The Sandesh financials and balance sheet

NSE: SANDESHBSE: 526725MediaSmall Cap

₹953.50₹25.00 (2.55%)BSE ₹950.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹978.50.

52-week range of traded prices to 23 Oct 2026

₹811.00Low, 30 Mar 2026₹1,270.00High, 7 Aug 2026

Market cap: ₹722 Cr1,638th largest listed
P/E: 6.7
P/B: 0.5
Dividend yield: 0.52%
ROE: 7.7%
ROCE: 0.1%
Debt to equity: 0.00
Volume, NSE: 1,61158.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The Sandesh annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹440 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue440
Materials and goods−210
Employee costs−40
Other expenses−103
Operating profit86
Depreciation−7.0
Other income+18
One-off items−2.0
Finance costs−0.2
Profit before tax96
Tax−30
Net profit66

What the company owns

Current investments₹591 Cr
Plant, investments and other assets₹574 Cr
Inventory₹254 Cr
Cash and bank₹64 Cr
Receivables₹44 Cr

What pays for it: net worth and liabilities

Net worth₹1,427 Cr
Other liabilities₹76 Cr
Owed to suppliers₹24 Cr

The Sandesh business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.The Sandesh segment results by quarter

Revenue by segment

₹442 CrTotal

Media₹301 Cr68.0% of total
Trade in Commodities₹139 Cr31.4% of total
Finance₹3 Cr0.6% of total

Profit by segment

Media₹67.6 Cr76.6% of total
Trade in Commodities₹18.2 Cr20.6% of total
Finance₹2.4 Cr2.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Media
Revenue, ₹ crore
341
233
262
322
308
289
301
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
61
55
59
81
63
58
68
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trade in Commodities
Revenue, ₹ crore
139
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Finance
Revenue, ₹ crore
4
20
19
14
15
6
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
4
20
19
14
14
6
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
0
24
49
10
1
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
17
3
1
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	345	277	329	346	323	295	442
Company revenue, as in its results	419	343	274	309	341	322	294	440
Revenue	–	341	233	262	322	308	289	301
Revenue growth	–	–	−31.6%	12.4%	23.1%	−4.6%	−6.1%	4.1%
Profit	–	61	55	59	81	63	58	68
Profit growth	–	–	−9.5%	6.0%	37.9%	−22.0%	−7.6%	15.8%
Margin	–	18.0%	23.8%	22.5%	25.2%	20.6%	20.2%	22.5%
Return on capital	–	39.5%	24.7%	44.1%	76.7%	45.8%	48.8%	66.2%
Assets	–	208	293	191	159	187	170	163
Liabilities	–	52	69	58	54	50	51	60
Capital employed	–	155	224	133	106	138	120	102
Revenue	–	–	–	–	–	–	–	139
Profit	–	–	–	–	–	–	–	18
Margin	–	–	–	–	–	–	–	13.1%
Return on capital	–	–	–	–	–	–	–	7.0%
Assets	–	–	–	–	–	–	–	266
Liabilities	–	–	–	–	–	–	–	5
Capital employed	–	–	–	–	–	–	–	261
Revenue	–	4	20	19	14	15	6	3
Revenue growth	–	–	402.9%	−6.9%	−27.1%	6.7%	−57.8%	−58.2%
Profit	–	4	20	19	14	14	6	2
Profit growth	–	–	404.8%	−7.2%	−27.3%	6.7%	−58.4%	−59.7%
Margin	–	99.2%	99.6%	99.3%	99.0%	99.0%	97.6%	94.0%
Return on capital	–	2.7%	22.6%	13.6%	9.2%	18.6%	16.0%	–
Assets	–	145	89	137	147	78	38	0
Liabilities	–	0	0	0	0	0	0	0
Capital employed	–	145	89	137	147	78	38	0
Revenue	–	0	24	49	10	1	0	0
Revenue growth	–	–	–	102.0%	−79.8%	−92.0%	–	–
Profit	–	0	0	17	3	1	0	0
Profit growth	–	–	–	3,652.7%	−81.5%	−82.8%	–	–
Margin	–	–	1.9%	35.2%	32.3%	69.7%	–	–
Return on capital	–	−0.2%	7.2%	189.1%	671.0%	102.7%	0.0%	0.0%
Assets	–	1	6	11	1	1	1	1
Liabilities	–	0	0	2	0	0	0	0
Capital employed	–	1	6	9	0	1	1	1
Revenue	–	10	44	26	38	165	37	16
Profit	–	0	0	0	0	0	0	0
Assets	–	488	576	676	0	0	1,233	0
Liabilities	–	2	6	4	0	0	38	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.The Sandesh quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 6 Jul	Mar 2022Filed 6 Jun	Mar 2023Filed 27 May	Mar 2024Filed 5 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue from operations	364	377	419	343	274	309	341	322	294	440
	249	258	331	273	198	232	246	240	226	353
Materials and goods bought	125	126	185	129	93	118	136	110	96	210
Employee costs	33	35	34	33	29	35	37	37	36	40
Other expenses	92	97	112	110	76	80	73	93	94	103
Operating profit before depreciation	115	119	88	71	76	77	95	82	68	86
Operating margin	31.6%	31.6%	21.0%	20.6%	27.7%	24.8%	27.9%	25.4%	23.3%	19.6%
Materials, % of revenue	34.2%	33.3%	44.3%	37.7%	34.0%	38.2%	40.0%	34.3%	32.6%	47.9%
Employee costs, % of revenue	9.1%	9.3%	8.1%	9.7%	10.5%	11.2%	10.7%	11.5%	12.2%	9.0%
Other expenses, % of revenue	25.1%	25.8%	26.7%	32.0%	27.8%	25.8%	21.4%	28.9%	32.0%	23.5%
Depreciation and amortisation	8	9	9	8	7	6	6	7	7	7
Operating profit after depreciation	107	111	79	63	69	70	89	75	61	79
Other income	5	14	20	12	47	46	43	166	37	18
Finance costs	1	0	0	0	0	0	0	0	0	0
Profit before one-off items and tax	111	124	99	74	116	116	132	241	98	98
One-off items	0	0	0	1	2	2	2	0	0	−2
Profit before tax	112	124	98	75	117	118	134	241	99	96
	40	44	34	16	27	28	32	52	22	30
Current tax	–	–	29	23	23	31	28	24	20	34
Deferred tax	–	–	5	−7	4	−3	4	28	2	−4
Share of profit of joint ventures and associates	–	2	1	2	–	–	–	–	–	–
Net profit	73	83	65	61	90	90	101	189	77	66
Other comprehensive income	–	–	0	0	21	−24	7	22	16	10
Total comprehensive income	–	–	65	61	111	66	108	211	93	76
Net margin	20.0%	22.0%	15.5%	17.8%	32.9%	29.1%	29.8%	58.6%	26.2%	15.0%
Net margin without joint ventures and associates	–	21.4%	15.3%	17.2%	–	–	–	–	–	–

Share of profit of joint ventures and associates is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 6 Jul	Mar 2022Filed 6 Jun	Mar 2023Filed 27 May	Mar 2024Filed 5 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	730	787	889	951	1,055	1,262	1,353	1,427
Share capital	8	8	8	8	8	8	8	8
Reserves	723	779	881	943	1,047	1,254	1,346	1,420
Borrowings	0	0	0	0	0	0	0	0
	58	50	69	60	54	51	51	63
Trade payables	12	6	22	9	8	10	13	24
Other financial liabilities	29	28	33	35	32	27	25	27
Other liabilities	15	15	14	16	14	14	13	12
Provisions	0	0	0	0	0	0	0	1
Tax owed	0	0	0	–	0	0	0	0
	12	5	6	4	8	36	38	36
Provisions	3	3	0	0	0	0	1	3
Deferred tax	9	2	6	4	8	36	38	33
Trade payables	0	0	0	–	0	0	0	–
Total assets	800	842	964	1,014	1,117	1,349	1,442	1,527
	384	385	489	536	541	456	463	530
Plant in use, after depreciation	77	71	64	58	63	61	57	57
Plant being built	0	0	0	0	0	1	0	0
Intangible assets	3	2	1	1	1	1	1	1
Intangible assets being developed	0	0	0	0	0	0	0	–
Property held to earn rent	53	55	55	52	47	49	48	48
Investments	237	239	228	289	286	307	310	412
Loans given	0	0	29	57	76	2	0	0
Other financial assets	15	18	112	79	65	32	41	13
Other assets	0	0	0	–	4	4	4	0
	416	456	475	478	576	893	979	996
Inventories	25	23	32	43	18	19	29	254
Trade receivables	74	68	51	43	40	48	46	44
Cash and cash equivalents	24	15	19	70	49	63	20	21
Other bank balances	0	0	0	0	1	2	14	43
Current investments	267	189	284	222	380	670	826	591
Loans given	1	146	60	80	72	76	38	0
Other financial assets	0	0	3	2	0	0	0	9
Tax paid in advance	3	5	5	4	2	0	0	–
Other assets	23	11	21	15	14	15	6	34
Net debt	−291	−204	−303	−292	−430	−735	−861	−655

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 Jul	Mar 2022Filed 6 Jun	Mar 2023Filed 27 May	Mar 2024Filed 5 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	52	22	96	154	67	−145
	76	61	121	176	87	−111
	−4	−44	22	94	18	−204
Receivables	17	9	1	−3	−11	−27
Inventories	−8	−11	16	−1	−10	−226
Payables	16	−14	−1	0	3	11
Other working capital	−28	−28	5	98	37	37
Tax paid	−24	−30	−26	−22	−19	−34
Interest paid	0	0	0	0	0	0
Capital spending	1	0	3	5	3	6
Free cash flow	51	22	93	149	64	−151
	−44	33	−112	−130	−109	148
Plant and property sold	3	2	2	0	0	0
Interest received	0	9	12	10	9	12
Dividends received	1	1	2	2	3	4
	−4	−4	−4	−4	−2	−2
Borrowings repaid	0	0	0	0	0	0
Interest paid	0	0	0	0	0	0
Dividends paid	4	4	4	4	2	2
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	4	51	−20	20	−43	1

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.The Sandesh dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 6 Jul	Mar 2022Filed 6 Jun	Mar 2023Filed 27 May	Mar 2024Filed 5 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Earnings per share	₹96.27	₹109.44	₹85.62	₹80.72	₹118.88	₹118.67	₹133.98	₹249.14	₹101.89	₹86.99
Diluted earnings per share	₹96.27	₹109.44	₹85.62	₹80.72	₹118.88	₹118.67	₹133.98	₹249.14	₹101.89	₹86.99
Dividend per share	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00
Book value per share	–	–	₹964.94	₹1,039.69	₹1,173.81	₹1,256.04	₹1,393.79	₹1,667.03	₹1,787.59	₹1,863.66
Dividend payout	5.2%	4.6%	5.8%	6.2%	4.2%	4.2%	3.7%	2.0%	4.9%	5.8%
Shareholder yield	–	–	–	–	0.8%	0.8%	0.5%	0.4%	0.2%	0.3%
Market cap at the year end (₹ crore)	738	745	575	347	491	495	728	888	821	622

Ratios

Consolidated, years to March.The Sandesh PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 6 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 6 Jul	Mar 2022Filed 6 Jun	Mar 2023Filed 27 May	Mar 2024Filed 5 Aug	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue growth	−2.2%	3.6%	11.0%	−18.1%	−20.2%	12.8%	10.3%	−5.5%	−8.7%	49.5%
Operating profit growth	−8.4%	3.6%	−26.3%	−19.7%	7.5%	0.8%	24.1%	−13.9%	−16.3%	26.2%
Net profit growth	−10.0%	13.8%	−21.8%	−5.7%	47.3%	−0.2%	12.9%	86.0%	−59.1%	−14.6%
Earnings per share growth	–	13.7%	−21.8%	−5.7%	47.3%	−0.2%	12.9%	86.0%	−59.1%	−14.6%
	–	–	8.9%	8.1%	10.7%	9.8%	10.1%	16.3%	5.9%	4.7%
	–	–	–	−0.8 pts	2.7 pts	−1.0 pts	0.3 pts	6.2 pts	−10.4 pts	−1.2 pts
From the net margin	–	–	–	1.3 pts	6.8 pts	−1.2 pts	0.2 pts	9.8 pts	−9.0 pts	−2.5 pts
From asset turnover	–	–	–	−2.1 pts	−4.1 pts	0.3 pts	0.2 pts	−3.6 pts	−1.4 pts	1.4 pts
From borrowing	–	–	–	−0.1 pts	0.0 pts	0.0 pts	−0.1 pts	0.0 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	10.8%	8.0%	7.8%	7.4%	8.4%	6.0%	4.5%	5.6%
Cash conversion	–	–	–	–	57.4%	24.9%	94.6%	81.6%	87.4%	−220.8%
Interest cover	97.8	274.7	191.1	150.5	149.6	350.1	595.3	292.7	300.2	458.0
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	64	72	68	50	43	55	57	36
Inventory days	–	–	49	66	125	131	47	61	109	441
Payable days	–	–	24	18	87	27	22	33	48	41
Cash conversion cycle, days	–	–	89	120	106	155	69	83	119	437
Working capital days	–	–	59	216	138	149	98	121	84	231
Asset turnover	–	–	0.52	0.42	0.30	0.31	0.32	0.26	0.21	0.30
Assets per rupee of net worth	–	–	1.10	1.08	1.08	1.08	1.06	1.06	1.07	1.07
Sales per rupee of plant	–	–	5.45	4.83	4.30	5.31	5.37	5.32	5.12	7.73
Capital spending to depreciation	–	–	–	–	0.07	0.07	0.48	0.71	0.43	0.80
Plant being built, % of plant in use	–	–	0.3%	0.5%	0.1%	0.0%	0.0%	1.7%	0.6%	0.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.4%
Cash from operations against operating profit: −168.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	1.7%	9.9%	8.9%
Profit growth, yearly rate	−2.0%	−6.1%	−13.4%
Return on equity, average	–	9.4%	9.0%
Return on capital employed, average	–	6.4%	5.3%
Operating margin, average	25.3%	24.2%	22.8%
Net margin, average	26.7%	31.7%	33.2%
Asset turnover, average	–	0.28	0.26
Cash conversion cycle, days, average	–	173	213
Interest cover, average	286.0	399.3	350.3
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	194	76	−145
Cash from investing	−170	−91	148
Cash from financing	−16	−8	−2
Capital spending	17	13	6
Dividends paid	15	8	2
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	4	6	6	5	3
Altman Z-scorePublished threshold 1.1	–	–	17.67	21.84	18.93	22.20	24.71	23.53	23.73	22.57
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.10	−2.23	−2.41	−2.45	−2.50	−1.74
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.10	3.52	11.03	13.37	8.47	4.25
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.60	0.72	0.86	0.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	10.04	−4.40	−29.46	−15.59	24.47	4.77	−54.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	24.66	64.58	6.91	−73.97	24.04	67.68	667.88
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.93	4.94	−2.54	−1.56	−0.27	−3.15	8.46
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.16	–	0.00	0.00	0.28	0.09	0.00
Effective tax ratePublished threshold 17.16 per cent	35.97	35.06	34.96	21.11	23.25	23.98	24.06	21.68	21.85	31.08
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.18	4.91	12.43	2.11	−4.38

A threshold marked as ours has no published figure; it is the line we read the check against.