Please find the attached Unaudited Financial Result(Standalone & Consolidated)
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Steelman Telecom Ltd's Board approved unaudited H1 FY26 results on 14 November 2025. On a standalone basis, revenue from operations rose to ₹9,679.56 lakhs from ₹7,688.81 lakhs in H1 FY25, a growth of about 26%, while profit after tax jumped to ₹494.56 lakhs from ₹345.91 lakhs, a jump of roughly 43%, lifting EPS to ₹5.11 from ₹3.57. The standalone business is healthy, with operating profit before working capital changes rising sharply. However, on a consolidated basis, the company reported a loss of ₹897.35 lakhs (compared to a loss of ₹954.88 lakhs in H1 FY25), mainly dragged down by its cab hiring subsidiary EC Wheels India and Ethiopian subsidiary. Standalone operating cash flow was negative at ₹324.85 lakhs. The auditor issued an unqualified limited review report, though noted two subsidiaries were not independently reviewed.
Good news for standalone shareholders as the core telecom and EPC business is growing strongly with expanding margins. However, the group-level losses from subsidiaries and negative standalone operating cash flow are red flags that may concern investors, as the company is funding operations through borrowings.