BSE: 543622
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Telecom network maintenance services, Subsidiary: EC Wheels India (EV business), Subsidiary: Steelman Installation Services PLC (Ethiopia). Asset-light, labour-intensive telecom field-services company with loss-making EV and overseas subsidiaries
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 135 | 220 | 231 | 230 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 1.03 | (1.55) | 1.47 | 6.47 |
| ROE % · ROCE % | — · 5.1 | — · (15.4) | — · (11.8) | — · (7.3) |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (0) | 3 | (7) | 14 |
| Capex | — | — | (31) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55 | 80 | 104 | 116 | 102 | 129 | 117 | 114 |
| Profit before tax | (1) | 2 | (5) | (7) | (7) | (8) | (10) | (1) |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (0.36) | 1.39 | 1.59 | 0.04 | (3.55) | 2.08 | 2.91 | 3.56 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAILTEL CORP OF IND LTD | 7,350 | 36.4 | 4.46 | 17.3 | 11.5 | 13.9 | — | 19.1 |
| ROUTE MOBILE LIMITED | 2,754 | 11.1 | 0.98 | 4.1 | 9.1 | 12.2 | 25.7 | 10.1 |
| GTL LTD | 95 | 0.1 | — | 3.1 | (4.7) | 0.2 | — | 934.3 |
| STEELMAN TELECOM LIMITED ◆ | 67 | 13.8 | — | — | — | (21.5) | — | — |
| NETTLINX LTD. | 28 | — | 0.46 | — | (8.5) | (8.3) | (9.9) | 22.3 |
| UNIINFO TELECOM SERVI LTD | 11 | — | 0.36 | — | (3.8) | (4.4) | — | 5.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 13.8 | 9 of 15 | 43% |
| ROCE | (21.5) | 11.0 | 17 of 18 | 6% |
| Revenue growth | (2.3) | 6.1 | 15 of 20 | 26% |
| Market cap | 67 | 2916 | 16 of 20 | 21% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · MCA certificate received for change in company objects | compliance | minimal | — | — |
| 7 Oct 2026 · Routine compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for half-year results from Oct 1, 2026 | compliance | minimal | — | — |
| 25 Sept 2026 · Steelman Telecom to sell 0.61% stake in EC Wheels India | strategic transactions | medium | — | — |
| 25 Sept 2026 · Board approves sale of 0.61% stake in EC Wheels India to employees | results | medium | — | — |
| 22 Sept 2026 · Steelman Telecom board to meet on Sept 25 for strategic transaction | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Steelman Telecom adds solar and renewable energy to business objects | corporate actions | medium | — | — |
| 21 Sept 2026 · Four directors re-appointed for five years at Steelman Telecom AGM | management changes | medium | — | — |
| 21 Sept 2026 · Disclosure of voting results from 23rd AGM filed with BSE | compliance | minimal | — | — |
| 21 Sept 2026 · Steelman Telecom 23rd AGM: All 8 resolutions passed including warrants issue | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.