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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| RAILTEL CORP OF IND LTD | 8,377 | 41.5 | 5.08 | 19.7 | 11.5 | 13.9 | — | 19.1 |
| ROUTE MOBILE LIMITED | 3,109 | 12.5 | 1.10 | 4.9 | 9.1 | 12.2 | 25.7 | 10.1 |
| GTL LTD | 114 | 0.1 | — | 3.3 | (4.7) | 0.2 | — | 934.3 |
| STEELMAN TELECOM LIMITED ◆ | 70 | 14.4 | — | — | — | (21.5) | — | — |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 26 Aug 2026 · Newspaper notice published for 23rd Annual General Meeting | compliance | minimal | — | — |
| 25 Aug 2026 · Annual Report FY 2025-26 filed with BSE | results | medium | — | — |
| 25 Aug 2026 · 23rd AGM Sep 19 2026: Solar Push, Warrants Issue, Director Reappointments | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Book closure for AGM from Sep 13 to Sep 19, 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · 23rd AGM on 19 Sep 2026; Book Closure 13-19 Sep 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Board approves 28.23 lakh convertible warrants at Rs 70 on preferential basis | fund raising | medium | — | — |
| 20 Aug 2026 · Board approves Rs 50 Cr fundraise, re-appoints key directors | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Steelman Telecom board meet on 20 Aug to consider Rs 50 Cr fundraise and director reappointments | board shareholder meetings | low | — | — |
| 14 Jul 2026 · GST Appreciation Certificate from Government of India | regulatory legal | low | — | — |
| 10 Jul 2026 · Compliance certificate on demat holdings filed for Q1 FY27 | compliance | minimal | — | — |
| 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 |
| NETTLINX LTD. |
| 24 |
| 3.5 |
| 0.40 |
| — |
| (8.5) |
| (8.3) |
| (9.9) |
| 22.3 |
| UNIINFO TELECOM SERVI LTD | 12 | — | 0.37 | — | (3.8) | (4.4) | — | 5.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.4 | 12.6 | 11 of 17 | 38% |
| ROCE | (21.5) | 10.1 | 19 of 20 | 5% |
| Revenue growth | (2.3) | 6.1 | 15 of 20 | 26% |
| Market cap | 70 | 3129 | 16 of 20 | 21% |
| 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 |
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.
