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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 95/100Rev +218% YoY · PAT +200% YoY · margin expansion · +16% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹280 Cr | +218.2% | +15.7% |
| EBITDA | ₹47 Cr | +46.9% | +4.4% |
| Operating margin | 17.0% | +100 bps | -200 bps |
| PAT | ₹36 Cr | +200.0% | +0.0% |
| PAT margin | 12.9% | -115 bps | -202 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
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.
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.
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).
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -15.2% / mo · RSI oversold · MACD − · near 52W low
Technical chart
SARTELEdaily · 1Y · AUTO-55.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 26. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~17.9% over last month) — short-term momentum negative.
- RSI(14) at 26 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 86.3%.
- 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.
Telecom valuation: EV/EBITDA against ARPU, debt, and capex
Telecom needs enterprise-value and cash-flow framing because leverage is structurally important.
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.
Score history
12 stored score snapshots. Latest stored move: -3 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 65th percentile within Telecom. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Telecom: 65th pctile, median 66 · SME: 66th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 6.24
- P/B
- 0.46
- EV/EBITDA
- 4.05
- Market Cap
- 448.00Cr
Profitability
- ROE
- 7.95%
- ROCE
- 8.84%
- ROA
- 6.50%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 256.00%
- EPS 5Y
- 374.00%
- Revenue 3Y
- 152.00%
- EPS 3Y
- 341.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 4.01
- Book Value
- 193.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 121.00 Cr
- EPS TTM
- 14.50
Shareholding
- Promoter Hold
- 45.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable names in Telecom, ranked by similarity
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.