The Sandesh Limited commodity trading revenue reaches Rs 467.33 crore

The Sandesh Limited reported Rs 467.33 crore of commodity-trading revenue in the half year ended September 30, 2026, compared with Rs 136.78 crore from media. The segment disclosure shows total segment revenue of Rs 674.78 crore for the six-month period, while media revenue was lower than the Rs 150.94 crore reported a year earlier.

What was Sandesh’s revenue mix in the first half?

Sandesh’s trading in commodities segment generated Rs 467.33 crore of revenue in the half year ended September 30, 2026, exceeding the media segment’s Rs 136.78 crore. Total segment revenue was Rs 674.78 crore, based on the company’s unaudited consolidated segment information for the six months to September 30, 2026.

The September 2025 half-year column does not disclose a commodity-trading revenue figure, so the filing does not permit a like-for-like year-on-year growth calculation for that segment. It does show finance revenue of Rs 2.09 crore in the prior-year half year, while no finance revenue is displayed in the September 2026 half-year column.

How much did Sandesh’s media revenue decline?

Sandesh’s media revenue declined by Rs 14.16 crore, or about 9.4%, to Rs 136.78 crore in the half year ended September 30, 2026 from Rs 150.94 crore in the corresponding 2025 period. The segment’s revenue in the quarter ended September 30, 2026 was Rs 71.12 crore, compared with Rs 77.03 crore in the year-earlier quarter.

Media revenue rose sequentially during the current half year, with the September 2026 quarter producing Rs 71.12 crore against Rs 65.62 crore in the quarter ended June 30, 2026. That Rs 5.50 crore increase between the two current-year quarters did not reverse the lower year-on-year six-month comparison.

The media segment reported Rs 300.53 crore of revenue for the year ended March 31, 2026. The Rs 136.78 crore reported in the latest half year is not directly comparable with that full-year figure, but the September 2026 half-year result began after a year-on-year reduction in media revenue.

Why did Sandesh’s total segment revenue increase?

Sandesh’s total segment revenue increased by Rs 482.96 crore to Rs 674.78 crore in the half year ended September 30, 2026 from Rs 191.81 crore a year earlier. The current-period disclosure includes Rs 467.33 crore from commodity trading, while media revenue declined by Rs 14.16 crore over the same half-year comparison.

The filing also gives a full-year reference point for commodity trading: the segment reported Rs 134.80 crore of revenue for the year ended March 31, 2026. The latest Rs 467.33 crore was recorded in six months, although the absence of a disclosed September 2025 half-year commodity-trading figure prevents a direct year-on-year comparison.

Sandesh reported Rs 74.67 crore under unallocated revenue for the half year ended September 30, 2026, compared with Rs 34.79 crore in the previous corresponding period. The reported component lines do not fully reconcile arithmetically to the stated total segment revenue, so the filing identifies the disclosed segment values but does not provide a complete reconciliation of every revenue line.

Did Sandesh’s commodity-trading revenue slow in the September quarter?

Sandesh’s commodity-trading revenue was Rs 73.18 crore in the quarter ended September 30, 2026, down from Rs 394.14 crore in the quarter ended June 30, 2026. The June quarter therefore accounted for most of the Rs 467.33 crore reported by the segment for the first half.

The sequential change between the two reported quarters was Rs 320.96 crore. The half-year total is Rs 0.01 crore above the rounded sum of the two quarterly figures when expressed in crore, reflecting conversion from the lakh-denominated segment table.

Commodity trading delivered a segment result before interest and tax of Rs 6.75 crore in the half year ended September 30, 2026. Its result was Rs 5.69 crore in the June 2026 quarter and Rs 1.05 crore in the September 2026 quarter; the filing does not disclose a comparable commodity-trading result for the September 2025 half year.

How did Sandesh’s segment profit change?

Sandesh’s total segment result before interest and tax fell to Rs 36.24 crore in the half year ended September 30, 2026 from Rs 40.90 crore in the corresponding prior-year period. Media accounted for Rs 29.49 crore of the current result, down from Rs 38.88 crore a year earlier, while commodity trading contributed Rs 6.75 crore.

Despite the lower total segment result, Sandesh reported profit before tax of Rs 109.70 crore, compared with Rs 78.66 crore in the prior-year half year. Net other unallocated income after expenses was Rs 73.54 crore versus Rs 37.83 crore, while the notes report a net gain on equity shares and mutual funds measured at fair value through profit or loss of Rs 64.62 crore, compared with Rs 30.96 crore.

What do Sandesh’s segment assets show?

Sandesh reported total segment assets of Rs 1,611.15 crore as of September 30, 2026, compared with Rs 1,502.25 crore a year earlier. Media assets were Rs 164.98 crore and commodity-trading assets were Rs 31.68 crore, while unallocated assets accounted for Rs 1,407.91 crore.

Commodity-trading assets were lower than Rs 121.02 crore at June 30, 2026 and Rs 266.15 crore at March 31, 2026. Media assets increased from Rs 156.63 crore at June 30, 2026, but remained below Rs 171.81 crore reported at September 30, 2025.

Sandesh’s board approved the amalgamation of wholly owned subsidiary Sandesh Digital Private Limited into Sandesh on August 5, 2026, subject to regulatory approvals. The proposed appointed date is April 1, 2026, and the company said it subsequently filed an application with the National Company Law Tribunal.

Conclusion

Sandesh’s half-year segment disclosure shows a substantial change in reported revenue composition, with Rs 467.33 crore from commodity trading exceeding Rs 136.78 crore from media. Total segment revenue rose to Rs 674.78 crore, but total segment profit before interest and tax declined to Rs 36.24 crore as media revenue and media segment profit both fell year on year.

The next results will show whether commodity-trading revenue remains material after falling from Rs 394.14 crore in the June 2026 quarter to Rs 73.18 crore in the September 2026 quarter. Sandesh has also filed an application for the proposed Sandesh Digital Private Limited amalgamation, which remains subject to regulatory approvals.