D. B. Corp Ltd

D.B. Corp Ltd: Trading window closed from Oct 1, 2026 till 48 hours after the declaration of Unaudited (Standalone & Consolidated) Financial Results for the quarter and half year ending Sept 30, 2026

Rating Action & Facilities

• Fund-based LT/ ST facilities ₹126 crore: CARE AA+; Stable / CARE A1+; Reaffirmed.
• Fund-based LT facilities ₹148.25 crore: CARE AA+; Stable; Reaffirmed.

Rationale

• Market leadership in Hindi print; flagship brand Dainik Bhaskar.
• Robust financial profile with low leverage and strong debt protection.
• Healthy liquidity; cash and investments ₹1,177 crore; no long-term debt.
• FY26 TOI ₹2,355.5 crore; PBILDT margin 20.8% due to election revenue absence.
• Debtors elevated; average collection 71 days; 27% outstanding >6 months.
• Consolidated view with small subsidiaries; management experienced and execution-focused.

Outlook & Material Changes

• Outlook: Stable; reaffirmation implies no change in rating.
• Material changes since last rating: none; ratings reaffirmed.

Key Financial Highlights

• FY26 TOI ₹2,355.5 crore; PBILDT margin 20.82%; PAT ₹332 crore.
• Net debt negative; gearing 0.11x; interest coverage 18.89x.
• Cash & investments ₹1,177 crore; liquidity strong; no long-term debt.
• Total debt/GCA 0.62x; current ratio 2.57x; average collection 71 days.
• Newsprint costs ~35-40% of operating costs; volatility risk remains.

NSE/BSE no-objection for promoter reclassification

• NSE and BSE issued no-objection letters on Sep 23, 2026 for reclassification.
• Promoter group entities: BEDR Realcon Private Limited and Diligent Pinkcity Center Private Limited.
• Reclassification is from Promoter Group to Public under Regulation 31A of SEBI LODR.
• Earlier intimation dated July 2, 16, and 21, 2026 were made.
• Entity to comply with subsequent material disclosures under Reg 31A.

ESG rating update

• CRISIL assigned ESG rating 'Crisil ESG 62' to D.B. Corp Limited.
• Rating was voluntary and independently assessed from public disclosures at standalone level.
• D.B. Corp did not engage CRISIL for rating.
• Communication received on Sept 15, 2026 at 08:08 p.m. IST.
• Intimation uploaded on the company's website.

ESG rating

• CRISIL ESG Rating assigned as 'Crisil ESG 62' to D.B. Corp Limited.
• CRISIL independently assessed based on public disclosures; no engagement by the company.
• Communication received Sep 15, 2026, 08:08 p.m. IST; intimation uploaded on the company website.

AGM Details

• Date and time: 02-09-2026 at 11:30 IST.
• Mode: VC/OAVM with remote e-voting and e-voting at AGM.
• Record date: 26-08-2026.
• End time: 12:48 PM.

Resolutions and outcomes

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements approved.
• Resolution 2 (Ordinary): Re-appointment by rotation of Mr. Pawan Agarwal approved.
• Resolution 3 (Ordinary): Ratification of remuneration payable to Cost Auditor approved.
• Resolution 4 (Special): Re-appointment of Mr. Sudhir Agarwal as MD approved; minor dissent.

AGM Details

• Date/time: Sep 2, 2026, 11:30 AM–12:48 PM IST.
• Mode: VC/OAVM; deemed venue at registered office, Ahmedabad.
• Remote e-voting: Aug 29–Sep 1, 2026.
• 78 members attended via VC/OAVM.
• Auditors' reports had no qualifications.
• Notice/Annual Report available on company and exchange websites.

Ordinary Business

• Adoption of audited standalone and consolidated financial statements for FY 2025-26.
• To re-appoint director retiring by rotation.

Special Resolutions

• Remuneration payable to Cost Auditor ratified.
• To re-appoint Sudhir Agarwal as MD for 5 years (2027–2031) with remuneration.

Voting Status

• Voting results and scrutinizer's report to be submitted separately.

Overview

• Standalone BRSR for FY2025-26; main activity printing/publishing newspapers.
• 31% of turnover from printing/publishing; newspaper publishing 20.17%, advertising 71.84%.
• 131 locations nationwide (51 plants, 80 offices) across 14 states; exports 2.55% of turnover.
• CSR turnover 23,550.21 million; net worth 24,307.26 million; reporting boundary standalone.

Key ESG Risks & Opportunities

• Opportunities: digital platform expands reach and revenue.
• Solar energy reduces costs and environmental footprint.
• Supply chain resilience via risk management and business continuity planning.
• Risks: ethical practices exposure; mitigated by Code of Conduct and awareness.
• Newsprint price volatility; mitigated by mixed sourcing, vendor diversification, page rationalization, hedging.
• Financial implications: opportunities positive; newsprint volatility negative.

Governance & Policy Highlights

• Risk Management Committee oversees sustainability decisions.
• Policies approved by Board; whistle-blower and Code of Conduct in place.
• Policies cover NGRBC principles; disclosures on website/intranet; no external assurance.
• Penalties or fines: Nil in FY2025-26.
• 100% training coverage on principles for Board, KMP, employees, and workers.

Social Responsibility & Workforce

• Total employees 2,866; permanent 2,393; male 2,193; female 200.
• Total workers 1,910; permanent workers 1,585; female workers 40.
• LTIFR: 0 for employees and workers; injuries 6 employees, 4 workers; fatalities 0.
• 100% training coverage; equal opportunity policy; accessible premises for differently abled.
• CSR focus areas: poverty eradication, Mission Shiksha, No Plastic, Blood donation, environment conservation.
• CSR aspirational districts: Bihar Muzaffarpur 2,14,956; Jharkhand Ranchi 4,56,283; MP Khandwa 2,10,025.

Environmental Performance

• Solar capacity 3,545 kW; solar generation 3,725,811 kWh.
• Total energy: 104,613 GJ; non-renewables 91,200 GJ; renewables 13,413 GJ.
• Scope 1: 885 tCO2e; Scope 2: 18,543 tCO2e.
• Energy intensity 0.82 tCO2e per ₹1m turnover; PPP 16.58; per copy 13.88.
• Waste total 28.65 MT; plastic 24.22 MT; E-waste 4.43 MT.
• Water withdrawal 35,244 kl; groundwater 35,244; intensity 0.0000015.

Stakeholder Engagement & Complaints

• Stakeholders identified: Investors, Government, Employees, Consumers, Industry Bodies, Communities.
• Engagement channels include quarterly results, annual report, investor meetings, regulatory filings.
• Shareholders: 98 complaints filed; all resolved; Nil pending at year-end.

Other Notable Metrics

• Affiliations with eight trade/industry chambers.
• MSME procurement 13.27%; 73% newsprint from domestic vendors; 73% inputs domestically sourced.
• Sales to top dealers concentration: 65.17%; 11,613 dealers; top 10 dealers 15.03%.
• Purchases from related parties 2.28%; Sales to related parties 0.20%; Loans 0.05%; Investments 10.45%.
• Scope 3 not measured; LCAs not conducted; cyber security policy exists; no data breaches.