Annual reportSep 2026
Sep 2026 · Copy of Newspaper Publication 5 Sep - 7th AGM on September 29, 2026 at 1:00 P.M. via VC/OAVM; annual report and e-voting details sent.
Source: Nse
Sar Televenture Ltd. (SARTELE)
SME CapTelecom stocks · SME cap · NSE
SAR Televenture Ltd. is an IP-I registered integrated network solutions provider in India, specializing in 4G/5G tower installation, FTTH, OFC projects, enterprise network solutions, and retail broadband. It also delivers smart connectivity solutions and has a UAE subsidiary for fiber cable laying and network equipment supply.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:57 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Telecom P/E 28.1 (n=16)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 +1.5% / mo · MACD − · near 52W low
Stock trend: 31
Sector RS: —
Telecom FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SARTELED candles · FIT view-46.3%Latest close ₹82.10 on 2026-10-21
Bar
-3.4%
RSI
44
MACD hist
-0.46
52W pos
5%
2026-10-21O ₹85.00H ₹85.00L ₹81.10C ₹82.10Vol 60,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SARTELENifty TelecommunicationsNifty 500
- SARTELE
- -31.2%
- Nifty 500
- -6.5%
- Nifty Telecommunications
- +1.0%
- Vs Nifty 500
- -24.7 pp
Chart stats
21 Oct 2026- From 52W high
- -69.0%
- 52W range position
- 5%
- ATR (14)
- 8.0%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹0.9 Cr
- 20D price channel
- ₹73 - ₹107
₹264.9
₹72.4 - ₹264.9
₹6.5
Latest completed session
20-session average
110.5% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED66
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent95
Revenue +218.2% · PAT +200.0% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model+86.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 95/100Rev +218% YoY · PAT +200% YoY · margin expansion · +16% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹280 Cr | +218.2% | +15.7% |
| EBITDA | ₹47 Cr | NDF | +4.4% |
| Operating margin | 17.0% | NDF | -200 bps |
| PAT | ₹36 Cr | +200.0% | +0.0% |
| PAT margin | 12.9% | NDF | -202 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 6.76
- P/B
- 0.51
- EV/EBITDA
- 4.43
- Market Cap
- 490.00Cr
Profitability
- ROE
- 8.02%
- ROCE
- 8.84%
- ROA
- 6.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 256.00%
- EPS 5Y
- 375.00%
- Revenue 3Y
- 152.00%
- EPS 3Y
- 342.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 4.17
- Book Value
- 193.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 121.00 Cr
- EPS TTM
- 14.63
Shareholding
- Promoter Hold
- 45.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 522+49.1% vs prev
Net Profit
₹ CrLatest: 72.0+53.2% vs prev
Return on Equity
%Latest: 7.5+37.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.5% over last month) — short-term momentum positive.
- RSI(14) at 44 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 69% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth22/25
Quality0/20
Balance Sheet10/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-2
Raw sum
66
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
66/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 86.7%.
- Valuation contributes 30/30 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
Primary lens
EV/EBITDA and debt-adjusted cash generation.
Secondary checks
ARPU growth, subscriber quality, spectrum liabilities, capex intensity.
Main risk check
High EBITDA can still be weak equity value if debt and capex absorb cash.
PE
6.8
PB
0.5
EV/EBITDA
4.4
ROE
8.0%
ROCE
8.8%
FCF Yield
—
Debt/Equity
0.0
MoS
+86.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
66
Previous: 66
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+86.7%
Previous: +86.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
66
66
66
66
66
66
66
66
66
66
66
66
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹252.05
+67.4% MoS
Growth-justified P/E
42.1
Growth-justified Value
₹616.65
+86.7% MoS
PEG
0.02
Comparable companies
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RTL
SME
Rama Telecom Ltd.
Telecom Services
match 83
26
34.5
10.0%
+5%
OVERVALUED
VIVO
SME
Vivo Collaboration Solutions Ltd.
Telecom Services
match 80
10
—
-8.1%
—
OVERVALUED
HPTL
SME
HP Telecom India Ltd.
Telecom Services
match 65
57
19.6
28.9%
+53%
FAIR VALUE
ACCORD
SME
Accord Synergy Ltd.
Telecom Services
match 52
5
84.8
6.0%
-680%
OVERVALUED
RCOM
Small
Reliance Communications Limited
Telecom Services
match 51
25
—
—
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-22T18:11:19.687Z
Management commentary snapshot
SARTELE reported robust FY26 revenue growth of 49.2% YoY to 522.11 Cr, with EBITDA and PAT margins expanding. Operational milestones include 1,800 4G/5G towers completed and 85,000+ home passes added in H2 FY26. However, significant increases in trade receivables and inventory warrant close monitoring.
The company demonstrates strong execution in telecom infrastructure deployment and FTTH expansion, driving impressive top-line and margin growth. The rapid increase in trade receivables and inventory, outpacing revenue growth, raises concerns about working capital management and potential cash flow strain, despite strong reported profits.
Growth engines
4G/5G Tower Expansion
Completed 1,800 4G/5G telecom infrastructure towers by FY26. Received 60 additional 4G/5G towers from Vodafone.
Fiber-to-the-Home (FTTH) Projects
Actively involved in FTTH projects, delivering high-speed broadband connectivity. Added 85,000+ home passes in H2 FY26.
Tower Sharing Model
MSA signed with 3 major Telcos, making tower infrastructure ready for a tower sharing model to increase revenue with low CAPEX.
BSNL Opportunity
BSNL plans to set up ~112,000 towers for 4G and 5G services, providing SAR an opportunity to expand its tower base.
Capacity and execution
4G/5G Telecom Towers
Increased 4G/5G tower sites to 1,800 by 2026, from 650 sites in 2025.
HomePass Additions
Added 85,000+ home passes in H2 FY26, contributing to a total of 170K+ completed HomePass.
Tailwinds
Government PLI Scheme
₹12,195 crore (US$ 1.65 Bn) approved for telecom & networking products under the PLI Scheme.
6G Initiative
DoT set up a 6G Innovation Group to drive next-gen technology development.
Rising Wireline Connectivity
Overall Wireline Tele-density in India rose from 2.73% (May 2025) to 3.36% (June 2025).
Headwinds
Rural Wireless Subscriber Decline
Rural Wireless Subscribers decreased from 533.5 Mn (May 2025) to 533.0 Mn (June 2025), a -0.10% monthly growth.
Risk radar
Trade Receivables Growth
Trade Receivables increased significantly to 164.81 Cr in FY26 from 75.27 Cr in FY25, outpacing revenue growth.
Inventory Build-up
Inventories grew to 29.80 Cr in FY26 from 10.66 Cr in FY25, indicating potential working capital strain.
Dependence on Telco Partnerships
Business relies on Master Service Agreements (MSAs) with major telcos and agreements with ISPs for FTTH services.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Annual results (FY26 vs FY25) provide a comprehensive view of full-year performance and growth trends. Half-yearly results (H2 FY26 vs H2 FY25) offer insight into recent operational momentum and execution pace.
Sector KPIs management disclosed
Revenue from Operations
FY26 Revenue from operations was 522.11 Cr, up 49.2% from 349.93 Cr in FY25. H2 FY26 revenue was 280.35 Cr, up 35.30% from 207.21 Cr in H2 FY25.
EBITDA Margin
EBITDA margin expanded to 19.10% in FY26 from 17.62% in FY25. H2 FY26 EBITDA margin was 17.88% (50.74 Cr / 283.76 Cr total revenue) vs 17.65% in H2 FY25.
PAT Margin
PAT margin increased to 13.88% in FY26 from 13.40% in FY25. H2 FY26 PAT margin was 12.76% (36.22 Cr / 283.76 Cr total revenue) vs 13.48% in H2 FY25.
4G/5G Towers Completed
The company completed 1,800 4G/5G telecom infrastructure towers by FY26, up from 650 sites in 2025.
Management forward view
Mission for Quality Services
Our goal is to provide quality assured services to increase productivity and comfort for clients.
Aim for Methodical Living
Our aim is to make your life more methodical and comfortable through our performance-oriented approach and innovative methods.
Vision for Technological Excellence
We envision our future with you along with the bond of technological excellence in home and commercial automation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Trade Receivables | 164.81 Cr (FY26) | Improvement in collection period and reduction in receivables as a percentage of revenue to mitigate cash flow risk. |
| Inventory Levels | 29.80 Cr (FY26) | Stabilization or reduction in inventory levels relative to sales to ensure efficient working capital management and avoid obsolescence. |
| New Tower & HomePass Deployments | 1,800 towers, 170K+ HomePass (85K+ in H2 FY26) | Continued strong execution in new tower installations and home pass additions, especially from BSNL opportunities and tower sharing. |
| Cash & Cash Equivalents | 15.03 Cr (FY26) | Growth in cash balance to support operations and future expansion, given the rapid growth in receivables and inventory. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 62nd percentile within Telecom. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
4 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Telecom: 62nd pctile, median 66 · SME: 66th pctile, median 64
Evidence depth
Financial-only
4 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Sar Televenture Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual reportSep 2026
Sep 2026 · Shareholders meeting 4 Sep - Annual report FY2025-26 and 7th AGM on September 29, 2026, with borrowing and related-party approvals.
Source: Nse
Annual reportSep 2026
Sep 2026 · Updates 5 Sep - 7th AGM scheduled for September 29, 2026; annual report 2025-26 shared with shareholders.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptFeb 2025
Feb 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.