PRIMARY BUSINESS OF THE COMPANY
Our Company was incorporated as Silicon Rental Solutions Private Limited under the Companies Act, 2013, pursuant to a certificate of incorporation dated January 28, 2016, issued by the RoC, Mumbai having CIN as U74999MH2016PTC272442. Thereafter, our Company was converted from a private limited company to a public limited company, pursuant to a special resolution passed by the shareholders of our Company on July 06, 2022 and the name of the Company was changed from Silicon Rental Solutions Private Limited to Silicon Rental Solutions Limited vide fresh certificate of incorporation dated July 22, 2022 issued by the ROC, Mumbai. The Corporate identification number of our Company is L74999MH2016PLC272442. Further the Company has issued share pursuant to Initial Public Offer (IPO) and listed on SME platform of BSE LTD on October 10, 2022.
Our Company has evolved from a traditional IT equipment rental provider into a full- stack rental and leasing solutions provider, engaged in providing end to end IT equipment, plant and machinery, and emerging- technology assets including drones and GPU- powered computing infrastructure on a rental, leasing, and returnable basis in India. We provide laptops, desktops, printers, servers and other peripherals like CCTV cameras, projectors, storage devices etc. on rental basis mainly to small, medium and large corporate, alongside plant and machinery leasing and emerging technology categories. Based on the clients requirements, we offer them tailor- made rental and leasing schemes that suit their requirements. By providing these services to our customers, we provide them with the flexibility and advantage to acquire the requisite equipment and machinery that they need to maximize their productivity without compromising their budget. In addition, we also sell the used IT equipment to clients as per their requirements.
As of 2025, Indias Information Technology (IT) and Information Technology Enabled Services (ITeS) sector remains a global leader, serving as a key driver of economic growth, technological innovation, and employment generation. The sectors contribution to Indias GDP is substantial, with projections suggesting it could account for 10% of the GDP by 2026.
One of the notable emerging trends within the industry is the rapid expansion of the IT equipment rental and trading segment. This sub- sector has evolved into a critical component of the broader IT ecosystem in India, gaining momentum due to several contributing factors:
With businesses focusing on capital efficiency, renting IT hardware provides a low- CAPEX, scalable model. This is particularly attractive to SMEs and startups, which can avoid upfront investments and scale hardware needs as operations grow.
Indias vibrant startup ecosystem and increase in project- based work have created a strong use case for short- and medium- term rentals. Whether for a 6- month pilot, new office setup, or contractual project, rentals offer a plug- and- play solution without long- term financial commitments.
With rapid advancements in cloud computing, AI, ML, and IoT, IT hardware becomes obsolete faster. Renting allows companies to stay current with the latest technology without being burdened by outdated equipment.
Programs like Digital India, make in India, and Startup India are fuelling tech adoption across industries, including education, healthcare, and governance. As digital infrastructure grows, so does the need for accessible and deployable IT hardware—a gap effectively filled by rental models.
As sustainability becomes a boardroom priority, renting IT equipment supports reuse, recycling, and waste reduction, aligning with ESG goals and promoting circular economy practices. This is especially appealing to corporates and MNCs focused on reducing e- waste.
Rentals are treated as operational expenses (OPEX) and can be fully deducted from taxable income, unlike capital purchases which require depreciation. This offers companies improved cash flow management and tax benefits.
Rental firms in India now offer not just hardware, but bundled services like AMC (Annual Maintenance Contracts), software licensing, installation, insurance, and helpdesk support, making them reliable end- to- end partners.
The sector is attracting private equity and venture capital investments, fuelling innovation, expansion, and professionalism. This has led to the emergence of national rental networks with standardised SLAs and transparent pricing.
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Hybrid and Remote Work ModelsThe post-pandemic work culture shift has driven demand for decentralized device deployment, where businesses can rent and deliver laptops/desktops across cities for remote employees, contract workers, or temporary setups.
IT rentals are well- suited for enterprises that need pre- configured, policy- compliant devices to meet internal IT governance or external regulatory standards (e.g., in BFSI, healthcare, or defence sectors), without investing in large internal IT teams.
Schools, colleges, and training institutes across Tier 2 and Tier 3 cities are increasingly turning to IT lab rentals as a way to offer digital learning without bearing the full cost of infrastructure ownership.
In 2025, the IT equipment rental and trading market in India is poised for further growth, driven by the ongoing digital transformation across sectors. The industry is expected to play an increasingly important role in supporting businesses with scalable, efficient, and cost- effective IT infrastructure solutions. This segment is not only catering to domestic demand but is also expanding its footprint globally, contributing to Indias status as a leading hub for IT services and solutions.
This growth extends beyond conventional IT hardware. Of an estimated Rs. 90,000 crore in annual enterprise IT hardware spend alone, organised rental penetration today remains a small fraction of that opportunity, and the same rental logic is now extending into plant and machinery and other emerging asset categories, representing a substantial long- term growth runway across the broader asset rental industry.
i Proven ability to deliver cost- effective, integrated IT solutions tailored to specific customer requirements. ii Extensive portfolio of latest high- end equipment, including laptops, desktops, printers, servers, and refurbished IT assets. iii) Access to all major global brands such as HP, Dell, Lenovo, Apple, Asus, Intel, AMD, Gigabyte, SonicWall, D- Link, and Cisco. iv) Flexible rental schemes, curated to suit varying business needs across industries and scales. v) Extending this expertise beyond IT hardware into plant and machinery leasing and other emerging asset categories.
i) Deep experience serving a wide spectrum of industries, including logistics, BPO, pharmaceuticals, e-commerce, education, IT services, insurance, research, and media & entertainment. ii) 1,000+ clients across 250+ locations spanning 16 states and 3 Union Territories, reflecting our strong domestic presence and operational reach
i) Led by a qualified and experienced management team with decades of expertise in the IT hardware and services space. ii) Strong focus on talent acquisition and training, fostering employee loyalty, retention, and quality performance. iii) Top management with 30+ years of experience in the IT industry. iv) Over 10% of the workforce has been associated with the Company and its promoter-led predecessor business, established in 1993, for 20+ years, a testament to our stable and experienced talent pool.
i) Ability to deliver bespoke solutions aligned with specific client objectives, industry norms, and operational needs. ii) A proven track record of high-quality, cost-efficient service delivery over the years. iii) Focused on maximizing client productivity while optimizing IT budgets, ensuring measurable business value and long-term satisfaction.
i) Leverage the rising demand for IT hardware rentals to grow our PAN-India customer footprint, while nurturing long-term relationships with existing clients. ii) Attract high-value enterprise clients through targeted marketing, enhanced service offerings, and value-driven engagement strategies. iii) Adapt and expand services proactively to meet evolving business needs, capture new verticals, and drive sustained revenue growth.
i) Capitalize on our operational expertise to expand into underserved Tier 2 and Tier 3 markets, enabling businesses with cost-efficient IT infrastructure.
Provide scalable rental models to help growing enterprises in these regions access quality hardware without high capital investments. 2) Establish direct operations and local partnerships to deepen reach and improve service delivery in emerging markets.
i) Stay ahead of market trends by continuously tracking and adopting cutting- edge technologies. ii) Upgrade existing IT inventory regularly to meet modern performance standards and enhance customer experience. iii) Expand offerings into high-demand areas such as cybersecurity, software licensing, networking solutions, and enterprise tools. iv) Establish an in-house R&D team to develop customized IT solutions and drive innovation in service delivery, automation, and integration. Extend our rental and leasing model into plant and machinery, drones, and GPU- powered computing infrastructure, building on our core rental structuring and credit assessment expertise.
i) Improve internal efficiencies by streamlining technical workflows, logistics, and servicing protocols. ii) Invest in the development of robust systems and technology platforms to ensure seamless operations, tracking, and reporting. iii) Conduct regular policy reviews and process audits to eliminate bottlenecks and enhance productivity across departments.
i) Reinforce our value proposition as a one-stop solution provider for all IT hardware and support needs. ii) Align marketing strategies to focus on customer-specific requirements, delivering tailored solutions. iii) Emphasize value-added services such as AMC, warranty handling, insurance, installation, and remote support to build trust. iv) Continuously update and diversify our product and service portfolio in line with market trends and client feedback. v) Ensure timely, responsive support to solidify our reputation and foster long-term customer confidence.
i) Proactively pursue new partnerships and collaborations with OEMs, distributors, managed service providers, and system integrators to enhance offerings.
ii) Explore co-branded ventures and strategic alliances to enter new markets, strengthen technical capabilities, and offer bundled hardware-software solutions.
The IT rental industry is poised for growth, driven by various market trends, technological advancements, and changing business needs. Here are some key opportunities and the outlook for the IT rental space in the near future:
a. Shift to Remote and Hybrid Work: The rise of remote and hybrid work models has increased demand for flexible IT solutions. Companies are looking to rent equipment rather than invest in expensive, permanent assets to support a distributed workforce. b. Short-Term Projects and Events: Organizations running short-term projects, events, or training sessions often prefer renting IT equipment to avoid long-term capital expenditure.
a. Cost-Effective Solutions: Startups and small to medium-sized enterprises (SMEs) often have limited budgets and prefer renting IT equipment to manage cash flow better. This trend is likely to continue as more startups emerge in the tech space. b. Scalability Needs: SMEs that are scaling rapidly may find renting IT equipment advantageous to meet their evolving needs without significant upfront investment.
a. E-Waste Reduction: As sustainability becomes a priority, companies are looking for ways to reduce e-waste. Renting IT equipment allows for more efficient use of resources, as equipment can be reused by multiple customers.
a. Demand for Cutting-Edge Technology: Companies want access to the latest technology without the commitment of ownership. This includes high-end servers, VR/AR equipment, and specialized software, which they can rent for specific projects. b. IoT and AI Integration: As Internet of Things (IoT) devices and AI-driven technology become more prevalent, there is an opportunity to offer these as part of rental packages, catering to businesses looking to experiment with new tech without heavy investment.
a. Tailored Solutions: Offering customized rental packages based on specific industry needs, such as pre-configured laptops for software development or high-performance workstations for design work, can differentiate your services.
b. Managed IT Services: Combining equipment rental with managed IT services, such as technical support, software management, and cloud integration, can create a more comprehensive offering and generate additional revenue streams.
a. Online Learning Tools: The education sector, particularly institutions and e-learning platforms, may require temporary IT solutions for remote learning, testing, and virtual classrooms. b. Government and Nonprofit Partnerships: Partnering with governments or nonprofits to provide IT equipment for educational initiatives, especially in underserved areas, can be a significant growth area.
a. Subscription Models: The growing preference for subscription-based services across various industries can be leveraged to offer IT equipment on a subscription basis, providing predictable revenue streams. b. On-Demand Rentals: Catering to the gig economy and freelancers who require high-performance IT equipment on an ad-hoc basis can open new avenues for business.
a. Industrial Asset Leasing: Manufacturing, construction, and industrial enterprises are increasingly open to leasing capital equipment rather than owning it outright, extending the same rental logic that has driven IT hardware adoption into a much larger addressable asset base.
Steady Growth Trajectory: The IT rental industry is poised for sustained growth, driven by an increasing number of businesses opting for rentalbased models to maintain agility and financial flexibility in their IT infrastructure.
Innovation-Driven Demand: With the rapid pace of technological advancement, organizations are under constant pressure to stay updated. Renting enables them to access the latest hardware without high capital outlay, making it a preferred choice in innovation-focused environments.
Deeper Domestic Penetration: There is a significant opportunity within India itself, particularly in Tier 2 and Tier 3 cities and in asset categories beyond conventional IT hardware, where rental adoption is still at an early stage relative to overall market demand.
Service Quality as a Differentiator: Companies that focus on delivering high-quality service, including reliable equipment, technical support, and flexible terms, will likely thrive in this competitive landscape.
In summary, the IT rental industry is well- positioned for growth, with numerous opportunities driven by changing business practices, technological advancements, and a growing focus on sustainability and flexibility.
As an IT rental company, our business faces several risks and concerns that can impact operations, profitability, and reputation. Heres an overview of the major ones:
a. Damage: Rented equipment might be returned damaged, leading to repair costs and downtime. b. Theft or Loss: Equipment could be stolen or lost, especially in high-risk areas, resulting in financial loss.
a. Rapid Technological Changes: IT equipment quickly becomes outdated. Keeping up with new technology can be costly.
a. Non-payment: Some customers may default on payments, leading to financial losses. b. Credit Risk: Extending credit to customers poses a risk if they fail to pay on time or at all.
a. Pricing Pressure: Intense competition may force you to lower prices, squeezing margins. b. Market Saturation: The IT rental market can be saturated in certain areas, making it hard to differentiate your services.
a. Vendor Dependence: Relying on specific vendors for IT equipment can be risky if they face supply chain issues. b. Global Events: Events like pandemics, geopolitical tensions, or natural disasters can disrupt the supply chain, affecting your ability to procure and deliver equipment.
a. Extended Collection Cycles: An increase in debtor days and the overall cash conversion cycle can tie up working capital and increase reliance on external financing if not actively managed.
Environmental Concerns a. E-Waste Management: Disposing of or recycling outdated equipment in an environmentally friendly way is becoming increasingly important. b. Regulatory Compliance: Complying with environmental regulations related to e-waste can be challenging and costly. Addressing these risks through robust risk management strategies, insurance, and operational best practices is essential for sustaining and growing our business.
The Company has an effective and reliable internal control system commensurate with the size of its operations. At the same time, it adheres to local statutory requirements for orderly and efficient conduct of business, safeguarding of assets, the detection and prevention of frauds and errors, adequacy and completeness of accounting records and timely preparation of reliable financial information. The efficacy of the internal checks and control systems is validated by self- audits and internal as well as statutory auditors.
In addition to the above, the Company has formulated a Vigil Mechanism (Whistle Blower Policy) for its Directors and Employees for reporting genuine concerns about unethical practices and suspected malpractices.
The Company is engaged in the business of rental and leasing of IT equipment, such as laptops, desktops, printers, servers and other peripherals like CCTV cameras, projectors, storage devices etc., and has extended this model into plant and machinery leasing, with the flexibility to sell these products to customers. The Company also offers software solutions and transformation services (System Integration) to clients and has deployed proprietary software solutions at various institutions in India and other regions.
The Company also undertakes structured deferred payment sale arrangements with select clients, under which equipment is supplied with payment recognised over an agreed schedule rather than upfront.
The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respect with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention.
The Company has reported total revenue of Rs. 11401.77 Lakhs for the current year as compared to Rs. 10193.89 Lakhs in the previous year. The Net Profit for the year under review amounted to Rs. 1023.83 Lakhs in the current year as compared to Profit incurred in last year amounting Rs. 1320.00 Lakhs.
| Particulars | Segments | |
| Sale of Goods | Sale of Services | |
| Revenue | 6107.65 | 5294.12 |
| Operating Profit | 321.04 | 976.95 |
| Operating Profit Margins | 5.26% | 18.45% |
We believe that our employees are key contributors to our business success and thus we focus on attracting and retaining the best possible talent. Our Company looks for specific skill- sets, interests and background that would be an asset for its kind of business. As on March 31, 2026, our Company has employed 70+ employees at various levels of the Organization which is commensurate with the size, nature and operations of the Company.
DETAILS OF KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR
| Ratios | As at 31.03.2026 | As at 31.03.2025 | Variance | Explanation for any change in the ratio by more than 25% as compared to the preceding year. |
| Debtors Turnover Ratio | 3.21 | 3.75 | (0.54) | NA |
| Interest Coverage Ratio | (86.18) | 26.52 | (59.66) | Increase in Current Assets |
| Current ratio | 7.87 | 6.51 | 1.36 | Increase in Current Assets |
| Debt-equity ratio | 0.05 | 0.05 | 0.00 | NA |
| Operating Profit Margin (%) | 12.24 | 18.60 | (6.36) | NA |
| Net Profit Margin (%) | 0.09 | 0.13 | (0.04) | NA |
| Debt service coverage ratio | 104.94 | 47.47 | 57.47 | Long Term Debt Reduced |
| Return on equity ratio | 0.89 | 1.26 | 0.37 | NA |
| Inventory turnover ratio | 0.05 | 0.00 | 0.05 | Increase in inventory |
| Trade receivables turnover ratio | 3.16 | 3.75 | (0.59) | |
| Interest Service Coverage Ratio | ||||
| Trade payables turnover ratio | 67.78 | NA | 67.78 | NA |
| Net Capital turnover ratio | 1.99 | 2.76 | (0.77) | Increase in turnover |
| Net profit ratio | 0.09 | 0.13 | 0.04 | NA |
| Return on capital employed | 0.12 | 0.18 | 0.06 | NA |
| Return on investment | NIL | NIL | NIL |
During the year the Company has not entered into any transaction of material nature with its promoters, the Directors or the management, their subsidiaries or relatives etc. that may have potential conflict with the interest of the Company at large.
Certain statements made in the Management Discussion and Analysis Report relating to the Companys objectives, projections, outlook, expectations, estimates, and others may constitute forward- looking statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, whether expressed or implied. Several factors could make a significant difference to our operations. These include climatic and economic conditions affecting demand and supply, government regulations and taxation, any epidemic or pandemic, natural calamities over which we do not have any direct/indirect control, and risks associated with the Companys expansion into new asset categories, such as plant and machinery leasing and emerging technology rentals, and into new geographies, including the pace of adoption, execution capability, and competitive response.
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To, The Members, M/s. Silicon Rental Solutions Limited Ground Floor, Mohini Heights, 5th Road, Khar (West), Mumbai, Maharashtra, India 400052
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of M/s. Silicon Rental Solutions Limited having CIN: L74999MH2016PLC272442 and having registered office at Ground Floor, Mohini Heights, 5th Road, Khar (West), Mumbai City, Mumbai, Maharashtra, India, 400052 (hereinafter referred to as the Company), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para- C clause 10 sub clause (i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in ) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ended on March 31, 2026 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, Reserve Bank of India or any such other Statutory Authority.
| S.No. | Name of Director | DIN |
| 1. | Sanjay Harish Motiani | 07314538 |
| 2. | Kanchan Sanjay Motiani | 07314480 |
| 3. | Anushka Sanjay Motiani | 07395256 |
| 4. | Nikhil Sanjay Motiani | 07570586 |
| 5. | Manish Sehgal | 01193550 |
| 6. | Ashok Kumar Jain | 00251096 |
Ensuring the eligibility of, for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.
FOR SHANU MATA AND ASSOCIATES
SD/- Shanu Bhagwandas Mata Proprietor FCS No: 12161 CP No: 17999 Peer Review No: 2888/2023 UDIN: F012161H001353314
Place: Mumbai Date: 02- 09- 2026
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1 have reviewed the financial statements and the cash flow statement for the year ended March 31, 2026 and that to the best of my knowledge and belief:
Pursuant to the requirements of Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements), 2015, I, Subhash Apuroy Shenoy, Chief Financial Officer, of the Company, certify that:
A. I have reviewed the financial statements and the cash flow statement for the year ended March 31, 2026 and that to the best of my knowledge and belief: 1 these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading; 2 these statements together present a true and fair view of the listed entitys affairs and are in compliance with existing accounting standards, applicable laws and regulations. B. There are, to the best of my knowledge and belief, no transactions entered into by the listed entity during the year which are fraudulent, illegal or violative of the listed entitys code of conduct. C. I accept responsibility for establishing and maintaining internal controls for financial reporting and that I have evaluated the effectiveness of internal control systems of the listed entity pertaining to financial reporting and I have disclosed to the auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any, of which I am aware and the steps I have taken or propose to take to rectify these deficiencies. D. I have indicated to the auditors and the Audit committee 1 significant changes, if any, in internal control over financial reporting during the year; 2 significant changes, if any, in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and 3 instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the listed entitys internal control system over financial reporting.
Date: 03- 09- 2026 Place: Mumbai
SD/- Subhash Apuroy Shenoy Chief Financial Officer
I hereby confirm that the Company has received from all the members of the Board and Senior Management, for the financial year ended March 31, 2026, a confirmation that they are in compliance with the Companys Code of Conduct.
SD/- Subhash Apuroy Shenoy Chief Financial Officer
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