1. Tower portfolio doubles to 1,800 sites - SAR completed 1,800 4G/5G towers in FY26, up from 650 in FY25, with Master Service Agreements signed with Airtel, Vodafone, and BSNL. Each additional tenanted site adds recurring lease revenue with minimal incremental capex under the tower-sharing model now in place.
2. FTTH subscriber base scales to 170K+ home passes - The company reached over 170,000 total HomePass connections by FY26, adding 85,000 in H2 FY26 alone, with revenue-share agreements active with BSNL and multiple ISPs across seven cities. The fixed-cost fibre network is largely built, so each new connection drops high-margin subscription revenue straight to EBITDA.
3. Southern India entry via Blue Lotus and Whitefield acquisition - A ₹800 crore share purchase agreement signed in October 2025 will add approximately 450,000 retail customers across Karnataka, Tamil Nadu, Kerala, Telangana, and Andhra Pradesh. The deal transforms SAR from a regional operator into a PAN-India player with a combined base of roughly 850,000 customers and shared infrastructure cost efficiencies.
4. Tikona Infinet acquisition nears close with reduced cost - SAR executed a share purchase agreement with L&T Finance in September 2025 for a 19.93% stake, taking total ownership to 81.94%, with completion indicated by 31 March 2026 and the acquisition cost reduced by \~₹100 crore from the initial filing. Tikona brings a steady \~₹193 crore revenue base that had been flat for years, offering a turnaround opportunity under SAR's management with no additional greenfield build required.
5. ₹208 crore warrant issue strengthens balance sheet for capex and working capital - The company raised ₹208.46 crore in December 2025 through warrants at ₹207 per share, with participation from institutional investors including Madhusudan Kela-backed Founder Collective Fund. Management stated in Q3 FY25 that the company had no debt and that planned capex for the current and next year was already funded.
6. Fusionnet Web Services integration drives ISP revenue - The 100% acquisition of FWSL, completed in FY25, added an ISP license and an existing \~₹44-45 crore revenue base, with management targeting 30-35% top-line growth under SAR's operational control. FWSL is raising additional funds and expanding its retail broadband customer base, creating forward integration that captures both infrastructure and service margins.
7. BharatNet and government connectivity bids in pipeline - SAR is in discussions with BSNL for potential network expansion under BharatNet and has stated a future strategy of participating in government connectivity programs through selective bids for BharatNet O&M and rural PPP projects, supported by tailwinds from NBM 2.0 and BharatNet Phase-II. Winning even a modest slice of the government's rural fibre build-out would add a multi-year, annuity-style revenue stream to the existing tower and FTTH base.