The Sandesh Limited (SANDESH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1214.1%

₹13,759.13

vs ₹1,047.00 price

Levered DCF

₹6,627.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.45×	10.86×	4.84×	7.17×	5.51×	5.45×	5.68×	8.8×
P/B	0.44×	0.62×	0.72×	0.69×	0.52×	0.55×	0.44×	0.78×
P/S	1.41×	2.92×	2.87×	2.24×	1.62×	1.96×	1.02×	1.44×
EV / EBITDA	6×	7.7×	3.43×	4.9×	3.41×	3.79×	3.9×	5.03×
Gross margin	41.5%	69.2%	61.0%	38.0%	41.4%	79.5%	42.3%	48.9%
Operating margin	19.6%	54.2%	23.2%	23.4%	16.7%	19.5%	18.1%	19.6%
Net margin	15.0%	26.9%	59.2%	31.2%	29.3%	35.9%	17.9%	16.3%
Current ratio	15.82×	19.38×	17.58×	10.61×	7.9×	6.86×	9.22×	7.2×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	496.49×	762.19×	287.51×	507.45×	255.97×	106.13×	148.37×	187.52×
Dividend yield	0.3%	0.2%	0.4%	0.5%	0.8%	0.8%	1.3%	0.8%
Payout ratio	2.9%	2.5%	2.0%	3.7%	4.2%	4.2%	7.5%	7.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.6%	5.7%	14.9%	9.6%	9.4%	10.1%	7.8%	8.9%
Return on invested capital	4.1%	8.7%	4.5%	5.4%	4.1%	4.2%	6.3%	6.8%
Return on assets	4.3%	5.3%	14.0%	9.1%	8.9%	9.3%	7.3%	8.1%
Free cash flow yield	-21.7%	7.7%	16.3%	11.1%	4.4%	9.8%	-26.4%	7.8%
Earnings yield	10.6%	9.2%	20.6%	13.9%	18.1%	18.3%	17.6%	11.4%
Enterprise value	₹5.6B	₹8.2B	₹8.5B	₹6.8B	₹4.3B	₹4.7B	₹3.3B	₹5.5B
Net debt / EBITDA	-0.69×	-0.19×	-0.26×	-0.31×	-0.56×	-0.15×	-0.17×	-0.22×
Cash conversion cycle (days)	364	168	116	98	135	142	114	120