DB Corp's Girish Agarwaal Sees Real Estate Boosting Ad Revenue in Coming Months
DB Corp, led by Promoter Director Girish Agarwaal, is optimistic about the real estate sector driving advertising growth in the second half of the fiscal year. The company reported a 13% year-on-year rise in net profit for the July–September quarter and expects high single-digit ad revenue growth to continue.
Real EstateAdvertisingDb CorpGirish AgarwaalDigital MediaReal EstateOct 18, 2025
The publisher of Dainik Bhaskar reported a 13% year-on-year rise in net profit for the July–September quarter, with margins expanding to 22.5%. Agarwaal stated, “We are confident that high single-digit ad revenue growth should continue for the next six months as well,” attributing this optimism to the overall business momentum 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 hope that GST cuts and festive demand could lift FMCG ad spends in the coming quarters. However, he is particularly bullish on the real estate sector. “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, DB Corp is witnessing a gradual recovery in print readership. According to the Audit Bureau of Circulations, the company’s circulation grew by 3% over the past six months, with about eight lakh copies added. Agarwaal noted that this data is a positive sign that newspaper readership is stabilizing after years of decline.
Commenting on the company’s digital operations, Agarwaal revealed that DB Corp’s app has around 20 million monthly active users, with a focus on expanding reach before monetization. “Monetization 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 also mentioned that the company’s strong financial position gives it the 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 stated that 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.
When asked about the festive season and the Bihar elections, Agarwaal noted that while the festive season continues to boost ad revenues, the Bihar elections may not bring a significant uptick in ad spend due to the state's smaller market size. Despite this, he remains optimistic about achieving high single-digit ad revenue growth for the full year.
Agarwaal highlighted that sectors like jewellery, real estate, healthcare, IPOs, and education have shown strong double-digit growth, while FMCG remains flat. He expressed hope that GST cuts and festive demand will lift FMCG ad spends in the coming quarters. However, his primary focus remains on the real estate sector, which he believes will see significant growth and contribute to ad revenue.
In terms of digital operations, DB Corp’s app has around 20 million monthly active users, and the company is focused on expanding its user base before monetization. Agarwaal emphasized that the company is capable of funding digital investments and is committed to growing its digital presence. He also mentioned that the company is investing in content and newsroom expansion to enhance its offerings.
Agarwaal concluded by noting that newsprint prices have remained stable, providing margin relief for the print business. He expects the company’s print EBITDA margin to remain around 30%, and overall consolidated margins to improve as new radio stations become operational. DB Corp’s strong financial position and strategic investments position it well to capitalize on the growing opportunities in both print and digital media.
Frequently Asked Questions
What sectors are driving ad revenue growth for DB Corp?
DB Corp is seeing strong double-digit growth from sectors such as jewellery, healthcare, education, and IPO-related advertising. However, FMCG advertising remains flat, and the company is particularly optimistic about the real estate sector.
What is DB Corp's current print EBITDA margin?
DB Corp's print EBITDA margin is currently around 30%, and the company expects it to remain stable due to controlled newsprint prices.
How many monthly active users does DB Corp's app have?
DB Corp's app has around 20 million monthly active users, and the company is focusing on expanding this user base before monetization.
What is DB Corp's strategy for digital expansion?
DB Corp's strategy for digital expansion includes investing in content and newsroom expansion to enhance its offerings. The company is also focused on growing its user base before monetization.
What impact do the Bihar elections have on DB Corp's ad revenue?
The Bihar elections may not bring a significant uptick in ad revenue for DB Corp due to the state's smaller market size. However, the company is optimistic about achieving high single-digit ad revenue growth for the full year.
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