Sar Televenture Ltd Q2 FY26: From Tower Climber to Telecom Tycoon – ₹242 Cr Half-Year Revenue, ₹800 Cr Acquisition Buzz

1. At a Glance

SAR Televenture Ltd is doing to telecom infrastructure what Mumbai traffic does to patience — stretching it to new heights. With amarket cap of ₹960 croreand a stock price of₹204, the company stands halfway between underdog potential and acquisition mania. Despite a36% 1-year fall, SAR just reported aQ2 FY26 revenue of ₹241.76 croreandPAT of ₹36.26 crore, up a spicy107% YoYand127% in profit growth.

The company has been on a corporate shopping spree like a Delhi uncle on Diwali discounts — acquiringFusionnet,Parametrique, and planning an₹800 crore twin acquisitionofBlue LotusandWhitefield. Throw in anincrease in borrowing limit from ₹500 crore to ₹2000 crore, and SAR seems to be building towers not just for 5G, but for investor adrenaline.

No dividends, no mercy, and no debt (almost). Withzero net debt,ROE at 10.1%, and abook value of ₹189, the stock trades atjust 1.08x P/B. A company growing182% in salesand198% in profitdeserves attention — or at least a meme.

2. Introduction

Welcome to SAR Televenture — India’s new-age telecom tower player that’s literally wiring up the nation while wiring down investor nerves. Incorporated in2019, SAR went from setting up towers for 4G & 5G networks to becoming the next obsession of small-cap enthusiasts who think “FTTH” means “Full Throttle To Hype.”

Their story is a cocktail of ambition, infrastructure, and unshakable optimism. In just six years, they went frominstalling a few towerstoleasing out 413 towersacrossnine Indian states and even the Andaman & Nicobar Islands— because why should palm trees have all the signal?

2025 was the year SAR decided it was done being small. It pulled a corporate stunt straight out of a Bollywood sequel — raised capital throughrights and public issues worth ₹450 crore, issuedconvertible warrants worth ₹1729 million, and lined up enough acquisitions to make Vodafone Idea feel under-equipped.

Still, the numbers show that SAR Televenture isn’t just chasing headlines. ItsEBITDA margin of 19%andPAT margin near 15%in H1 FY26 suggest operational discipline behind the chaos. But with anenterprise value of ₹949 croreand a valuation that’s starting to look justified, the next question is obvious — can SAR sustain this speed without flying off the financial highway?

3. Business Model – WTF Do They Even Do?

In simple terms, SAR Televenture builds telecom towers, lays optical fiber cables, and leases those assets to telecom operators. Think of them as the “Zomato of telecom infrastructure” — they don’t serve the data, they deliver the tower it comes from.

The company’s services fall into three broad buckets:

a) Tower & Infrastructure Leasing:Registered asInfrastructure Provider Category-I (IP-I)with theDepartment of Telecommunication, SAR builds, owns, and leases outGround-Based Towers (GBT),Rooftop Towers (RTT), andOutdoor Small Cells (ODSC)to major telecom operators.

b) Fiber Optic & Project Services:It handles the entire optical fiber lifecycle — fromduct laying and project managementtomaintenance and dark fiber leasing. Basically, if your internet connection works in rural Bihar, there’s a good chance SAR had something to do with it.

c) Fiber-to-the-Home (FTTH):The company recently entered the broadband game — connecting homes directly via optical fiber. ItsFTTH rollout targets 3 lakh home passes, with1.52 lakh already secured. That’s more home passes than some ISPs manage in five years.

Foreign Play:SAR’sUAE subsidiary (SAR Televentures F.Z.E)manages fiber laying and equipment trading in the Middle East, adding some global glamour to an otherwise desi infrastructure story.

So yes, they don’t sell SIM cards or data plans — they sell the invisible roads that data runs on. And right now, those roads are multiplying faster than Indian weddings in peak season.

4. Financials Overview (Half-Yearly Data – Consolidated Figures in ₹ crore)