1. At a Glance
India’s old-school publishing giant with a modern twist — S Chand sells everything from Class 1 English primers to competitive exam bibles. Market cap ₹659 Cr, P/E ~12.7, trading below book value (0.67× BV), and still paying a 2.13% dividend yield. Profits grew 21% CAGR over 5 years, but sales growth barely touched 11%. In short: good at making money from existing business, less good at finding new business.
2. Introduction
Founded in 1939 (yes, before India’s independence), S Chand is the company that has been part of every Indian’s childhood — whether you liked it or not. The business model is simple: produce educational content in print & digital formats, sell it to schools, universities, and students preparing for competitive exams.
The brand is trusted, distribution is nationwide, and their catalogue is as thick as their school dictionaries. But digital disruption, seasonal demand, and slow top-line growth keep it from being a market darling.
3. Business Model (WTF Do They Even Do?)
Revenue streams:
- School Books (K–12) — NCERT-aligned, state syllabus, private publishers.
- Higher Education — Engineering, medicine,
- law, management.
- Competitive Exams — UPSC, banking, SSC, teaching exams.
- Children’s Books — Picture books, learning aids.
- Digital Learning — Still a small part of revenue, via apps & e-content.
Core Advantage: Deep relationships with schools, massive distribution network, established brands like S Chand, Madhubun, and Vikas.
4. Financials Overview
FY25:
- Revenue: ₹720 Cr (+8.6% YoY)
- EBITDA: ₹135 Cr (18.75% margin)
- PAT: ₹49 Cr (down from ₹60 Cr FY24)
- EPS: ₹14.83
- ROE: 6.24%
- ROCE: 9.72%
- Debt: ₹108 Cr (down from ₹133 Cr FY24)
Annualised P/E Check:
EPS ₹14.83 @ ₹188 → P/E = 12.67 — fair for a stable publishing play.
5. Valuation (Fair Value RANGE only)
Method 1: P/E Multiple
Fair P/E for steady mid-cap publishing: 10×–15×.
FV Range = ₹148 –
