Printing And Publishing · Founded 2017 · www.digicontent.co.in · BSE 542685 · NSE DGCONTENT · ISIN INE03JI01017
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Business
Digicontent Ltd. (DGCONTENT) is primarily engaged in the business of digital content and online information services. It operates as the digital arm of Jagran Prakashan Ltd., one of India's leading media conglomerates. The company's core business involves publishing and distributing news, information, and entertainment content through various digital platforms, including its flagship Hindi news portal Jagran.com, and other websites like DainikJagran.com, Inextlive.com, and Mid-day.com (English news). Digicontent also has interests in digital gaming (Jagran Play) and other niche content verticals. Its primary revenue model is advertising-based, generating income through display advertising, native advertising, and sponsored content on its various digital properties.
Revenue Mix
Digicontent Ltd. primarily operates as a single segment focusing on digital content and related services. While explicit detailed segment-wise revenue breakdown is not always disclosed for specific digital verticals, the revenue predominantly comes from:
Digital Advertising: This forms the bulk of the revenue, derived from display ads, programmatic ads, video ads, and sponsored content across its various news and entertainment websites and apps.
Other Digital Services: This may include revenue from partnerships, content syndication, and its gaming platform.
Given its nature, the revenue mix is heavily skewed towards digital advertising.
Industry
Digicontent operates within the competitive Indian digital media and publishing industry. This industry is characterized by a high volume of players ranging from large traditional media houses transitioning to digital, to pure-play digital news outlets, content aggregators, and social media platforms. Digicontent, being part of the Jagran Group, benefits from a strong brand legacy, especially in the Hindi-speaking belt. Its flagship portal, Jagran.com, is among the top Hindi news destinations, giving it a significant reach among regional language internet users. Its positioning is as a prominent player in the regional digital news space, competing with other major news portals like Aaj Tak, NDTV, Zee News, and other regional language specific digital offerings.
MOAT
Brand Recognition & Trust: Leveraging the legacy of the Jagran Group, Digicontent benefits from established brand recall and trust among a vast audience, particularly in Tier 2 and Tier 3 cities where Dainik Jagran has a strong print presence.
Content Creation & Distribution Scale: As part of a large media house, it has access to a vast content creation infrastructure and an established distribution network for news and information, enabling it to produce and disseminate diverse content at scale.
Regional Language Dominance: Its strong hold in the Hindi digital news space provides a significant audience base that might be less saturated by English-first competitors.
Growth Drivers
Increasing Digital Penetration: Continued growth in internet and smartphone penetration, especially in semi-urban and rural India, will expand the addressable market for digital content.
Shift to Digital Advertising: Marketers are increasingly shifting advertising budgets from traditional media to digital platforms, which directly benefits ad-driven content companies.
Vernacular Content Demand: Growing demand for content in regional languages (like Hindi) will drive traffic and engagement on Digicontent's portals.
Diversification into New Verticals: Expansion into new digital verticals like gaming (Jagran Play), short-form video, or niche content categories can open new revenue streams.
Risks
Intense Competition: The digital media space is highly competitive, with numerous local and international players vying for audience attention and advertising revenue.
Dependence on Digital Advertising: A significant reliance on advertising revenue makes the company vulnerable to economic downturns, changes in advertising spends, and evolving digital advertising policies (e.g., privacy changes, ad-blockers).
Changing Consumer Preferences: Rapidly evolving consumer habits (e.g., shift from text to video, rise of social media as news source) require constant adaptation in content formats and distribution.
Technological Disruption: The need for continuous investment in technology (AI, data analytics, content management systems) to stay relevant and competitive.
Regulatory Scrutiny: Increased government regulation or policies concerning online content and misinformation could impact operations.
Management & Ownership
Digicontent Ltd. is promoted by the Jagran Prakashan Ltd. (JPL) group, which is led by the Gupta family. As a subsidiary/group company of JPL, it benefits from the strategic direction and management expertise of the parent company's leadership. The Gupta family are the main promoters of the larger Jagran Group, known for its extensive experience in the media industry. Ownership is primarily held by the promoter group, with a portion of shares available for public trading. The management team typically comprises experienced professionals from the digital media and technology domains, leveraging the group's legacy while adapting to digital trends.
Outlook
Digicontent is positioned to capitalize on India's burgeoning digital economy and the increasing consumption of vernacular online content. The continued shift of advertising budgets to digital platforms and the expanding internet user base present significant tailwinds. However, the company operates in a fiercely competitive environment where maintaining audience engagement and attracting advertiser spend requires continuous innovation, content relevance, and technological upgrades. While its strong brand legacy and regional language focus provide a robust foundation, success will hinge on its ability to adapt to dynamic consumer preferences, navigate the evolving digital advertising landscape, and effectively monetize its diverse digital assets amidst intense competition.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 118 | 104 | 115 | 109 | 115 | 110 | 132 | 128 | 118 | 123 |
| Other Income | 1 | 2 | 1 | 2 | 2 | 0 | 2 | 1 | 1 | 1 |
| Total Income | 119 | 106 | 116 | 112 | 117 | 111 | 134 | 129 | 119 | 124 |
| Total Expenditure | 100 | 94 | 94 | 96 | 101 | 108 | 115 | 118 | 112 | 121 |
| Operating Profit | 19 | 12 | 22 | 16 | 15 | 3 | 18 | 12 | 8 | 2 |
| Interest | 5 | 5 | 4 | 4 | 4 | 3 | 3 | 3 | 3 | 2 |
| Depreciation | 4 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16 | 0 | 0 |
| Profit Before Tax | 9 | 2 | 16 | 10 | 10 | -2 | 14 | -9 | 2 | -2 |
| Provision for Tax | 3 | 2 | 5 | 3 | 3 | 0 | 4 | -1 | 1 | 0 |
| Profit After Tax | 6 | 1 | 11 | 7 | 6 | -2 | 10 | -7 | 1 | -2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 6 | 1 | 11 | 7 | 6 | -2 | 10 | -7 | 1 | -2 |
| Adjusted Earnings Per Share | 1 | 0.1 | 1.9 | 1.1 | 1.1 | -0.4 | 1.6 | -1.3 | 0.2 | -0.3 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 268 | 259 | 249 | 324 | 349 | 415 | 443 | 489 | 501 |
| Other Income | 0 | 1 | 2 | 5 | 9 | 5 | 3 | 7 | 5 | 5 |
| Total Income | 0 | 269 | 261 | 254 | 333 | 355 | 417 | 450 | 493 | 506 |
| Total Expenditure | 0 | 238 | 235 | 223 | 271 | 334 | 369 | 385 | 453 | 466 |
| Operating Profit | 0 | 30 | 26 | 31 | 62 | 20 | 49 | 65 | 41 | 40 |
| Interest | 2 | 9 | 12 | 12 | 12 | 15 | 18 | 17 | 12 | 11 |
| Depreciation | 0 | 38 | 53 | 52 | 16 | 17 | 18 | 11 | 8 | 8 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16 | -16 |
| Profit Before Tax | -2 | -17 | -40 | -33 | 34 | -12 | 13 | 37 | 5 | 5 |
| Provision for Tax | 0 | -5 | -7 | 11 | 13 | 0 | 7 | 13 | 4 | 4 |
| Profit After Tax | -2 | -12 | -33 | -44 | 21 | -13 | 6 | 24 | 1 | 2 |
| Adjustments | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -5 | -12 | -33 | -44 | 21 | -13 | 6 | 24 | 1 | 2 |
| Adjusted Earnings Per Share | 0 | 0 | -5.7 | -7.5 | 3.6 | -2.2 | 1 | 4.2 | 0.1 | 0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 10% | 12% | 14% | 0% |
| Operating Profit CAGR | -37% | 27% | 6% | 0% |
| PAT CAGR | -96% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -27% | 5% | 15% | NA% |
| ROE Average | 3% | 58% | 35% | -48% |
| ROCE Average | 24% | 43% | 40% | 16% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 76 | 65 | 31 | -14 | 6 | -6 | 1 | 27 | 37 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 80 | 80 | 80 | 80 | 0 | 78 | 89 | 44 | 33 |
| Other Non-Current Liabilities | -11 | -7 | 7 | 16 | -5 | 60 | 61 | 58 | 64 |
| Total Current Liabilities | 49 | 49 | 58 | 63 | 168 | 88 | 81 | 88 | 103 |
| Total Liabilities | 195 | 187 | 176 | 145 | 168 | 220 | 232 | 218 | 237 |
| Fixed Assets | 111 | 76 | 72 | 17 | 9 | 88 | 73 | 81 | 73 |
| Other Non-Current Assets | 21 | 30 | 46 | 23 | 32 | 27 | 32 | 3 | 10 |
| Total Current Assets | 63 | 81 | 58 | 105 | 127 | 105 | 127 | 134 | 154 |
| Total Assets | 195 | 187 | 176 | 145 | 168 | 220 | 232 | 218 | 237 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 19 | 12 | 11 | 21 | 3 | 3 | 6 | 2 |
| Cash Flow from Operating Activities | 0 | -4 | 17 | 67 | 39 | 25 | 23 | 77 | 37 |
| Cash Flow from Investing Activities | -77 | -2 | -1 | -40 | -24 | 30 | -2 | -19 | -4 |
| Cash Flow from Financing Activities | 80 | -1 | -17 | -16 | -33 | -55 | -18 | -63 | -25 |
| Net Cash Inflow / Outflow | 3 | -7 | -1 | 11 | -18 | 0 | 2 | -4 | 8 |
| Closing Cash & Cash Equivalent | 19 | 12 | 11 | 21 | 3 | 3 | 6 | 2 | 10 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0 | 0 | -5.67 | -7.49 | 3.62 | -2.21 | 0.99 | 4.18 | 0.14 |
| CEPS(Rs) | 0 | 0 | 3.42 | 1.47 | 6.43 | 0.76 | 4.16 | 6.07 | 1.49 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0 | 0 | 5.29 | -2.33 | 0.96 | -1.02 | 0.2 | 4.69 | 5.37 |
| Core EBITDA Margin(%) | 0 | 11.07 | 9.27 | 10.56 | 16.34 | 4.25 | 11.09 | 13.05 | 7.34 |
| EBIT Margin(%) | 0 | -2.77 | -10.46 | -8.4 | 14.02 | 0.88 | 7.29 | 12.22 | 3.45 |
| Pre Tax Margin(%) | 0 | -6.17 | -15.25 | -13.27 | 10.36 | -3.54 | 3.06 | 8.44 | 1.03 |
| PAT Margin (%) | 0 | -4.39 | -12.74 | -17.51 | 6.49 | -3.68 | 1.38 | 5.49 | 0.17 |
| Cash Profit Margin (%) | 0 | 9.66 | 7.67 | 3.44 | 11.55 | 1.27 | 5.84 | 7.98 | 1.77 |
| ROA(%) | -1.12 | -6.16 | -18.2 | -27.14 | 13.42 | -6.61 | 2.54 | 10.8 | 0.36 |
| ROE(%) | -3.37 | -19.96 | -78.57 | -505.68 | 0 | 0 | 0 | 170.84 | 2.77 |
| ROCE(%) | 0 | -4.92 | -21.21 | -23.58 | 64.82 | 4.21 | 37.47 | 67.18 | 23.86 |
| Receivable days | 0 | 50.01 | 54.73 | 57.21 | 58.49 | 62.84 | 59.52 | 63.41 | 64.35 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 0 | 4.62 | 0 | 21.72 | 9.6 | 156.25 |
| Price/Book(x) | 0 | 0 | 0.76 | -3.08 | 17.39 | -15.56 | 108.4 | 8.55 | 4.05 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0.25 | 0.36 | 0.33 | 0.46 | 0.48 | 0.5 | 0.62 | 0.31 |
| EV/Core EBITDA(x) | 0 | 2.24 | 3.58 | 2.63 | 2.41 | 8.19 | 4.26 | 4.23 | 3.69 |
| Net Sales Growth(%) | 0 | 0 | -3.31 | -3.94 | 30.23 | 7.76 | 18.69 | 6.82 | 10.36 |
| EBIT Growth(%) | 0 | 0 | -265.86 | 22.91 | 317.42 | -93.27 | 888.24 | 78.9 | -68.87 |
| PAT Growth(%) | 0 | -439.91 | -180.54 | -32.01 | 148.29 | -161.05 | 144.67 | 323.52 | -96.67 |
| EPS Growth(%) | 0 | 0 | 0 | -32.01 | 148.29 | -161.05 | 144.67 | 323.5 | -96.67 |
| Debt/Equity(x) | 1.24 | 1.5 | 2.6 | -5.9 | 12.2 | -13.1 | 76.96 | 1.61 | 1.05 |
| Current Ratio(x) | 1.27 | 1.65 | 1.01 | 1.67 | 0.76 | 1.19 | 1.56 | 1.52 | 1.5 |
| Quick Ratio(x) | 1.27 | 1.65 | 1.01 | 1.67 | 0.76 | 1.19 | 1.56 | 1.52 | 1.5 |
| Interest Cover(x) | 0 | -0.81 | -2.18 | -1.72 | 3.83 | 0.2 | 1.72 | 3.24 | 1.43 |
| Total Debt/Mcap(x) | 0 | 0 | 3.44 | 1.91 | 0.7 | 0.84 | 0.71 | 0.19 | 0.26 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 |
| FII | 0.06 | 0.06 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 33.08 | 33.08 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.92 | 1.92 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +10% | +12% | +14% | — |
| Operating Profit CAGR | -37% | +27% | +6% | — |
| PAT CAGR | -96% | — | — | — |
| Share Price CAGR | -27% | +5% | +15% | — |
| ROE Average | +3% | +58% | +35% | -48% |
| ROCE Average | +24% | +43% | +40% | +16% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 |
| FII | 0.06 | 0.06 | 0 | 0 | 0 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Public | 33.08 | 33.08 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 | 33.14 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 | 3.89 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.92 | 1.92 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 | 1.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 | 5.82 |
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