🟢 At a Glance
SABTNL — yes, that same zombie media stock that was near-dead with negative book value — is now trading at ₹1,171. After a fresh ₹15 Cr promoter handover, an open offer at ₹10, and a failed TV empire now being rebranded, this stock is up 346% YoY. P/E? A chill 6,492x. So the question is simple: WTF is going on?
1. 🎭 Introduction with Hook
Sri Adhikari Brothers was once the proud owner of “SAB TV”… back when Orkut was hot and Daler Mehndi was still trending.
Cut to 2025:
- 📺 No meaningful content production
- 🧾 Book Value: -₹4.36
- 💸 3 Cr revenue in FY24, up to ₹6 Cr in FY25
- 💀 Completed NCLT resolution in May 2025
- 🔥 Stock price: ₹1,171 🤯
And just as you were about to write this off as a glitch in the matrix, a new promoter swoops in and suddenly everyone’s acting like this is the next Netflix.
2. 🏢 WTF Do They Even Do? (Business Model)
Well… they used to do something.
Historically, SABTNL was a TV content creator and broadcaster. It had spin-offs like:
- TV Vision Ltd – Launched channels like Mastiii
- SAB Events & Governance Now – Some kinda news + events play
But after years of losses and NCLT admission, operations were largely suspended.
Currently:
- They report ₹6 Cr revenue
- No clarity on active content IPs
- No indication of ongoing broadcasting activity
- Future business plans = Unknown
So what’s driving the ₹3,000 Cr valuation? We’ll get there.
3. 📊 Financials – Profit, Margins, ROE, Growth
| FY | Sales (₹ Cr) | Net Profit (₹ Cr) | EPS (₹) | ROE | OPM |
|---|---|---|---|---|---|
| FY21 | ₹0 Cr | -₹25 Cr | -₹7.15 | — | — |
| FY22 | ₹0 Cr | -₹21 Cr | -₹6.09 | — | — |
| FY23 | ₹0 Cr | -₹21 Cr | -₹6.09 | — | — |
| FY24 | ₹3 Cr | -₹21 Cr | -₹8.38 | — | -104% |
| FY25 | ₹6 Cr | -₹22 Cr | -₹8.82 | 400% (😂) | 6% |
Yes. ROE is 400% because the book value is negative. Math is hilarious sometimes.
4. 💸 Valuation – Is It Cheap, Meh, or Crack?
| Metric | Value |
|---|---|
| Price | ₹1,171 |
| Market Cap | ₹2,986 Cr |
| P/E | 6,492x |
| Book Value | -₹4.36 |
| Dividend Yield | 0% |
This isn’t just crack. This is moonshine laced with LSD.
📢 Open offer just happened at ₹10 per share.
You read that right. ₹10.
And it’s trading at 117x that. Something smells fishier than Juhu beach at low tide.
5. 🧨 What’s Cooking – News, Triggers, Drama
- 🧹 Completed insolvency resolution plan (May 2025)
- 💰 New promoter: Kurjibhai Rupareliya acquired 59.12% stake for ₹15 Cr
- 🧾 Open offer launched for another 13.24% @ ₹10/share
- 💸 Total acquisition = 86.69%
- 📃 EGM scheduled (July 14, 2025) to approve:
- ₹111 Cr authorized capital
- ₹68 Cr via convertible warrants
- ₹15 Cr via equity shares
Essentially, a reverse merger setup or shell takeover is likely coming.
6. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
| Year | Equity | Reserves | Borrowings | Total Assets |
|---|---|---|---|---|
| FY20 | ₹35 Cr | -₹67 Cr | ₹2 Cr | ₹176 Cr |
| FY24 | ₹25 Cr | -₹14 Cr | ₹1 Cr | ₹74 Cr |
| FY25 | ₹25 Cr | -₹36 Cr | ₹0 Cr | ₹55 Cr |
- Assets melted
- Debt cleared
- Negative net worth
- Yet company somehow trades at ₹3,000 Cr valuation
🟢 Pros: No debt
🔴 Cons: Also no business
7. 🏦 Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY24 | -₹11 Cr | ₹45 Cr | -₹10 Cr | ₹24 Cr |
| FY25 | ₹6 Cr | -₹2 Cr | ₹0 Cr | ₹4 Cr |
Surprise! Despite losses, they had ₹4 Cr positive net cash in FY25. Mostly from asset monetization post-NCLT.
8. 🧮 Ratios – Sexy or Stressy?
| Metric | Value |
|---|---|
| ROCE | 39.2% (artifact) |
| ROE | 400% (LOL) |
| P/E | 6,492 |
| Price/Book | N/A (BV is negative) |
| Debt/Equity | 0 |
Debtor Days? Improved from 358 to 28
(when you only have 3 customers, that’s easy)
Bottom line: Nothing makes sense. Except… maybe someone knows something.
9. 💡 P&L Breakdown – Show Me the Money
| FY25 Quarterly Revenue (₹ Cr) |
|---|
| Q1: ₹1.09 |
| Q2: ₹1.27 |
| Q3: ₹2.36 |
| Q4: ₹1.39 |
| Total: ₹6.11 Cr |
The ₹3,000 Cr market cap = ~491x revenue
That’s more inflated than Shah Rukh’s cameo screen time in Pathaan.
10. 🥊 Peer Comparison – Who Else in the Game?
| Name | P/E | ROE | Sales (₹ Cr) | CMP |
|---|---|---|---|---|
| Sun TV | 13.3x | 15.7% | ₹4,015 Cr | ₹590 |
| Zee | 18.6x | 6.8% | ₹8,294 Cr | ₹147 |
| Hathway | 30.2x | 2.1% | ₹2,039 Cr | ₹16 |
| SABTNL | 6,492x | 400% | ₹6 Cr | ₹1,171 🔥 |
SABTNL is now India’s most expensive “no-content” content stock.
11. 🧠 Misc – Shareholding, Promoter Drama
| Date | Promoter Holding |
|---|---|
| Mar 2023 | 22.12% |
| Mar 2024 | 59.52% (post SPA) |
| Mar 2025 | 59.22% |
| Public | 40.67% |
Promoters just acquired it through:
- Preferential allotment
- Open offer (₹10)
- ₹15 Cr deal for 59% stake
🧾 Upcoming EGM to approve:
- Fundraising via ₹68 Cr warrants
- Potential reverse merger or asset injection? Very likely.
12. 🧑⚖️ EduInvesting Verdict™
SABTNL is not a media company. It is now officially a listed shell — potentially being used for:
- 🪄 Reverse merger
- 🧾 Asset parking
- 🏦 White-collar alchemy
The fundamentals? Still dead.
The valuation? Hilarious.
The stock? On a heater.
If you’re in this, you’re either:
- Insane
- Insider
- Or both 😎
EduVerdict™: Bollywood production house? Nah. Welcome to India’s most expensive SPAC.
✍️ Written by Prashant | 📅 July 4, 2025
🏷️ Tags: SAB TV, Adhikari Brothers, Reverse Merger, Open Offer, BSE Shell Company, Zombie Stock, SME Bubble, NSE Drama, EduInvesting
