SANDESH - Sandesh
📢 Recent Corporate Announcements
The Sandesh Limited reported a massive jump in Standalone Profit After Tax (PAT) to ₹39.05 crore for Q3 FY26, compared to ₹4.25 crore in the same quarter last year. This growth was primarily fueled by a spike in 'Other Income' to ₹42.40 crore, which included ₹29.28 crore in net gains from equity and mutual fund investments. However, core revenue from operations saw a year-on-year decline of 10.4%, falling to ₹66.66 crore. The company also accounted for a one-time negative exceptional impact of ₹2.41 crore related to the implementation of new Labour Codes.
- Standalone PAT increased significantly to ₹39.05 crore in Q3 FY26 from ₹4.25 crore in Q3 FY25.
- Revenue from operations declined 10.4% YoY to ₹66.66 crore from ₹74.42 crore.
- Other Income surged to ₹42.40 crore, largely due to ₹29.28 crore in investment gains (FVTPL).
- Earnings Per Share (EPS) rose to ₹51.59 for the quarter, compared to ₹5.61 in the previous year's corresponding quarter.
- A one-time exceptional expense of ₹2.41 crore was recognized for the statutory impact of New Labour Codes.
The Sandesh Limited reported a significant financial turnaround in Q3 FY2026, posting a standalone Profit After Tax (PAT) of ₹3,905.20 lakhs compared to a loss of ₹2,090.27 lakhs in the same quarter last year. Total income rose to ₹10,906.11 lakhs, significantly bolstered by a net gain on investments totaling ₹2,928.12 lakhs. The company also announced a management transition, appointing Mr. Giriraj Sharma to the senior management team following the departure of Mr. Prashant Kumar Nema. Additionally, the company recognized a one-time exceptional hit of ₹241.13 lakhs due to the implementation of new statutory labour codes.
- Standalone PAT surged to ₹3,905.20 lakhs in Q3 FY26 from a loss of ₹2,090.27 lakhs in Q3 FY25.
- Total income increased by 34.4% year-on-year to ₹10,906.11 lakhs, driven by ₹29.28 crore in investment gains.
- Basic EPS improved to ₹51.59 for the quarter, up from a negative ₹27.61 in the corresponding previous year period.
- Mr. Giriraj Sharma appointed as Senior Management Personnel replacing Mr. Prashant Kumar Nema.
- Exceptional item of ₹2.41 crore recognized as the statutory impact of New Labour Codes on retirement benefits.
The Sandesh Limited reported a standalone net profit of ₹17.36 crore for the quarter ended December 31, 2025, marking a 15.6% increase from ₹15.01 crore in the previous year. This growth occurred despite a 10.6% decline in revenue from operations, which fell to ₹36.66 crore. The profit was significantly supported by 'Other Income' of ₹37.77 crore, largely comprising ₹29.28 crore in investment gains from equity and mutual funds. The company also accounted for a one-time exceptional charge of ₹2.41 crore related to the implementation of new Labour Codes.
- Standalone Net Profit increased to ₹17.36 crore in Q3 FY26 from ₹15.01 crore in Q3 FY25.
- Revenue from operations decreased by 10.6% YoY to ₹36.66 crore from ₹41.01 crore.
- Other Income contributed ₹37.77 crore, including ₹29.28 crore in net gains from financial investments.
- Recognized an exceptional loss of ₹2.41 crore due to the statutory impact of New Labour Codes on retirement benefits.
- Earnings Per Share (EPS) rose to ₹22.93 for the quarter, up from ₹19.83 in the same period last year.
The Sandesh Limited reported a strong standalone net profit of ₹39.05 crore for Q3 FY26, an 81.3% increase from ₹21.54 crore in the previous year's corresponding quarter. This profit growth was largely supported by high 'Other Income' of ₹42.02 crore, which included ₹29.28 crore in investment gains from equity and mutual funds. However, core revenue from operations saw a decline of 12.5% YoY, falling to ₹32.40 crore. The company also accounted for a one-time exceptional charge of ₹2.41 crore due to the implementation of new statutory labour codes.
- Standalone Net Profit increased to ₹39.05 crore in Q3 FY26 versus ₹21.54 crore in Q3 FY25.
- Revenue from operations declined to ₹32.40 crore from ₹37.06 crore on a year-on-year basis.
- Other Income contributed significantly with ₹42.02 crore, driven by ₹29.28 crore in net gains on investments.
- Exceptional item of ₹2.41 crore recorded as a statutory impact of New Labour Codes related to gratuity obligations.
- Basic and Diluted EPS rose to ₹51.59 for the quarter, up from ₹28.45 in the same period last year.
The Sandesh Limited reported a robust performance for the quarter ended December 31, 2025, with revenue from operations growing 33.6% YoY to ₹109.06 crore. Net profit increased by 22.7% to ₹26.42 crore, significantly bolstered by a ₹29.28 crore gain from investments in equity and mutual funds. The company also accounted for a one-time exceptional charge of ₹2.41 crore related to the statutory impact of new labor codes. On the management front, Mr. Giriraj Sharma has been appointed to the Senior Management team.
- Revenue from operations grew to ₹109.06 crore in Q3 FY26 compared to ₹81.64 crore in Q3 FY25.
- Net Profit (PAT) increased to ₹26.42 crore from ₹21.54 crore in the same period last year.
- Other income featured a substantial gain of ₹29.28 crore from fair value movements in equity and mutual fund investments.
- An exceptional item of ₹2.41 crore was recorded due to the implementation of New Labour Codes affecting retirement benefits.
- Earnings Per Share (EPS) improved to ₹34.91 for the quarter from ₹28.45 in the previous year's corresponding quarter.
The Sandesh Limited has submitted its monthly report regarding the re-lodgement of transfer requests for physical shares as per SEBI's 'Ease of Doing Investment' guidelines. For the period spanning December 07, 2025, to January 06, 2026, the company reported zero requests received for share transfers or dematerialization. As a result, no requests were processed, approved, or rejected during this period. This filing is a standard regulatory compliance procedure and does not reflect any change in the company's operational or financial status.
- Zero (NIL) requests received for share transfer cum demat during the reporting period.
- Reporting period covers December 07, 2025, to January 06, 2026.
- Compliance follows SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025.
- Average time taken for processing requests was reported as NIL due to lack of applications.
The Sandesh Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, all dematerialization requests were processed by the Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited. The certificate verifies that physical share certificates were mutilated and cancelled after due verification. Additionally, the records were updated to reflect the depositories as the registered owners within the mandatory 15-day period.
- Compliance certificate issued for the quarter ended December 31, 2025.
- Registrar and Share Transfer Agent (MCS Share Transfer Agent Limited) confirmed processing of all demat requests.
- Security certificates were mutilated and cancelled as per SEBI regulations.
- Register of members updated within the prescribed 15-day timeline.
The Sandesh Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The closure pertains to the financial results for the quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially released to the public.
- Trading window for equity shares to be closed effective from January 01, 2026.
- Closure is related to the upcoming financial results for the quarter and nine months ended December 31, 2025.
- The window will reopen 48 hours after the results are made generally available to the public.
- The specific date for the Board Meeting to approve the results will be communicated separately.
The Sandesh Limited has submitted a report to the stock exchanges regarding shares re-lodged for transfer cum demat during the period November 07, 2025 to December 06, 2025. This report is in compliance with SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025, concerning the 'Ease of Doing Investment – Special Window for Re-lodgement of Transfer Requests of Physical Shares'. The report indicates that during the specified period, the number of requests received, processed, and approved was NIL. The average time taken for processing requests was also NIL days.
- No requests received for share transfer cum demat during the month.
- No requests processed during the month.
- No requests approved during the month.
- Average processing time of requests was NIL days.
Financial Performance
Revenue Growth by Segment
Media segment assets grew 7.2% from INR 159.89 Cr in March 2025 to INR 171.40 Cr in September 2025. Finance segment assets decreased 18.8% from INR 37.63 Cr to INR 30.57 Cr in the same period. Subsidiary Sandesh Digital revenue was INR 1.06 Cr for H1 FY26.
Geographic Revenue Split
The company derives nearly 100% of its media revenue from Gujarat, where it maintains a largely stable market share in the regional newsprint media industry.
Profitability Margins
Subsidiary Sandesh Digital reported a net loss margin of 84% for Q2 FY26 (Loss of INR 42.55 Lakhs on Revenue of INR 50.80 Lakhs). Overall profitability is heavily influenced by treasury income, which saw a net loss on investments of INR 18.27 Cr in Q2 FY26.
EBITDA Margin
Consolidated operating profit before working capital changes was INR 20.20 Cr for the half-year ended September 30, 2025, supported by advertisement revenue and treasury income.
Capital Expenditure
Consolidated purchase of property, plant, and equipment (including work in progress) was INR 10.38 Cr for the half-year ended September 30, 2025.
Credit Rating & Borrowing
Ratings of CARE AA; Stable and CARE A1+ were withdrawn on February 19, 2025, as the company surrendered its bank facilities and has zero outstanding debt, resulting in negligible borrowing costs.
Operational Drivers
Raw Materials
Newsprint is the primary raw material, representing the largest operational cost for the regional newsprint media business.
Import Sources
Not disclosed in available documents, though regional newsprint media typically sources from both domestic and international suppliers.
Capacity Expansion
Current installed capacity is not specified in MT; however, the company maintains a strong regional presence with established printing facilities in Gujarat.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but newsprint price volatility is a key operational risk affecting media segment margins.
Strategic Growth
Growth Strategy
Growth is driven by maintaining a stable market share for the 'Sandesh' brand in Gujarat, expanding digital presence through Sandesh Digital Private Limited (H1 FY26 revenue of INR 1.06 Cr), and leveraging a massive treasury portfolio of INR 1,177.96 Cr to support operations.
Products & Services
Gujarati daily newspaper 'Sandesh', digital news content via Sandesh Digital, and financial/treasury investment services.
Brand Portfolio
Sandesh
New Products/Services
Expansion of digital news platforms and mobile applications under Sandesh Digital Private Limited.
Market Expansion
Focus remains on deepening penetration within the Gujarat regional market and growing the digital subscriber base.
Market Share & Ranking
Maintains a 'largely stable' market share in the Gujarat regional newsprint media industry.
External Factors
Industry Trends
The industry is shifting toward digital news consumption; Sandesh is positioning itself by scaling its digital subsidiary while maintaining its established print brand in a resilient regional market.
Competitive Landscape
Competes with other regional Gujarati language dailies and national media houses with regional editions.
Competitive Moat
Moat is built on a long-standing brand track record in Gujarat and a debt-free balance sheet with INR 1,413.11 Cr in equity, providing high financial stability and competitive resilience.
Macro Economic Sensitivity
High sensitivity to Indian capital market performance due to treasury investments totaling INR 1,177.96 Cr, which represent over 78% of total assets.
Consumer Behavior
Increasing consumer preference for digital-first news delivery, prompting the company to invest in its digital subsidiary.
Geopolitical Risks
Global supply chain disruptions could impact newsprint import costs and availability.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, Ind-AS accounting standards, and media-specific statutory requirements.
Taxation Policy Impact
The company reported a deferred tax liability of INR 38.60 Cr as of September 30, 2025.
Legal Contingencies
No penalties or strictures were imposed by SEBI or Stock Exchanges during the financial years 2022-23, 2023-24, and 2024-25.
Risk Analysis
Key Uncertainties
Significant exposure to market risk from treasury investments (INR 18.27 Cr loss in Q2 FY26) and newsprint price volatility.
Geographic Concentration Risk
High concentration risk with nearly 100% of media operations and assets located in Gujarat.
Third Party Dependencies
Reliance on newsprint suppliers and external auditors for subsidiary financial reviews.
Technology Obsolescence Risk
Traditional print media faces long-term risk from digital disruption, which the company is mitigating through Sandesh Digital.
Credit & Counterparty Risk
Trade receivables are low at INR 20.20 Cr (1.3% of total assets), indicating high quality of receivables and low credit risk.