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 a market cap of ₹960 crore and a stock price of ₹204, the company stands halfway between underdog potential and acquisition mania. Despite a 36% 1-year fall, SAR just reported a Q2 FY26 revenue of ₹241.76 crore and PAT of ₹36.26 crore, up a spicy 107% YoY and 127% in profit growth.
The company has been on a corporate shopping spree like a Delhi uncle on Diwali discounts — acquiring Fusionnet, Parametrique, and planning an ₹800 crore twin acquisition of Blue Lotus and Whitefield. Throw in an increase 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). With zero net debt, ROE at 10.1%, and a book value of ₹189, the stock trades at just 1.08x P/B. A company growing 182% in sales and 198% in profit deserves 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 in 2019, 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 from installing a few towers to leasing out 413 towers across nine 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 through rights and public issues worth ₹450 crore, issued convertible 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. Its EBITDA margin of 19% and PAT margin near 15% in H1 FY26 suggest operational discipline behind the chaos. But with an enterprise value of ₹949 crore and 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 as Infrastructure Provider Category-I (IP-I) with the Department of Telecommunication, SAR builds, owns, and leases out Ground-Based Towers (GBT), Rooftop Towers (RTT), and Outdoor Small Cells (ODSC) to major telecom operators.
b) Fiber Optic & Project Services: It handles the entire optical fiber lifecycle — from duct laying and project management to maintenance 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. Its FTTH rollout targets 3 lakh home passes, with 1.52 lakh already secured. That’s more home passes than some ISPs manage in five years.
Foreign Play: SAR’s UAE 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)
Metric
H1 FY26 (Sep 2025)
H1 FY25 (Sep 2024)
Previous Half (Mar 2025)
YoY %
QoQ %
Revenue
241.76
117.00
124.00
107%
95%
EBITDA
45.49
16.00
18.00
184%
153%
PAT
36.26
16.00
16.00
127%
127%
EPS (₹)
7.70
4.31
5.22
79%
47%
Data is Half-Yearly; Annualised EPS = ₹7.70 × 2 = ₹15.40.
At a CMP of ₹204, the P/E works out to 13.25x annualised earnings, versus industry P/E of 19.8x — making SAR look like the kid in class who actually did his homework but still gets no attention.
