NSE: SANDESH · BSE: 526725
SANDESH LTD
Publishes the 'Sandesh' Gujarati newspaper alongside a newly launched Trade in Commodities business. The Media segment, covering newspaper publishing and advertising, generated Rs. 300.53 cr in revenue (65.6% of segment revenue) with EBIT of Rs. 67.59 cr. Trade in Commodities, introduced in FY26, contributed Rs. 138.80 cr (30.3% of segment revenue) and EBIT of Rs. 18.19 cr, with most of this segment's revenue concentrated in Q4 FY26. A small Finance segment added Rs. 2.57 cr. The cost structure is led by materials at 20.5% of revenue (covering newsprint and commodity inputs), other operating expenses at 23.5%, and employee costs at 9.0%. The company plans to amalgamate Sandesh Digital Private Limited and is led by a family promoter group, with Chairman Falgunbhai Patel associated with the firm since 1974. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Media (66%), Trade in Commodities (30%), Finance (1%), Unallocated (4%). Regional Gujarati print-media publisher with a newly added commodity trading arm; family-promoter-led
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 309 | 341 | 322 | 294 | 440 |
| EBITDA (ex other income) | 79 | 97 | 82 | 69 | 84 |
| margin % | 25.5 | 28.4 | 25.4 | 23.4 | 19.2 |
| Owners' profit | 90 | 101 | 189 | 77 | 66 |
| EPS, as reported (₹) | 118.67 | 133.98 | 249.14 | 101.89 | 86.99 |
| ROE % · ROCE % | 9.4 · 12.4 | 9.6 · 12.6 | 14.9 · 18.6 | 5.7 · 7.1 | 4.6 · 6.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 22 | 96 | 154 | 67 | (145) |
| Capex | (0) | (3) | (5) | (3) | (6) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71 | 79 | 76 | 73 | 78 | 77 | 211 | 458 |
| Profit before tax | 61 | (40) | 13 | 71 | 7 | 48 | (31) | 110 |
| Net profit | 38 | (21) | 9 | 58 | 4 | 38 | (35) | 99 |
| EPS (₹) | 50.45 | (27.47) | 12.21 | 76.68 | 5.10 | 50.84 | (45.63) | 131.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Media | 301 | 56.1 |
| Finance | 3 | 0.5 |
| Trade in Commodities | 138 | 25.8 |
| Unallocated | 95 | 17.7 |
| Total, before eliminations | 536 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| D.B.CORP LTD | 2,674 | 7.6 | 1.10 | 4.5 | 13.7 | 16.2 | 9.3 | 27.3 |
| JAGRAN PRAKASHAN LIMITED | 1,347 | 7.1 | 0.63 | 3.6 | 8.7 | 11.7 | 7.8 | 20.4 |
| SANDESH LTD ◆ | 780 | 7.3 | 0.55 | 7.4 | 4.6 | 6.5 | 9.9 | 24.4 |
| HINDUSTAN MEDIA VENT LTD | 560 | 6.2 | 0.35 | 3.3 | 3.1 | 10.0 | 6.3 | 38.1 |
| HT MEDIA LIMITED | 524 | — | 0.26 | 6.2 | (2.4) | 1.4 | 10.0 | 20.8 |
| ENCODE PACKAGING INDIA LIMITED | — | — | — | — | (0.0) | (0.0) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 7.6 | 9 of 19 | 56% |
| P/B | 0.6 | 0.9 | 5 of 17 | 75% |
| ROCE | 6.5 | 9.8 | 15 of 24 | 39% |
| ROE | 4.6 | 3.8 | 9 of 18 | 53% |
| Debt / Equity | 0.0 | 0.0 | 1 of 18 | 65% |
| EBITDA margin | 24.4 | 20.6 | 6 of 16 | 67% |
| Revenue growth | 524.9 | 9.6 | 1 of 16 | 100% |
| Profit growth | 71.4 | 19.4 | 5 of 16 | 73% |
| Market cap | 780 | 143 | 4 of 24 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 5 Oct 2026 · Sandesh files quarterly dematerialisation certificate with exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Company Secretary Hardik Joshi resigns, last working day Nov 15, 2026 | management changes | medium | — | — |
| 16 Sept 2026 · AGM voting results: All 7 resolutions passed; Rs. 5 dividend declared | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Sandesh Ltd AGM approves Rs 5 dividend, reappoints Chairman for 5 years | corporate actions | high | — | — |
| 15 Sept 2026 · Sandesh Ltd 83rd AGM approves Rs 5 dividend and re-appoints CMD for 5 years | corporate actions | high | — | — |
| 15 Sept 2026 · Sandesh Ltd 83rd AGM: Rs 5 dividend approved, Patel re-appointed as CMD | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Sandesh AGM approves Rs.5 dividend, re-appoints MD for 5 years | management changes | high | — | — |
| 15 Sept 2026 · Sandesh 83rd AGM approves Rs 5 dividend, reappoints Patel as CMD for 5 years | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.