Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
DB Corp Ltd (NSE: DBCORP) Q4 2026 Earnings Call dated May. 11, 2026
Corporate Participants:
Pawan Agarwal — Deputy Managing Director
Girish Agarwal — Promoter Director
Analysts:
Riya Mehta — Analyst
Unidentified Participant
Unidentified Participant
Yash Rangaswami — Analyst
Unidentified Participant
Mohit Saini — Analyst
Presentation:
Operator
Ladies and gentlemen, good evening and welcome to DBCorp Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing 0 on your Touchstone. Please note that this conference is being recorded. We have with us today the senior management team of DBCorp Ltd. Mr. Pawana Garwal, Deputy Managing Director Mr.
Girisha Garwal, Promoter Director Mr. Lalit Jain, Chief Financial Officer Mr. Mustak Ali, Senior Vice President, Finance and Accounts and Mr. President Kumar Pandey, Head Investor Relation and Media Relations who will represent DBCorp Limited on call, the management will be sharing the key operating and financial highlights for the quarter and full year ended March 31, 2026, followed by the question and answer session. Please note that some of the statements made in today’s discussion may be forward looking in nature and may involve risks and uncertainties.
Documents relating to the company’s financial performance have already been emailed to you and are available on the website of stock exchanges and the company’s Investors Section Trust. You have been able to go through the same. I now hand the conference over to Mr. Pawan Agarwal. Thank you. And over to you, sir.
Pawan Agarwal — Deputy Managing Director
Thank you and good evening everyone and thank you for joining us for the Q4 and FY26 earnings call. We will begin with a brief overview of our financial performance for the quarter and the full year ended March 31, 2026, followed by key operational updates across our businesses. Despite a global geopolitical uncertainties during the quarter gone by, our print business continued to grow steadily, supported by improving advertiser sentiment across key sectors such as education, real estate, healthcare, automobile and government.
Our consolidated Advertising revenue in Q4FY26 grew by around 6% year on year. The Indian rupees were 4067 million compared to Indian rupees 3841 million in Q4FY25 along with stable circulation revenue at Indian rupees 1162 million. The consolidated total revenue grew by 4% year on year to Indian rupees 5896 million and EBITDA for the quarter grew by 15.6% year on year, Indian rupees 11. 76 million while profit after tax grew by 18.8% year on year to Indian Rupees 622 million. Underscoring the resilience and operational strength of a business model for FY 2026.
Our performance was largely flat compared to the last fiscal with consolidated total revenues at Indian Rupees to 24,408 Million compared to Indian Rupees 24,212 Million and FY25 EBITDA at Indian Rupees 5,736 Million and PAT at Indian Rupees 3,320 Million. However, on a like to like basis, that is after excluding last year’s election impact, print advertising revenue delivered a healthy growth of 6.3% year on year and EBITDA growth of 7.1% year on year with EBITDA margin expansion of 66bps to a robust 28% in FY 2026.
On the cost side, newsprint prices witnessed some upward trend during the quarter due to factors such as raw material cost pressures, global supply dynamics and logistics cost and demand supply imbalances. We believe the current trend is temporary and may continue for the next couple of quarters. Moving on to our Digital business, Digital continues to be a focused business area for the company. As of March 2026, our news apps recorded around 20 million monthly active users, maintaining Danik Bhaskar’s leadership position as the number one Hindi and Gujarati news app.
Our focus continues to remain on high quality content, better user experience and strengthening our technology platform to improve engagement as well as retention. We continue to see strong traction in hyperlocal content, visual storytelling and personalized content formats across our markets. In the radio segment, advertising revenues for the quarter stood at Indian Rupees 358 million while EBITDA stood at Indian Rupees 95 million. During the year MyFM expanded its network with seven new stations rendering our business now to 37 cities across India and happy to share that all new seven stations have become EBITDA positive within three months time only.
We continue to focus on strengthening listener engagement to innovative content and on ground activations. With this I would now like to hand over the call to Mr.
Girish Agarwal — Promoter Director
Girish Agarwal for his comments. Thank you. Over to you Girish.
Pawan Agarwal — Deputy Managing Director
Thank you Pawan and good evening everybody and thank you for joining us today. Print as a medium continues to perform consistently for us and continues to demonstrate resilience despite the perception in some sections that print is declining medium. Over the last few years our company has consistently delivered robust performance across businesses between FY22 and FY25. Advertising revenue has grown at a healthy CAGR of around 13% while our continued focus on operational efficiencies and cost Discipline helped deliver a consolidated pad cagr of around 38% during 2026.
Also we witnessed the momentum continuing as reflected in the performance highlighted by the Pawan. Our focus on maintaining strong reader connect and market leadership in circulation also continues. We are happy to share that our circulation revenue remains stable and our on ground activities and initiatives are able to engage the readers. On the editorial front, our focus continues to remain on impactful and responsible journalism. During the quarter, several of our editorial initiatives received strong responses from leaders.
Our investigative journalism efforts also continue to create impact across state by highlighting issues related to people corruption and public interest. Two of our journalists were awarded the prestigious Amanath Goenka Award and I’m happy to share with you that this is the first time that any Hindi language newspaper journalists have been awarded this prestigious journalism award. Not only this, there are few other awards our journalists have received in last one year. It is very, very encouraging for us.
With that now we can open the floor for the question and answer session. Thank you very much.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may Press Star and 2. Participants are requested to please limit your questions to 2 per participant and to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Devang Shah from Ant Financials.
Please go ahead.
Girish Agarwal
Yeah. Hi. So there are two questions, the two parts. Am I audible sir?
Pawan Agarwal
Yes sir, very much.
Girish Agarwal
Yeah. So the question is regarding the future prospects like what are we expecting for the next like the state elections were there so are we going to see in the next quarters of bumping on that other incomes or something like that or like is there any Plan to achieve 18% or 16% plus EBIT margin or something or like that.
Pawan Agarwal
Sir, if you notice last year our performance if I take the election revenues out was around six and a half percent on the advertising and same was the quarter number. Now this year in the month of April we have seen a very good double digit strong growth and looking at the fundamentals of Indian market the ground numbers, I am very confident that this growth should continue of a strong single digit number even for this year also. Now my EBITDA margin last year was this what the year what we closed was 24%.
Before this year we were at 26%. So we believe that the maintaining of this number, this margin should be should be achievable.
Girish Agarwal
Okay sir. The other thing is like in last 6 to 12 months the promoter, one of the promoter was constantly buying from the open market shares. So is there any plan to reach beyond 75%? If you read then you have to go for the open offer for the D listing or something or something like that. Is there any plan for that? Or it’s like just to cap up till 75 only.
Pawan Agarwal
Yes, you are right. Just to cap up to 75.
Girish Agarwal
Okay, that’s fine sir. That’s all from my side.
Pawan Agarwal
Thank you sir.
Operator
The next question is from the line of Rhea Mehta from Equitas. Please go ahead.
Riya Mehta
Thank you. For good set of numbers. My first question is in regard to the segmental numbers. Hello. Am I audible?
Pawan Agarwal
Yes. Yes. Thank you for your supplement.
Riya Mehta
Yeah. Thank you. Yeah. So for the sprint I think We’ve done phenomenal 7.2% YoY returns. Could you help me break up between the segments where sector and segments where this growth is coming from?
Pawan Agarwal
Barring out the government including the election advertising every other segment has shown a growth from single digit to some of them into a double digit also.
Riya Mehta
Okay. How has auto performed predominantly auto.
Pawan Agarwal
Auto had a single digit growth. Real estate had a double digit. Jewelry at a double digit. Healthcare at a double digit.
Riya Mehta
Okay, thank you. Sorry.
Pawan Agarwal
FMCG was flat.
Riya Mehta
Now coming to our cash flow. So basically there is some capex which we are going of 120 crore. Could you help me? Where is this money going to?
Pawan Agarwal
Largely with this money is going into buying out the existing properties. What we have rental for example in most of the places we have rented out the properties for our printing presses and offices. So we are slowly and gradually trying to buy out these properties so that we don’t have to pay the rent.
Riya Mehta
Got it. Because it is a good sum of 140 odd crores for the full year.
Pawan Agarwal
It includes our Bhopal office. You know we are making a Bhopal office, Jaipur office quota, Aurangabad printing unit, Nasik Jalgaon. All these places where we have rented properties we are buying them out.
Riya Mehta
But what would be the key thesis while we are going through this approach? Well, I think the rental use would be very less there. So
Pawan Agarwal
Purpose the land appreciation and the property appreciation in these places are really decent. So. So if I add the rental and the appreciation I’m better off than keeping the money.
Riya Mehta
Got it. Got it. And there’s also an intangible asset addition of around 13 odd crores. Could you help me? What is that?
Pawan Agarwal
No, that they are not intangible assets. That money going into the repair and maintenances of it. Upgradation of it. Upgradation of you existing furniture of the existing offices and all
Riya Mehta
Right. Also in terms of digital. So I think across the industry, last around May 20around we had almost 22 million Naus. It has slightly reduced. What can be the particle? Is it a monthly phenomena or should I lean into it? Have we increased our rates? What. What would be the key reason for this?
Pawan Agarwal
If you look at the overall number, there’s been a constant growth. Now in one particular month the number goes up because of any local event, you know, but otherwise we are on a steady pace of a growth.
Riya Mehta
Okay. Okay. Nothing to see or read into it. Right?
Pawan Agarwal
No.
Riya Mehta
What are the plans with the cash? Are we planning any buyback or something on those lines? Because yeah,
Pawan Agarwal
Certainly we’ll be looking at thinking that what is the best tax efficient manner to do with the cash.
Riya Mehta
Thank you Kirish so much. I’ll get back in here for the question.
Pawan Agarwal
Thank you. Appreciate it.
Operator
Thank you. The next question is from the line of Bhavi Chauhan from CARE pms. Please go ahead.
Unidentified Participant
Hello. Thanks for the opportunity. So my first question is that last year the company has dividend payout of 60% whereas this year there is not such a dividend declared right now. So is there any change in our dividend policy?
Pawan Agarwal
There is no change in the policy. I think board is evaluating more tax efficient manner to use the cash.
Unidentified Participant
Okay. And my second question is there have been news on the platform such as Google and other media. So we are not getting any revenue from them right now. So is there any update of getting that revenues?
Pawan Agarwal
The all the platforms put together have gone to the Competition Commission of India filing a case against Google and others. So we are still awaiting. Nothing has happened so far from there.
Unidentified Participant
Okay, so I’m done with my question. Thank you.
Pawan Agarwal
Thank you.
Operator
Thank you. The next question is from the line of Sanushi, an individual investor. Please go ahead.
Unidentified Participant
Good evening sir. My name is Sanushi and I’m an individual investor interested in investing DB and I have a few questions I would like to ask.
Pawan Agarwal
Please go ahead.
Unidentified Participant
The sectoral growth rates and their contribution for the Q4.
Pawan Agarwal
Okay, one second. Q4. So see in Q4 most of the categories like education has grown big time. But most of the categories have shown a decent growth in the Q1. Barring out government is not that high. And also real estate, there has been a slight dip on the. On the Q4. Yeah, that is Q4, not dip flat actually. But most of the other categories have seen a decent number. Single digit. Some of them double digit. Yeah.
Unidentified Participant
If possible could you please provide the numbers?
Pawan Agarwal
We don’t give the exact number sector wise and all that because of the competitive reason. I hope you will appreciate that.
Unidentified Participant
Okay. And the contribution for quarter four
Pawan Agarwal
In terms of contribution, Education remains in the mid double digits. Real estate in a double digit. Automobile in a strong single digit. Government in a decent double digit. Jewelry in a. In a single digit. Yep.
Unidentified Participant
Okay. And the next question is what was the add yield growth percentage in quarter four?
Pawan Agarwal
There is no major yield growth in quarter four. The yield has largely remained the same. Largely the. The growth has come from the volumes.
Unidentified Participant
Okay. But some.
Pawan Agarwal
Some minor percentage growth in yield but nothing worthwhile.
Unidentified Participant
Okay. Can you also provide the circulation copies reported in the quarter 4?
Pawan Agarwal
Quarter 4 copies are almost 39 lakhs.
Unidentified Participant
Okay, thank you. And what was the new strength mix between the domestic and the imported in quarter four?
Pawan Agarwal
In quarter four the mix has been 80, 20. 80% Indian, 20% imported.
Unidentified Participant
Okay. And also the last question. How do you see the newsprint rate outlook evolving in the near term?
Pawan Agarwal
So our last year overall rate was at almost 48,000 rupees per ton. The average mix of Indian and imported. In quarter four this number has become 49,000. And going forward we believe this number will further go up maybe by 6 to 8% going forward in the quarter one itself.
Unidentified Participant
Okay, thank you so much.
Pawan Agarwal
Thank you.
Operator
Thank you. Ladies and gentlemen, to ask a question please press star and 1. The next question is from the line of Yash from JB Associated. Please go ahead.
Yash Rangaswami
Good evening. Good evening. Congratulations on a good set of numbers for Q4.
Pawan Agarwal
Thank you, sir.
Yash Rangaswami
Now my first question is with regards to the ad revenue. Now you’ve mentioned that excluding the election impact we have Grown by around 6 odd person. 6.3% to be precise. As far as print is concerned. Print advertising revenue is concerned. Right? Correct. But overall on a yearly basis I think we are more or less flat. Yes. Trying to gauge the impact, what is it? Around 80 odd crores. Because I mean we have around 1500 crores of revenue that we are reporting. And out of that other if we take out around 5% that comes around 80.
80 outros.
Pawan Agarwal
Correct. You’re right. You just got the right number.
Yash Rangaswami
Okay. And what is the government share? Because I mean last time we had reported it was around 24 if I’m not mistaken.
Pawan Agarwal
Yes. Yes.
Yash Rangaswami
So the entire money.
Pawan Agarwal
See what happened. The entire money during the. Is not the election money. There’s a regular advertising of the government and there’s a central government advertising money which came, election money came that way.
Yash Rangaswami
So total, I mean it remains same at around 17, 18 or has it changed
Pawan Agarwal
One percentage here and there.
Yash Rangaswami
Okay. And you mentioned that a few sectors, you know, in the, during the beginning of the call that they have grown by like double digit, let’s say for example real estate. Those are for the full year, right?
Pawan Agarwal
Yes, for the full year. If I tell you the number like jewelry has grown by strong double digits. Real estate has grown by single, double middle double digit. Education has grown by single digit. Automobile has grown by single digit.
Yash Rangaswami
Okay, okay, okay. And I can see that the copies, I mean we, we were just informed that the copies have gone down, right? I mean it was 40 odd lakhs in the previous quarters. I mean
Pawan Agarwal
39 lakhs. So almost a lakh copy.
Yash Rangaswami
What’s happening? Because we’ve been spending on getting these copies of. I mean I think it’s been for the past five or six quarters if I’m not mistaken. So what has gone wrong? I mean, what is happening in the market?
Pawan Agarwal
I think what is happening in most of the places. We believe that with all our efforts we are able to maintain this number. You know, we are able to maintain the engagement of the readers. Because if you notice, couple of quarters back, a concern was raised by a couple of people that if you look at other market people are seeing the newspaper declining. So I think with all our efforts at least we are able to maintain and I think I would call it a decent achievement actually to maintain the circulation numbers.
Yash Rangaswami
But I mean it has gone down by around a lakh, right? That’s around two and a half percent.
Pawan Agarwal
Yeah. Two percent. Yes.
Yash Rangaswami
Okay. And what about the, I mean, competitors, Any update on that? I mean,
Pawan Agarwal
Yeah, we can only share that in most of our markets we are gaining the market share.
Yash Rangaswami
Okay. But the overall market is declining is what seems to be the case.
Pawan Agarwal
Yeah, looks like that couple of the markets, the competitor are not able to really hold the copies. So we are able to gain the market share there though we are still losing like a couple of as, I mean as you can see the numbers, two, one and a half, 2%. But competitors are losing more.
Yash Rangaswami
Okay. And new skin prices, like you just mentioned, you see an uptick of around 6 to 8% in the coming quarter. Right. Because of the closed geopolitical that are going on.
Pawan Agarwal
Correct.
Yash Rangaswami
Okay, okay. All right. Nothing further from mine at this point. Thank you so much. Thank you.
Operator
Thank you. The next question is from the line of Himanshu Pada from Stratford, Please go ahead.
Unidentified Participant
Yeah, hi, good evening. Congrats on good set of numbers. My question again was on circulation only. I think four or five quarters back we had announced that we are working and are having new scheme to increase the circulation copies of it. And what is the progress and how are you thinking about that? That even after investing and having schemes and putting more efforts, circulation is not increasing, it is just reducing. So what, what is your thought process and how are you planning ahead? Okay,
Pawan Agarwal
So two things very clearly in this. All the markets are not behaving the same. Some of the market we are able to maintain. Some of the market we are showing a small growth also while in some of the market the numbers are shrinking, you know. But overall as you see, the impact is 1.52%. Now it clearly indicates that with all the efforts on the editorial as well as circulation, we are largely able to maintain the numbers, you know. So I think we’ll have to do much more, many more efforts to see that how can we further excite people, open up new markets by going more deeper in the distribution.
Furthermore, we have been noticing certain problems in the market. For example the vendor, the delivery boys, those who used to deliver, those who deliver the paper in the morning, there has been shortage of those boys also because our newspapers start distributing at 4 in the morning until 6, 6:30. Now what he’s earning by doing this two hours job, he’s slightly getting better compensated by doing any of the other delivery during the day. So there has been a task challenge. What our agents are finding to get the delivery boys, we are working with them to resolve that also.
So there are various challenges on the ground and I guess we’ll have to keep making an effort so that we maintain or grow whatever we can or lose the least.
Unidentified Participant
Are we going to run the similar schemes this year also? Is there any.
Pawan Agarwal
We are doing multiple things. It’s not about the scheme alone, you know, it’s about creating every possible avenue for an effort for reader to make sure that he continues reading paper. Or even more Reader comes and read the paper. Whether it’s brand awareness, whether it’s the distribution network enhancement, editorial quality, everything.
Unidentified Participant
And finally on radio, see as a radio, as a medium, what is your thought process? And because we took some new radio stations also in this financial year, how are you thinking about investing and future of the business over a longer period of time? Let’s say five years, ten years.
Pawan Agarwal
Happy to share with you. This radio is all about maintaining it with A very, very low cost. And because you know, the revenue upside is not double digit every year because of the inventory. But we’ve been able to control cost to a very, very large extent and even in the stations that we have picked up. I shared on the in the opening earlier today that the seven stations that we launched were EBITDA positive in the first three months itself with a very, very high margin because of the cost and the fact that we picked up these stations in places where we are the only, in these seven cities, we are the only radio station actually in the balance 7 cities we will be sharing it with one more person.
So, you know, it’s a very, it’s a good market to play. And these are small stations. It will add some value to our top line. And going forward we believe as a medium it is still heard by people. Whenever we check on cars, on traffic signals, we find people listening to radio. And that’s the effort that we have to keep making on making sure that the medium still has relevance across our audiences.
Unidentified Participant
Okay, thanks from my side.
Pawan Agarwal
Thank you.
Operator
Thank you participants. You may press star and one to ask a question. The next question is from the line of Riya Mehta from Equitas. Please go ahead.
Riya Mehta
Thank you for giving us a follow up opportunity. Also just wanted to understand that what was the difference in pricing in domestic and international paper and what would be the month on month growth there.
Pawan Agarwal
So just to give you the number of last year Indian newsprint was at around 45,000 rupees a ton and the imported was at around 54,000 rupees a ton. Now both these prices have changed. Now what happened in the prices imported newsprint whenever they increase the price because imported also got impacted dollar value. Also
Riya Mehta
In
Pawan Agarwal
The beginning of the year dollar was at rate and today only lost around 8, 8% of that. So that also played a role. Now Indian newsprint manufacturers follow the parity pricing. So whatever is your imported landing parity price, they try to adjust their price accordingly. And since imported has gone up because of the freight and all that, they have also taken the rates up.
Riya Mehta
What will be the current rate for domestic and imported?
Pawan Agarwal
The Q4 rate as I mentioned to you as the average has gone up to 49,000 already.
Riya Mehta
Okay, average is 49,000 and specifically domestic how much that would be?
Pawan Agarwal
I don’t have exact breakup here right now, but you can adjust. The 47 was the average that it has gone up by 49. So both of them have increased.
Riya Mehta
Okay, fair pressure and we expect this to further increase going forward. Right
Pawan Agarwal
In the Q1, we believe this should. This may go. Actually, not may. This has already gone up by 7, 8% because we have the forward orders with us.
Riya Mehta
Got it. And we would have two to three months of inventory with us,
Pawan Agarwal
Utilize whatever best we could do in the month of March and February and some of it in the month of April.
Riya Mehta
Got it. Got it. And in terms of the digital business, I think we’re doing a lot of efforts there. Could you elaborate more on what is going there currently and when do we see that business maturing enough to start giving numbers?
Pawan Agarwal
As you have seen the number, we have got almost 20 million MAUs now. And we opened up new market, which is Uttar Pradesh, which is giving us good results. And we are very optimistic about Uttar Pradesh
Unidentified Participant
Because
Pawan Agarwal
Population market in the state, 23 crore population. So we expect this 20 million should grow, you know, year to year substantially. And there are multiple efforts made in terms of product quality, editorial, content and the videos so that the user experience really enhanced
Operator
And
Pawan Agarwal
Gives the delight to the reader so that in future, whenever we want to monetize it, we are able to do that.
Unidentified Participant
Thank you. Thank you so much.
Operator
Thank you. The next question is from the line of Yash from JB Associated. Please go ahead.
Yash Rangaswami
Yeah, hi. So there seems to be small uptick in the other operating income, but I cannot close going by my calculation. Can you please help us understand what is this difference?
Pawan Agarwal
The other operative income is largely on job work as well as the wastage sale, the newsprint wastage sale. Because since the newsprint prices have gone up, there is some uptick there also.
Yash Rangaswami
Okay. Okay. All right. Thank you.
Operator
Thank you. Participants, to ask a question, please press star and 1. The next question is from the line of Mohit Seni, an individual investor, please.
Mohit Saini
Good evening, sir. Thank you for the opportunity and congratulations for a good set of numbers.
Yash Rangaswami
So
Mohit Saini
My first question is regarding one of your Talent Acquisitions, Mr. Piyush Thakur. Sir, can you share some of his insights on what Mr. Thakur thinks from his decade experience, what we can do differently to scale this digital business profitably.
Pawan Agarwal
Okay, so Mr. Piyush Thakur has joined us from a good organization where the CPM and all were very healthy. And he has just joined. So he has made first presentation to the board this Saturday itself. And we are going to roll out the whole thing from this month. So he’ll take at least I would say a couple of months to start showing the results. And. But we’re very optimistic on that.
Mohit Saini
Okay, and do we have the technical team ready if Say we start advertising or we will be first recruiting more in the future. Just understanding from a bottom one line perspective.
Pawan Agarwal
Now our technical team is already no nothing. We just need to go and sell more creatively to our advertisers and run their ads.
Mohit Saini
Okay. And has the war situation given us more traction on the app side? And how do you see the scenario given our advertisers are concerned, as our PM also recently said, the restrain buying jewelry and discretionary spending. Any light on the same
Pawan Agarwal
Now it’s okay. So two things. First of all, has the war given us some major traction on the on the app users slightly because people are in India unfortunately more concerned with the things next door rather than the global things. So that is one second thing. The concerns raised by the Prime Minister yesterday. I think the whole nation is grappling with those concerns. So let’s see how it pans out. You know, so really nobody’s clear how it will unfold.
Mohit Saini
And do we have any plans of acquisition of other media houses as they are struggling to keep up the business?
Pawan Agarwal
No sir, we have no any such plan to acquire any other media business.
Mohit Saini
All right, that’s it. From my side. All the best.
Pawan Agarwal
Thank you very much sir.
Operator
Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to management for closing comments.
Pawan Agarwal
Thank you everyone for your participation today and time on this earnings call. I hope we’ve responded to your queries and we’ll be happy to be of assistance to our investor relations department headed by Mr. Prasoon Kumar Pandey for all your further queries. Thank you and have a great evening. Thank you.
Operator
Thank you on behalf of DB Gorp limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.