Jagran Prakashan Limited: Dainik Jagran margin falls to 16.1%

Jagran Prakashan Limited reported that its Dainik Jagran print business generated Rs 311.90 crore of operating revenue in Q2FY27, while operating margin declined to 16.09% from 23.01% in Q2FY26. Operating profit fell to Rs 50.17 crore from Rs 68.87 crore despite Rs 12.61 crore of year-on-year revenue growth.

What changed in JPL’s Dainik Jagran margin in Q2FY27?

JPL’s Dainik Jagran operating margin fell by 6.92 percentage points year-on-year to 16.09% in Q2FY27 from 23.01% in Q2FY26. The margin also declined by 2.96 percentage points sequentially from 19.05% in Q1FY27, when the business reported Rs 59.84 crore of operating profit on Rs 314.15 crore of operating revenue.

Operating profit declined by Rs 18.70 crore from Rs 68.87 crore in Q2FY26 to Rs 50.17 crore in Q2FY27, although operating revenue increased by Rs 12.61 crore from Rs 299.29 crore. JPL’s business table states that Dainik Jagran figures exclude digital operations.

Operating revenue was Rs 2.25 crore lower in Q2FY27 than in Q1FY27, while operating profit was Rs 9.67 crore lower over the same sequential comparison. The lower profit alongside the smaller revenue movement reduced Dainik Jagran’s margin from 19.05% in Q1FY27 to 16.09% in Q2FY27.

How did Dainik Jagran compare with JPL’s other businesses?

Dainik Jagran was JPL’s largest major operating business by Q2FY27 revenue at Rs 311.90 crore, compared with Rs 57.99 crore for other publications, Rs 57.42 crore for outdoor and event, Rs 40.96 crore for radio and Rs 26.81 crore for digital print. Its Rs 50.17 crore operating profit was also above the operating profit reported by each of those four businesses.

Other publications reported an operating loss of Rs 2.24 crore in Q2FY27, compared with an operating profit of Rs 3.84 crore in Q2FY26, and its operating margin changed to negative 3.87% from positive 6.53%. This category includes Midday, Naidunia, I-Next, Punjabi Jagran, Inquilab-North and Sakhi, and excludes digital operations.

Radio generated Rs 6.15 crore of operating profit on Rs 40.96 crore of operating revenue in Q2FY27, reversing an operating loss of Rs 5.49 crore in Q2FY26. Its 15.00% operating margin remained below Dainik Jagran’s 16.09%, although it improved from negative 14.51% a year earlier.

Digital print revenue rose to Rs 26.81 crore in Q2FY27 from Rs 21.69 crore in Q2FY26, while its operating result became a Rs 1.16 crore profit from a Rs 2.90 crore loss. Its operating margin consequently improved to 4.33% from negative 13.39%, but remained below Dainik Jagran’s Q2FY27 margin.

What do JPL’s consolidated Q2FY27 results show?

JPL reported consolidated operating revenue of Rs 493.44 crore in Q2FY27, up 5.6% from Rs 467.36 crore in Q2FY26, while consolidated operating profit fell to Rs 57.32 crore from Rs 66.58 crore. The Rs 9.26 crore decrease in operating profit came alongside a Rs 26.08 crore increase in operating revenue.

Consolidated advertisement revenue increased 6.1% to Rs 346.69 crore from Rs 326.69 crore, and other operating revenue rose 11.5% to Rs 66.50 crore from Rs 59.67 crore. Circulation revenue declined to Rs 80.25 crore from Rs 81.00 crore, while JPL stated that quarterly advertisement revenue includes print and digital revenue.

Profit before tax, or PBT, was Rs 58.18 crore in Q2FY27 compared with Rs 71.14 crore in Q2FY26, while profit after tax, or PAT, was Rs 42.82 crore compared with Rs 56.94 crore. Other income declined to Rs 22.52 crore from Rs 30.60 crore; the Q2FY26 figure included Rs 7.95 crore received from maturity proceeds of a Keyman policy.

How did JPL’s standalone performance move in Q2FY27?

JPL reported standalone operating revenue of Rs 439.61 crore in Q2FY27, an increase of 6.3% from Rs 413.77 crore in Q2FY26, but standalone operating profit declined to Rs 51.93 crore from Rs 70.09 crore. The Rs 18.16 crore operating-profit reduction occurred despite a Rs 25.84 crore rise in standalone operating revenue.

Standalone advertisement revenue rose 7% to Rs 295.57 crore from Rs 276.15 crore, while circulation revenue declined to Rs 77.93 crore from Rs 78.43 crore. Digital revenue was Rs 25.64 crore, up 26.5% from Rs 20.27 crore, and JPL identifies this digital revenue as included in advertisement revenue.

Standalone PAT declined to Rs 37.79 crore in Q2FY27 from Rs 61.73 crore in Q2FY26, while non-annualised earnings per share, or EPS, fell to Rs 1.74 from Rs 2.84. Other income decreased to Rs 14.95 crore from Rs 23.31 crore, with the Q2FY26 comparator including Rs 7.95 crore of Keyman-policy maturity proceeds.

Conclusion

JPL’s Q2FY27 results show that Dainik Jagran produced Rs 311.90 crore of operating revenue but Rs 50.17 crore of operating profit, reducing its operating margin to 16.09% from 23.01% a year earlier. The broader group also recorded lower consolidated operating profit of Rs 57.32 crore, while other publications moved to a Rs 2.24 crore operating loss despite improved year-on-year results at radio and digital print.

The release sets no margin target or cost plan after Q2FY27. The next disclosure will be relevant for changes in Dainik Jagran’s Rs 50.17 crore operating profit and 16.09% margin, because JPL’s release reports the Rs 18.70 crore year-on-year decline in operating profit without identifying its cause.