Indias telecom sector has emerged as one of the strongest pillars of the economy, driven by rapid digitalization, affordable tariffs, expanding smartphone usage, and rising internet penetration. India continues to be the worlds second- largest telecom market with over 1.22 billion subscribers and tele-density of 86.65% as of 2025. The sector is witnessing strong growth through 5G rollout, fiber expansion, rural connectivity, and increasing digital adoption.
Tele-density of rural subscribers reached 59.52% as of September 2025. This reflects increasing digital penetration in rural and semi-urban India, supported by affordable smartphones, government initiatives, and growing internet accessibility. India is emerging as a global telecom manufacturing hub. In November 2025, the Minister of State for Communications highlighted a US$ 25 billion opportunity in telecom component manufacturing in India. Strong policy support from the Government of India continues to accelerate sector growth. The Union Cabinet approved Rs. 12,195 crore (US$ 1.65 billion) Production Linked Incentive (PLI) scheme for telecom and networking products. Telecom infrastructure investments continue to rise significantly. In the Union Budget FY26, the Department of Telecommunications and IT received an allocation of Rs. 81,005.24 crore (US$ 9.27 billion). Indias satellite communications (SATCOM) sector is expected to witness robust growth. The market is projected to double over the next few years.
Union Minister for Communications Mr. Jyoti raditya M. Scindia highlighted that three SATCOM licenses have already been issued and regulatory frameworks are being streamlined to encourage sector participation and innovation. The Government has emphasized fast-tracked approvals, simplified compliance mechanisms, and investor-friendly policies to encourage global telecom and electronics manufacturers to establish operations in India. Andhra Pradesh has also emerged as a major investment destination due to its growing industrial ecosystem and manufacturing infrastructure. To drive the development of next-generation technologies, the Department of Telecommunications (DoT) has established a sixth generation (6G) innovation group, positioning India among leading nations working on advanced telecom technologies. India ranks among the top global telecom investment destinations and continues to attract domestic as well as international investments in telecom services, fibre infrastructure, data centers, digital networks, and 5G deployment projects.
The global telecom services market was estimated at USD 2,095.72 billion in 2025 and is projected to reach USD 3,584.32 billion by 2033, registering a CAGR of 7.1% from 2026 to 2033. The market growth is primarily driven by rising investments in 5G infrastructure, increasing adoption of next-generation technologies, and the growing demand for advanced smartphone devices and high-speed connectivity services. The rapid increase in mobile subscribers, expanding internet penetration, and soaring demand for mobile data services are further accelerating the growth of the telecom industry worldwide. In 2025, the Asia Pacific region dominated the global telecom services market with the largest revenue share of 34.2%, supported by strong digital transformation initiatives, large consumer bases, and continuous expansion of telecom infrastructure across developing economies.
China is expected to witness significant growth during the forecast period due to increasing investments in wireless communication networks and advanced digital technologies. Based on service type, the mobile data services segment accounted for the largest market share of 34.5% in 2025, reflecting the growing consumption of internet-based applications, video streaming, cloud services, and digital communication platforms. By transmission type, the wireless segment dominated the market with a revenue share of 78.6% owing to the increasing deployment of wireless networks and 5G technologies. The consumer and residential segment emerged as the leading end-user category with a revenue share of 59.1% in 2025, driven by rising digital usage, remote working, online education, and entertainment services. Additionally, the increasing demand for value-added managed services, cloud connectivity, and digital communication solutions continues to support the expansion of the global telecom services market. Continuous technological advancements in global communication networks over the past few decades have transformed telecommunications into one of the most essential sectors supporting economic growth, digital innovation, and worldwide connectivity.
The machine-to-machine (Mobile loT) services segment is anticipated to grow at a significant CAGR during the forecast period. The evolution of the Internet of Things (IoT) devices has raised its proliferation across several industry verticals, including healthcare, manufacturing, energy and utilities, and the public sector, among others. The number of IoT-connected devices is expected to exceed 50 billion by 2030. The rapidly growing IoT devices would require high-speed data connectivity to operate and communicate seamlessly. Therefore, the demand for telecom services is expected to grow significantly in the machine-to-machine segment over the forecast period.
The future of the telecom industry is being shaped by rapid technological advancements, with 5G at the centre of this transformation. 5G is driving higher bandwidth, ultra-fast connectivity, low latency, and improved network reliability, creating strong demand for value-added services, IoT applications, enhanced customer experiences, and end-to-end digital solutions. At the same time, rising competition and cybersecurity concerns remain key challenges for the industry.
Another important development is the emergence of private cellular networks, where enterprises are building secure and customized communication systems for better operational efficiency, safety, and integration with internal services. This presents significant growth opportunities for telecom service providers.
Cybersecurity has become a major focus with the expansion of 5G. According to industry studies, nearly 80% of organizations consider 5G security a top priority due to the massive volume of data being transferred across connected devices and networks. This creates opportunities for telecom companies to provide advanced security and decentralized network solutions.
Key Emerging Trends in Telecom 5G and 6G
5G technology is rapidly replacing traditional wired internet connections with faster and more reliable wireless access. The growing adoption of mobile data, especially among younger generations, is increasing demand for high-speed wireless connectivity. Looking ahead, 6G technology-expected around 2030-2035-will offer even higher capacity, ultralow latency, AI-driven automation, advanced sensing, imaging, and intelligent data processing, revolutionizing digital communication.
Internet of Things (loT)
IoT and telecom are becoming increasingly interconnected. Smart homes, connected devices, and autonomous vehicles rely heavily on telecom infrastructure. The rapid expansion of IoT is expected to generate significant revenue opportunities for telecom companies, with global telecom IoT revenues projected to grow substantially in the coming years.
Artificial Intelligence (AI)
AI is transforming telecom operations by enabling network automation, predictive maintenance, data analytics, and improved customer service. Telecom operators are increasingly using AI-powered chatbots and virtual assistants to provide 24/7 customer support, reduce operational costs, and improve customer satisfaction. AI also helps manage the growing complexity of telecom networks and optimize performance efficiently. Overall, the telecom industry is expected to continue evolving through innovations such as 5G, 6G, IoT, AI, private networks, and advanced cybersecurity solutions. These technologies will create new business opportunities, improve digital connectivity, and drive the next phase of global communication growth.
Your Company is a leading service provider in the telecom industry, committed to delivering high- quality, reliable, and technology- driven solutions that support the growth, expansion, and maintenance of the nations evolving telecommunications infrastructure. With a strong focus on operational excellence, technical expertise, and customer satisfaction, the Company plays a vital role in enabling seamless connectivity and supporting the diverse requirements of telecom operators and infrastructure partners.
Your Company is supported by a dedicated and experienced workforce comprising highly skilled technicians, engineers, project professionals, and operational teams who possess extensive technical knowledge and industry experience. Their commitment, adaptability, and execution capabilities enable the Company to successfully undertake complex telecom projects while maintaining high standards of quality, safety, and efficiency.
Leveraging its technical capabilities, industry expertise, and strong execution framework, the Company provides a comprehensive range of services to various telecom players, including telecom operators, infrastructure companies, technology partners, and system integrators. The Companys services are broadly categorized as mentioned below:
Spectrum of Services:
Your organization is a system integrating Company providing highly skilled services to the telecom players. The services provided to the clients are as below.
Telecom Implementation Service Radio Frequency Services
Engineering Procurement Construction Managements
Managed Services
Payroll & Resource Management
New Generation Technology
1. Telecom Implementation Service
A Telecom Implementation Service refers to the end-to-end process of designing, deploying, and integrating telecommunications networks and systems to meet specific business or operational needs. It includes site preparation, installation of hardware such as routers, switches, antennas, and transmission equipment, as well as configuration of network software and protocols. The service also involves testing, optimization, and validation to ensure reliable performance, security, and compliance with industry standards.
In addition, telecom implementation covers activities like network planning, cable laying, system integration, and troubleshooting during deployment. These services are crucial for launching new communication infrastructures or upgrading existing ones, enabling seamless connectivity for mobile networks, internet services, and enterprise communication solutions.
2. Radio Frequency Services (RF)
RF services focus on testing, analyzing, and optimizing radio frequency performance across the wireless spectrum to ensure seamless operation of devices with integrated wireless technologies. Effective and safe utilization of RF is critical for maintaining reliable communication systems, while consistent network quality is essential for the commercial success of telecom operators.
To achieve and sustain optimal network performance, continuous monitoring and optimization are carried out. This process involves assessing network quality, identifying issues, and implementing corrective actions to enhance overall efficiency and user experience.
The following key operational activities are supported to maintain the desired network quality:
1. Conducting pre- and post-launch Key Performance Indicator (KPI) assessments, including Single Cell Function Tests (SCFT) and Single Site/Cluster Verification Tests (SCVT)
2. Performing detailed drive test analysis to evaluate real-world network performance
3. Analysing Voice over Long-Term Evolution (VoLTE) performance to ensure high-quality voice services
4. Investigating and resolving dropped call issues to improve call stability
5. Conducting interference analysis to identify and mitigate signal disruptions
6. Evaluating traffic patterns and throughput to optimize network capacity and performance
7. Identifying and analysing worst-performing cells for targeted optimization and improvement
3. Engineering Procurement Construction Managements (EPCM)
Engineering, Procurement, and Construction Management (EPCM) is a project delivery approach commonly used in large industrial and infrastructure projects. In this model, the contractor (EPCM contractor) is responsible for designing the project (engineering), sourcing materials and equipment (procurement), and managing the construction process (construction management).
Unlike EPC (where the contractor builds and delivers the project), in EPCM the contractor does not directly perform construction work but oversees and coordinates multiple contractors on behalf of the client. This gives the client more control and flexibility, while the EPCM contractor ensures quality, schedule adherence, and cost efficiency throughout the project lifecycle.
4. Managed Services (MS)
Managed Services, also referred to as Operations and Maintenance (O&M) services, encompass the day-to-day operation, maintenance, and upgradation of network infrastructure to ensure performance aligns with agreed Service Level Agreements (SLAs) and Key Performance Indicators (KPIs).
The Company provides comprehensive support to OEMs and telecom operators in managing cell sites and Network Operations Centre (NOC) infrastructure. Backed by a team of highly skilled and trained technical professionals, the Company consistently delivers network uptime of up to 99.5%, ensuring reliable and efficient operations.
With increasing demand for outsourced network management, telecom operators are entrusting the Company with end- to-end management across entire geographies, while maintaining strict adherence to defined SLAs and KPIs. The Companys service portfolio includes software and hardware upgrades, NOC management, preventive and corrective maintenance, and routine breakdown support for both active and passive network elements deployed at cell sites.
In addition, Steelman is among the leading O&M service providers for large, mission-critical facilities that form the backbone of telecom network monitoring. The Company supports these facilities by deploying highly experienced personnel and ensuring uninterrupted service delivery, maintaining 100% uptime on a 24/7/365 basis.
5. New Generation Technology
Our organization delivers next-generation technology solutions in Managed Services through the integration of Artificial Intelligence (AI) and advanced Service Automation. These innovative offerings leverage state-of-the-art automation capabilities to help customers achieve significant cost optimization while improving operational efficiency and enhancing KPI performance.
As the world transitions into the era of 5G, the Company is actively contributing not only to the deployment and enablement of 5G networks but also collaborating closely with clients to support smarter devices and deliver enhanced user experiences. By enabling immersive technologies such as Virtual Reality (VR) and Augmented Reality (AR), the Company helps businesses and users benefit from faster, more consistent data speeds, ultra-low latency, and improved cost efficiency.
Steelman is also empowering industries through reliable, highly available, and low-latency connectivity solutions that support advanced applications such as remote operation of critical infrastructure, connected vehicles, and modern healthcare procedures. The scalability and efficiency of 5G technology further enable seamless connectivity for a massive ecosystem of embedded sensors and smart devices, providing lean, energy-efficient, and cost-effective communication solutions.
With the rapid evolution of 5G services, the Company is strategically positioned to deliver cloud-enabled solutions across multiple sectors, including:
• Big Data and Data Science Services
• Advanced Data Science Solutions
• Service Integration on 5G Networks
• Security Solutions for Cloud and 5G Infrastructure
• Internet of Things (IoT) Services
The Company believes that its core competitive strengths have enabled it to sustain growth, strengthen its market position, and maintain long-term business stability.
Experienced Management and Skilled Workforce
The Company is backed by a strong and experienced management team supported by a highly skilled, trained, and technically proficient workforce. The leadership teams industry expertise, strategic vision, and operational knowledge have played a vital role in driving the organizations growth and success. The promoters actively oversee business operations and financial decisions, supported by a dedicated team of experienced professionals. Their ability to effectively manage operations and navigate business challenges provides the Company with a significant competitive advantage and reinforces its long-term business sustainability.
Strong Relationships with Existing Customers
Over the years, the Company has built strong and enduring relationships with its customers and has successfully partnered with several leading telecom operators across the country. With more than three decades of industry experience and a proven track record of delivering quality services within committed timelines, the Company has consistently demonstrated operational excellence and domain expertise. This has helped Steelman maintain long-term associations with clients, achieve high customer retention, and generate a substantial portion of its revenue from repeat business.
Comprehensive Telecom Support Services
The Company has established a strong PAN India presence and provides end-to-end telecom support services across multiple telecom technologies. Its experienced project management team works closely with customers to effectively manage project execution, monitor milestones, and ensure timely delivery while maintaining high-quality standards. The Companys comprehensive service capabilities and customer-centric approach enable it to deliver reliable and efficient telecom solutions nationwide.
Timely Execution and Delivery of Projects
The Company places strong emphasis on timely execution and completion of projects and takes pride in consistently meeting delivery schedules for awarded contracts. This commitment has helped Steelman build trust, credibility, and long-standing relationships with its clients. The Companys experienced workforce, robust internal processes, and highly skilled field teams ensure efficient project execution and quality service delivery. Regular training programs and performance-based incentives help employees stay aligned with evolving client requirements and maintain high standards of operational excellence in the field.
Enhance performance and competitiveness of existing business.
The Company aims to leverage its strong project management capabilities to capitalize on the increasing demand for telecom projects in India. By utilizing its industry expertise and operational experience, the Company intends to participate in a larger number of projects, optimize resource utilization, and improve operating efficiencies and margins. The Company recognizes that speed, reliability, and network performance are critical success factors for wireless service providers. Its ability to support customers in achieving these objectives is expected to contribute significantly to the Companys continued growth and success. Steelman remains committed to delivering superior customer service with a continued focus on operational efficiency and service effectiveness.
Strengthening our Technical capabilities
The Company believes that continuous technological advancement is essential for sustaining long-term growth and maintaining competitiveness in the rapidly evolving telecom industry. In line with this vision, Steelman is focusing on emerging next-generation technologies, particularly 5G services and infrastructure. This strategic initiative will further strengthen the Companys relationships with existing customers as telecom operators continue upgrading their networks to advanced technologies. The transition to 5G requires deployment of new telecom infrastructure as well as modernization of existing networks, thereby creating significant growth opportunities. The Company intends to leverage its technical expertise, operational capabilities, and established customer relationships to secure projects involving advanced telecom technologies and innovative solutions.
Focus on Research and Development
The Company believes that continuous investment in research and development is essential to remain competitive and help customers improve operational efficiency. Increasing competition within the telecom sector has compelled operators to continuously adopt and invest in technological innovation. Steelman remains focused on strengthening its research and development initiatives to enhance service capabilities, move up the value chain, and develop a deeper understanding of customer network requirements. The Companys ability to understand customer needs and effectively execute projects in line with those requirements remains central to its long-term growth strategy.
Expand geographical presence.
India has emerged as a leading market in the global telecom technology landscape, enabling telecom support service providers to acquire significant technical expertise and operational experience. With substantial telecom investments being undertaken across international markets to meet the growing expectations of end users, the Company intends to explore opportunities beyond India. Steelman aims to leverage its project management capabilities and technical expertise to expand into overseas telecom markets, with a particular focus on the Asia-Pacific region. The Company is actively evaluating opportunities in markets that offer higher growth potential and better margins, thereby enabling it to diversify operations and expand its revenue base.
Continue to recruit, retain, and train qualified personnel.
The Company believes that its long-term success depends significantly on its ability to attract, retain, and develop experienced and motivated professionals. Steelman remains committed to recruiting qualified and skilled personnel and providing continuous training and development opportunities to enhance employee capabilities. The Company also focuses on empowering its leadership teams by decentralizing operational decision-making to individuals who are best positioned to address business requirements at various operational levels. Furthermore, the Company encourages the sharing of best practices and knowledge across locations to strengthen organizational capabilities and operational excellence.
The Company is equipped with modern infrastructure facilities required for the efficient functioning of its business operations. Its infrastructure includes advanced computer systems, relevant software applications, uninterrupted power supply systems, internet connectivity, security arrangements, and other essential operational facilities that support smooth and effective business activities.
UTILITIES
Power
The Companys operations are not power intensive in nature. Power is primarily required at project sites for operating machinery and equipment, as well as for lighting and related activities. The required power supply at project locations is generally sourced through standard local distribution networks and supplied by local authorities and utility providers.
As the Company operates in the service sector, human resources continue to be one of the key drivers of business success. Steelman remains focused on attracting, retaining, and nurturing talented professionals who contribute to the Companys growth and operational excellence. The Company provides its employees with an open and collaborative work environment that promotes continuous learning, professional development, and recognition of meritorious performance. Regular training and skill enhancement programs are conducted to equip employees with the necessary technical and operational capabilities required to deliver high-quality services and effectively meet client expectations.
As on March 31, 2026, your Company has 3432 permanent employees. The zone-wise placement of employees is as below:
| Zone | No of Employees |
| East | 2643 |
| West | 203 |
| North | 468 |
| South | 115 |
Africa, Ethiopia |
3 |
Total |
3432 |
Your Company also employs contractors and third-party vendors. This helps to get the extra manpower as per the projects requirement. Steelman hire these contractors and third-party vendors depending on various factors like the location, size, duration, etc. and have several contractors providing good workforce at competitive prices.
Risk management is essential for telecom companies to identify and mitigate risks that could impact their business. Some of the most common risks faced by telecom companies include natural disasters, cyberattacks, regulatory changes, and competition from other providers. By implementing robust risk management processes, telecom companies can protect themselves from these risks and keep their networks running smoothly.
Common risk mitigation strategies that we follow:
The enterprise makes a conscious decision to avoid dealing with a specific risk and its outcome by Identifying specific risks and suitable remedies or alternate processes to avoid potential negative outcomes; identifying all costs and unexpected costs for a project to avoid going over budget; and identifying qualified alternate members of a project team who can step in when necessary to avoid project delays.
When an identified risk emerges, the enterprise slows or terminates the event to an acceptable level before it progresses to the point where it can damage the business.
Control and manage risk.
Once risks are identified, assessed and prioritized, the enterprise deals with specific risk incidents, by establishing policies, such as physical security and data protection; developing business continuity and technology disaster recovery plans; and by track the time and costs spent on projects to ensure that delivery schedules are maintained, and cost overruns are prevented.
Transfer the risk.
Difficulties associated with a specific risk are transferred to another party, often insurance companies for coverage and reducing the likelihood of project mishaps by contracting a project management company to handle oversight of a particularly difficult project; and engaging the companys finance department to prevent project cost overruns.
Your Company maintain a range of insurance policies to cover the assets, risks, and liabilities. As of the date of this Annual Report, your Company has obtained various insurance policies such as-
• Employee health insurance
• Employee compensation policy
• Office premises insurance
• Vehicle insurance
Your Company constantly evaluates the risks and gives effort to sufficiently cover all known risks. Steelman believes that the amount of insurance coverage presently maintained represents an appropriate level of coverage required to ensure that the business and operations of the Company are in accordance with the Industrial Standard. Although, many events could cause significant damage to Companys operations, or expose to the third-party liabilities or expose to certain risks and liabilities, which the Company may not be insured or adequately insured.
Your company maintains a strong commitment to protecting the health and safety of workers, preserving the environment, and ensuring legal compliance while driving productivity and morale through proactive EHS initiatives. The EHS department achieves this through:
• Routine self-assessments and scheduled audits of operations.
• Comprehensive training and awareness programs.
• Engagement strategies like the Family Connect Program.
• Continuous improvements based on insights from past years.
YEAR-WISE EHS PROGRAM ACTIVITY DATA (FY 2024-2026)
| Activity/Year | 2023-24 | 2024-25 | 2025-26 |
Farm Tocli |
1,616 | 2,156 | 2,504 |
Medical Fitness |
3,230 | 3,589 | 3,900 |
First Aid |
701 | 1,100 | 1,716 |
H&S Induction Training |
1,680 | 2,370 | 2,500 |
Road Safety Awareness |
1,130 | 1,487 | 1,767 |
Fire Mock Drill |
432 | 356 | 326 |
Height Mock Drill |
1,400 | 900 | 750 |
HSW Inspection |
1,731 | 3,221 | 3,800 |
Family Connect Program |
246 | 460 | 573 |
Your Company has significantly expanded initiatives like the Family Connect Program reflect strong focus on workforce engagement, Medical Fitness, HSW Inspections, and H&S Induction Training year over year. These programs are well- aligned with seasonal and operational risk trends, ensuring year-round preparedness and behavioural awareness.
NEW TRAINING PROGRAMS IN FY 2025-26:
| Training Program | No. of Programs |
HSW Induction & Resources Behaviour Training |
1175 |
Work@Height (W@H) Awareness Training |
1300 |
Permit to Work (PTW) Awareness Training |
1575 |
Night Work Awareness Training |
275 |
Anti-Theft Awareness |
1550 |
Monsoon Safety |
1125 |
Summer Safety |
915 |
Winter Safety |
375 |
Your company has also developed and shared digital resources to ensure accessibility and reinforcement of training concepts:
The concept of capacity and capacity utilization is not applicable to the Company, as its business does not fall under the manufacturing sector and does not involve any defined installed production capacity.
Your Company operates on a PAN India basis, serving both OEMs and telecom operators. The Indian telecom industry occupies a unique position, driven by strong and continuously growing demand for high-quality connectivity. This has resulted in intense competition among telecom operators, leading to significant investments in network expansion and infrastructure development.
Given the scale and complexity of operations required for telecom network deployment and expansion, operators and OEMs prefer to partner with service providers that have a strong national presence and end-to-end execution capabilities. Steelman faces competition from local unorganized players as well as a limited number of organized service providers offering comprehensive solutions. However, the Company holds a distinct advantage of working with all major OEMs in the industry.
To maintain and strengthen its competitive position, Steelman continues to focus on enhancing its technical capabilities, investing in research and development, and strengthening long-standing customer relationships. The Companys extensive experience and proven expertise in delivering integrated telecom solutions provides it with a competitive edge and enable it to remain closely aligned with customer requirements.
Your Company operate business from the following locations. However, all awarded projects monitored and controlled from the registered office situated at Kolkata, West Bengal.
| Sr. No. Location | Purpose |
1 MANI CASADONA, FLAT NO 15E1, FLOOR NO-15, PLOT NO-IIF/04, STREET NO-372, ACTION AREA- IIF, NEW TOWN, KOLKATA-700156. |
REGISTERED OFFICE |
2 RISHI TOWER, PREMISES NO.02-315 STREET NO.315, NEW TOWN KOLKATA - 700156 |
BRANCH OFFICE |
3 BHUBANESHWAR - GROUND FLOOR, 1B, NIRMAL PLAZA, BLOCK-A, 1A, FOREST PARK, BHUBANESHWAR, KHORDHA, ODISHA, 751009. |
BRANCH OFFICE |
4 GURGAON - PLOT NO. 25A, 203A, SEC 18, ELECTRONIC CITY, GURUGRAM, GURUGRAM, HARYANA, 122 001. |
BRANCH OFFICE |
5 PUNJAB- D-185, INDUSTRIAL AREA, PHASE VIII-B, MOHALI, SAS NAGAR, PUNJAB, 160055 |
BRANCH OFFICE |
6 UTTAR PRADESH- 28/042B/F.F- S-5, ASHOKA TOWER, ASHOK MARG, HAZRATGANJ, LUCKNOW, LUCKNOW, UTTAR PRADESH, 226001 |
BRANCH OFFICE |
7 BIHAR- 3RD FLOOR, BUILDING NO./FLAT NO.: 1286/1AB, ROAD/STREET: MOHLLA BHAGWAT NAGAR, DISTRICT: PATNA, STATE: BIHAR, PIN CODE: 800026 |
BRANCH OFFICE |
COLLABORATIONS/JOINT VENTURE ARs.REVERs.Rs.ANDMILESTONESACHIEVEDBYTHECOMPARs.
During the Financial Year 2025-26, we successfully executed various telecommunication, technology and infrastructure projects for a diverse portfolio of leading clients across the industry. During the year under review, we recorded an aggregate invoice value of Rs.209.49 Crore, reflecting the scale and diversity of our business operations.
Reliance Industries Limited was our largest client during the year, contributing an invoice value of Rs.96.35 Crore, representing 45.95% of the total invoice value. Vodafone Idea Limited contributed Rs.32.00 Crore (15.28%), followed by Bharti Airtel Services Limited with Rs.28.58 Crore (13.63%).
Among our other key clients, Nokia Solutions and Networks India Private Limited contributed Rs.12.61 Crore (6.02%), while Ericsson India Private Limited contributed Rs.11.06 Crore (5.28%). Tata Consultancy Services Limited contributed Rs.7.56 Crore (3.61%), followed by Indus Towers Limited with Rs.6.27 Crore (2.99%).
We also executed assignments for Reliance Projects & Property Management Services Limited, which contributed Rs.6.15 Crore (2.94%) to our total invoice value. Our other clients collectively contributed Rs.8.91 Crore, representing 4.30% of the total invoice value.
The client profile during the year under review demonstrates our continued engagement with leading telecom operators, technology companies and infrastructure service providers. Our diversified client base and successful execution of projects during the Financial Year 2025-26 reflect our operational capabilities, established industry relationships and continued presence in the telecommunications and technology infrastructure sector.
Your companys annual revenue totalled INR 149 Crore, with contributions spread across six key business segments, reflecting a diversified and balanced portfolio.
Reliance In Building Solution Services emerged as the largest revenue contributor, generating INR 55 Crore, accounting for 35.95% of total annual revenue.
Airtel Mobility Services was the second-largest segment, contributing INR 30 Crore (19.61%), highlighting its significant role in the companys telecom services portfolio.
Vodafone Mobility & Enterprise Services generated INR 20 Crore, representing 13.07% of total revenue.
Network Optimization Services contributed INR 18 Crore (11.76%), demonstrating steady demand for network performance and optimization solutions.
Reliance Large Facility Locations Services accounted for INR 16 Crore, contributing 10.46% of the overall revenue. Other Engineering Services added INR 10 Crore, representing 6.54% of the annual revenue.
Steelman Telecom has established a strong operational presence across India through its diversified telecom and engineering service portfolio. Its operations span 10 telecom circles across East, North, and South India for Airtel, 15 telecom circles on a PAN India basis for Vodafone Idea, 7 telecom circles in
Eastern India for
Reliances In-Building Solution Services, and 7 telecom circles supporting Reliances Large Facility Location Services at critical infrastructure facilities, including Data Centers and Transmission Units. Additionally, the Company delivers Network Optimization Services forTCS across 10 telecom circles in
North and West India and provides engineering support across 5 telecom circles in Eastern India, serving sectors such as Building Management Systems (BMS), Digital Control Centers, and Data Centers. This extensive geographical footprint enables your Company to efficiently execute projects and deliver consistent, high-quality services across diverse regions of the country.
The telecom industry is entering a transformative phase, fueled by rapid technological progress and changing consumer expectations. The future outlook is being driven by the accelerated rollout of 5G networks, rising investments in fiber infrastructure, and the integration of telecom services with cloud computing, artificial intelligence (AI), and edge computing technologies. As digital connectivity becomes increasingly essential for business transformation across sectors, telecom companies are evolving from conventional voice and data providers into comprehensive digital service providers.
At the same time, the industry continues to face several challenges, including substantial capital investment requirements, regulatory hurdles, and growing market competition. Going forward, long-term success in the telecom sector will depend on continuous innovation, strong strategic alliances, and the capability to provide scalable, secure, and low-latency solutions that meet the evolving demands of both enterprise and retail customers.
Your Company is primarily engaged in providing comprehensive telecommunications infrastructure and managed services to leading telecom operators, Original Equipment Manufacturers (OEMs), and enterprise customers. Leveraging its extensive technical expertise and execution capabilities, the Company delivers a wide range of telecom solutions across network planning, deployment, operations, and maintenance. In line with its long-term growth strategy and business diversification initiatives, the Company has also expanded its object clause to undertake Engineering, Procurement and Construction (EPC) activities, including civil, electrical, and mechanical contracting services, thereby broadening its service portfolio and creating new avenues for sustainable growth.
During the Financial Year 2025-26, the Company delivered a strong standalone financial performance driven by robust operational execution and improved business efficiency. Revenue from Operations increased by Rs.1,223.39 lakhs rising from Rs.17,535.96 lakhs in FY 2024-25 to Rs.18,759.35 lakhs in FY 2025-26. Profit After Tax (PAT) increased by Rs.m.85 lakhs, from Rs.805.75 lakhs to Rs.917.60 lakhs during the year. The improvement was primarily attributable to higher business volumes, enhanced operational efficiency, and disciplined cost management. Consequently, the Companys Earnings Per Share (EPS) improved from Rs.8.24 per share in FY 2024-25 to Rs.9.48 per share in FY 2025-26, reflecting the Companys improved profitability and value creation for shareholders.
On a consolidated basis, the Group reported a Loss After Tax of Rs.1,477.44 lakhs for FY 2025-26 as compared to Rs.886.58 lakhs in the previous financial year. The increase in consolidated loss was primarily attributable to the performance of the Companys subsidiaries during their business expansion phase. EC Wheels India Private Limited incurred a loss of Rs.1908.56 Lakhs, while Steelman Installation Services PLC (Ethiopia) reported a loss of 2,017,438 Ethiopian Birr during the year. These losses primarily relate to investments in business expansion, operational scaling, and market development. As a result, the Consolidated Earnings Per Share (EPS) stood at (Rs.6.47) per share in FY 202526 as against (Rs.1.47) per share in FY 2024-25.
The management remains confident that the strategic investments made in its subsidiary businesses, particularly in electric mobility and international telecom operations, will strengthen the Groups long-term growth prospects. The Company continues to focus on improving operational efficiencies, expanding its service portfolio, and driving sustainable profitability across all business verticals.
In compliance with the requirement of the Listing Regulations, the key financial ratios of the Company along with explanation for significant changes (i.e., for change of 25% or more as compared to the immediately previous financial year will be termed as significant changes), has been provided hereunder:
| Sl. No. Particulars | 2025-2026 | 2024-2025 |
1 Current ratio |
1.73 | 1.60 |
2 Debt Equity Ratio |
0.85 | 0.98 |
3 Debt- Service Coverage Ratio |
2.86 | 3.00 |
4 Return on Equity Ratio |
14.78 | 15.71 |
5 Inventory Turnover Ratio |
245.83 | 167.21 |
6 Trade Receivable Turnover Ratio |
6.03 | 5.36 |
7 Trade Payable Turnover Ratio |
11.60 | 16.19 |
8 Working Capital Turnover Ratio |
4.55 | 5.78 |
9 Net Profit Ratio |
4.89 | 4.59 |
10 Return on Capital Employed |
20.58 | 18.70 |
11 Return on Investment |
-63.16 | 11.77 |
The significant changes over previous year across all ratios is due to increase in Equity, increase in EBIDT, increase in inventory, and increase in PAT of Steelman Telecom Limited. For detailed explanation, please refer to Notes of the Standalone Financial Statements for the financial year ended March 31, 2026.
The opportunities observed are based on the trends noticed in the past couple of Years, which continues to be relevant:
Opportunities and Threats
| Opportunities | Threats |
| Digitization | Foreign Exchange Rate Changes |
| Expanding Regional Markets | Constant Upgradation of Technology |
| Fast Growing Global Market | Third Party Risks |
Your Company actively fosters an entrepreneurial culture across the organization, encouraging employees to identify, evaluate, and capitalize on emerging opportunities. In light of the current economic environment and the Companys ambitious growth objectives, the business is exposed to an evolving range of risks and challenges.
The Company recognizes that effective risk management is essential to safeguarding the interests of its employees, shareholders, customers, and other stakeholders, while supporting the achievement of strategic objectives and sustainable long-term growth. Accordingly, risk and opportunity management form an integral part of the Companys overall business strategy and governance framework.
To ensure that all existing and potential material risks are appropriately identified, assessed, monitored, and mitigated, the Company has implemented a comprehensive Risk Management Policy. This policy outlines the key risks associated with the Companys operations, including those related to financing activities and dependence on distribution networks, along with the corresponding mitigation measures adopted by the Company.
The Risk Management Policy is available on the Companys website and may be referred to for detailed information regarding the Companys risk management framework and practices.
LEGAL STRUCTURE
Steelman Installation Services PLC has been incorporated in Ethiopia as a private limited company under the Commercial Code of Ethiopia governing private limited entities. In the companys ownership structure, the local Ethiopian partner holds a 1% stake, while Steelman Telecom owns the remaining 99% stake in the subsidiary. This ownership arrangement provides Steelman Telecom with majority ownership, operational authority, and significant control over the management and strategic decisions of Steelman Installation Services PLC.
BUSINESS SCOPE IN ETHIOPIA:
According to reports, "Safaricom, a recently launched operator" in Ethiopia, plans to build a network of around 8,000 telecom towers across the country over the next five years. Steelman planned to expand its operations by setting up a subsidiary company in Ethiopia, as there was an excellent business opportunity in the country.
As operator Safaricom plans to provide network coverage across the whole of Ethiopia, the Company also plans to provide end-to-end services to clients across the country from a centrally managed location in Addis Ababa, the capital city of Ethiopia.
DETAILS OF MAJOR BUSINESS ACTIVITIES IN ETHIOPIA:
Major Business Activities in Ethiopia are: -
a. Site Acquisition (SAQ): Identification and acquisition of suitable sites for telecom towers and network equipment, including approvals, documentation and lease arrangements.
b. Technical Site Survey Report (TSSR): Assessment of site feasibility covering tower location, equipment placement, power, transmission, civil and structural requirements.
c. Detailed Drawing & Design: Preparation of engineering drawings for tower structures, foundations, equipment layouts, electrical systems and cabling.
d. Drive Test & Network Optimization: Testing network coverage, signal strength, quality and data performance, followed by optimization to improve network efficiency and service quality.
e. Civil Work (RTT, GBT, RDU): Execution of civil and structural works for rooftop towers, ground-based towers, foundations, shelters and related telecom infrastructure.
f. Telecom Implementation (TI): Installation, integration, configuration and commissioning of telecom equipment, antennas, BTS/BBU and transmission systems.
g. Power Commissioning: Installation, testing and commissioning of power systems, including batteries, rectifiers, electrical equipment and backup power systems.
h. Gen Set Overhauling: Servicing, repair, refurbishment and testing of generator sets to ensure reliable backup power at telecom sites.
i. Operation & Maintenance (O&M): Preventive and corrective maintenance, fault rectification, equipment servicing and site monitoring to ensure continuous network availability.
BUSINESS OPERATIONS IN ETHIOPIA:
During the period under review, the Company successfully expanded its presence in the Ethiopian telecommunications sector through the successful execution and completion of network rollout, telecom tower installation and telecommunications infrastructure projects undertaken for leading telecom operators and technology partners.
The Safaricom Ethiopia Network Rollout Project was structured across two regions, with the North Region executed by Huawei and the South Region executed by Nokia.
Under Phase 1 (2021-2022), approximately 2,200 telecom towers were installed collectively by Huawei and Nokia against the overall planned rollout of approximately 8,000 towers.
Under Phase 2 (August 2023-2024), Safaricom undertook the rollout of approximately 1,500 additional telecom towers. The Company was associated with Nokia for the Safaricom network rollout from July 2023 to December 2024 and successfully completed the assigned project activities. The project generated revenue of approximately Birr 46,01,677 during the period, based on an applicable exchange rate of 1 Birr = Rs.1.4907.
During Phase 3 (August 2024-2025), approximately 1,000 additional telecom towers were planned as part of Safaricoms continued network expansion. The Company successfully executed its assigned activities under the relevant network rollout engagements and further strengthened its operational capabilities in Ethiopia.
The Company subsequently diversified its customer and project base beyond Safaricom. In May 2025, the Company commenced and subsequently successfully executed the Ethio Telecom Project, marking a further expansion of its telecommunications infrastructure operations in Ethiopia. The project generated revenue of approximately Birr 1,75,86,578, based on an applicable exchange rate of 1 Birr = Rs.0.9070.
During FY 2025-26, the Company further strengthened its presence in Ethiopia through the successful completion of installation assignments undertaken in association with Nokia and ABM. These projects generated revenues of approximately Birr 30,40,034 and Birr 13,23,993, respectively, based on an applicable exchange rate of 1 Birr = Rs.0.6068.
Overall, the successful completion of the above projects reflects the Companys growing capabilities in telecom tower installation, network rollout, site implementation, network infrastructure deployment and related telecommunications services in Ethiopia. The Companys successful execution of assignments in association with established telecom and technology partners, including Nokia, Huawei and ABM, along with its engagement with Ethio Telecom, demonstrates its ability to execute projects in the African telecommunications infrastructure market and provides a strong foundation for future business opportunities and further expansion of its international operations.
UPCOMING PROJECTS AND FUTURE PLANS
Looking ahead, the Company remains focused on expanding its business operations and strengthening its presence in the telecommunications sector in Ethiopia. The key upcoming business prospects are as follows:
ZTE Project: The Company commenced its engagement with ZTE in March 2026, with an anticipated revenue potential of approximately Birr 321.94 Lakhs during 2026.
Nokia Wakanda-2 Rollout Project: The Company is scheduled to commence the Nokia Wakanda- 2 Rollout Project from July 2026, which is expected to generate revenue of approximately Birr 160.97 Lakhs during 2026.
Expansion through OEM Partnerships: The Company is also actively exploring opportunities to expand its business through strategic partnerships with leading telecom equipment manufacturers, including Huawei and Ericsson. These initiatives are targeted to generate an additional revenue potential of approximately Birr 804.85 Lakhs.
Overall, the Company expects these initiatives to provide a strong platform for future growth, enhance its project portfolio, and further strengthen its presence in Ethiopias rapidly developing telecommunications infrastructure market.
ELECTRIC CAB BUSINESS
EC Wheels India Private Limited (A Subsidiary of Steelman Telecom Limited) was set up in February 2022 to support Environmentally friendly EV Vehicles for Public and Corporate Transportation in Kolkata.EC Wheels Creating value for society by giving people the best electric transport service, at a very affordable price through cutting edge technology.
BUSINESS OVERVIEW
Snap-E Cabs is engaged in promoting sustainable electric mobility through its electric vehicle (EV) charging infrastructure and strategic mobility partnerships. While the Company no longer operates ride-hailing services through its own mobile application, its electric vehicle fleet continues to serve customers through leading aggregator platforms such as Rapido, ensuring efficient utilization of its EV assets and wider customer reach. In addition, the Company has established a growing network of EV charging stations across Kolkata, providing reliable charging solutions for both its captive fleet and third-party electric vehicle users. By focusing on charging infrastructure and platform-based mobility services, Snap-E continues to support the adoption of clean transportation and contributes to the development of a sustainable urban mobility ecosystem.
Snap-E CABS BUSINESS UPDATE
Financial Year 2025-26 marked a significant milestone for Snap-E as the Company successfully repositioned its business model to focus on an aggregator-led mobility platform and EV charging infrastructure. During the year, Snap-E transitioned its B2C operations from its proprietary application to leading mobility aggregators, enabling higher fleet utilization, improved operational efficiency, and enhanced asset productivity. Simultaneously, the Company strengthened its presence in the electric vehicle ecosystem by expanding its EV charging network and introducing technology-driven operational solutions. These strategic initiatives, coupled with disciplined cost management and diversified revenue streams, have enhanced the Companys financial performance and established a scalable foundation for sustainable long-term growth.
The following highlights summarize the Companys key achievements during FY 2025-26 and its strategic roadmap for FY 2026-27.
| Particulars | Key Update | Business Impact |
Aggregator-led Mobility Strategy |
Transitioned the B2C ride-hailing business from the Companys own application to leading mobility aggregators, including Rapido, while continuing to operate the Companys EV fleet. | Improved fleet utilization, enhanced operational efficiency, reduced customer acquisition costs, and generated stable revenue through platform partnerships. |
EV Charging Infrastructure Expansion |
Continued expansion of the EV charging station network across Kolkata to serve both the Companys fleet and third-party electric vehicle users. | Strengthened recurring revenue streams, increased charging infrastructure utilization, and supported the growing EV ecosystem. |
Fleet Management & Digital Transformation |
Implemented an integrated Fleet Management System, Driver Application, and Driver Wallet to improve operational visibility and streamline fleet operations. | Enhanced vehicle monitoring, reduced downtime through faster maintenance turnaround, improved maintenance cost visibility, and streamlined rental and driver payment collections. |
Revenue Diversification Transit Media |
Expanded brand partnerships through transit media advertising across the Companys EV fleet in Kolkata and Delhi NCR. | Generated incremental non-operating revenue without significant additional operating costs, improving overall profitability. |
Accelerator Selection (Greenr- TechnoServe) |
Selected for the prestigious Greenr- TechnoServe global impact accelerator programme focusing on sustainable mobility and carbon monetization. | Strengthened the Companys ESG strategy, enhanced industry visibility, and created future opportunities for carbon credit and sustainability-linked revenue generation. |
SNAP-ES SUSTAINABILITY ROADMAP
Snap-E has built its sustainability roadmap around the principle of providing affordable, zero-emission urban mobility while ensuring long-term business viability in Indias rapidly expanding electric vehicle (EV) market. The company operates a fully electric fleet that reduces dependence on fossil fuels, lowers greenhouse gas emissions, and contributes to improved urban air quality. According to the company, its operations can reduce carbon emissions by nearly 80% and fossil fuel consumption by around 60% compared with conventional taxi services. Snap- Es business model focuses on employee-driven operations, digital ride-booking technology, and affordable pricing, enabling high fleet utilization and consistent service quality. By scaling electric mobility in densely populated urban markets such as Kolkata, Snap-E benefits from lower operating and maintenance costs of EVs while meeting the increasing consumer demand for sustainable transportation.
The company further strengthens its long-term sustainability through strategic fleet expansion, investment in charging infrastructure, and adoption of circular economy principles for battery lifecycle management, including responsible recycling and future second-life battery applications as Indias EV ecosystem matures. This integrated approach enables Snap-E to balance environmental responsibility with economic sustainability, positioning the company as a key contributor to Indias clean mobility transition while maintaining a competitive advantage in the growing electric ride-hailing market.
OPERATIONAL OVERVIEW DURING FY-2025-2026
During FY 2025-26, Snap-E continued to enhance fleet productivity through its aggregator-led operating model, resulting in improved revenue realization despite a calibrated reduction in fleet size. The strategic transition enabled the Company to optimize asset utilization, improve operational efficiency, and focus on higher-yield deployment across key markets.
The Companys total fleet size was rationalized from 1,134 vehicles in October 2025 to 1,051 vehicles by January 2026, while maintaining a healthy utilization level of approximately 83% during the last three months of the financial year. This reflects the Companys disciplined approach towards deploying vehicles in profitable operating channels.
Kolkata remained the Companys largest operating market, with the fleet optimized from 987 vehicles to 883 vehicles during the year. Fleet utilization improved from 78% in October 2025 to 85% by March 2026, while the average daily revenue per vehicle increased steadily from Rs.2,132 to Rs.2,310, demonstrating improved earning efficiency and stronger demand under the revised business model.
The Delhi NCR operations continued to exhibit strong growth potential. The fleet expanded from 147 vehicles in October 2025 to 168 vehicles by the end of the financial year, maintaining consistently high utilization levels of 90% to 95%. Average daily revenue per vehicle remained robust, increasing from Rs.2,789/- to Rs.2,785/- with stable profitability, reinforcing Delhi NCR as a high-performing growth market.
The transition to the Rapido platform significantly improved the Companys average revenue per vehicle, although the migration period temporarily impacted fleet utilization during the initial months of implementation. As the transition stabilized, utilization levels recovered and operational performance strengthened.
Going forward, the Company intends to increase vehicle deployment in the Delhi NCR region while continuing to optimize fleet productivity in Kolkata. The expansion strategy is expected to further improve asset utilization, enhance revenue generation, and strengthen Snap-Es position as a leading electric mobility and EV charging infrastructure provider.
| Strategic Focus Area | F.Y 2026-27 Roadmap |
Digital Transformation |
Implement the Driver Wallet System to provide real-time collections, improve driver earnings visibility, simplify incentive payouts, and enhance operational efficiency. |
Revenue Growth |
Achieve a Monthly Recurring Revenue (MRR) of approximately Rs.5.5 crore by October 2026 through higher fleet productivity and business expansion. |
Marketing & Brand Monetization |
Expand transit media partnerships to generate additional non-fare revenue and increase brand visibility. |
Fleet Utilization |
Increase overall fleet uptime to 90% through better operational planning, predictive maintenance, and technology-driven fleet management. |
Repair & Maintenance Infrastructure |
Establish an in-house Repair & Maintenance (R&M) hub to reduce turnaround time (TAT), improve service quality, and optimize maintenance costs as vehicles move out of warranty. |
Fleet Expansion |
Strengthening fleet capacity through a strategic partnership with Signo Drive, enabling asset- light growth with lower EMIs and no upfront capital investment. Continue replacing older vehicles to improve fleet reliability and strengthen unit economics. |
Financial Strategy |
Maintain a disciplined capital structure with no additional debt funding planned during FY 2026-27, while focusing on sustainable, profitable growth and operational efficiency. |
Snap-E OUTLOOK
For FY 2026-27, Snap-E will continue to strengthen its aggregator-based mobility model while accelerating the expansion of its EV charging infrastructure. The Company also aims to leverage digital technologies, enhance operational efficiency, increase charging station utilization, and develop additional value-added revenue streams, thereby reinforcing its position as an integrated electric mobility and charging infrastructure provider.
The statements contained in this Management Discussion and Analysis Report that relate to the Companys objectives, plans, estimates, expectations, projections, and future performance may constitute forward-looking statements under applicable laws and regulations. Such statements are based on the information, assumptions, and expectations available to the management as of the date of this Report and are considered reasonable at the time of preparation.
However, actual results, performance, and achievements may differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties, assumptions, and other factors, many of which may be beyond the Companys control. Accordingly, readers are advised not to place undue reliance on these statements. Neither the Company nor its management assumes any responsibility or liability for any loss arising from decisions or actions taken based on the information contained herein.
Factors that may cause actual results to differ materially from expectations include, among others, changes in economic and market conditions, demand and supply dynamics, government policies and regulations, taxation laws, technological and industry developments, competitive conditions, climatic factors, natural disasters, and other unforeseen events.
The Company does not undertake any obligation to publicly update, revise, or otherwise modify any forward-looking statements contained in this Report to reflect subsequent events, developments, or changes in circumstances, except as may be required under applicable laws and regulations.
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