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Sandesh Ltd

SANDESH

NSE

₹1,004.60+2.16%19 Oct 2026

Reports

Newspaper

Sandesh Ltd

SANDESH

NSE

₹1,004.60

+2.16%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Sandesh Ltd is fundamentally a century-old Gujarati media house whose flagship daily newspaper still sets the rhythm for everything else it does. It began in 1923 as the first Gujarati-language newspaper to carry news of the freedom movement, and was acquired by the Patel family in 1958, a shift that turned a single print title into a diversified, multi-platform conglomerate. The recurring approach is simple: build deep, almost irreplaceable trust in a specific Gujarati audience through neutral, local journalism, then sell that attention across whichever platform the reader moves to next - print, television, outdoor, or digital.

Business segments

Four engines anchored by one century-old relationship - a print flagship that built the audience, a television channel and an outdoor advertising network that extend its reach, and a digital platform that carries the brand into the future.

1. The Gujarati daily ‘Sandesh’: the original trust factory

A six-edition Gujarati newspaper that has been part of daily life in Gujarat for over a hundred years, earning from both the reader who buys it and the advertiser who wants that reader’s attention.

Paid twice - by the reader and the brand - circulation revenue comes from selling the physical newspaper and periodicals like ‘Sandesh Pratyaksha Panchang’, while advertisement revenue is booked the moment an ad is published, net of discounts and taxes. Even waste paper gets sold as scrap, so almost nothing is wasted.
Printed where the reader lives - the paper runs off presses in six cities - Ahmedabad, Vadodara, Surat, Rajkot, Bhavnagar, and Bhuj - each added progressively between 1985 and 2011 to push deeper into semi-urban and rural Gujarat. A dedicated circulation team gets it to doorsteps even in villages that are otherwise hard to reach, which the company sees as the single most important lever for keeping the reading habit alive.
Newsprint is the raw material, and it is managed like a commodity - the company blends imported and domestic newsprint and times its purchases by watching market trends, because paper cost swings can make or break a print business. It also squeezes out savings by controlling wastage on the pressroom floor.
Local depth that outsiders cannot copy - the editorial team is led by veteran Gujarati journalists and covers specific communities and topics with a granularity that national papers, chasing scale, simply cannot match. The company explicitly avoids sensationalism and clickbait, betting instead that investigative, credible reporting will hold premium readers even as free digital news explodes around it.

2. ‘Sandesh News’: the living-room extension of the brand

A Gujarati news channel that takes the same editorial sensibility into television, earning purely from advertising aired to a loyal regional audience.

One revenue line - advertising - the channel recognises income the moment a commercial is aired, net of trade discounts and taxes, with no subscription or paywall.
Credibility carried over from print - in a television landscape flooded with misinformation, the channel leans on the solid reputation of established TV news brands for investigative journalism, and benefits from the wide accessibility of free-to-air broadcasting. It has won several awards and is described as popular among Gujarati viewers.

3. ‘Sandesh Spotlight’: the outdoor attention broker

An out-of-home advertising business that owns or controls display rights on prime hoardings, bus shelters, and transit media across Gujarat’s busiest intersections - a physical ad network built on government concessions.

Real estate, but for eyeballs - the company has secured tenders from municipal corporations, transport authorities, and the defence estates office in cities like Ahmedabad and Vadodara, giving it legal rights to sell advertising on assets ranging from unipoles to entire bus fleets. In one case, it built bus shelters for Vadodara Municipal Corporation on a build-operate-transfer basis in exchange for the advertising rights on those shelters.
Paid when the ad goes up - revenue is recognised at the moment the advertisement is displayed, net of discounts and taxes. The largest advertisers on OOH were real estate, FMCG, and financial services.
Traditional hoardings still dominate, but screens are coming - traditional static media made up 62% of the segment’s revenue in 2023, with transit media at 38%, while digital screens - over 100,000 active units nationally - contributed about 9% of overall OOH revenues and represent the growth edge.

4. Digital media: the brand’s portable version

A website, mobile app, and e-paper that put the Sandesh newsroom onto screens, reaching a claimed 84 million-plus users and monetising through digital advertising while laying the groundwork for subscriptions.

Three products, one newsroom - the website (described as very popular with the Gujarati community), a mobile app with 84 MN+ users, and an e-paper that is meant to be indistinguishable from the physical edition together publish more than 30,000 stories a month.
Paid by the impression or the click - digital advertising revenue is earned when ads are displayed on web pages, with the performance obligation satisfied at a point in time and fees charged per agreed contract.
Building for a post-print future - the company is actively upgrading the website and app, creating digital-first formats like videos and podcasts, and exploring new revenue streams including digital subscriptions, affiliate marketing, and monetising its content archive.

Group structure and partners

A family-led, zero-debt holding company with a simplified structure after merging its digital subsidiary into itself, and a board anchored by the Patel family and long-tenure professionals.

The Sandesh Limited is the parent, and it is a zero-debt organisation. It previously had one wholly-owned subsidiary, Sandesh Digital Private Limited, which ran the digital media business; that subsidiary was merged into the parent in 2020 to eliminate inter-corporate dependencies, simplify the structure, and pool resources.
The company holds minority stakes in several entities, including Applewood Estate Private Limited, Press Trust of India Limited, and a local co-operative bank. It is part of the wider Sandesh Group, which also has interests in real estate and marine chemicals.
Leadership sits with the Patel family: Mr. Falgunbhai C. Patel is Chairman and Managing Director, and his son Mr. Parthiv F. Patel serves as Managing Director. The board’s reappointment of the Chairman for a further five-year term through March 2032 was approved in May 2026. Key executives include Mr. Rahoul Shah, a Whole-time Director who heads marketing and has been with the company for over 25 years, and Mr. Sanjay Kumar Tandon, a chartered accountant with over 16 years at the firm overseeing finance, treasury, procurement, and risk.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

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Edit Ratios

Mkt Cap

Market Capitalization

₹765Cr

Close Price

₹1,010.00

Industry

Newspaper

Price To Earnings

7.13

Price To Sales

0.93

Revenue

₹824Cr

Rev Gr TTM

Revenue Growth TTM

175.74%

PAT Gr TTM

PAT Growth TTM

26.70%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	72	91	86	69	71	79	76	73	78	77	211	458
Growth YoY Revenue Growth YoY%	-11.1	-8.4	11.2	-5.2	-2.7	-13.0	-12.1	6.8	10.4	-2.8	178.8	524.8
Expenses ExpensesCr	58	66	61	53	55	121	64	55	73	57	246	439
Operating Profit Operating ProfitCr	14	25	26	16	16	-41	12	18	5	20	-35	19
OPM OPM%	20.0	27.9	29.6	22.6	22.3	-52.0	15.8	24.7	6.1	25.8	-16.6	4.2
Other Income Other IncomeCr	21	50	66	50	48	3	4	55	4	30	6	92
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	34	73	90	64	61	-40	13	71	7	48	-31	110
Tax TaxCr	8	16	18	14	23	-20	4	13	3	10	3	11
PAT PATCr	26	58	72	50	38	-21	9	58	4	38	-35	99
Growth YoY PAT Growth YoY%	-41.2	74.3	551.5	52.7	47.4	-136.0	-87.2	14.9	-89.9	285.1	-473.8	71.4
NPM NPM%	35.8	63.3	83.6	73.5	54.1	-26.2	12.2	79.2	5.0	49.9	-16.4	21.7
EPS EPS₹	34.2	76.2	95.0	66.7	50.5	-27.5	12.2	76.7	5.1	50.8	-45.6	131.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	72	91	86	69	71	79	76	73	78	77	211	458
Growth YoY Revenue Growth YoY%	-11.1	-8.4	11.2	-5.2	-2.7	-13.0	-12.1	6.8	10.4	-2.8	178.8	524.8
Expenses ExpensesCr	58	66	61	53	55	121	64	55	73	57	246	439
Operating Profit Operating ProfitCr	14	25	26	16	16	-41	12	18	5	20	-35	19
OPM OPM%	20.0	27.9	29.6	22.6	22.3	-52.0	15.8	24.7	6.1	25.8	-16.6	4.2
Other Income Other IncomeCr	21	50	66	50	48	3	4	55	4	30	6	92
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	2	2	2	2	2	2	2	2	2	2	2	2
PBT PBTCr	34	73	90	64	61	-40	13	71	7	48	-31	110
Tax TaxCr	8	16	18	14	23	-20	4	13	3	10	3	11
PAT PATCr	26	58	72	50	38	-21	9	58	4	38	-35	99
Growth YoY PAT Growth YoY%	-41.2	74.3	551.5	52.7	47.4	-136.0	-87.2	14.9	-89.9	285.1	-473.8	71.4
NPM NPM%	35.8	63.3	83.6	73.5	54.1	-26.2	12.2	79.2	5.0	49.9	-16.4	21.7
EPS EPS₹	34.2	76.2	95.0	66.7	50.5	-27.5	12.2	76.7	5.1	50.8	-45.6	131.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	375	356	377	419	343	274	309	341	322	294	440	824
Growth Revenue Growth%		-5.2	6.1	11.1	-18.1	-20.3	12.8	10.3	-5.5	-8.7	49.5	175.7
Expenses ExpensesCr	247	249	258	331	273	198	232	246	240	226	353	815
Operating Profit Operating ProfitCr	128	106	119	88	71	76	76	95	82	68	86	9
OPM OPM%	34.2	29.9	31.6	21.0	20.6	27.7	24.8	27.9	25.4	23.3	19.6	1.1
Other Income Other IncomeCr	4	15	16	21	15	49	48	45	166	38	16	132
Interest Expense Interest ExpenseCr	2	1	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	8	8	9	9	8	7	6	6	7	7	7	7
PBT PBTCr	123	113	126	99	77	117	118	134	241	99	96	134
Tax TaxCr	43	40	44	34	16	27	28	32	52	22	30	27
PAT PATCr	80	73	83	65	61	90	90	101	189	77	66	107
Growth PAT Growth%		-8.9	13.8	-21.8	-5.7	47.3	-0.2	12.9	86.0	-59.1	-14.6	26.7
NPM NPM%	21.3	20.5	21.9	15.5	17.8	32.9	29.1	29.8	58.5	26.2	15.0	13.0
EPS EPS₹	106.8	96.2	109.4	85.6	80.7	118.9	118.7	134.0	249.1	101.9	87.0	141.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	375	356	377	419	343	274	309	341	322	294	440	824
Growth Revenue Growth%		-5.2	6.1	11.1	-18.1	-20.3	12.8	10.3	-5.5	-8.7	49.5	175.7
Expenses ExpensesCr	247	249	258	331	273	198	232	246	240	226	353	815
Operating Profit Operating ProfitCr	128	106	119	88	71	76	76	95	82	68	86	9
OPM OPM%	34.2	29.9	31.6	21.0	20.6	27.7	24.8	27.9	25.4	23.3	19.6	1.1
Other Income Other IncomeCr	4	15	16	21	15	49	48	45	166	38	16	132
Interest Expense Interest ExpenseCr	2	1	0	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	8	8	9	9	8	7	6	6	7	7	7	7
PBT PBTCr	123	113	126	99	77	117	118	134	241	99	96	134
Tax TaxCr	43	40	44	34	16	27	28	32	52	22	30	27
PAT PATCr	80	73	83	65	61	90	90	101	189	77	66	107
Growth PAT Growth%		-8.9	13.8	-21.8	-5.7	47.3	-0.2	12.9	86.0	-59.1	-14.6	26.7
NPM NPM%	21.3	20.5	21.9	15.5	17.8	32.9	29.1	29.8	58.5	26.2	15.0	13.0
EPS EPS₹	106.8	96.2	109.4	85.6	80.7	118.9	118.7	134.0	249.1	101.9	87.0	141.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	563	584	662	723	779	881	943	1,047	1,254	1,346	1,420
Current Liabilities Current LiabilitiesCr	104	88	81	58	50	69	60	54	51	51	63
Non Current Liabilities Non Current LiabilitiesCr	28	8	7	12	5	6	4	8	36	38	36
Total Liabilities Total LiabilitiesCr	702	688	758	800	842	964	1,014	1,117	1,349	1,442	1,527
Current Assets Current AssetsCr	220	309	377	416	456	475	474	576	893	979	996
Non Current Assets Non Current AssetsCr	482	379	381	384	385	489	540	541	456	463	530
Total Assets Total AssetsCr	702	688	758	800	842	964	1,014	1,117	1,349	1,442	1,527

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	8	8	8	8	8	8	8	8	8	8	8
Reserves ReservesCr	563	584	662	723	779	881	943	1,047	1,254	1,346	1,420
Current Liabilities Current LiabilitiesCr	104	88	81	58	50	69	60	54	51	51	63
Non Current Liabilities Non Current LiabilitiesCr	28	8	7	12	5	6	4	8	36	38	36
Total Liabilities Total LiabilitiesCr	702	688	758	800	842	964	1,014	1,117	1,349	1,442	1,527
Current Assets Current AssetsCr	220	309	377	416	456	475	474	576	893	979	996
Non Current Assets Non Current AssetsCr	482	379	381	384	385	489	540	541	456	463	530
Total Assets Total AssetsCr	702	688	758	800	842	964	1,014	1,117	1,349	1,442	1,527

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	99	98	78	48	-90	49	22	84	154	67	-145
Investing Cash Flow Investing Cash FlowCr	-39	-33	-110	-102	85	-40	33	-106	-130	-109	148
Financing Cash Flow Financing Cash FlowCr	-4	-17	-7	-5	-5	-4	-4	-4	-4	-2	-2
Net Cash Flow Net Cash FlowCr	57	49	-38	-58	-10	4	51	-26	20	-43	1
Free Cash Flow Free Cash FlowCr	90	80	69	45	-90	52	24	83	149	65	-150
CFO To PAT CFO To PAT%	124.0	135.0	94.0	74.6	-146.7	54.2	24.9	82.5	81.6	87.4	-220.8
CFO To EBITDA CFO To EBITDA%	77.2	92.3	65.3	54.9	-126.9	64.3	29.2	88.2	188.2	98.5	-168.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	99	98	78	48	-90	49	22	84	154	67	-145
Investing Cash Flow Investing Cash FlowCr	-39	-33	-110	-102	85	-40	33	-106	-130	-109	148
Financing Cash Flow Financing Cash FlowCr	-4	-17	-7	-5	-5	-4	-4	-4	-4	-2	-2
Net Cash Flow Net Cash FlowCr	57	49	-38	-58	-10	4	51	-26	20	-43	1
Free Cash Flow Free Cash FlowCr	90	80	69	45	-90	52	24	83	149	65	-150
CFO To PAT CFO To PAT%	124.0	135.0	94.0	74.6	-146.7	54.2	24.9	82.5	81.6	87.4	-220.8
CFO To EBITDA CFO To EBITDA%	77.2	92.3	65.3	54.9	-126.9	64.3	29.2	88.2	188.2	98.5	-168.3

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	529	741	752	575	331	488	494	728	888	825	618	765
Price To Earnings Price To Earnings	6.7	10.2	9.1	8.9	5.4	5.4	5.5	7.2	4.7	10.7	9.4	7.1
Price To Sales Price To Sales	1.4	2.1	2.0	1.4	1.0	1.8	1.6	2.1	2.8	2.8	1.4	0.9
Price To Book Price To Book	0.9	1.3	1.1	0.8	0.4	0.6	0.5	0.7	0.7	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	3.7	5.8	5.6	6.3	4.5	6.2	5.5	7.1	10.1	11.6	6.4	75.0
Profitability Ratios Profitability Ratios
GPM GPM%	55.2	52.6	54.4	43.0	47.1	55.3	52.6	52.2	53.6	53.9	43.0	43.0
OPM OPM%	34.2	29.9	31.6	21.0	20.6	27.7	24.8	27.9	25.4	23.3	19.6	1.1
NPM NPM%	21.3	20.5	21.9	15.5	17.8	32.9	29.1	29.8	58.5	26.2	15.0	13.0
ROCE ROCE%	21.4	19.2	18.9	13.6	9.8	13.3	12.4	12.7	19.1	7.3	6.7	6.7
ROE ROE%	14.0	12.3	12.4	8.9	7.8	10.1	9.4	9.6	14.9	5.7	4.6	4.6
ROA ROA%	11.4	10.6	10.9	8.1	7.3	9.3	8.9	9.1	14.0	5.3	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	529	741	752	575	331	488	494	728	888	825	618	765
Price To Earnings Price To Earnings	6.7	10.2	9.1	8.9	5.4	5.4	5.5	7.2	4.7	10.7	9.4	7.1
Price To Sales Price To Sales	1.4	2.1	2.0	1.4	1.0	1.8	1.6	2.1	2.8	2.8	1.4	0.9
Price To Book Price To Book	0.9	1.3	1.1	0.8	0.4	0.6	0.5	0.7	0.7	0.6	0.4	0.5
EV To EBITDA EV To EBITDA	3.7	5.8	5.6	6.3	4.5	6.2	5.5	7.1	10.1	11.6	6.4	75.0
Profitability Ratios Profitability Ratios
GPM GPM%	55.2	52.6	54.4	43.0	47.1	55.3	52.6	52.2	53.6	53.9	43.0	43.0
OPM OPM%	34.2	29.9	31.6	21.0	20.6	27.7	24.8	27.9	25.4	23.3	19.6	1.1
NPM NPM%	21.3	20.5	21.9	15.5	17.8	32.9	29.1	29.8	58.5	26.2	15.0	13.0
ROCE ROCE%	21.4	19.2	18.9	13.6	9.8	13.3	12.4	12.7	19.1	7.3	6.7	6.7
ROE ROE%	14.0	12.3	12.4	8.9	7.8	10.1	9.4	9.6	14.9	5.7	4.6	4.6
ROA ROA%	11.4	10.6	10.9	8.1	7.3	9.3	8.9	9.1	14.0	5.3	4.3	4.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DBCORP	JAGRAN	SANDESH
Market CapitalizationMkt CapCr	2,932	1,323	765
Close PriceClose₹	164.49	60.80	1,010.00
IndustryIndustry	Newspaper	Newspaper	Newspaper
Price To EarningsPE	8.96	7.02	7.13
Price To SalesPS	1.24	0.69	0.93
RevenueRevenueCr	2,366	1,916	824
Revenue Growth TTMRev Gr TTM%	0.1%	0.6%	175.7%
PAT Growth TTMPAT Gr TTM%	-5.2%	49.9%	26.7%

	DBCORP	JAGRAN	SANDESH
Market CapitalizationMkt CapCr	2,932	1,323	765
Close PriceClose₹	164.49	60.80	1,010.00
IndustryIndustry	Newspaper	Newspaper	Newspaper
Price To EarningsPE	8.96	7.02	7.13
Price To SalesPS	1.24	0.69	0.93
RevenueRevenueCr	2,366	1,916	824
Revenue Growth TTMRev Gr TTM%	0.1%	0.6%	175.7%
PAT Growth TTMPAT Gr TTM%	-5.2%	49.9%	26.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26