- **Sambhaav Media** - a Gujarat-rooted media house that began with a single morning daily newspaper in 1986 and has since stitched together a deliberately local, multi-platform presence - print, FM radio, a Gujarati TV news channel, and a technology services arm - all anchored by the founding principle “Do NOT sensationalize, Sensitize”. The company was incorporated in 1990 and listed in 1995, and its recurring approach is to build or acquire media assets that saturate its home state of Gujarat while selectively extending into neighbouring geographies, then layer on a government-contracted technology business that provides a steady, non-advertising revenue stream. That combination - a regional media bouquet plus a contracted tech operation - is what defines the company today. # Business segments Three engines, two of them media-facing and one a technology contractor - a print-and-radio foundation, a TV news channel run through a close associate company, and a vehicle-tracking project for the state bus corporation that brings in assured, non-advertising income. ## 1. Print and FM radio: the home-market bedrock **Two four-decade-old print titles and 13 FM stations under the ‘Top FM’ brand give Sambhaav a dense, advertising-led presence across Gujarat, with radio extending into Jammu & Kashmir and Ladakh.** - **Advertising is the real earner** - both the print publications and the FM stations generate revenue primarily through advertising, with print circulation providing a secondary stream; the company notes that advertisements ensure better profitability margins. - **Print is the original asset** - the afternoon daily ‘Sambhaav Metro’ and the weekly family magazine ‘Abhiyaan’ are both roughly four decades old, tracing back to the 1986 founding of the morning daily ‘Sambhaav’ by journalist Shri Bhupatbhai Vadodaria, who built the publication on a Gandhian editorial philosophy. - **FM radio saturates the map** - the company won 13 FM licences under the government’s Phase-III e-auction and completed rolling out all stations by December 16, 2021, covering eight cities in Gujarat (Bhavnagar, Jamnagar, Junagadh, Porbandar, Veraval, Mehsana, Bharuch, Godhra) and five in the northern union territories (Bhaderwah, Kathua, Poonch, Kargil, Leh). - **The moat is localism** - Sambhaav describes itself as a predominant media house in Gujarat, and its print and radio assets are designed to give advertisers a multi-platform reach within a single, culturally coherent market rather than competing nationally. ## 2. Television news: the Gujarati channel run through a partner **VTV, a Gujarati news channel positioned as being of international standards, is operated through a resource-sharing arrangement with Gujarat News Broadcasters Private Limited (GNBPL), a company significantly influenced by Sambhaav’s own key management.** - **Shared operations, not a subsidiary** - Sambhaav and GNBPL have a marketing and business arrangement under which advertising, financial needs, resources, trademarks and intellectual property are shared to gain synergy and scale, meaning the channel’s economics are intertwined with Sambhaav’s without full consolidation. - **A stake, not control** - in March 2023 Sambhaav acquired a 14.92% equity stake in GNBPL for about INR 1.19 crore, describing the move as strategic consolidation of its news media activities; it also holds preference shares and compulsorily convertible debentures in GNBPL, bringing its total exposure closer to INR 17.9 crore. - **Over a decade on air** - VTV has been running for more than 13 years as of FY25, making it an established, if small, player in the Gujarati-language television news segment. ## 3. Technology services for the state bus corporation: the contracted, non-media income **A long-term contract to run vehicle tracking and passenger information systems across 8,300 Gujarat state buses provides a revenue stream that is independent of advertising cycles and collected on time.** - **One big government client** - the Integrated Vehicle Tracking and Passenger Information System project covers 8,300 buses and 100 depots of the Gujarat State Road Transport Corporation (GSRTC), operating 24 hours a day, and the company highlights the assured and timely recovery of dues from this contract. - **Built on a completed in-transit TV project** - the company previously deployed ‘WISE TV’, a live in-transit public entertainment system with over 2,000 screens in GSRTC buses and depots that caught roughly 20 lakh eyeballs daily; that project was completed during FY23, and the relationship with GSRTC has since evolved into the tracking-and-information contract. - **Run through the subsidiary** - the earlier WISE TV project was completed by the Company, while the current vehicle-tracking contract and other technological projects like PES and IVT & PIS are executed by Ved Technoserve India Private Limited, Sambhaav’s subsidiary, which is dedicated to technological project executions. # Group structure and partners **Sambhaav Media sits inside a family-led group with a subsidiary for technology projects, an associate company for TV news, and a former digital joint venture that has since been restructured.** - **The listed flagship** - Sambhaav Media Ltd is the main listed entity, headquartered at ‘Sambhaav House’ in Ahmedabad, with Mr. Manoj B Vadodaria as Chairman & Managing Director; his brother and former CMD, Mr. Kiran B Vadodaria, stepped back from the board in 2023. - **Ved Technoserve, the tech subsidiary** - Sambhaav holds 30 lakh equity shares in Ved Technoserve (cost: INR 3 crore) and has extended a non-current loan of INR 3.3 crore to it; a planned partial stake sale in 2022 was later cancelled, so the subsidiary remains in place executing the GSRTC contracts. - **GNBPL, the TV associate** - beyond the equity stake, Sambhaav holds INR 1.5 crore in preference shares and INR 15.25 crore in compulsorily convertible debentures in GNBPL, the company that operates VTV, and the board approved a further equity acquisition in November 2025. - **Digital media, formerly a joint venture** - Sambhaav is a partner in Sambhaav Nascent LLP alongside family and corporate partners; this entity previously housed the digital media business as a 51:49 joint venture with Nascent Info Technologies, but that arrangement ended in February 2024 when Sambhaav received back its capital contribution.