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Span Divergent Ltd-$ (SDL) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹306M

SD Span Divergent Ltd-$ SDL · BSE
Price₹31.07
Fair Value₹23.57
Upside-24.1%
Quality32/100
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Risks

!Trades 24% ABOVE our fair value of ₹23.57
!Expensive Growth
!Loss-making · -14.5% net margin
!Low debt · negative free cash flow
Expensive Growth
Loss-making · -14.5% net margin
Low debt · negative free cash flow
Trails peers (3/9)
Narrow moat 0/100
Evidence: Low Range ₹14.63 – ₹30.06 Share as image

Fair value as of: Aug 21, 2026

From 3 valuation models · updated yesterday

Below-average quality, and screening another 24% overvalued on our models.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (₹30.06). The favourable scenario is already priced in.
  • Weak quality (32/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (₹14.63 to ₹30.06) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

₹49.11 ₹8.80 Fair Value ₹23.57 Jan 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range ₹8.80 – ₹49.11 · fair‑value band ₹14.63 – ₹30.06 · the ₹31.07 price screens above the ₹23.57 fair value. Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Span Divergent Ltd-$ (SDL) currently trades at ₹31.07, while our model-based Fair Value estimate is ₹23.57, implying the stock looks roughly 24.1% overvalued today. The Quality Score stands at 32/100 (below-average quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Over the trailing twelve months, Span Divergent Ltd-$ generated revenue of ₹172M at a net margin of -14.5%. Net debt stands at ₹4.5M. Fundamentals as of Aug 21, 2026

Our scenario range runs from ₹14.63 (bear case) to ₹30.06 (bull case); at ₹31.07, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 63% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -14% fair-value upside, at -24%, SDL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Gordon GGM ₹15.25 ₹27.73 ₹38.82 70
DDM Multi-Stage ₹15.25 ₹25.65 ₹29.81 61
NCAV (Graham) ₹709.19 ₹950.45 ₹1,418 50
All 3 models by family
Dividend Discount
Gordon GGM ₹15.25 ₹27.73 ₹38.82 70
DDM Multi-Stage ₹15.25 ₹25.65 ₹29.81 61
Asset-Based
NCAV (Graham) ₹709.19 ₹950.45 ₹1,418 50

Widest divergence: Asset-Based (₹950.45) versus Dividend Discount (₹25.65). Highest evidence: Gordon GGM (70).

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Key figures & financial health

Revenue (TTM) ₹172M
Revenue growth (YoY) +747%
Net margin -14.5%
Return on equity -598%
Free cash flow −₹2.0M FY2026
Operating margin -24.9%
More key figures
EPS (TTM) ₹-5.38
Net debt ₹4.5M FY2026

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 32/100

Of which business quality 34 · Market factors (momentum, volatility) 57

Profitability 9
Margins and returns on capital today
Quality Growth 61
Are margins and returns improving?
Cashflow 10
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 89
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 52
Price trend over the last 3–12 months (market factor)
52W Momentum 53
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Span Divergent Limited, through its subsidiaries, engages in the food, agriculture, and life science businesses in India. The company is involved in the processing raw cashew nuts. It also trades in consumables used in pharma/biotech industries; and offers management consulting services.

Full company description

Span Divergent Limited, through its subsidiaries, engages in the food, agriculture, and life science businesses in India. The company is involved in the processing raw cashew nuts. It also trades in consumables used in pharma/biotech industries; and offers management consulting services. The company was formerly known as Span Diagnostics Limited and changed its name to Span Divergent Limited in September 2015. Span Divergent Limited was founded in 1972 and is headquartered in Surat, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Span Divergent Ltd-$ reported revenue of ₹169M in FY2026 versus ₹131M in FY2022, a compound +6.6%/yr. Reported net income was −₹25.0M in FY2026.

Growth Quality 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹169M
Latest YoY
+97.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.9%
Avg. growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.6%
Revenue +6.6%/yr
FY22 ₹131M
FY23 ₹125M
FY24 ₹123M
FY25 ₹85.5M
FY26 ₹169M
Net income
FY22 −₹98.0M
FY23 −₹50.5M
FY24 ₹9.8M
FY25 −₹9.2M
FY26 −₹25.0M

SDL screens 24% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Span Divergent Ltd-$ Fair Value". https://www.fairvalue-calculator.com/stock/SDL

Peer Group

Packaged Foods · 662 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 32 · Bottom 25%
Fair Value upside −24% · Below median
Return on assets -9% · Bottom 25%
Net margin (TTM) -15% · Bottom 25%
Operating margin (TTM) -25% · Bottom 25%
Revenue growth 747% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE1 · sector 24
FUTURE100 · sector 20
PAST0 · sector 27
HEALTH100 · sector 96
DIVIDEND1 · sector 52

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,478 ₹251.94 -83%
Britannia Industries Limited BRITANNIA ₹5,511 ₹1,765 -68%
Tata Consumer Products Limited TATACONSUM ₹1,062 ₹327.27 -69%
PT Indofood CBP Sukses Makmur Tbk ICBP 7,550 IDR 12,864 IDR +70%
Samyang Foods Co 003230 1,219,000 KRW 1,010,543 KRW -17%
Patanjali Foods Limited PATANJALI ₹350.95 ₹144.77 -59%
Vietnam Dairy Products Joint Stock Company VNM 61,600 VND 52,858 VND -14%
PT Mayora Indah Tbk, MYOR 1,650 IDR 2,699 IDR +64%
PT Cisarua Mountain Dairy Tbk CMRY 4,610 IDR 4,350 IDR -6%
Nongshim Co 004370 389,500 KRW 530,619 KRW +36%

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Frequently asked questions

Is Span Divergent Ltd-$ (SDL) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of ₹23.57 versus a price of ₹31.07, about −24% (overvalued).
What is the fair value of SDL?
Our model-based fair value for Span Divergent Ltd-$ is ₹23.57 (as of Aug 21, 2026), built from audited fundamentals. The current price: ₹31.07.
What is the quality score of SDL?
Span Divergent Ltd-$ has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Span Divergent Ltd-$ (SDL)?
Span Divergent Ltd-$ reported trailing-twelve-month revenue of about ₹172M (latest available figure, as of Aug 21, 2026).
What is the net profit margin of SDL?
The net profit margin of Span Divergent Ltd-$ is about -14.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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