Span Divergent Ltd (SDL)

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Span Divergent Ltd (SDL) · mywealthgrid

About

Span Divergent Ltd operates in Pharmaceuticals within the Healthcare sector.

Face value: ₹10

Market cap

₹17 Cr

P/E

—

P/B

1.1×

Dividend yield

ROE

-16.8%

ROCE

-21.6%

Debt / equity

0.48

OPM

-15.1%

EPS (TTM)

₹-3.4

Book value

₹20.5

52-week high

—

52-week low

—

1,575 historical price candles were omitted because the exchange source has not been verified.

₹23.0-9.7%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 18.4% over the last 5 years

Cons

−Low return on equity of -67% (3-yr avg)
−Weak interest coverage of -5.8×
−Promoter holding fell 15.9 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

53/100

Business quality: 15
Growth: 45
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9	7	13	13	12	9	17
COGS	5	2	4	2	2	3	16
Gross profit	5	6	9	11	10	6	2
	10	8	9	10	9	7	4
	-6	-2	0	1	1	-1	-3
OPM %	-61.6%	-30.3%	3.1%	8.8%	8.5%	-7.1%	-15.1%
Depreciation	3	3	2	2	2	1	1
Interest	2	2	1	1	1	1	0
	2	1	-8	-3	2	1	1
Profit before tax	-9	-6	-10	-6	1	-1	-3
Tax	-1	0	-0	-0	0	0	0
Tax %	-7%	0.8%	-2.1%	-1.8%	2.5%	17.6%	1.4%
	-9	-6	-10	-5	1	-1	-3
PAT margin %	-91.8%	-83.2%	-77.5%	-43.3%	6.3%	-14.2%	-17.1%
EPS (₹)	-15.8	-11.3	-18.6	-9.9	1.4	-2.3	-5.4
EPS adjusted (₹)	-15.8	-11.3	-18.6	-9.9	1.4	-2.3	-3.4
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	5	5	5	5	5	5	5	7
Reserves	—	12	7	-3	-8	-7	-8	8
	—	15	18	13	11	9	8	7
	—	6	5	12	17	17	18	7
Total equity & liabilities	—	40	34	28	26	24	23	29
	22	17	18	15	13	11	10	9
CWIP	—	3	0	0	0	0	0	0
Investments	—	11	10	4	4	5	6	5
	—	9	7	9	9	9	7	14
Total assets	—	40	34	28	26	24	23	29

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	78.6%	72.4%	85.2%	83%	67%	9.6%
EBITDA margin %	-61.6%	-30.3%	3.1%	8.8%	8.5%	-7.1%	-15.1%
EBIT margin %	-98.4%	-72.3%	-13.4%	-8.5%	-4.8%	-19.3%	-21.9%
PAT margin %	-91.8%	-83.2%	-77.5%	-43.3%	6.3%	-14.2%	-17.1%
Working capital
Receivable days	39	73	44	55	46	57	33
Inventory days	84	143	180	318	206	123	40
Payable days	79	298	214	527	480	427	136
NWC days	44	-81	10	-154	-228	-247	-63
Leverage
Current ratio	1.02	1.11	0.52	0.42	0.45	0.44	1.1
Debt to EBITDA	—	—	32.2	10.15	8.69	—	—
Debt to equity	0.88	1.48	5.95	-3.93	-4.83	-2.97	0.48
Interest coverage	-3.4	-2.2	-0.1	-0.4	2	-0.9	-5.8
Asset turnover	0.24	0.21	0.47	0.49	0.51	0.39	0.6
Return ratios
Return on assets %	-21.8%	-17.9%	-36.5%	-21.2%	3.2%	-5.5%	-10.2%
Return on capital employed %	-27.9%	-15.3%	-1%	-33.5%	-50.7%	11.5%	-21.6%
Return on equity %	-49%	-51.2%	-457.2%	190.8%	-41.3%	45.2%	-19.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.01%	64.01%	64.01%	64.01%	64.01%	64%	64%	64%	64%	64%	48.13%	48.13%
FII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	35.99%	35.99%	35.99%	35.99%	35.99%	36%	36%	36%	36%	36%	51.87%	51.87%
No. of shareholders	—	—	—	—	—	—	—	—	2,156	2,108	2,081	2,062

Promoter holding down 15.88 percentage points since Sep 2023.

2 deals · 16 Mar 2022 – 16 Mar 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Mar 2022	PRADIPKUMAR KESHAVLAL DESAI	Bulk	BSE	Buy	76,439	₹15.50	₹0.12 Cr
16 Mar 2022	SPAN FINSTOCK PRIVATE LIMITED	Bulk	BSE	Sell	76,040	₹15.50	₹0.12 Cr

1–2 of 2

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Rajendra Navinchandra ChokhawalaNon-Executive - Independent Director-Chairperson
Mr. Viral Pradipkumar DesaiExecutive Director-MD
Mr. Paras DesaiExecutive Director
Mr. Sanjay Natwarlal MehtaNon-Executive - Non Independent Director
Mrs. Shefali Pranav DesaiNon-Executive - Non Independent Director
Mr. Jigneshkumar Rameshchandra DesaiNon-Executive - Independent Director
Mr. Dharmesh Vinodbhai DesaiNon-Executive - Independent Director
Ms. Urvi ShindeCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Span Divergent Ltd. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

5

Dividend dividend16 Jul 2013 · ex-date₹0.5
Dividend dividend26 Jul 2011 · ex-date₹1
Dividend dividend18 Jun 2010 · ex-date₹2.5
Dividend dividend8 Aug 2008 · ex-date₹2
Dividend dividend10 Aug 2007 · ex-date₹1.8

1

Board meeting to consider results11 Aug 2026

1

Bonus 1:127 Jul 2010 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

30 May 2026, 6:05 pmBoard Meeting

Board Meeting Outcome for Span Divergent Limited - Outcome Of Board Meeting Held On May 30, 2026

Outcome of Board Meeting PDF

30 May 2026, 4:22 pmCompany Update

Compliances-Reg.24(A)-Annual Secretarial Compliance

Reg.24(A)-Annual Secretarial Compliance PDF

25 May 2026, 12:18 pmBoard Meeting

Board Meeting Intimation for Span Divergent Limited Board Meeting To Be Held On May 30, 2026

Exchange filing PDF

22 May 2026, 12:19 pmCompany Update

Span Divergent Limited - Intimation Of Change In Name Of Subsidiary LLP Pursuant To Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015

General PDF

14 May 2026, 4:29 pmCompany Update

Span Divergent Limited - Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, In Relation To Trading Approval For 18,01,481 (Eighteen Lakhs One Thousand Four Hundred Eighty-One) Equity Shares Allotted On A Preferential Basis

General PDF

6 May 2026, 3:26 pmCompany Update

Span Divergent Limited - Intimation For Receipt Of Listing Approval

General PDF

17 Apr 2026, 10:07 pmOthers

Format of the Annual Disclosure to be made by an entity identified as a LC - Annexure B2

Format of the Annual Disclosure to be made by an entity identified as a LC : Annexure B2 PDF

17 Apr 2026, 10:01 pmOthers

Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A

Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A PDF

Date	Category	Subject	Filing
30 May 2026, 6:05 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Span Divergent Limited - Outcome Of Board Meeting Held On May 30, 2026	PDF
30 May 2026, 4:22 pm	Company Update Reg.24(A)-Annual Secretarial Compliance	Compliances-Reg.24(A)-Annual Secretarial Compliance

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	48.5%	78.6%	72.4%	85.2%	83%	67%	9.6%
EBITDA margin %	-61.6%	-30.3%	3.1%	8.8%	8.5%	-7.1%	-15.1%
EBIT margin %	-98.4%	-72.3%	-13.4%	-8.5%	-4.8%	-19.3%	-21.9%
PAT margin %	-91.8%	-83.2%	-77.5%	-43.3%	6.3%	-14.2%	-17.1%
Working capital
Receivable days	39	73	44	55	46	57	33
Inventory days	84	143	180	318	206	123	40
Payable days	79	298	214	527	480	427	136
NWC days	44	-81	10	-154	-228	-247	-63
Leverage
Current ratio	1.02	1.11	0.52	0.42	0.45	0.44	1.1
Debt to EBITDA	—	—	32.2	10.15	8.69	—	—
Debt to equity	0.88	1.48	5.95	-3.93	-4.83	-2.97	0.48
Interest coverage	-3.4	-2.2	-0.1	-0.4	2	-0.9	-5.8
Asset turnover	0.24	0.21	0.47	0.49	0.51	0.39	0.6
Return ratios
Return on assets %	-21.8%	-17.9%	-36.5%	-21.2%	3.2%	-5.5%	-10.2%
Return on capital employed %	-27.9%	-15.3%	-1%	-33.5%	-50.7%	11.5%	-21.6%
Return on equity %	-49%	-51.2%	-457.2%	190.8%	-41.3%	45.2%	-19.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-0	-0	7	2	3	2	0
	6	2	-2	1	0	-1	2
	-7	-1	-6	-2	-2	-1	4
Net cash flow	-2	0	-1	0	1	-0	6
Free cash flow	-1	-0	7	2	2	2	-0
CFO / Operating profit %	—	—	—	180%	238.1%	—	—

Span Divergent Ltd

About

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends5

Board meetings1

Bonus issues1

Announcements

Dividends5

Board meetings1

Bonus issues1

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

5

1

1

5

1

1