1. At a Glance
Once the crown jewel of Indian television comedy, Sri Adhikari Brothers Television Network Ltd (SABTNL) now sits on the screener charts with a market cap of ₹3,160 crore — despite reporting revenues of just ₹8.12 crore and a loss of ₹2.94 crore. How? Nobody really knows. Some say it’s “faith in revival.” Others suspect “faith in operator circuits.”
At ₹1,245/share, this penny-stock-turned-space-shuttle has gained 816% in 3 years, yet fallen 30.5% in the last year. Debt? ₹11 crore. Book value? ₹0.32. That gives a P/B of 3,854x — the kind of ratio that would make even Warren Buffett log out of Screener.
Operationally, the company is still in recovery mode after its CIRP saga (Corporate Insolvency Resolution Process) initiated by Central Bank of India for ₹27.57 crore. Yet, ROCE shows 143%, thanks to the magic of accounting on a small base and one-time “exceptional” items.
This is not your average TV company. This is what happens when nostalgia, NCLT, and new promoters mix in a blender. Let’s dive into this strange story of a network that once gave us “Office Office” and now gives us “Open Offer Open Offer.”
2. Introduction
Once upon a time in the late 90s, two brothers — Gautam and Markand Adhikari — entertained an entire generation. Their creation, SAB TV, was India’s first dedicated comedy channel — long before OTTs, memes, or Netflix specials existed. The laughter stopped, though, when financial reality hit harder than a TRP drop.
SABTNL went public in 1999, basking in early success. But over the years, it drifted through diversification, restructuring, and debt. By 2018, even the banks had stopped laughing — Central Bank of India filed for insolvency proceedings, and the company entered CIRP.
Fast forward to FY25, and like a plot twist straight out of a daily soap, the stock price skyrocketed — from ₹349 to ₹2,220 at one point — despite negligible sales. Now at ₹1,245, it’s still a cult favorite among traders who believe in resurrection stories more than revenue growth.
So what happened? New promoters? Fresh management? Divine intervention? Well, Kurjibhai Premjibhai Rupareliya made an open offer at ₹10 per share this quarter — yes, ₹10 — while the market trades at ₹1,245. Either he’s a visionary, or he really wanted to test the SEBI rulebook.
Let’s decode this drama — part financial thriller, part comedy rerun.
3. Business Model – WTF Do They Even Do?
Sri Adhikari Brothers Television Network Ltd used to produce and syndicate television content — primarily light-hearted entertainment, multi-lingual shows, and film production. The company’s DNA lies in content creation: think laughter, skits, serials, and nostalgia-driven programming.
At its peak, SABTNL built and launched SAB TV, later sold to Sony Pictures. The group also launched Mastii, Dabang, and Dillagi channels. But the core business model today? It’s complicated.
As of FY25, SABTNL earns mostly from “Other Income” — roughly 89% from rent and miscellaneous sources, and 11% from dividends and interest. Operational revenues are almost non-existent. The business has effectively become a holding shell for media rights, brand assets, and legal memories.
Yet the valuation still towers at over ₹3,000 crore — the same league as smaller broadcasters with 500x more revenue.
Is it a media company or a meme company? Nobody knows. The product lineup reads like a 2010 channel guide — but the stock behaves like it’s launching a streaming platform next week.
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