Steelman Telecom Ltd Management Discussions

RECENT INDUSTRIAL SCENARIO

The Indian telecom sector in 2024-2025 is experiencing significant transformation, driven by technological advancements, regulatory changes, and evolving market dynamics. India is the worlds second-largest telecommunications market. As of October 2024, tele-density stood at 84.46%. In India, the total telephone subscriber base stood at 1,188.20 million as on October 31, 2024. Gujarat added 8.3 lakh new telecom subscribers between December 2024 and April 2025, indicating a recovery in user demand. Reliance Jio led the growth, adding over 3.36 lakh users in March and April alone.

As of 2025, approximately 98% of Indias districts are equipped with 5G connectivity, marking a substantial leap in digital infrastructure. Vodafone Idea and BSNL are set to launch their 5G services, further enhancing nationwide coverage. Technological Advancements

AI and Automation: Telecom operators are investing in AI-driven networks for predictive maintenance, network optimization, and automated customer service. AI chatbots are expected to handle over $8 billion worth of customer service interactions annually by 2025. Network Management: Bharti Airtel has signed a multi-year contract with Ericsson to manage its pan-India network, including 4G, 5G, and Fixed Wireless Access technologies.

Telecom operators are focusing on sustainability by adopting energy-efficient technologies and setting renewable energy targets. Bharti Airtel aims for 50% renewable energy usage by 2025, while Vodafone Idea targets 100% by 2030. Indus Towers and Bharti Infratel plan to deploy 50,000 and 30,000 green towers, respectively, by 2025. The Indian telecom sector in 2025 is characterized by rapid technological advancements, regulatory reforms, and a focus on sustainability, positioning it for continued growth and innovation.

GLOBAL TELECOMMUNICATION MARKET

The global telecom services market was valued at USD 1.98 trillion in 2024 and is projected to reach USD 2.10 trillion in 2025, with a compound annual growth rate (CAGR) of 6.5% from 2025 to 2030, potentially reaching USD 2.87 trillion by 2030. The broader telecommunications market, encompassing various services and technologies, is estimated at USD 2.46 trillion in 2025 and is expected to grow to USD 4.21 trillion by 2034, at a CAGR of 6.14%.5G technology is set to become the dominant mobile standard globally by 2026, with subscriptions expected to increase from 1.79 billion in 2023 to 7.51 billion in 2028 .The mobile data services segment held the largest market share of nearly 40% in 2024, driven by the growing use of smartphones and data-intensive applications .The consumer/residential segment accounted for over 59% of the market share in 2024, fueled by the proliferation of smartphones and increased demand for high-speed internet .Asia-Pacific led the global telecom services market with a 34% share in 2024 and is expected to attract more than half of the new mobile subscribers by 2030. Artificial intelligence is enhancing network optimization, predictive maintenance, and customer service through chatbots and virtual assistants. The telecom sector is experiencing a surge in IoT connectivity, with revenues projected to reach USD 1.34 trillion by 2026. The telecom cloud market is anticipated to grow from USD 23.54 billion in 2024 to USD 217.98 billion by 2034, at a CAGR of 24.93% .

FUTURE INDUSTRY SCENARIO

The Global Telecommunications Market is expected to grow from USD 2.46 trillion in 2025 to over USD 4.2 trillion by 2034, at a CAGR of 6 7%. 5G adoption, cloud-native network transformations, and enterprise demand for managed services are primary growth engines. Widespread adoption of 5G networks and research on 6G technologies will enable faster data speeds, lower latency, and new use cases like IoT, smart cities, and immersive experiences. Artificial Intelligence (AI) and Machine Learning (ML) will play a crucial role in optimizing network performance, predicting maintenance needs, and enhancing customer experiences. Cloud-based infrastructure and virtualized network functions will enable greater flexibility, scalability, and cost-efficiency. The proliferation of IoT devices will drive demand for low-power, low-latency connectivity solutions. As industry becomes increasingly connected, cybersecurity threats will grow, and telcos will need to invest in robust security measures. Ubiquitous connectivity will enable seamless communication, IoT, and immersive experiences, transforming industries like healthcare, education, and entertainment. The telecommunication sector will play a vital role in building smart cities, leveraging technologies like IoT, AI, and 5G to create efficient, sustainable, and livable urban environments. Telcos will need to adapt to changing consumer behaviors and technological advancements, leveraging digital channels and data analytics to deliver personalized experiences. The industry will see the emergence of new business models, such as IoT-as-a-Service, and partnerships with industries like automotive, healthcare, and finance.

BUSINESS MODEL OF STEELMAN TELECOM LIMITED

Your Company is recognized as service providers to telecom industry and committed to provide quality services to help grow and maintain the telecom industrys expansive communications infrastructure. Your company have a dedicated team comprising of mainly highly skilled technicians and engineers. We provide services to various telecom players 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.

1. Telecom Implementation Service

Installation, Commissioning & Integrating of telecom equipment along with switches and routers including all the activities needed to make a base transmission system operational and to function as a part of a telecommunication network. Steelman specialized in installation of Microwave Antenna, GSM (Global System for Mobile) Communications Antennas along with BTS (Base Transceiver Station) / & other network related equipment at cell sites to provide the best coverage to the user. The growth in mobile subscriptions and data traffic place an increasing need for upgrading / modernizing networks. This requires regular installation of new equipment and swapping of equipment for upgradation. Through the highly trained engineers and technicians Steelman are able to do efficient and effective implementation.

2. Radio Frequency Services (RF)

RF testing simulates multiple radio frequencies across the spectrum to ensure devices with integrated wireless technologies function seamlessly. The safe and effective use of radio frequencies is crucial for all devices with integrates wireless technologies. Moreover, high quality of services in mobile networks is the prerequisite for the commercial success for an operator. In the process of maintaining quality network for the user, continuous optimization is a process which focuses on the checking network quality and continuously take actions for repairs and adjustments as needed. Following are the operational activities which is supported by us to maintain the desired quality of the network.

1) Pre and Post site launch Key Performance Index (KPI) Single Cell Function Test (SCFT) & Single Site Cluster Verification Test (SCVT)

2) Drive Test Analysis

3) Voice Over Long-Term Evolution (VOLTE) Performance Analysis

4) Dropped Call Analysis

5) Interreference Analysis

6) Traffic and Throughput Analysis

7) Worst Cell Analysis

3. Engineering Procurement Construction Managements (EPCM)

Your Company offers end-to-end solutions to their clients on the EPCM Projects. Clients engage Steelman as their contractors where Steelman deploys engineers and skilled laborers to deliver various projects as per clients requirement. Steelman are engaged as a specialist contractor for all types of Green Field and Brown Field projects since it has the capacity and capability of performing various services required to execute and complete the projects timely and with quality. The client can structure the partnership in the way that best suits the interests of their project. Steelman are creating Warehouses, Tower Sites, NOC Centers, Consumer Experience Centers, Showrooms etc. which are all covered in Companys EPCM business tower.

4. Managed Services (MS)

Managed services or Operation and Maintenance services include day-to-day operation, upkeep and upgradation of network equipment to ensure that the performance is maintained at the agreed SLA (Service Level Agreement) and KPI levels. Your Company support OEMs and Telecom players in management of their Cells Sites and NOC infrastructure. STL have a team of well-trained technical resources who can ensure 99.5% Uptime of the network for the Telecom players with the highly trained work force, the operators are increasingly engaging Companys services in maintaining the network by outsourcing the entire geographies while keeping a tight watch on the SLA (Service Level Agreement) and KPIs that are agreed upon. Your Company manage software and hardware upgrades, NOC Management, Preventive and Corrective Management, routine breakdown maintenance for all the Active and Passive elements that are installed at the cell site. Steelman is also one of the largest O&M Service provider for the Large facilities which are very critical for the Telecom players as allthe network is monitored through these facilities. Your Company support by providing highly experienced manpower at these facilities and keep a service assurance of 100% uptime on a 24/7/365 basis.

5. New Generation Technology

Your organization offers new generation tech offerings in Managed Services by using Artificial Intelligence and Services Automation. These services use state-of-the-art automation where the customer gets cost reduction and better achievement of the KPIs. Your Company are entering the era of 5G and the Company are not only enabling the 5G network but working very closely with the clients for enabling smarter phones and guide the user with new immersive experiences, such as VR and AR, with faster, more uniform data rates, lower latency, and cost-per-bit. Steelman are enabling services that can transform industries with reliable, available, low latency links like remote control of fussy infrastructure, vehicles, and medical procedures. 5G can seamlessly connect a massive number of embedded sensors in virtually everything through the capability to scale down data rates, power, and mobility to provide an extremely lean/low-cost solution. With 5G services in the horizon your Company geared to cater to cloud services across sectors such as:

Big Data and Data Science Services

Data Science Solutions

Services Integration on 5G networks

Security Solutions for Cloud and 5 G Networks

Internet of Things (IoT) Services

COMPETITIVE STRENGTHS

Your organization believes that the following competitive strengths of the company ensure the survival and help to attain a prominent position in the market.

Experienced Management and skilled team

Your Company have a strong and experienced Management and workforce of skilled, trained, well equipped and expertise employees that has led the organization on the path to success. The promoters industrial knowledge and vision also gives the Company a competitive advantage and the promoters are the guiding force behind the operational and financial decisions of your Company. The promoters of the Company are responsible for the entire business operations of the Company along with an experienced team of professionals who assist them. This indicates the Companys ability to maintain business viability and steer the business though operational hurdles.

Established relationship with existing customers.

Your Company has developed strong and sustaining relationships with its clients and work with almost all the leading telecom operators in the country. The Company experienced of more than three decades, maintaining a track record of delivering timely services to the customers and demonstrating industry expertise consistently has helped the organization to nurture long-term relationships with them. Steelman has a history of high customer retention and derive a significant proportion of revenue from repeated business.

Comprehensive Telecom Support Services

Your Company have PAN India presence providing end to end comprehensive services for all telecom technologies. The Companys experienced project managers work hand-in hand with customers to manage project milestones and ensure delivery as per schedule and quality.

Timely Delivery of Projects

Your Company is focused on executing contracts on timely manner and always take pride in the timely completion of awarded projects. This enables Steelman to build trust and strong relationships with the clients. The experienced and trained workforce and the strong internal processes and skillful field teams developed by the Company over the years remain updated with client requirements ensuring quality performance in the field. Steelman keep on imparting training and incentivizing performance. They remain updated with client requirements, ensuring quality performance in the field.

BUSINESS STRATEGY

Enhance performance and competitiveness of existing business.

Your Company intend to utilize project management skills to access the growing demand for telecom projects in India. The Company plan to use the expertise to bid for many projects and deploy resources more efficiently and improve operating margins. Your Company believe that the speed and reliable network performance are critical components to the success of wireless service providers. The ability to assist customers in meeting their goals will contribute to the Companys success. Your organization intends to continue to focus on customer service with emphasis on increasing efficiency and effectiveness.

Strengthening our Technical capabilities

Your Company believes that the successful implementation of business and growth strategies depends upon the continuous efforts to keep abreast with the latest technology in telecom industry. Steelman intends to enter in the areas of latest upcoming new age technology i.e.,5G. This will enable the organization to further strengthen relationships with the existing clients. Most of the existing operators are upgrading to the next level of technology like 5G, requiring either setting up of new telecom infrastructure or up gradation of the existing one. This provides Steelman with an ideal opportunity to capitalize on our existing relationship with the clients and use the expertise to get projects involving new technical innovations.

Focus on Research and Development

Steelman believe constant research and development would enable your company to remain ahead of competition and to help customers to enhance their efficiency. Increased competition in the industry has forced telecom operators to continuously invest in technical innovation. Your Company intends to continue to focus on Research and Development to move up the value chain and to generate a deep understanding of the network requirements of customers. The understanding of the network requirements of customers and ability to execute effectively on those requirements are key to these efforts.

Expand geographical presence.

India has been on the forefront of telecom technology revolution. By virtue of this, telecom support service providers have garnered considerable experience and technical expertise. Huge telecom investments are happening in various nations to cater to growing demands and expectations of end users. Your Company intend to utilize the expertise and project management skills to access the growing opportunity in telecom projects outside India. Steelman are looking forward to entering new geographical markets, Asia Pacific Region in particular. Steelman are keen to explore possibilities to venture into such countries where margins are high and plan to target such countries where Steelman can leverage the capabilities effectively and expand revenue base. Continue to recruit, retain, and train qualified personnel.

Your Company believe that the organizational growth of the Company depends on the ability to hire and retain experienced, motivated, and well-trained members of management and employee teams. Steelman intend to continue to recruit, retain and train qualified and skilled personnel. Steelman plan to empower management leadership to excel by decentralizing operational decision-making to those who best know the business needs of each plant, and to encourage the building of our knowledge base by sharing best practices from different locations.

OUR JOURNEY AND ACOMPLISHMENTS

FINANCIAL YEAR	ACOMPLISHMENTS
2003	Company incorporated under the name and style of ‘DWARKA PRASAD BINDAL & SONS HOTELS PRIVATE LIMITED.
2008	a. Started the business as Telecom Service Provider.
	b. Name changed to ‘STEELMAN TELECOM PIVATE LIMITED.
2009	Started rolling out 3G network in PAN India for all major telecom operators.
2014	Introduced Managing ana Maintaining Wireless MS
2018	Became one of the recognized service providers for rolling out 4G network for
	a giant new entrant in Telecom Space.
2022	a. Achieved turnover of Rs.100+ crores.
	b. Converted from Private Limited Company to Public Limited Company and
	the name changed to ‘STEELMAN TELECOM LIMITED.
	c. Brought Initial Public Offering(‘IPO) on the SME Platform to BSE Limited.
	d. Diversifies into Electric Cab Hailing business under the brand name of ‘Snap-
	E Cab through incorporation of a subsidiary Company EC WHEELS INDIA
	PRIVATE. LIMITED.
2023	a. Attains strategic developments and increases EV footprint to 400 in Kolkata.
	b. Registers 1st overseas subsidiary with name STEELMAN INSTALLATION SERVICES PLC.
2024	a. Signed contract for Managed Service from Airtel for Orissa, Jharkhand, Bihar, Uttar Pradesh, Karnataka, Punjab, Haryana and West Bengal Circles.
	b. Signed contract with Reliance India for providing a highly skilled RF(Radio Frequency) optimisation team consisting of 1100 members.
	c. Signed contract with Reliance for providing end-to-end I&C activities across 10 telecom circles.
	d. Secured a substantial direct contract from Vodaphone for Mobility & Enterprise O & M services.
	e. entered into a contract with Bharti for Network Restoration project in West Bengal and Orissa Circles.
	f. JIO Air fibre has signed a significant contract worth approximately Rs.20 Crore.
	g. Secured EPC work order from Reliance for 6 to 7 retail stores.
2025	a. Entered into multiple projects with Bharti-Airtel approximately with the annual order value of INR 42.0 Crores.
	b. Delivered a significant project for Reliance Jio, IBS MS Activity which was Executed for INR 60.0 Crores.
	c. Entered into an agreement with TCS for Resource and Vehicle Deployment Services delivered with an annual order value of INR 10.0 Crores.
	d. Collaborated with Nokia and Ericsson on Active network rollouts by deploying new network infrastructure, enhancing existing network capabilities and providing ongoing maintenance and Support Services.

INFRASTRUCTURE FACILITIES

Your Company is equipped with the latest computer systems, relevant software, uninterrupted power supply, internet connectivity, security, and other facilities, which are required for the smooth functioning of Companys business.

UTILITIES Power

Companys projects are not power intensive. Power is required at site for running various machinery and equipment and for lighting. Generally, power requirement is met at site through normal distribution channel and is generally sourced from local bodies.

HUMAN RESOURCES

As the Company operates in the services sector and the employees are the key contributors to the business success, so your Company focuses on attracting and retaining the best possible talent. Steelman Telecom provides their employees an open atmosphere with a continuous learning platform that recognizes meritorious performance. Steelman constantly provide training to the employees to equip them to serve the clients in the best possible manner. As on March 31, 2025, your Company has 3715 permanent employees. The zone-wise placement of employees is as below:

Zone	No of Employees
East	2581
West	256
North	559
South	317
Africa, Ethiopia	2
Total	3715

Your Company also employ 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

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, cyber-attacks, 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.

INSURANCE

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 have obtained various insurance policies such as-

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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.

ENVIRONMENTAL HEALTH AND SAFETY PROCESS

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 2023 2025)

Activity/Year	2022 23	2023 24	2024 25
Farm Tocli	1,061	1,616	2,156
Medical Fitness	2,568	3,230	3,589
First Aid	741	701	1,100
H&S Induction Training	1,378	1,680	2,370
Road Safety Awareness	967	1,130	1,487
Fire Mock Drill	278	432	356
Height Mock Drill	754	1,400	900
COVID-19 Awareness	532	0	0
HSW Inspection	1,687	1,731	3,221
Family Connect Program	0	246	460

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 2024 25:

Training Program	No of Programs
HSW Induction & Resources Behaviour Training	718
Work@Home (W@H) Awareness Training	918
Permit to Work (PTW) Awareness Training	888
Night Work Awareness Training	450
Monsoon Safety	629
Summer Safety	789
Winter Safety	250

Your company has also developed and shared digital resources to ensure accessibility and reinforcement of training concepts:

CAPACITY AND CAPACITY UTILIZATION

Capacity and capacity utilization is not applicable to your Company since the business is not in the nature of a manufacturing concern with specified installed capacity.

COMPETITION

Your Company currently operate over PAN India basis for OEMs and telecom operators. Indian telecom industry is having unique position in terms of highly growing customer demand for quality connectivity and thereby raised competition between telecom operators for growth, leading to huge investment in the sector. With the scale of operations required for network expansion, telecom operators/ OEMs want to partner with service providers having national presence and end to end execution capabilities. Steelman face competition from local (unorganized) players and very few major players who provide end to end services, but the Company have a rare distinction of working with all major OEMs. To remain competitive in the market Steelman strives to improve the Technical Capabilities, Research and Development, strong relationship etc. The Companys experience and proven capabilities in providing solutions, gives an extra edge and brings it closer to the final user.

EXPORT POSSIBILITIES AND EXPORT OBLIGATION

As on date of the Annual Report, your Company does not have any export obligations.

LOCATIONS

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 G URGAON - 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

GEOGRAPHICAL PRESENCE

COLLABORATIONS/JOINT VENTURE

Your Company do not enter into SPV or Joint Ventures with any other Corporate Bodies.

MAJOR EVENTS AND MILESTONES ACHIEVED BY THE COMPANY

Financial Year	Client details	Project Details
		ONGOING PROJECTS
2024-2025	B	Bharti-Airtel Your Company has entered following multiple key projects with Bharti Airtel, contributing to enhanced network infrastructure and service capabilities:
		RET (Remote Electrical Tilt) Implementation has been executed for an annual order value of INR 7.0 Crores, optimizing antenna performance across multiple sites.
		Microwave Installation and De-Installation Carried out for an annual order value of INR 8.0 Crores, facilitating efficient backhaul connectivity upgrades and reconfiguration.
		BTS Site Degrow Activity Implemented for an annual order value of INR 6.0 Crores, improving network efficiency by decommissioning underutilized assets.
		OLT (Optical Line Terminal) Implementation and Configuration Successfully delivered for an annual order value of INR 10.0 Crores, strengthening the fiber-to-the-home (FTTH) service infrastructure.
		IWAN (Intelligent WAN) Implementation Executed for an annual order value of INR 6.0 Crores, enabling intelligent routing and efficient network traffic management.
		Site Audit and Physical Verification Conducted for an annual order value of INR 5.0 Crores, ensuring compliance, documentation accuracy, and network asset integrity.
	Reliance-Jio	Your company has delivered a significant project for Reliance Jio, IBS MS Activity which was Executed for INR 60.0 Crores, enhancing indoor coverage and customer experience. This project improved the network reliability and quality, benefiting Jios customers in various buildings and structures. contributing to Jios network infrastructure and customer satisfaction.
	TCS	Your Company has entered into an agreement with TCS for:-
		Resource and Vehicle Deployment Services delivered with an annual order value of INR 10.0 Crores, with potential scaling to INR 25.0 Crores based on performance, enabling seamless manpower and logistics support for large-scale IT/telecom operations.
	Nokia and Ericsson	Your company is collaborating with Nokia and Ericsson on Active network rollouts by deploying new network infrastructure, enhancing existing network capabilities and providing ongoing maintenance and Support Services.
		UPCOMING PROJECTS
2025-2026	Nokia and Ericsson	Your company is nearing finalisation of an agreements with Nokia and Ericsson for:
		5G RAN (Radio Access Network) implementation by Deploying 5G radio infrastructure.
		Core network implementation and Setting up 5G core networks for enhanced capabilities.
		These projects will span various regions, expanding 5G coverage and shall play a significant role in Indias 5G rollout.
	Jio Rajasthan	Your company is set to undertake a comprehensive project with Jio Rajasthan, covering MS Utility encompassing maintenance services, Fiber deployment for Extending fiber infrastructure and Infrastructure management services with an annual order value of INR 160.0 Crores, this project highlights your companys expertise in handling large-scale, multi- faceted projects for Jio.

MANAGED SERVICE

DETAILS OF MANAGED SERVICES

Client	Annual Revenue	Footprints	Remarks
	(In crores)
Airtel	30	Mobility Services	Maintaining SLA/KPI of the Telecom Network Elements
Vodafone	18	Mobility & Enterprise Services	Providing Technical Manpower for Network related activities
Reliance	66	In Building Solution Services& Large Facility Locations Services	Maintaining SLA/KPI of the Telecom Network & Utility Elements, Providing Certified Workmen to work in the critical environments of the complex Data Centers & Transmission Units
TCS	15	Network Optimization Services	Driving Network Optimization to increase network coverages
Others	9.6	Engineering Services	Providing Manpower in different type of domain like Building Management System, Digital Control Centers, Data Centers

ROAD AHEAD/OUTLOOK

The telecom industry stands at a pivotal juncture, driven by rapid technological advancements and evolving consumer demands. The road ahead is shaped by the widespread adoption of 5G, increasing investments in fiber infrastructure, and the convergence of telecom with cloud, AI, and edge computing technologies. As connectivity becomes more integral to digital transformation across industries, telecom operators are repositioning themselves as digital service providers rather than traditional voice and data carriers. However, the sector also faces challenges, including high capital expenditures, regulatory complexities, and intense competition. Looking forward, success in the telecom business will depend on innovation, strategic partnerships, and the ability to deliver scalable, secure, and low-latency services tailored to both enterprise and consumer needs.

TELECOM BUSINESS ACTIVITIES IN OVERSIES SUBSIDIARY COMPANY- STEELMAN INSTALLATION SERVICES PLC

Legal Structure

Steelman Installation Services PLC has been registered as a private limited company in Ethiopia. which is governed by the commercial code of Ethiopia applicable to private limited companies. The local partner in Ethiopia holds 1% stake and Steelman Telecom holds 99% stake in the subsidiary. This implies that Steelman Telecom has majority ownership and control over Steelman Installation Services PLC and with 99% ownership, Steelman Telecom has significant decision-making power and control over Steelman Installation Services PLC.

Business Scope in Ethiopia:

According to report, Safaricom a recently launched Operator in Ethiopia, planned to build around 8000 number of telecom towers networks across the country in next 5 Years. Steelman planned to expand by setting up a subsidiary company in Ethiopia as there an excellent Business Opportunity there.

As the Operator Safaricom plan to provide the network across whole Ethiopia Country, your Company also plans to provide the end-to-end service to client across Ethiopia from centrally managed Location at Addis Ababa the Capital city of Ethiopia.

Details of Major Business Activities in Ethiopia:

The following key activities are pursued by companies for expanding telecommunications infrastructure and improving internet connectivity. Companies are involved in providing mobile and internet services, as well as developing ICT (Information and Communication Technology) solutions.

a. Site Acquisition (SAQ).

b. Technical Site Survey Report. (TSSR).

c. Detailed drawing Design

d. Drive Test and Network Optimization.

e. Civil Work (RTT, GBT, RDU).

f. Telecom Implementation. (TI).

g. Power Commissioning.

h. Gen Set Overhauling.

i. Operation and maintenance

CLIENT DETAIL IN ETHIOPIA: -

Safaricom bifurcate the Network Rollout Project with two regions North and South of Ethiopia.

North Region Network has been establishing by the Huawei and South Region network has been establishing by the Nokia.

Both NOKIA and Huawei together in first phase 2021-2022 only Installed 2200 Towers out of approx. 8000.

2 phase started by Safaricom by Month August 2023 - 2024 and is expected to Rollout to build 1500 Towers.

3 phase is going to be start by Safaricom by Month August 2024 - 2025 and is expected to Rollout to build 1000 Towers.

Registered with NOKIA for Safaricom Project in July 2023 December 2024 and generated revenue approx. 550000 USD.

May 2025 Started Project with Ethio Telecom Project and Planned to generate revenue Approx 300000USD.

In Planning to expand the business with Huawei and ZTE this year and target to achieve generation revenue of 1 Mn USD.

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 provides a reliable eco-friendly public electric transport service that allows people to travel safely, without any delays at an affordable price. Snap-E offerings include Point to Point Travel, Intra City Travel, Hourly rentals, Employee Transportation Services, Airport Services. Snap-E Cabs has rolled out charging infrastructure across Kolkata for EV Charging and will be adding more such facilities to augment EV Charging facility for captive and public requirement. Snap-E has partnered with Tata Motors, Citroen India, Tata Power, Jio BP, Charge Point, EVRE in their journey to decarbonize the City of Joy. Our association with Airport Authority of India, Kolkata Municipal Corporation, NDiTA, HIDCO and Indian Railways has been well appreciated by the citizens.

DISCUSSION ON ALL OVER FINANCIAL PERFORMANCE

Your Company is primarily engaged in the Telecommunication Business and providing highly skilled services to the telecom operators and OEMs. Apart from the services provided in the telecom sectors your Company has decided to carry on business as civil, electrical and mechanical contractors Engineering, procurement, and construction. During the Financial Year 2024 25, the Company recorded a Gross Revenue of Rs.17,535.96 lakhs, as compared to Rs.18,939.33 lakhs in the previous year, reflecting a 7.41% decrease in revenue. Despite the decline in revenue, Profit After Tax (PAT) improved, registering a 10.00% increase of Rs.805.75 lakhs, as compared to Rs.732.49 lakhs in the previous Financial Year. Correspondingly, Earnings Per Share (EPS) for the year stood at Rs.8.33, up from Rs.7.57 in the previous year. During the Financial Year 2024 2025, the Company reported a consolidated loss of Rs.886.58 lakhs, reflecting a decrease of Rs.317.65 lakhs as compared to the consolidated loss of Rs.1,204.23 lakhs reported in the previous Financial Year 2023 2024. This reduction is primarily attributed to the performance of the subsidiary companies, since a significant portion of the loss of Rs.1,667.64 lakhs has been incurred by the domestic subsidiary, M/s EC Wheels India Pvt Ltd, and a loss of Rs.24.69 lakhs (1 INR = 0.654 ETB) has been incurred by the foreign subsidiary M/S Steelman Installation Services PLC (incorporated in Ethiopia, Africa) during the Financial Year 2024-2025.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL FACTORS

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	2024-2025	2023-2024
1 Current ratio	1.60	1.80
2 Debt Equity Ratio	0.98	0.36
3 Debt- Service Coverage Ratio	3.00	5.56
4 Return on Equity Ratio	15.71	16.83
5 Inventory Turnover Ratio	116.34	37.54
6 Trade Receivable Turnover Ratio	5.86	6.22
7 Trade Payable Turnover Ratio	16.05	12.97
8 Working Capital Turnover Ratio	5.78	3.43
9 Net Profit Ratio	4.59	3.87
10 Return on Capital Employed	18.70	24.44
11 Return on Investment	11.77	6.52

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, 2025.

OPPORTUNITIES AND THREATS

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

RISKS AND CONCERNS

Your Company actively stimulates entrepreneurship throughout the organization and encourages its people to identify and seize opportunities. The current economic environment, in combination with significant growth ambitions, carries with it an evolving set of risks. Your Company recognize that these risks need to be managed to protect employees, shareholders, and other stakeholders, to achieve business objectives and enable sustainable growth. Risk and opportunity management is therefore a key element of the overall strategy. Your Company has adopted the procedures in its Risk Management policy to ensure that all current and future material risk exposure of your Company is identified and mitigated. The policy explains the risk pertaining to financing activities, dependence on distribution network, and their mitigation. The policy is available on the Company website and can be read from there.

CAUTIONARY STATEMENT

The statement in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, and expectations are forward looking statements within the meaning of applicable laws and regulations and which the management believes are true to the best of its knowledge at the time of preparation. Actual results may differ substantially or materially from such expectations whether expressed or implied and hence, the Company and the management shall not be held liable for any loss, which may arise as a result of any action taken based on the information contained herein. Several factors could make significant difference to the Companys operations. These include climatic and economic conditions affecting demand and supply, government regulations and taxation, natural calamities over which the Company does not have any direct control.