STEELMAN TELECOM LIMITED

Provides telecom network field-maintenance services, supplying Frontend, Backend and Supervisor teams to operators and equipment vendors. Confirmed contracts include a Rs 2.75 crore, one-year order from Bharti Airtel Services for Radio Site maintenance including Riggers with safety and tool kits, and an Rs 13.4 lakh, eight-month order from Nokia Solutions and Networks India for indoor smallcell and indoor/outdoor WiFi Enterprise UBR equipment maintenance on RJIO's 5G Phase 1 project. Standalone revenue for FY26 was Rs 18,759.35 Lakhs with a profit after tax of Rs 917.60 Lakhs, while consolidated revenue of Rs 23,159 Lakhs swung to a loss of Rs 1,477.44 Lakhs because of steep losses at subsidiaries EC Wheels India (loss of Rs 1,908.56 Lakhs, EV-related) and Steelman Installation Services PLC (loss of 20.17 Lakhs, telecom installation in Ethiopia, reported in Birr). The business is labour-driven: employee costs account for 42.5% of revenue and materials/services purchased for execution account for 47.9%, with capex at just 1.5% of revenue. Capital structure shows audited borrowings of Rs 53.97 crore as of 31 March 2025 rising to an estimated Rs 58.76 crore by 31 March 2026, and the Board has sought shareholder approval to raise up to Rs 50 crore through equity or convertible securities on a preferential basis.