India Newspaper Groups Pivot to Non-Print for Growth: Crisil
By ThePip Desk
Crisil Ratings reports India’s major newspaper groups are prioritizing non-print revenue, projecting 10-12% annual growth vs. 2-3% for print, signaling a strategic shift.
India’s largest newspaper groups are strategically shifting their revenue focus, with non-print businesses poised for substantial growth. Crisil Ratings forecasts that revenue from digital platforms, out-of-home advertising, and event management will rise by 10-12% annually between fiscals 2025 and 2027.
This anticipated surge far exceeds the modest 2-3% annual growth expected for traditional print operations over the same period. The analysis, based on five of India’s most widely circulated dailies, underscores a fundamental pivot away from print reliance to maintain relevance and credit quality.
Key Revenue Shifts and Declines
- Non-print revenue is projected to grow at 10-12% annually (FY2025-2027).
- Print business growth is expected at a mere 2-3% (FY2025-2027).
- Newspaper circulation fell from 1.5 crore in 2019 to 1 crore in 2025.
- Print-related revenue declined at a 1-2% compound annual growth rate over the past seven years.
- Non-print revenue contribution increased from 13% in 2019 to up to a fourth in 2025.
The urgency for this transition stems from a significant decline in print circulation, driven by younger audiences migrating to digital platforms. This shift has already seen print-related revenues contract over the last seven years, making diversification critical.
Profitability and Financial Resilience
While non-print businesses are generally less profitable, Crisil Ratings indicates that overall margins are expected to be preserved at 12-13%. This stability is attributed to scale benefits emerging within digital operations and adjacent business segments.
Different non-print ventures exhibit varying profitability dynamics. Out-of-home advertising and event management face intense competition and higher costs, resulting in lower profit margins.
- Out-of-home advertising and event management deliver lower profits due to high costs and intense competition.
- Digital operations are steadily reducing pre-tax losses as they move beyond incubation.
- Operating scale in digital businesses is improving profitability.
Despite the evolving revenue mix, large publishers are well-positioned to sustain their credit profiles. They are entering this transition with conservative capital structures, strong net cash positions, and substantial liquid investment portfolios, providing financial flexibility to navigate the shift.