Jagran Prakashan Q1 FY27 Results (NSE: JAGRAN)
Signal: Margin expansion
The read
The quarter shows an advertising-led top-line recovery, with consolidated revenue up 8.5% to ₹499.35 crore and digital revenue up 30.8%, but earnings quality weakened: verified EBITDA fell 11.7% to ₹101.74 crore and PAT fell 12.5% to ₹58.84 crore, while other income contributed 39.2% of PBT; the key trajectory question is whether core operating profit can recover without relying on non-operating income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹499.35 Cr | 8.5% | N/A |
| EBIT | ₹84.32 Cr | -11.8% | |
| Net profit | ₹58.84 Cr | -12.5% | |
| EPS | ₹2.7 | -12.6% | |
| EBIT margin | 20.4% |
P&L walk
Consolidated revenue increased 8.5% YoY to ₹499.35 crore, led by advertising, but EBITDA declined 11.7% to ₹101.74 crore despite a reported 20.4% EBITDA margin; PAT fell 12.5% to ₹58.84 crore because other income declined to ₹31.71 crore from ₹51.46 crore and remained 39.2% of PBT.
Segments
Dainik Jagran remained the primary earnings engine with ₹314.15 crore revenue and ₹59.84 crore operating profit, while Radio turned around to ₹8.92 crore profit from ₹0.94 crore and Other publications remained loss-making at ₹2.04 crore; Digital (print) also remained loss-making at ₹3.07 crore despite 30.8% revenue growth.
Key positives
- Consolidated advertising revenue grew 14.0% YoY to ₹299.25 crore, outpacing total revenue growth of 8.5%.
- Digital revenue (print) grew 30.8% YoY to ₹24.58 crore, while its operating loss narrowed to ₹3.07 crore from ₹4.69 crore.
- Radio operating profit improved to ₹8.92 crore from ₹0.94 crore, with operating margin expanding to 20.03% from 1.90%.
- Standalone digital revenue grew 32.6% YoY to ₹23.38 crore, and standalone advertisement revenue grew 14.5% to ₹289.23 crore.
Key concerns
- Consolidated EBITDA declined 11.7% YoY to ₹101.74 crore despite revenue growth of 8.5%, indicating weaker underlying operating conversion.
- Dainik Jagran operating margin contracted to 19.05% from 22.05%, while its operating profit fell to ₹59.84 crore from ₹63.14 crore despite revenue growth.
- Radio revenue declined 9.7% YoY to ₹44.31 crore, and Other publications remained loss-making at ₹2.04 crore.
- Consolidated PAT declined 12.5% to ₹58.84 crore as other income fell to ₹31.71 crore from ₹51.46 crore.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.