Sandesh Ltd
Incorporated in 1943, Sandesh Ltd is in 
the business of editing, printing, and publishing newspapers and periodicals, and also runs a Gujarati news channel[1]
- Market Cap ₹ 893 Cr.
 - Current Price ₹ 1,180
 - High / Low ₹ 1,875 / 1,000
 - Stock P/E 10.6
 - Book Value ₹ 1,788
 - Dividend Yield 0.42 %
 - ROCE 7.53 %
 - ROE 5.87 %
 - Face Value ₹ 10.0
 
Pros
- Company is almost debt free.
 - Stock is trading at 0.67 times its book value
 
Cons
- The company has delivered a poor sales growth of -3.04% over past five years.
 - Company has a low return on equity of 10.4% over last 3 years.
 - Earnings include an other income of Rs.109 Cr.
 - Dividend payout has been low at 3.55% of profits over last 3 years
 
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Media, Entertainment & Publication Media Print Media
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2007 | Mar 2008 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 238 | 264 | 375 | 356 | 377 | 419 | 343 | 274 | 309 | 341 | 322 | 294 | 299 | |
| 243 | 249 | 247 | 249 | 258 | 331 | 273 | 198 | 232 | 246 | 240 | 226 | 294 | |
| Operating Profit | -5 | 15 | 128 | 106 | 119 | 88 | 71 | 76 | 76 | 95 | 82 | 68 | 4 | 
| OPM % | -2% | 6% | 34% | 30% | 32% | 21% | 21% | 28% | 25% | 28% | 25% | 23% | 2% | 
| 27 | 32 | 4 | 15 | 16 | 21 | 15 | 49 | 48 | 45 | 166 | 38 | 109 | |
| Interest | 1 | 4 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 
| Depreciation | 4 | 5 | 8 | 8 | 9 | 9 | 8 | 7 | 6 | 6 | 7 | 7 | 7 | 
| Profit before tax | 16 | 38 | 123 | 113 | 126 | 99 | 77 | 117 | 118 | 134 | 241 | 99 | 106 | 
| Tax % | 44% | 32% | 35% | 36% | 34% | 35% | 21% | 23% | 24% | 24% | 22% | 22% | |
| 9 | 26 | 80 | 73 | 83 | 65 | 61 | 90 | 90 | 101 | 189 | 77 | 85 | |
| EPS in Rs | 105.56 | 96.19 | 109.44 | 85.62 | 80.72 | 118.87 | 118.68 | 133.97 | 249.15 | 101.88 | 111.87 | ||
| Dividend Payout % | 25% | 10% | 5% | 5% | 5% | 6% | 6% | 4% | 4% | 4% | 2% | 5% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | -3% | 
| 3 Years: | -2% | 
| TTM: | -6% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 5% | 
| 3 Years: | 1% | 
| TTM: | -59% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | 5% | 
| 5 Years: | 19% | 
| 3 Years: | 15% | 
| 1 Year: | -29% | 
| Return on Equity | |
|---|---|
| 10 Years: | % | 
| 5 Years: | 10% | 
| 3 Years: | 10% | 
| Last Year: | 6% | 
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2007 | Mar 2008 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 
| Reserves | 172 | 195 | 563 | 584 | 662 | 723 | 779 | 881 | 943 | 1,047 | 1,254 | 1,346 | 
| 0 | 54 | 14 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 60 | 86 | 118 | 95 | 87 | 70 | 55 | 75 | 64 | 62 | 87 | 89 | |
| Total Liabilities | 241 | 344 | 702 | 688 | 758 | 800 | 842 | 964 | 1,014 | 1,117 | 1,349 | 1,442 | 
| 57 | 53 | 73 | 126 | 138 | 132 | 128 | 120 | 110 | 112 | 110 | 106 | |
| CWIP | 0 | 0 | 0 | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 
| Investments | 15 | 7 | 393 | 287 | 392 | 504 | 428 | 512 | 512 | 666 | 977 | 1,136 | 
| 169 | 284 | 237 | 265 | 228 | 164 | 285 | 332 | 392 | 340 | 261 | 199 | |
| Total Assets | 241 | 344 | 702 | 688 | 758 | 800 | 842 | 964 | 1,014 | 1,117 | 1,349 | 1,442 | 
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2007 | Mar 2008 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -10 | -56 | 99 | 98 | 78 | 48 | -90 | 49 | 22 | 84 | 154 | 67 | |
| 2 | 8 | -39 | -33 | -110 | -102 | 85 | -40 | 33 | -106 | -130 | -109 | |
| 14 | 47 | -4 | -17 | -7 | -5 | -5 | -4 | -4 | -4 | -4 | -2 | |
| Net Cash Flow | 6 | -1 | 57 | 49 | -38 | -58 | -10 | 4 | 51 | -26 | 20 | -43 | 
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2007 | Mar 2008 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 41 | 48 | 62 | 68 | 69 | 64 | 72 | 68 | 50 | 43 | 55 | 57 | 
| Inventory Days | 70 | 58 | 68 | 128 | 128 | 48 | 66 | 125 | 132 | 47 | 61 | 109 | 
| Days Payable | 57 | 82 | 38 | 37 | 51 | 24 | 18 | 87 | 27 | 27 | 33 | 48 | 
| Cash Conversion Cycle | 55 | 24 | 92 | 158 | 146 | 89 | 120 | 106 | 155 | 64 | 83 | 119 | 
| Working Capital Days | 157 | 263 | 2 | 48 | 55 | 58 | 216 | 138 | 144 | 98 | 121 | 84 | 
| ROCE % | 19% | 19% | 20% | 14% | 10% | 14% | 11% | 13% | 21% | 8% | 
Documents
Announcements
- Monthly Report On Shares Re-Lodged For Transfer Cum Demat. 10 Oct
 - Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 10 Oct
 - 
        
          Announcement under Regulation 30 (LODR)-Newspaper Publication
          
            8 Oct - Publication for opening of a Special Window - Intimation under Regulation 30 of the SEBI (LODR) Regulations, 2015
 - 
        
          Closure of Trading Window
          
            30 Sep - Trading window closed Oct 1, 2025 until 48 hours after Sep 30, 2025 Q2/H1 results availability.
 - 
        
          Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
          
            26 Sep - All AGM resolutions passed Sep 25, 2025: final dividend Rs2.50/share; director and auditor appointments; CMD continuation.
 
Annual reports
- 
    
      Financial Year 2025
      from bse
 - 
    
      Financial Year 2024
      from bse
 - 
    
      Financial Year 2023
      from bse
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      Financial Year 2022
      from bse
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      Financial Year 2021
      from bse
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      Financial Year 2020
      from bse
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      Financial Year 2019
      from bse
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      Financial Year 2018
      from bse
 - 
    
      Financial Year 2017
      from bse
 - 
    
      Financial Year 2016
      from bse
 - 
    
      Financial Year 2015
      from bse
 - 
    
      Financial Year 2014
      from bse
 - 
    
      Financial Year 2013
      from bse
 - 
    
      Financial Year 2012
      from bse
 - 
    
      Financial Year 2011
      from nse
 
Business Overview:[1][2]
TSL, part of the Sandesh group, is one of the top three print media players in Gujarat and publishes the Gujarati daily newspaper Sandesh. With printing presses in Ahmedabad, Vadodara, Surat, Rajkot, Bhavnagar, and Bhuj, it circulates across Gujarat and Mumbai. The company also runs the Gujarati TV news channel "Sandesh Telecast" and offers an e-paper via its web portal and mobile app.