Mixed quarter for print publishers as ads cushion circulation concerns

India’s top print media companies delivered a patchy performance in Q1 FY26, highlighting a delicate balancing act between resilient advertising demand and persistent structural pressures on circulation. While advertising held up in pockets, subscription revenues came under strain, underscoring the ongoing challenge of monetising readership amid changing consumption patterns.

Profitability trends across DB Corp, HT Media and Jagran Prakashan reflected both company-specific strategies and broader industry dynamics, from high-cost events to digital expansion initiatives.

The quarter also underscored a clear divergence between regional and English-language publishers. Hindi dailies, with deep-rooted local penetration, showed relative resilience, benefiting from steady ad spends in core markets. English-language publishers, meanwhile, continued to face sharper headwinds, as seasonal softness and circulation monetisation challenges weighed on top and bottom-lines.

Ad revenue holds the fort

Advertising continues to be the lifeline for print, but the three publishers saw varying trajectories.

DB Corp reported ad revenue slip of 7% year-on-year, primarily because of a high base created by election-related spends in Q1FY25. On an adjusted basis though, management highlighted a high single-digit growth, pointing to resilient advertiser demand in core markets.

Jagran bucked the slowdown, delivering a 5% rise in ad revenues to Rs 311.6 crore. Growth was broad-based across categories, with FMCG, education and government campaigns providing momentum. Digital revenues also supported the topline, climbing nearly 5% year-on-year to Rs 23.4 crore.

HT Media posted an encouraging 17% year-on-year increase in ad revenue to Rs 255 crore. Its English dailies grew 19% to Rs 140 crore, while the Hindi segment expanded 14% to Rs 116 crore. Sequentially though, both English and Hindi advertising revenues declined, reflecting seasonal weakness after the March quarter.

Circulation revenues show mixed signals

Circulation revenues showed a mixed picture. DB Corp held steady, clocking Rs 120.3 crore against Rs 119.2 crore a year earlier. The company benefited from disciplined subscription pricing and a stable readership base.

Jagran’s circulation revenue too was largely unchanged at Rs 84.9 crore versus Rs 85.5 crore last year, indicating that pricing discipline and volume management kept revenues flat despite market headwinds.

HT Media reported the sharpest decline, with circulation income dropping 22% year-on-year to Rs 39 crore. Management attributed this to strategic efforts to expand readership through discounted subscription offers, which temporarily suppressed revenue realisations even as circulation volumes improved.

Beyond print: Radio waves and digital plays

Ancillary businesses such as radio and digital platforms increasingly acted as stabilisers, cushioning the impact of print-specific pressures while signalling the sector’s gradual pivot to multi-platform revenue models.

For DB Corp, the radio division provided a small but steady revenue stream. Radio advertising revenue stood at Rs 39.2 crore in Q1FY26, marginally higher than Rs 38.8 crore last year. Radio EBITDA, however, slipped to Rs 11.5 crore from Rs 13.2 crore. Management noted that while local advertising demand is picking up, the segment continues to face margin pressures.

Jagran’s digital revenues contributed Rs 23.4 crore in Q1FY26, up from Rs 22.3 crore a year earlier. This steady growth underlined the company’s investments in building a multi-platform presence.

HT Media, which operates both print and radio businesses, faced continued pressure in its radio segment. Revenues from radio dipped to Rs 31 crore from Rs 36 crore in the previous year, partly due to a high base effect from major events earlier this year, with margins at minus 21 percent, the company noted in its earnings call.

In contrast, HT Media’s digital portfolio showed healthy growth. Segment revenues rose year-on-year, driven by increased traction across its digital properties, including OTTplay. Profitability improved on the back of broad-based revenue expansion and business investment rationalization, with operating revenues reaching Rs 56 crore, up 21 percent year-on-year, though operating margins remained at minus 38 percent.

Profit pulse: Income cushions and cost plays

Net profitability diverged sharply across the three companies. DB Corp’s PAT of Rs 80.8 crore was down 31% from last year, dragged by lower advertising revenue and a contraction in EBITDA to Rs 138.4 crore from Rs 190.9 crore. However, sequentially, EBITDA rose 45% as softer newsprint costs and disciplined expense management boosted margins to 31%.

Jagran reported a strong 62.8% jump in PAT to Rs 66.8 crore, supported by higher advertising revenue and a 123% surge in other income to Rs 51.5 crore. Operating profit, however, dipped slightly to Rs 63.8 crore from Rs 65.5 crore, highlighting that bottomline growth was significantly aided by non-operating income.

HT Media slipped back into losses with a net deficit of Rs 11.4 crore in Q1FY26, compared to a profit of Rs 51.4 crore in the previous quarter. Management cited weaker circulation revenues and higher costs as key factors. However, the loss narrowed compared with Rs 27.6 crore in Q1FY25, indicating some improvement in operating leverage over the year.

Outlook: Cautious optimism

The print sector continues to ride on advertiser confidence while grappling with structural pressures on circulation and the shift to digital platforms.

DB Corp and Jagran’s relatively steady ad and circulation numbers underscore the resilience of Hindi-language dailies in regional markets. HT Media’s challenges highlight the sharper headwinds in English-language publishing, where circulation monetisation remains difficult.

Cost management and newsprint pricing trends remain crucial for sustaining margins in the coming quarters. Meanwhile, ancillary businesses like radio and digital are likely to play a bigger role in balancing revenue volatility.