THEBUSINESSBYTES BUREAU
MUMBAI, AUGUST 19, 2026
India’s newspaper industry is entering a decisive new chapter
as declining print readership pushes the country’s largest publishers to
accelerate their shift beyond traditional newspapers. With digital platforms,
out-of-home advertising and event management emerging as powerful new revenue
engines, non-print businesses are projected to grow at a striking 10-12 per
cent annually through FY27—far outpacing the modest 2-3 per cent growth
expected from the core print business, according to a Crisil Ratings report.
The report, which analysed the performance of five of India’s
most widely circulated newspaper groups, underlines how diversification has
moved from being a strategic choice to an urgent business imperative. Large
publishers are increasingly leveraging their established brands, deep regional
presence and advertiser relationships to build integrated media businesses
spanning print, digital, radio, events and outdoor advertising.
The urgency is underscored by the sharp erosion in newspaper
circulation. Circulation among large newspapers has fallen to around 1 crore in
2025 from 1.5 crore in 2019, with the trend expected to continue as younger
audiences increasingly turn to digital platforms for news and information.
Print-related revenue, including advertising, has consequently recorded an
estimated 1-2 per cent compound annual decline over the past seven years.
“Revenue from
non-print businesses is expected to increase 10-12 per cent annually between
fiscals 2025 and 2027, significantly outpacing the 2-3 per cent expected growth
in the traditional print business over the same period,” said Crisil Ratings
Senior Director and Deputy Chief Rating Officer Manish Gupta.
The changing revenue mix is already visible on the balance
sheets of major publishers. Non-print businesses accounted for as much as a
quarter of the revenue base in 2025, up sharply from just 13 per cent in 2019.
The expansion reflects a broader transformation in the business model of legacy
media companies, which are increasingly monetising their brands and audience
reach across multiple platforms rather than depending predominantly on
newspaper sales and print advertising.
Crisil Ratings said the strong growth in non-print businesses
is being supported by the publishers’ strong brand equity, extensive regional
reach and ability to offer advertisers bundled solutions across print, digital,
radio, events and outdoor media. Such integrated offerings are helping
newspapers remain commercially relevant even as structural pressure builds on
the traditional print franchise.
However, the transition comes with profitability challenges.
Non-print businesses are structurally less profitable than the traditional
print operation, with out-of-home advertising and event management facing high
operating costs and intense competition. Digital businesses, meanwhile, are
steadily narrowing pre-tax losses as they move beyond their incubation phase
and achieve greater operating scale.
Despite the changing revenue profile, Crisil expects large publishers
to maintain operating margins of around 12-13 per cent, supported by scale
benefits in digital and adjacent businesses. Their credit profiles are also
expected to remain resilient, aided by conservative capital structures, net
cash positions and sizeable liquid investment portfolios.
“Credit resilience
will be anchored less in the trajectory of print business and more in the
strength of balance sheets,” said Crisil Ratings Director Ankit Hakhu.
The outlook, however, is not without risks. A sharper-than-anticipated fall in newspaper circulation, weaker monetisation of digital audiences or delays in scaling up non-print ventures could put pressure on the publishers’ growth and profitability.
For India’s newspaper giants, therefore, the future is increasingly being written beyond the printed page. As the traditional newspaper loses ground among younger audiences, the ability to turn trusted brands into diversified digital, advertising and experience-led media platforms could determine which publishers remain influential — and financially resilient—in the next phase of the industry.
