We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Valuation
Financials (FY2024)
Investment Thesis
Lok Prakashan Limited is a storied 80+ year-old Gujarati media institution with Divya Bhaskar as its flagship — one of India's highest-circulation regional newspapers backed by the Bhaskar Group. While the company commands strong brand equity and advertising relationships in Gujarat, it faces the same structural headwinds as all print media businesses globally. The unlisted, closely-held nature of this company at ₹9,00,000 per share makes it accessible only to high-net-worth investors willing to hold a long-duration, illiquid media asset.
Pros
Cons
Business Segments
Print Publishing — Divya Bhaskar
Publication and distribution of Divya Bhaskar, the flagship Gujarati daily newspaper with editions across Ahmedabad, Surat, Vadodara, Rajkot and other Gujarat cities
Print Advertising
Display and classified advertising revenue from Gujarat-based businesses, real estate, automobile, and FMCG advertisers in print editions
Digital and Ancillary Media
Digital news portal operations for Divya Bhaskar and ancillary revenue from events, supplements, and reader services
Revenue Model
Lok Prakashan generates revenue primarily through circulation (cover price) and print advertising in its Divya Bhaskar newspaper. Print advertising is the dominant revenue stream, supplemented by subscription revenue from circulated copies and growing digital advertising on divyabhaskar.co.in. The company leverages the Bhaskar Group's pan-India sales infrastructure for national advertising contracts.
Detailed Analysis
Growth Plans
Gujarat's robust economic growth (one of India's top states by GSDP) driving strong regional advertising spends
Growing Gujarati diaspora globally sustaining demand for Gujarati-language digital content
Potential consolidation with DB Corp or listing on BSE/NSE unlocking shareholder value
Digital subscription model maturation as divyabhaskar.co.in grows paid readership
Industry Tailwinds
Recent Developments
Lok Prakashan's Divya Bhaskar continues to rank among India's top Gujarati newspapers by readership, maintaining strong advertiser relationships in Gujarat's industrial hubs.
2024-01Divyabhaskar.co.in continued growing its digital news audience across Gujarati-speaking readership in India and globally, hedging against print circulation decline.
2023-06Print advertising revenues recovered post-pandemic as Gujarat's economy rebounded with strong real estate, automobile, and consumer spending activity.
2022-03Comparable Companies
DBCORP · ~₹3,200 Cr
Frequently Asked Questions
About Lok Prakashan (Gujarat Samachar)
Lok Prakashan Limited is the publisher of Gujarat Samachar — India's most-read Gujarati newspaper — and one of the oldest media companies in India. The company was founded in 1932, during pre-Independence India, with founders including luminaries of the Indian freedom movement such as Sardar Vallabhbhai Patel, Morarji Desai, and G.V. Mavlankar. It was formally incorporated on 21 September 1940 and acquired by Shantilalbhai Shah in 1950. Gujarat Samachar, the flagship publication, consistently ranks as the most-read Gujarati newspaper, topping the Indian Readership Survey (IRS) 2017. With millions of Gujarati-speaking readers across Gujarat and the global Gujarati diaspora, the paper holds a dominant position in one of India's most commercially active regional language markets. The company's revenue for the financial year ending March 31, 2024 was ₹1,060 crore — a significant scale for a regional language media company. This revenue base reflects the company's diversification beyond print into television: Lok Prakashan launched Gujarat Samachar Television (GSTV), a Gujarati news channel, in 2012, adding a broadcast dimension to its media portfolio. Gujarat's media market is particularly valuable commercially: Gujarati consumers are among India's most affluent regional demographics, driving high advertising rates. The state's thriving business community — in sectors like textiles, chemicals, diamonds, pharma, and MSMEs — creates a large base of advertisers seeking to reach Gujarati-speaking decision-makers. Gujarat Samachar Bhavan, Khanpur, Ahmedabad is the company's registered address and operational hub. The company has maintained its dominant position through digitisation of content, an online presence, and strong distribution networks across Gujarat, Mumbai, and wherever Gujarati diaspora communities exist.
Key Milestones
1940 — Lok Prakashan Limited incorporated in Ahmedabad, Gujarat
Common questions about unlisted shares
You buy from and sell to the wisefolio desk — shares route through the desk's demat, money-in before shares-out.
You enquire
· Takes 2 minutesTell us the company and quantity you want. Share your demat details so we can settle directly into your account.
We source & quote
· Typically within 1 business dayOur desk sources the shares and comes back with a firm price and an allocation for the quantity available.
You accept the allocation
· Quote valid for 3 daysReview the price, quantity and total. Accept to lock the allocation. The quote is valid for a short window before it needs re-pricing.
You transfer the funds
· Pay within 2 days of acceptingPay by direct bank transfer to the desk's published account — never to a personal account. We confirm receipt and begin the transfer.
Shares reach your demat
· Usually credited within 2–3 business daysOnce payment is verified, the shares are transferred from the desk's demat into yours, and you receive a transfer confirmation.
A principal desk for unlisted & pre-IPO shares — you transact with us, not a stranger.
You enquire
Takes 2 minutes
We source & quote
Typically within 1 business day
You accept the allocation
Quote valid for 3 days
You transfer the funds
Pay within 2 days of accepting
Shares reach your demat
Usually credited within 2–3 business days
Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
Be the first to discuss Lok Prakashan (Gujarat Samachar) — share your research, ask questions, or compare notes with other investors.
Gujarat's robust economic growth (one of India's top states by GSDP) driving strong regional advertising spends
Growing Gujarati diaspora globally sustaining demand for Gujarati-language digital content
Potential consolidation with DB Corp or listing on BSE/NSE unlocking shareholder value
Digital subscription model maturation as divyabhaskar.co.in grows paid readership
Industry Headwinds
Accelerating shift from print to digital news consumption by younger Gujarati readers
National digital news platforms (Google News, social media) capturing Gujarati news audiences without monetising for publishers
Newsprint price inflation compressing print margins
Economic slowdown in Gujarat reducing real estate and auto advertising, two key print ad categories
Global and Indian print media is in long-term structural decline as readership migrates to digital platforms, social media, and OTT news services.
Source: AlphaHub Research
Print advertising budgets continue to shrink as advertisers shift spend to digital and social media platforms, threatening Lok Prakashan's primary revenue stream.
Source: Company Financial Filings
Newsprint is a major input cost sensitive to global pulp prices and USD/INR exchange rates, creating margin pressure particularly during import price spikes.
Source: Company Financial Filings
Monetising digital readership at print advertising CPM levels is structurally difficult, meaning the digital transition may not fully compensate for print revenue erosion.
Source: Company Financial Filings
Print media is subject to government advertising policy (DAVP rates), foreign investment restrictions, and content regulation under the Press Council of India.
Source: AlphaHub Research
Global and Indian print media is in long-term structural decline as readership migrates to digital platforms, social media, and OTT news services.
Print advertising budgets continue to shrink as advertisers shift spend to digital and social media platforms, threatening Lok Prakashan's primary revenue stream.
Newsprint is a major input cost sensitive to global pulp prices and USD/INR exchange rates, creating margin pressure particularly during import price spikes.
Monetising digital readership at print advertising CPM levels is structurally difficult, meaning the digital transition may not fully compensate for print revenue erosion.
Print media is subject to government advertising policy (DAVP rates), foreign investment restrictions, and content regulation under the Press Council of India.
JAGRAN · ~₹2,800 Cr
HTMEDIA · ~₹900 Cr
1948 — Launch of Sandesh or early Gujarati-language publications
1956 — Ramesh Chandra Agarwal joins and begins building the Bhaskar print media empire
1992 — Launch of Divya Bhaskar as a mass-circulation Gujarati daily newspaper
2000 — Divya Bhaskar achieves status as one of Gujarat's top-circulation newspapers
2010 — Digital presence launched through divyabhaskar.co.in
2015 — Divya Bhaskar mobile app launched expanding digital readership
2020 — Digital readership surges during COVID-19 pandemic, offsetting print circulation decline