Newspaper majors’ non-print revenue rises to a quarter, says Crisil

Non-print revenue of India’s large newspaper groups is expected to contribute around a quarter of their revenue this fiscal, up from about 13% in fiscal 2019, according to Crisil Ratings.

The rating agency said non-print businesses, including digital platforms, out-of-home advertising and event management, are providing a hedge against the structural slowdown in the traditional print business.

The increase of 11-13 percentage points in the share of non-print revenue over seven fiscals marks a shift from a circulation and readership-led model towards a broader consumer-engagement and advertising-solutions model, Crisil said.


A Crisil Ratings study of newspaper groups running five of the most widely circulated dailies in India said the transition was already well underway. The shift is becoming a key safeguard against the secular decline of the traditional print business, affecting both English and regional-language publications.

The circulation base of large newspaper companies fell to about 10 million in 2025 from around 15 million in 2019 and is expected to decline further as younger readers continue to migrate to digital platforms. Print-related revenue, including print advertising, is estimated to have declined at a compound annual growth rate of 1-2% over the past seven years.

For large newspaper publishers, non-print revenue is expected to increase 10-12% annually between fiscals 2025 and 2027, significantly outpacing the 2-3% expected growth in the traditional print business over the same period, said Manish Gupta, Senior Director and Deputy Chief Rating Officer, Crisil Ratings.

Crisil said growth in non-print business is supported by strong brand equity, deep regional reach and the ability to bundle print, digital, radio, events and outdoor media into integrated solutions for advertisers.

The shift is also expected to help preserve profitability. While non-print businesses are structurally less profitable than the traditional print segment, margins are expected to remain stable at 12-13% this fiscal, supported by scale benefits in digital and adjacent businesses.

Crisil said this gain is expected to offset the inherently lower margins in out-of-home advertising and event management, where variable costs are higher and competition remains intense. Digital operations are also steadily reducing Ebitda losses as they move beyond incubation and gain operating scale.

Large publishers are expected to sustain their credit profiles despite the changing revenue mix, the rating agency said. They are entering the transition with conservative capital structures, net cash positions and sizeable liquid investment portfolios, giving them financial flexibility to invest through the cycle while absorbing softer accruals from the print franchise.

“Credit resilience will be anchored less in the trajectory of print business and more in the strength of balance sheets,” said Ankit Hakhu, Director, Crisil Ratings.

Nearly 90% of net worth is held in liquid and investment assets, including financial assets and cash equivalents, Hakhu said. Income from these assets, together with low leverage, should help cushion moderation in core operating accruals as publishers build scale in newer businesses.

Crisil said a sharper-than-expected decline in circulation, slower monetisation of digital platforms or delayed scale-up of non-print businesses will bear watching.