DB Corp Bets on Real Estate to Drive Advertising Growth in FY26
DB Corp is optimistic about the real estate sector driving advertising growth in the second half of the fiscal year, as the company reported a 13% year-on-year rise in net profit for Q2FY26.
AdvertisingReal EstateDainik BhaskarDigital GrowthEbitdaReal Estate NewsOct 18, 2025
We are confident that high single-digit ad revenue growth should continue for the next six months as well, Agarwaal stated. He attributed this optimism to the overall business momentum, which has been supported by the GST-led pickup in consumption. In the second quarter, DB Corp benefited from festive advertising around Navratri and improved demand sentiment in several key markets.
While sectors such as jewellery, healthcare, education, and IPO-related advertising saw double-digit growth, FMCG advertising remained flat. Agarwaal expressed optimism that the GST cuts and festive demand could lift FMCG ad spends in the coming quarters. However, he expects real estate to be the biggest growth driver. This sector hasn’t yet seen the full benefit of GST, unlike automobiles or other sectors. From next month onwards, we hope the real estate sector will grow and advertising will come from there, he said.
On the circulation front, the company is witnessing a gradual recovery in print readership. As per the Audit Bureau of Circulations, DB Corp’s circulation grew 3% over the past six months, with about eight lakh copies added. Agarwaal said the data is a positive sign that newspaper readership is stabilising after years of decline.
Commenting on the company’s digital operations, Agarwaal said DB Corp’s app has around 20 million monthly active users, with a focus on expanding reach before monetisation. Monetisation will come at a later stage once we have a critical mass. Right now, the idea is to take this 20 million number much higher, he added.
Agarwaal said DB Corp’s strong financial position gives it flexibility to invest in digital and content expansion. Whatever is required for digital investments, the company is capable enough to fund it, and we’re doing so with board approval, he said. The company plans to strengthen its newsroom presence by adding more manpower for ground coverage.
Newsprint prices have remained stable, providing margin relief for the print business. Agarwaal said the company’s print EBITDA margin is currently around 30%, and overall consolidated margins could improve further as DB Corp’s 14 new radio stations become operational in the coming quarters.
In response to questions about the company’s ad revenue growth, Agarwaal expressed confidence that the high single-digit growth trend would continue for the next six months, driven by the GST momentum and festive demand. He also noted that the overall circulation growth, as reported by the Audit Bureau of Circulations, is a positive sign for the print industry.
Regarding the Bihar elections, Agarwaal stated that he doesn’t expect a significant uptick in ad revenues from this event, as Bihar is not a major market for political advertising. Despite this, he remains optimistic about achieving high single-digit ad revenue growth for the full year.
Agarwaal also highlighted the strong performance of sectors like jewellery, real estate, healthcare, IPO business, and education, which have shown double-digit growth in ad revenues. He expressed hope that the FMCG sector will see an improvement in ad spends due to GST cuts and festive demand. However, his primary focus is on the real estate sector, which he believes has not yet fully benefited from GST and is poised for growth.
The company’s app-based business is also a key area of focus, with DB Corp currently having around 20 million monthly active users. Agarwaal emphasized that the current priority is to grow the user base before focusing on monetisation. The company has a strong financial position, with an EBITDA of almost ₹700 crore, which allows for significant investments in digital and content expansion. Newsprint prices have remained stable, contributing to margin relief in the print business, and Agarwaal is optimistic about maintaining the current EBITDA margin of 30% in print.
Overall, DB Corp is well-positioned to capitalize on the growing real estate sector and other key market segments, while continuing to invest in digital and content expansion to drive long-term growth.
Frequently Asked Questions
What sectors are contributing to DB Corp's ad revenue growth?
DB Corp has seen strong double-digit growth in ad revenues from sectors such as jewellery, real estate, healthcare, IPO business, and education. FMCG, however, has remained flat.
What is DB Corp's strategy for its digital business?
DB Corp is focusing on growing its app's monthly active users (MAUs) to a critical mass before monetisation. Currently, the app has around 20 million MAUs.
How has the print circulation of DB Corp performed recently?
According to the Audit Bureau of Circulations, DB Corp’s circulation grew by 3% over the past six months, adding about eight lakh copies. This is a positive sign of stabilizing print readership.
What impact has GST had on DB Corp's business?
GST has led to a pickup in consumption and improved demand sentiment, contributing to high single-digit ad revenue growth. Real estate, in particular, is expected to see further growth due to GST benefits.
What are DB Corp's financial targets for FY26?
DB Corp aims to maintain its current EBITDA margin of 30% in print and overall consolidated margins of around 22.5%. The company also plans to expand its digital and content operations with significant investments.
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