Printing And Publishing · Founded 1990 · www.sambhaav.com · BSE 511630 · NSE SAMBHAAV MED · ISIN INE699B01027
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Business
Sambhaav Media Ltd. is an Indian media company primarily focused on regional media operations, particularly in Gujarat. Its core business revolves around content creation and distribution across various platforms, generating revenue primarily through advertising. The company operates a Gujarati daily newspaper ("Sambhaav Metro"), a Gujarati news television channel ("VTV Gujarati"), and has a presence in outdoor advertising (hoardings/billboards) and digital media. It makes money by selling advertising space/time to businesses, brands, and government entities across its print, electronic, outdoor, and digital properties, supplemented by newspaper circulation revenue.
Revenue Mix
While specific percentage breakdowns can fluctuate and are not always readily available in condensed public information, Sambhaav Media's key operational segments include:
Print Media: Publishing "Sambhaav Metro," a Gujarati daily newspaper.
Electronic Media: Operating "VTV Gujarati," a 24-hour Gujarati news channel.
Outdoor Advertising: Providing advertising solutions through hoardings and billboards.
Digital Media: Maintaining online presences and digital platforms for its news content.
The primary revenue driver across all these segments is advertising sales.
Industry
Sambhaav Media operates within India's Printing and Publishing sector, which is part of the broader media and entertainment industry. This industry is characterized by a significant shift from traditional print and broadcast to digital platforms. The Indian media landscape is fragmented, with strong regional players alongside national giants. Sambhaav Media is positioned as a significant regional media player, particularly dominant in Gujarat. It competes with other regional Gujarati language newspapers and TV channels, as well as the regional editions/broadcasts of larger national media houses (e.g., Dainik Bhaskar, Times of India, national news channels) and increasingly, digital-first news outlets.
MOAT
Sambhaav Media's competitive advantages are primarily derived from its regional focus and established presence:
Local Connect and Brand Recognition: "Sambhaav Metro" and "VTV Gujarati" likely have strong brand recognition and reader/viewer loyalty within Gujarat due to tailored local content. This local connect can be appealing to regional advertisers.
Integrated Regional Platform: Offering advertisers a multi-platform approach (print, TV, outdoor, digital) within a specific geographic market can be convenient and effective for reaching the Gujarati audience.
However, these advantages are not exceptionally strong moats. The media industry has relatively low switching costs for advertisers and readers/viewers, and competition from national players with deeper pockets and emerging digital platforms is intense.
Growth Drivers
Growth in Regional Advertising Spending: Economic development and increasing consumer spending in Gujarat can drive higher advertising budgets from local and national brands targeting the region.
Digital Transformation & Monetization: Successful expansion and effective monetization of its digital platforms (websites, apps, social media) could capture a share of the growing digital advertising market.
Expansion into Ancillary Media Services: Potential diversification into events, content production for other platforms, or niche digital offerings related to its core content.
Increased Viewership/Readership: Growing its audience base through engaging local content, particularly for its TV channel and digital properties.
Risks
Structural Decline of Print Media: Global and national trends show declining readership and advertising revenue for print, posing a long-term challenge to its newspaper segment.
Intense Competition: Fierce competition from other regional and national media houses, as well as digital news aggregators and social media platforms, for audience attention and advertising spend.
Economic Sensitivity: Advertising revenues are cyclical and highly sensitive to economic downturns, which can impact profitability.
Regulatory & Content Risks: Changes in media regulations, increased scrutiny on content (e.g., misinformation, hate speech), and evolving broadcasting norms could impact operations.
Technology Disruption: Difficulty in adapting to rapidly evolving media consumption habits and new technologies, particularly in the digital space.
Input Cost Volatility: Fluctuations in newsprint prices (for print media) and other operational costs can impact margins.
Management & Ownership
Sambhaav Media Ltd. is typically a promoter-driven company, common for many Indian media houses. The founding family or key promoters likely hold a significant stake and are actively involved in the management and strategic direction of the company. The ownership structure generally involves the promoter group holding a majority stake, with the remaining shares held by institutional investors and the public. The management team would include experienced professionals with knowledge of the regional media landscape in Gujarat.
Outlook
Sambhaav Media faces a challenging yet potentially opportunistic environment. The bull case hinges on its strong regional footprint in Gujarat, a state known for its economic dynamism. Leveraging its established brands (Sambhaav Metro, VTV Gujarati) and successfully transitioning to and monetizing its digital offerings could provide a significant growth runway, capturing regional advertising spend that increasingly moves online. Its multi-platform presence also offers some diversification. However, the bear case highlights the secular decline in print media, intense competition from well-capitalized national players and agile digital-first startups, and the cyclical nature of advertising. The company's ability to innovate, retain its local audience, and effectively compete in the digital realm will be crucial for sustained relevance and growth.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 10 | 13 | 9 | 11 | 11 | 11 | 9 | 10 | 11 | 13 |
| Other Income | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 12 | 14 | 10 | 11 | 11 | 11 | 10 | 10 | 12 | 13 |
| Total Expenditure | 8 | 10 | 8 | 10 | 9 | 10 | 8 | 8 | 10 | 11 |
| Operating Profit | 3 | 4 | 2 | 2 | 2 | 1 | 1 | 2 | 2 | 1 |
| Interest | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 2 | -0 | 0 | 1 | -0 | -0 | 0 | 0 | 1 |
| Provision for Tax | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 1 | 0 | 0 |
| Profit After Tax | 1 | 2 | -0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Adjustments | -1 | -0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 |
| Profit After Adjustments | 0 | 2 | -0 | 0 | 1 | -0 | -0 | -0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0.1 | -0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 23 | 31 | 33 | 40 | 42 | 48 | 42 | 34 | 40 | 40 | 42 | 43 |
| Other Income | 1 | 8 | 4 | 4 | 3 | 5 | 3 | 3 | 2 | 3 | 2 | 0 |
| Total Income | 25 | 38 | 37 | 44 | 45 | 53 | 45 | 37 | 43 | 43 | 43 | 45 |
| Total Expenditure | 16 | 26 | 27 | 32 | 35 | 43 | 37 | 34 | 35 | 34 | 36 | 37 |
| Operating Profit | 8 | 13 | 10 | 12 | 10 | 10 | 8 | 3 | 8 | 9 | 7 | 6 |
| Interest | 3 | 2 | 3 | 2 | 2 | 3 | 3 | 2 | 3 | 2 | 1 | 0 |
| Depreciation | 2 | 2 | 3 | 4 | 4 | 6 | 7 | 5 | 6 | 5 | 6 | 3 |
| Exceptional Income / Expenses | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 8 | 5 | 6 | 4 | 0 | -2 | -4 | -0 | 1 | 1 | 1 |
| Provision for Tax | -0 | 3 | 1 | 2 | 1 | -0 | -0 | -1 | 1 | -0 | 0 | 1 |
| Profit After Tax | 4 | 6 | 3 | 4 | 3 | 1 | -2 | -3 | -1 | 1 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 3 | -1 | -1 | -0 | 0 |
| Profit After Adjustments | 4 | 6 | 3 | 4 | 3 | 1 | -2 | 0 | -3 | 1 | -0 | 0 |
| Adjusted Earnings Per Share | 0.2 | 0.4 | 0.2 | 0.2 | 0.1 | 0 | -0.1 | 0 | -0.1 | 0 | -0 | 0 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 5% | 7% | -3% | 6% |
| Operating Profit CAGR | -22% | 33% | -7% | -1% |
| PAT CAGR | -100% | 0% | -100% | -100% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -10% | 25% | 13% | 3% |
| ROE Average | 0% | 0% | -1% | 3% |
| ROCE Average | 2% | 3% | 1% | 6% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 50 | 56 | 69 | 84 | 86 | 87 | 85 | 85 | 83 | 83 | 84 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 2 |
| Borrowings | 4 | 1 | 4 | 2 | 1 | 1 | 3 | 3 | 2 | 1 | 1 |
| Other Non-Current Liabilities | 1 | 1 | 4 | 2 | 3 | 11 | 7 | 5 | 8 | 6 | 6 |
| Total Current Liabilities | 19 | 20 | 20 | 13 | 21 | 20 | 17 | 12 | 15 | 10 | 9 |
| Total Liabilities | 74 | 77 | 98 | 101 | 111 | 118 | 112 | 107 | 110 | 103 | 101 |
| Fixed Assets | 35 | 31 | 38 | 35 | 54 | 61 | 55 | 50 | 50 | 53 | 51 |
| Other Non-Current Assets | 6 | 9 | 37 | 45 | 30 | 19 | 18 | 15 | 17 | 15 | 19 |
| Total Current Assets | 32 | 37 | 24 | 20 | 27 | 39 | 40 | 35 | 41 | 34 | 31 |
| Total Assets | 74 | 77 | 98 | 101 | 111 | 118 | 112 | 107 | 110 | 103 | 101 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 2 | 1 | 2 | 2 | 0 | 1 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 5 | 5 | 10 | 9 | -3 | 12 | 6 | 9 | 4 | 16 | 21 |
| Cash Flow from Investing Activities | 1 | 4 | -26 | -5 | -7 | -7 | -2 | -2 | -6 | -8 | -18 |
| Cash Flow from Financing Activities | -5 | -6 | 14 | -3 | 9 | -6 | -5 | -8 | 1 | -8 | -3 |
| Net Cash Inflow / Outflow | 0 | 2 | -1 | 1 | -0 | -1 | 0 | -0 | -0 | -0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 3 | 1 | 2 | 2 | 0 | 1 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.24 | 0.38 | 0.21 | 0.21 | 0.13 | 0.03 | -0.09 | 0 | -0.14 | 0.03 | -0 |
| CEPS(Rs) | 0.41 | 0.52 | 0.37 | 0.4 | 0.37 | 0.38 | 0.28 | 0.12 | 0.23 | 0.35 | 0.31 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 2.92 | 3.3 | 4.03 | 4.38 | 4.51 | 4.54 | 4.46 | 4.46 | 4.32 | 4.36 | 4.38 |
| Core EBITDA Margin(%) | 30 | 15.8 | 19 | 19.62 | 17.88 | 10.16 | 12.6 | 0.97 | 13.04 | 14.27 | 13.34 |
| EBIT Margin(%) | 25.96 | 34.09 | 22.26 | 19.93 | 13.54 | 6.8 | 2.31 | -6.3 | 5.79 | 8.67 | 3.85 |
| Pre Tax Margin(%) | 13.67 | 27.43 | 14.35 | 13.91 | 8.76 | 0.89 | -4.61 | -11.49 | -0.92 | 3.25 | 1.33 |
| PAT Margin (%) | 15.18 | 18.13 | 10.15 | 10.06 | 6.06 | 1.72 | -3.94 | -8.7 | -3.09 | 3.5 | 0.75 |
| Cash Profit Margin (%) | 25.49 | 24.98 | 18.07 | 19 | 16.48 | 14.95 | 12.81 | 6.74 | 11.06 | 16.8 | 13.95 |
| ROA(%) | 4.57 | 7.36 | 3.82 | 4.08 | 2.43 | 0.73 | -1.44 | -2.7 | -1.15 | 1.31 | 0.31 |
| ROE(%) | 8.25 | 12.23 | 5.88 | 5.44 | 3.03 | 0.96 | -1.93 | -3.47 | -1.49 | 1.69 | 0.38 |
| ROCE(%) | 9.89 | 17.28 | 9.83 | 9 | 5.92 | 3.22 | 0.98 | -2.23 | 2.49 | 3.77 | 1.78 |
| Receivable days | 249.97 | 107.6 | 104.37 | 110.6 | 131.45 | 155.87 | 198.89 | 194.45 | 132.41 | 145.05 | 131.47 |
| Inventory Days | 8.64 | 22.19 | 20.46 | 6.57 | 8.58 | 11.44 | 15.89 | 16.86 | 8.25 | 3.22 | 3.1 |
| Payable days | 356.69 | 331.27 | 83.59 | 117.91 | 119.75 | 70.65 | 93.38 | 73.61 | 53.46 | 56.41 | 50.76 |
| PER(x) | 12.96 | 12.37 | 30.86 | 43.26 | 31.95 | 61.81 | 0 | 5800 | 0 | 163.93 | 0 |
| Price/Book(x) | 1.08 | 1.43 | 1.57 | 2.1 | 0.95 | 0.37 | 0.45 | 0.91 | 0.58 | 1.15 | 1.21 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 2.68 | 2.57 | 3.62 | 4.46 | 2.3 | 0.93 | 1.17 | 2.53 | 1.43 | 2.56 | 2.56 |
| EV/Core EBITDA(x) | 7.37 | 6.28 | 11.98 | 15.44 | 9.6 | 4.63 | 6.19 | 28.19 | 7.45 | 12.03 | 14.98 |
| Net Sales Growth(%) | -35.28 | 31.31 | 7.67 | 22.4 | 5.28 | 13.76 | -12.93 | -19.26 | 18.72 | -0.93 | 4.79 |
| EBIT Growth(%) | -8.71 | 72.43 | -29.72 | 9.59 | -28.46 | -42.84 | -70.47 | -320.51 | 209.02 | 48.37 | -53.46 |
| PAT Growth(%) | 40.4 | 56.82 | -39.75 | 21.36 | -36.62 | -67.62 | -298.92 | -78.48 | 57.88 | 212.34 | -77.62 |
| EPS Growth(%) | 40.38 | 56.84 | -45.94 | 3.4 | -36.64 | -79.69 | -417.12 | 100.81 | 0 | 122.41 | -110.16 |
| Debt/Equity(x) | 0.4 | 0.27 | 0.29 | 0.08 | 0.2 | 0.16 | 0.15 | 0.11 | 0.13 | 0.09 | 0.07 |
| Current Ratio(x) | 1.69 | 1.87 | 1.15 | 1.55 | 1.3 | 1.95 | 2.28 | 2.82 | 2.79 | 3.46 | 3.58 |
| Quick Ratio(x) | 1.66 | 1.71 | 1.12 | 1.48 | 1.25 | 1.85 | 2.18 | 2.71 | 2.76 | 3.43 | 3.53 |
| Interest Cover(x) | 2.11 | 5.12 | 2.82 | 3.31 | 2.83 | 1.15 | 0.33 | -1.21 | 0.86 | 1.6 | 1.53 |
| Total Debt/Mcap(x) | 0.37 | 0.19 | 0.18 | 0.04 | 0.21 | 0.42 | 0.33 | 0.12 | 0.22 | 0.08 | 0.06 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 |
| FII | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.31 | 0.25 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 36.82 | 36.82 | 36.82 | 36.82 | 36.82 | 36.82 | 36.82 | 36.82 | 36.75 | 36.82 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 |
| FII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.04 | 7.04 | 7.04 | 7.04 | 7.04 | 7.04 | 7.04 | 7.04 | 7.02 | 7.04 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +5% | +7% | -3% | +6% |
| Operating Profit CAGR | -22% | +33% | -7% | -1% |
| PAT CAGR | -100% | — | -100% | -100% |
| Share Price CAGR | -10% | +25% | +13% | +3% |
| ROE Average | 0% | 0% | -1% | +3% |
| ROCE Average | +2% | +3% | +1% | +6% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 | 62.93 |
| FII | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.31 | 0.25 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 | 37.07 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 | 12.03 |
| FII | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.05 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 | 7.08 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 | 19.11 |
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