households, reaching 191 million homes and 255 million paid subscriptions by 2028. Audio subscriptions are also projected to witness strong growth of 29%, reaching Rs. 22 billion with over 28 million paid subscriptions, as the industry continues to discourage free consumption, introduce new technology features across apps, and build stronger artist-driven communities. News subscriptions will grow at 20% and remain sub-scale at just Rs. 8 billion by 2028. However, innovation around value-accretive products can drive growth in niche segments and by building out high-value communities.

Urban subscriptions accounted for 56% of total subscriptions, while rural subscriptions contributed the remaining 44%. Indias overall tele-density has now reached 87%. However, it remains significantly skewed, with urban tele-density at 136% compared with just 59% in rural areas. This disparity indicates that the next wave of content consumption growth is expected to come from Bharat rather than urban India.

The shift towards regional content continued in 2025, with 56% of the total content produced for digital platforms being created in regional languages. At the same time, the consumption of content in subtitled and dubbed formats increased, according to platform leaders interviewed, reflecting audiences growing preference for content across multiple languages. penetration across both new and used devices. Reflecting this rising adoption, the total time spent on video viewing also increased by 13%, from 28 billion hours to 32 billion hours.

Radio

Ad volumes increased marginally by 2% in 2025 compared to the previous year. However, while ad volumes grew in smaller cities and towns, they fell in high-yield metro markets by up to 20%. In addition, ad yields reduced by 9% on average in 2025.

At the same time, non-FCT revenues contributed 25% of the total revenues of the radio segment, and their importance is expected to continue growing. The non-FCT revenues is, expected to contribute around 39% of total revenues by 2028. Given this scenario, 62 FM licenses were sold in only 43 of the 234 cities in which they were offered.

Almost all new licences were issued in smaller cities or acquired by existing radio companies to complete their state-level station portfolios. Going forward, the radio industry will need to redefine its value proposition by developing new products and a stronger narrative across multiple areas, such as:

? Hyperlocal connects

? Community leadership

? Exclusive content

? Bundling with other media

? Digital co-existence

? Brand extensions

The radio segment witnessed a challenging year in 2025, with revenues declining by 7%, leading to financial stress and workforce reductions across major networks. Although advertising volumes increased marginally by 2% compared to the previous year, the growth was largely driven by smaller cities and towns. In contrast, advertising volumes in high-yield metro markets declined by up to 20%, according to industry discussions.

The number of video viewers, defined as individuals who consume video content on smartphones, increased by 4%, or 21 million in 2025 to reach 572 million. This growth is expected to continue with the number of video viewers estimated to cross 657 million by 2028, supported by increasing smartphone

Shape of the future

? Community leadership: Taking up causes pertaining to communities and focusing on purpose and measurable outcomes.

? Exclusive content: Providing access to some community leaders, influencers, and content not available anywhere else.

? Bundling with other media: Integrating radio inventory with print and/or out-of-home inventory can add significant value for marketers.

? Digital co-existence: Determining a simple online radio model, with non-skippable content and stationarity across large OTT streaming, e-commerce and other apps, as well as the fast-growing CTV and IPTV markets, with music licences at radio or radio++ rates.

? Brand extensions: Radio companies have built powerful brands that can be leveraged across new media and community-building initiatives.

There is a need for the radio industry to re-evaluate its operating cost structure and work towards significant efficiency improvements. Key focus areas include the centralisation of planning, scheduling, advertising sales, marketing, content and RJ operations, along with organisational restructuring into audience-focused mini enterprises. The adoption of AI-powered station automation, including AI RJs to replace expensive talent or support programming during periods of lower listenership, can further enhance operational efficiency. In addition, increasing the repurposing of marquee shows and automating or outsourcing support functions can help optimise costs while improving operational effectiveness.

DBCL Segmental Performance

D.B. Corp Ltd. (DBCL/ DB Corp/ DB/ the Company) is Indias largest media conglomerate with strong presence across print, radio and digital segments. It is headquartered at Bhopal, Madhya Pradesh, India, with around 4,776 employees across the country. As Indias largest print media company, DBCL publishes 5 newspapers, namely, Dainik Bhaskar (43 editions), Divya Bhaskar (8 editions), Divya Marathi (6 editions), Saurashtra Samachar (1 edition) and DB Star in 3 languages,

i.e., Hindi, Gujarati and Marathi. DBCL is present across 14 states of Madhya Pradesh, Chhattisgarh, Rajasthan, Haryana, Punjab, Chandigarh, Himachal Pradesh, Delhi, Gujarat, Maharashtra, Jharkhand, Bihar (Digital) Uttar Pradesh (Digital) and Uttrakhand (Digital).

DBCLs other business interest areas span across radio and digital mediums. In the FM radio segment, the brand has a strong presence in ‘94.3 MY FM, which is available in 7 states and 37 cities, creating a valuable package for advertisers in tier II and III cities, where Dainik Bhaskar is already a leader in the print business. DBCL also has a strong online presence with 4 internet portals and 4 mobile applications. DBCL is the No.1 digital player in Hindi and Gujarati languages as well.

Print

State-of-the-Art Printing Infrastructure: DB Corp has a cutting- edge printing infrastructure that spans across 12 states, with 51 printing centres and 78 state-of-the-art machines. This setup enables the company to effectively produce high-quality newspapers efficiently.

Advanced Technology: DB Corp has invested heavily in advanced technology that includes state of the art CTPs from Krause Germany, High-speed presses from renowned brands like KBA Germany, and Manugraph India. The current infrastructure ensures that the Company can produce large quantities of newspapers quickly with high precision quality.

Capacity and Reach: With an installed capacity of approximately 32 lakh copies per hour, DB Corp has the capacity to reach vast audience across all locations in the shortest possible time & provide readers the latest content.

Innovative Printing Solutions: DB Corp has developed innovative printing solutions that cater to the diverse needs of its advertisers & readers. The Company offers a range of

Industry leading print innovations, including Front Page Cloth Jacket, Embedded Tulsi Seed on live newsprint, 3D printing, fragrance printing, fuzzy folds, butterfly flaps, French windows, super panorama, Feel and Reveal Envelope, to name a few.

Eco-Friendly Practices: At DB, we are committed to environmental sustainability through the use of Vio Green ecofriendly plates processed through CTP devices and renewable green energy through solar power installations of 4 MW across plants and city offices. These initiatives help reduce our carbon footprint, conserve natural resources, and support our mission of minimizing environmental impact.

Strategic Locations: DB Corp has strategically located its printing centres to ensure timely delivery of its newspapers. This allows the Company to maintain its competitive edge and stay ahead of the competition.

Continuous Upgrades: We monitor our competitors continuously & upgrade our infrastructure and technology to always stay ahead of the curve. This ensures that the Company remains at the forefront of innovation in the print industry.

Efficient Operations: DB Corp has implemented efficient operations to stay lean on costs and high on productivity through automation of various processes, digital properties, and effective cost management for total cost productivity.

Quality Control: At DB, we have a robust quality control mechanism in place as per the recommendations of IFRA to ensure that its newspapers deliver the highest standards of quality. We have a centralized QC Labs to test all the raw materials to ensure standards.

Advertisement:

DB Corp witnessed high single digit growth in commercial advertising, however the Government Advertising category, due to high base of election filled previous year saw a steep decline thus overall impacting Advertising Revenue Performance which saw only some growth.

While Retail advertising at the state level continue to witness growth consistently, our national corporate advertising maintained a stable performance. These figures underscore our robust market presence and strategic alignment with both regional and national advertisers.

Education, Real Estate, Automobile, Jewellery, Response, Government, health sectors continued to dominate commercial advertising.

Overall, advertising sentiments have remained positive, an encouraging sign of the sectors resilience and potential. Commercial businesses, while still on a path to fully resuming their advertising momentum, show promising scope for growth. Advertisers are becoming increasingly result-oriented, moving beyond traditional advertising to more innovative and impactful strategies.

In response to these evolving needs, our Company has developed varied solutions, including special initiatives and ground activations, tailored to capture market dynamics and

deliver exceptional results for our clients. It is important to note that in FY 2025-26, even national advertisers have shown a strong inclination towards these special initiatives.

As we move forward, we remain committed to innovation, excellence, and delivering value to our clients and stakeholders. Together, we will continue to navigate the challenges and seize the opportunities that lie ahead.

Circulation:

1. DB Corp has recorded good performance in the reader acquisition and circulation growth by increasing its share in circulation market. The morning newspaper remains an integral part of daily life for millions - a fact reflected in our growing circulation.

2. Our multi-channel circulation strategy blends innovation with on-ground execution. The landmark ‘Jeeto 16 Crores Reader Scheme, ‘Jeeto Sona Chandi captured attention across demographics, supported by a 900-member team conducting extensive door-to-door outreach. As we move forward, we aim to further strengthen our circulation base with a focus on quality, consistency, and innovation.

3. In most of the markets, DB has gained market share through its acquisition and new product launch strategies. Industry-first initiatives like Agent CRM and Agent Income Maximization have strengthened the distribution network, enhanced agent loyalty and ensured sustainable longterm growth.

Digital

For the past five years, the Digital business has been a key focus area and an important pillar for future growth of our business and this focus has translated into strong gains.

Our ability to innovate clearly puts us ahead in the market and with a highly personalized product experience - which includes text, graphics and videos as well as other new engaging formats. Our Apps have registered a tremendous growth from 2 million in January 2020 to ~20 million in March 2026.

This has propelled Dainik Bhaskar to extend its leadership as the dominant digital leader with the #1 Hindi and Gujarati News Apps, with the competition either staying flat or declining its user base. With our dominance already established in the print format and now in the digital format, we are undoubtedly the #1 Phygital Indian Language Newspaper in the country.

Our three-dimensional approach towards user retention and engagement - high quality content, unparalleled user experience and strong technology backbone is one of the driving forces of our performance. Our teams continue to work on minor and major improvements to help deliver the crisp content curated by our editorial teams and ensure that our users get hyperlocal news from all towns, cities and states in our markets. We have also worked on increasing the visual aspect of the news for further engagement:

1. DB is executing very well on Content, Product, Tech.

2. DB has the best team across all functions & a strong advisory board which has been composed of Industry Experts and Global News Leaders like Mark Thompson (Ex CEO - NYT) in the past.

3. DB is the fastest growing News App in the last 5 years.

4. DBs retention, engagement and user quality is the best compared to other news apps.

5. DB has the most depth and breadth across high quality local news as well as premium journalism content. This forms a solid base for a digital news subscription offering in the future.

6. DB is investing in building a strong brand with very high user trust focused on Local News and also developing organic and cost-effective distribution channels.

Market Opportunity:

1. The online user base in India is growing rapidly. Mainly Video, Content and News consumption online is also growing.

2. India is one of the fastest growing markets in both mobile data users and data consumption per user, expected to continue.

3. News consumption is also shifting online, and there is a huge supply gap for high quality, credible news content and journalism which will need a lot of innovation.

4. Local content is one of the biggest markets needs especially in the news category.

5. Short video content is also emerging rapidly as a preferred content format across categories.

6. Advertising revenue is shifting more towards digital. Premium ad inventory along with credible, high-quality content is still not solved for.

7. Subscription revenue for digital content online is growing across the world, and in India too. Theres a big opportunity here if we build a direct audience with high engagement and loyalty.

Areas of Focus and Key Updates:

Dainik Bhaskar has continued its focus on building the best- in-class, ad-free user experience on its digital app while maintaining high quality, insightful and engaging content for its readers. The omni-channel presence has been important, and we see our digital presence as a strong supplementary pillar of growth.

? Premium, Original, Local Content worth paying for: Dainik Bhaskar has invested consistently in delivering high quality, premium journalism to its readers and users in multiple formats including rich text, visual graphics and short videos. Our News App has been designed to make mobile-native vertical video news with a large content library of real time

videos across multiple categories that is renewed daily. This has been well received and has seen strong traction as readers appreciate the premium, hyperlocal content being delivered to their handheld devices. We continue to be focused on "high quality journalism worth paying for".

? Innovative, Interactive Content Experiments for Big News Events: We intend to leverage every big News Event across India (like Ram Mandir, Lok Sabha Elections, Maha Kumbh, IPL etc. and a lot of upcoming News Events) to grow our Direct App User Base by creating some really innovative and interactive content generating high engagement, loyalty and long term "willingness to pay" within our users. This will go beyond the standard formats like articles, videos etc. and be highly engaging, yet simple enough for the masses to consume and derive value from.

? Analytical and In Depth Election and Political Content: Post our experience with some Interactive and In Depth Content experiments during the Elections in MP, CG and RJ in 2023 and Lok Sabha Elections in 2024, we intend to grow & deeply engage users with a very strong focus on in depth, local level coverage to our users possible only via Digital Platforms to keep the regular Political coverage beyond Elections real-time, personalized and engaging for them - this will be a major focus in the upcoming UP election too.

? Strong Talent Pool: Dainik Bhaskar has built a strong product and technology team from some of Indias leading companies with Consumer Product and Technology backgrounds, as well as one of the biggest and strongest Digital Journalism and Content team in India for real time and original content.

? Continued Focus on Technology: Dainik Bhaskar continues to invest substantially in technology in order to provide best-in-class personalized news experiences that serve users from a massive pool of content while considering their demographic attributes, content preferences, location, economic segment, and real-time context to accurately predict and serve content, to maximize user engagement, long-term retention, and loyalty as well as "willingness to pay" through not only great journalism, but also a great personalized, user experience. We also invest heavily in leveraging technology to scale up high quality journalism and content quickly and efficiently across many different formats for both the top original and exclusive content as well as the long tail of realtime hyperlocal content.

Radio

Brand alliance:

MY FM - has extended its presence to 37 faster growing cities of India

MY FM, launched the Season 3 of Garba nights at Ahmedabad with artist line up - Bhumik Shah, Jasraj Shastri, Hardik Dave and many more. All attendees came together and experienced the rich cultural traditions of garba in its true spirit. With a

dynamic and youthful artists line up, we were thrilled to entertain Amdavadis like never before.

MY FM, in collaboration with the Ministry of Culture, launched the "HAR GHAR HEALTHY" campaign to promote a healthy lifestyle across India. The campaign spread across 90 days, initiated during the Amrit Mahotsav of Independence, garnered immense support with over 1800 touchpoints covering 30 cities in 7 states, engaging around 100 million people.

MY FM - The Official Radio Partner of Gujarat Titans

As part of this partnership with MY FM, Gujarat Titans facilitated a series of activities, on-air campaigns, designed to provide fans with unique experiences. The partnership with MY FM aimed to offer interactive experiences for Gujarat Titans fans and MY FM listeners.

Honda Big Wing presents MY FM Fresh Face spanning 16 cities, with 250 on-ground activities and over 11,000 test rides.

MY FM and Honda Big Wing partnered for a new initiative, MY FM Fresh Face, building on last years success. The campaign spanned 16 cities, with 250 on-ground activities and over 11,000 test rides. This years initiative targeted Tier II & III cities in Punjab, Gujarat, Madhya Pradesh, Chhattisgarh, Rajasthan, and Maharashtra, focusing on engaging youth talent.

Indian Media & Entertainment Industry - Opportunities, Threats, Risk and Concerns

Opportunities:

The Indian Media & Entertainment (M&E) industry continues to be supported by favourable macroeconomic fundamentals, rising disposable incomes, increasing digital penetration and evolving consumer consumption patterns. Historically, the sector has grown at a pace faster than Indias GDP growth, reflecting the increasing importance of media consumption in everyday life.

India is expected to remain one of the fastest-growing major economies globally, supported by strong domestic demand, sustained infrastructure investments and a stable policy environment. The Governments continued focus on economic growth, coupled with measures aimed at boosting disposable incomes, is expected to support consumption across sectors, including media and entertainment.

The personal income tax relief announced in the Union Budget and the implementation of the 8^th Pay Commission are expected to enhance purchasing power and consumer spending over the medium term. In addition, easing inflationary pressures, normal monsoon expectations and improving rural incomes are likely to support broad-based consumption growth across urban and rural markets.

Digital media continues to be the primary growth engine of the industry, driven by increasing smartphone penetration, widespread adoption of 5G services, affordable data tariffs and rising consumption of regional-language content. The continued shift of advertising spends towards digital platforms presents significant opportunities for publishers with strong multi-platform capabilities and deep audience engagement.

Traditional media formats such as print and radio continue to maintain relevance, particularly in regional markets, owing to their credibility, local connect and ability to reach highly engaged audiences. Growing literacy levels, rising urbanisation, increasing internet access and expansion of the middle-income population are expected to provide long-term support to audience growth and advertiser interest.

The increasing preference for trusted and credible news sources in an era of misinformation and AI-generated content further strengthens the value proposition of established media brands with strong editorial credentials and deep regional reach.

Threats, Risks and Concerns:

Macroeconomic and Geopolitical Risks: Global geopolitical tensions, trade disruptions, inflationary pressures and volatility in commodity markets could adversely impact economic activity and business sentiment. Any slowdown in economic growth may result in lower advertising expenditure across sectors, thereby affecting industry revenues.

Piracy and Intellectual Property Risks: The digital media industry continues to face challenges from content piracy and unauthorized distribution of content. Weak enforcement of intellectual property rights and rapid proliferation of digital platforms remain key concerns that can adversely affect monetisation and investments in original content.

Input Cost Volatility: The newspaper industry remains exposed to fluctuations in newsprint prices, foreign exchange movements and other input costs. Since a significant portion of newsprint requirements is met through imports, adverse movements in global commodity prices or currency exchange rates could impact profitability.

Technology and Platform Disruptions: Rapid technological advancements, changing consumer preferences and increasing dependence on global technology platforms can alter content discovery and consumption patterns. The emergence of artificial intelligence-driven content aggregation and search mechanisms may impact traffic flows and monetisation opportunities for publishers.

External and Unforeseen Events: Events such as pandemics, natural disasters, geopolitical conflicts and other unforeseen disruptions may adversely affect economic activity, consumer sentiment and advertising expenditure. While the Company continuously monitors such developments and maintains appropriate preparedness measures, the impact of such events remains inherently uncertain.

Internal Controls and Vigil Mechanism

The Company has built up a strong and efficient internal controls mechanism, commensurate with the size of its operations. It has laid down standard operating guidelines and processes which ensure smooth functioning of activities and zero ambiguity in the minds of people who actually execute the operations. The policies, processes, guidelines and checklists relevant to the Standard Operating Procedures are available to all on the Companys Intranet Portal.

Internal Controls:

Over the years, DBCL has undertaken specific efforts to build up its Processes and deploy Standard Operating Guidelines across all operational areas.

The Finance Heads at Corporate, State & Unit levels are accountable for financial controls. They are fully responsible for accuracy of books of accounts, preparation of financial statements and reporting in line with the Companys accounting policies. DBCL has deployed a vigorous Internal Controls and Audit mechanism to facilitate an accurate and fair presentation

of its financial results. This process not just ensures adherence to regulatory standards and meets statutory compliance requirements, but also confirms that the Companys reporting is complete, reliable and understandable. In addition, there is a specific impetus on safeguarding investor interests with deployment of the highest levels of governance and regular communication with them.

During FY 2025-26, the Company appointed Independent Chartered Accountancy firms to assist in re-evaluating and testing its Internal Financial Controls (IFC) which encompassed review, reclassification and rationalisation of controls.

Internal Audit:

To support its Internal Audit structure, the Company has engaged experienced Chartered Accountancy firms across all locations. A system of monthly Internal Audit reporting, reviewing and monitoring is in place to ensure effective adherence to establish processes, internal controls and internal audit mechanisms on a real-time basis. Around 58 CA firms are working as Internal Auditors at different locations.

Vigil Mechanism:

Integrity and ethics have been the bedrock of all the Companys corporate operations. DBCL is committed to conducting its business in accordance with the highest standards of professionalism, honesty and ethical behaviour and has the best systems in place to nurture a similar working culture, therefore, DBCL which is among the first few companies in India who had taken active steps towards establishing a ‘Whistle-blowing Mechanism. This initiative was taken to encourage Employees, Circulation/ Advertisement Agents and Suppliers/Vendors to report irregularities in operations, besides complying with the statutory requirements under the Companies Act, 2013 and the Listing Regulations. Any DBCL Employees, Circulation/ Advertisement Agents and Suppliers/Vendors can raise his/her Concern/Complaint on the dedicated phone numbers; or through email or post. These phone numbers are operational all 365 days. These reporting channels can be accessed in Hindi, English, Marathi and Gujarati.

An Internal Ethics Committee has been established to operate this policy under the supervision of the Audit Committee. All the Concerns/Complaints are categorised and prioritised, based on their nature; and corrective or disciplinary actions are taken based on the seriousness of the issue/findings. If the whistle blower is not satisfied with the actions taken, the mechanism also has an Escalation Protocol in place. Through this process, the mechanism considers and extends complete protection to the whistle blower.

Operational Highlights (On Consolidated Financial basis)

Advertising Revenue:

Advertising Revenue stands at Rs. 16,918 million for FY 2026 as compared to Rs. 16,899 million for FY 2025.

Circulation Revenue:

Circulation Revenue stands at Rs. 4,751 million for FY 2026 as compared to Rs. 4,734 million for FY 2025.

Total Income:

DBCL has reported total income of Rs. 24,408 million for FY 2026 as compared to Rs. 24,212 million for FY 2025.

Raw Material Consumed:

The cost of newsprint consumption increased by 1% YoY to Rs. 6,507 million for FY 2026 as compared to Rs. 6,425 million for FY 2025.

Employee Cost:

The employee cost increased by 4% YoY to Rs. 4,597 million for FY 2026 as compared to Rs. 4,438 million for FY 2025.

Other Expenses:

Other operating expenses increased by 7% YoY to Rs. 7,568 million for FY 2026 as compared to Rs. 7,080 million for FY 2025.

EBITDA:

EBITDA degrow by 9% to Rs. 5,736 million in FY 2026 from 6,270 million in FY 2025.

Depreciation:

Depreciation and amortisation expenses decreased by 4% to Rs. 998 million during FY 2026 from Rs. 1,037 million during FY 2025.

Finance Cost:

Finance Cost increased by 5% YoY to Rs. 260 million in FY 2026 from Rs. 247 million in FY 2025.

Profit after Tax (PAT):

DBCL has reported operational PAT of Rs. 3,320 million during FY 2026 as compared to Rs. 3,710 million during FY 2025.

Ratios:

The quality and strength of the Balance Sheet of DBCL as on March 31, 2026 is satisfactory and can be gauged from the following ratios:

Ratio	2025-26	2024-25
Current Ratio (times)	3.95	3.72
Debt-Equity Ratio (times)	0.11	0.13
Debt Service Coverage ratio (times)	7.25	5.18
Inventory Turnover ratio (times)	3.31	3.47
Trade Receivable Turnover ratio (times)	5.14	4.86
Trade payable Turnover Ratio (times)	2.88	2.92
Net Capital Turnover Ratio (times)	1.85	1.65
Net Profit Ratio (%)	14.08%	15.85%
Return on capital employed (%)	17.58%	20.83%
Return on investments - Mutual Funds (%)	(1.63%)	10.15%
Return on investments - Fixed Deposit (%)	7.41%	7.36%
Interest coverage ratio (times)	18.23	21.14
Operating profit margin (%)	20.10%	22.36%
Return on Net Worth (%)	14.24%	16.66%

Reason for variance (only for change in the ratio by more than 25% as compared to the previous year except for return on net worth):

Debt Service Coverage ratio (times): The increase in the Debt Service Coverage Ratio for the year is primarily due to a decrease in the Companys short-term borrowings, which has led to less debt servicing requirements.

Return on investment - Mutual Funds: Returns on mutual fund investments during the current financial year were negative as compared to the previous financial year due to prevailing market volatility and adverse movement in capital markets.

Return on Net worth (%): The decrease in the Return on net worth for the year is primarily due to decline in the Companys net profit compared to the previous financial year.

Shareholder Value:

DBCLs dividend distribution policy is aimed at sharing its prosperity with its shareholders, while maintaining an adequate reserve for liquidity and growth. DBCL has declared an aggregate equity dividend of 70%, i.e. 7 per share which is a pay-out of around 37.60% of Consolidated PAT for the year.

Human Resource

During FY 2025-26, the Company continued to invest in its people with a focus on developing future leaders, strengthening employee engagement, building new capabilities, and supporting employees and their families. These efforts helped in creating a more capable, connected, and future-ready workforce while supporting the Companys business objectives in a dynamic media environment. There are 4,776 permanent employees on the rolls of the Company. Apart from employees on roll, there are more than 3,000 contractual employees.

Development:

Developing people and preparing future leaders remained a key priority during the year.

? The Company strengthened its leadership pipeline through a structured Individual Development Plan (IDP) programme. In addition to senior leaders, the programme was extended to 60 next-level leaders across functions. Through focused development plans, mentoring, coaching, and regular reviews, participants were supported in building the skills and experience required for larger responsibilities. This helped enhance leadership readiness and strengthen succession for key roles across the organisation.

? The Company also continued to provide growth opportunities through internal promotions and role movements across functions and locations, enabling employees to take on larger responsibilities and build broader business exposure.

? To encourage continuous learning, several initiatives were introduced, including job-related certification support, cross-location learning visits, and structured forums for sharing best practices. These initiatives helped employees enhance their professional capabilities while facilitating greater collaboration and knowledge sharing across the organisation.

? Recognising the growing impact of technology on the industry, the Company also invested in building digital capabilities. Employees participated in learning sessions on Artificial Intelligence (AI), Generative AI, prompt engineering, content enhancement tools, and digital productivity solutions. These interventions helped employees adopt new ways of working, improve productivity, and prepare for the evolving digital landscape.

Employee Engagement and Well-being:

? Employee engagement continued to be an important area of focus during the year. The Company strengthened communication and connection between employees and leadership through initiatives such as Promoter Family Webinars, Functional and Business Head Interactions with the team, the Baat cheet Employee Dialogue Programme (conducted two times during the year), and Chai Pe Charcha sessions. These platforms enabled open conversations, greater transparency, and stronger alignment with organisational priorities.

? Recognizing that employee well-being extends beyond the workplace, the Company has expanded several engagement initiatives to include employees family members. Wellness webinars, parenting sessions, and awareness programmes were organized to strengthen the relationship between employees, their families, and the wider Bhaskar family.

? The Company continued to enhance support for employees and their families through initiatives such as the RCA Scholarship Scheme for employees children, Daughters Birth and Wedding Benefit and Support Initiative and the Interest-Free Salary Advance Scheme. These programmes provided meaningful financial and social support during important life events and personal milestones.

? Employee well-being was further supported through an Annual Wellness Calendar, access to professional counselling services, and partnerships with healthcare providers across key locations to facilitate access to medical consultation and support services. In addition, health check-ups were organized for employees during the year, reinforcing the Companys commitment to preventive healthcare and overall well-being.

Employee Welfare and Industrial Relations:

? The Company maintained a strong focus on employee welfare and fair employment practices during the year.

? Compensation structures were reviewed and enhanced across employee categories. The minimum monthly salary within the organization was revised to 20,000 per month, which remains significantly above the applicable statutory minimum wage levels across operating locations. This reflects the Companys continued commitment to providing fair compensation, improving employee well-being, and ensuring responsible employment practices.

? The year witnessed continued industrial harmony across the organization, supported by proactive employee engagement, open communication, and a collaborative work environment.

Outlook

Print

Print segment is expected to grow to Rs. 264 billion by 2028 and the advertising revenues are expected to grow at over 3% in 2026 and at a CAGR of 2% till 2028.

Going forward, credibility will be the currency against AI newsfeeds and hyperlocal depth will differentiate the winners. At DBCL, editorial excellence continues to be the hallmark that adapts the pulse of its readers and aims to deepen the user engagement through rich local-level content. DBCL will continue its focus on issues that have a strong impact on the lives of its readers, driven by its commitment to courageous and responsible journalism.

Further, the increase in government advertising rates is expected to provide a pricing reset for the print industry and growth in events advertisement is also expected to be robust. The Print segment of DBCL, has maintained strong momentum led by an improved overall advertiser sentiment and the advertising demand has remained strong across key sectors such as Education, Real estate, Healthcare, Automobile and Government, supported by improving consumption trends.

Digital

We estimate that the digital segment will be the first M&E segment to cross Rs. 1 trillion in 2026 and will grow to Rs. 1.1 trillion by 2027, at a 11% CAGR, reflecting the changes in consumption patterns being witnessed due to growth in connected televisions, mobile phones and affordable broadband connectivity. Digital media overtook television for the first time to become the largest segment, contributing 32% of M&E sector revenues.

Video viewers increased 3% (15 million) in 2024 to reach 551 million, which is around 98% of active smartphones. We estimate video viewers will reach approximately 625 million by 2027 as smartphone penetration continues to grow across new and used devices.

News OTT will continue to struggle for scale. News OTT ad revenues will continue to struggle unless loyal, app-based audiences are built; we could expect to see a large industrywide news app come into being to manage customer acquisition cost and increase customer lifetime value, but that will require making news content exclusive. In case more aggressive bundling strategies are adopted, we can expect that by 2027, the number of subscriptions can increase to around 10 to 11 million. Given the increasing cost of content and customer acquisition, news media companies will focus on building their app-based audiences, which have a higher lifetime value. Platforms which have a high web-based or transient traffic (such as online news) will provide more incentives for app downloads and/ or partner and collaborate to create premium destinations with higher utility, aiming for audience stickiness and transactions. News is moving from platform-based models to creator-based models; building multi-platform reach will define the next phase of growth, but talent costs could considerably increase.

Digital advertising will grow at a CAGR of 11% till 2027 to reach Rs. 957 billion and contribute 61% of total advertising by 2027.

Radio

MY FM remains well positioned for sustained growth, supported by its strong market leadership, disciplined cost management and industry-leading EBITDA margins. During the year, we strengthened our network by launching seven new FM stations, all in exclusive monopoly markets, further enhancing our presence in high-potential geographies. Over the next few months, we are set to launch seven additional stations across Haryana, Rajasthan and Madhya Pradesh, taking our network to 44 stations and significantly expanding our reach.

Alongside network expansion, we continue to invest in enhancing the listener experience through a refreshed music strategy, wider song variety and differentiated programming that is receiving encouraging audience response. Backed by our strengthened footprint, strong local connect, focus on premium content, prudent cost optimisation and deep advertiser relationships, we remain confident of delivering sustainable growth while maintaining healthy profitability and creating long-term value for all stakeholders.