Sar Televenture Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sar Televenture Ltd trades at ₹121, in a downtrend and 21 weeks into that stage. That is −29.0% against its own 200-day average. It sits at 7% of a 52-week range of ₹111 to ₹251. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (28 weeks and counting).

Today the stock is in a downtrend — week 21 of stage 4, confirmed. At ₹121 it trades −29.0% versus its 200-day average and sits at 7% of its 52-week range (₹111–₹251).

Against the market, two honest reads. Cumulative: over the last 2.7 years the stock moved +48% while the NIFTY 500 moved +33% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (28 weeks and counting; last ahead the week of 2026-02-27) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sar Televenture Ltd trades at 8.4× P/E, near the bottom of its own range — cheaper only 4% of the time. Its long-run median P/E is 27.6×, measured across 2.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 8.4× is near the bottom of its own range — cheaper only 4% of the time, against a long-run median of 27.6× measured over 2.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +45.6% against a −43.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sar Televenture Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 6 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.9/100 — rank 9 of 18 in Telecom Services · 70% evidence confidence

Sar Televenture Ltd scores 49.9 out of 100 against the 18 companies it is compared with in Telecom Services, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 21.2 + 12.6 + 14.6 + 1.5 = 49.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sar Televenture Ltd reported ₹280 Cr of revenue in the Mar 26 quarter, +35.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 444.6% a year. The last full year, FY26, came in at ₹522 Cr. The last four reported quarters add to ₹846 Cr.

FY26 revenue came in at ₹522 Cr (+49.1% on the year), capping 6 years at 444.6% compound. The latest quarter (Mar 26) printed ₹280 Cr, +35.3% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +125.6% growth against the decade's 444.6% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sar Televenture Ltd's operating margin is 17.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +3.0 percentage points. Across 7 fiscal years the operating margin has ranged −600.0% to 18.0%.

The latest quarter's operating margin is 17.0%, +1.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged −600.0%–18.0%, and FY26's 18.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went +6.6 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sar Televenture Ltd earned ₹36.0 Cr of net profit in the Mar 26 quarter, +24.1% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹72.0 Cr. That is 12.9% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.

Mar 26 profit was ₹36.0 Cr, +24.1% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹72.0 Cr (+53.2%).

Why profit moved: revenue contributed +35.3% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +147.7% vs revenue +125.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −201% of Sar Televenture Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹121 Cr of operating cash against ₹72.0 Cr of profit. After ₹171 Cr of capital spending, ₹−50.0 Cr was left as free cash.

FY26: operating cash of ₹121 Cr against reported profit of ₹72.0 Cr, leaving free cash of ₹−50.0 Cr after ₹171 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −201% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −201%: the cash cycle tightened 93 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 18.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sar Televenture Ltd's cash conversion cycle runs 63 days in FY26, down from 156 days in FY21. Capital spending ran ₹540 Cr over the last 3 years. At FY26 sales of ₹522 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹90.0 Cr sits inside the business at any moment.

FY26: debtors at 115 days, inventory at 29 days — roughly 1.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 63 days, tighter than FY21's 156.

The full loop: cash goes out to suppliers and production on day 0; stock waits 29 days to sell; customers pay about 115 days after that; and suppliers themselves are paid at 81 days — netting out to the 63-day cycle.

In money terms: at FY26 sales of ₹522 Cr, each day of the cycle holds about ₹1.4 Cr — so the 63-day loop keeps roughly ₹90.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹540 Cr over the last 3 fiscal years against ₹29.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Sar Televenture Ltd earns a ROCE of 9% in FY26. That is up from a trough of 1% in FY21. Return on invested capital clears the cost of that capital by −4.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 13.8% net margin on 0.47× asset turns.

FY26 ROCE is 9%, recovered from a FY21 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 13.8% net margin × 0.47× asset turns × 1.16× balance-sheet leverage ≈ 7.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 7.6% − 12.0% = a −4.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Sar Televenture Ltd carries ₹2.0 Cr of borrowings against ₹954 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹1.0 Cr to ₹2.0 Cr. Capital spending ran ₹540 Cr across the last 3 of those years.

FY26: borrowings of ₹2.0 Cr against equity of ₹954 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹1.0 Cr to ₹2.0 Cr while capital spending ran ₹540 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 21.0 points of Sar Televenture Ltd over 6 quarters, the biggest move on the register. That takes promoters to 45.3% of the company. Domestic institutions moved +3.2 points over the same window, to 6.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −21.0 points over 6 quarters to 45.3%; Domestic institutions: +3.2 points over 6 quarters to 6.5%; Foreign institutions: +2.9 points over 6 quarters to 2.9%.

🚨 Why the register moved: promoters drove it (−21.0 points), absorbed on the other side by domestic institutions (+3.2 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sar Televenture Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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