- **Maestros Electronics & Telecommun Systems Ltd is fundamentally a medical-device maker that has turned a legacy in defence telemedicine into a factory for patient-monitoring hardware - the kind of screen-and-sensor units you see beside a hospital bed. Incorporated under the provisions of the Companies Act 1956 and listed on the Bombay Stock Exchange, the company operates from a single plant in Navi Mumbai, where it designs, assembles and sells its own-brand equipment. The recurring approach that explains everything else is a pivot from project-based telemedicine contracts toward building a catalogue of standard medical devices, sold in volume to government hospitals across India - a shift that has reshaped what the company makes, who it sells to, and how it grows.** # Business segments Three engines at different stages - a medical-device cash cow built on government hospital contracts, a telemedicine legacy that once defined the company, and a tiny electronics tail that is fading away - all run from the same factory floor. ## 1. Medical devices: the bedside monitors that now drive the business **The company makes multipara patient monitors - the screens that track heart rate, blood pressure and oxygen levels in ICUs and wards - and sells them predominantly to Indian government hospitals under multi-year warranty contracts.** - **Built for government tenders** - the core product is a non-modular, single-screen multipara monitor, a relatively simple device designed to meet the specifications of public-health procurement rather than compete with premium imported brands on features. One contract alone, from the Uttar Pradesh health department, was for 1,362 units, showing the scale at which state governments buy. - **Warranty income is a second, quieter revenue stream** - the company sells monitors with warranties of up to three years, and it defers a portion of the sale price as a liability called “Advance for Warranty,” which stood at Rs. 259 lakh as of March 2025. That deferred income is recognised over the warranty period, so the company earns from a sale long after the box leaves the factory. - **A single factory, a mixed supply chain** - all manufacturing happens at the Mahape plant, where plant and machinery carry a net book value of Rs. 77.61 lakh, a modest asset base for a segment generating over Rs. 27 crore in annual revenue. Raw materials are split between imported components (Rs. 496 lakh in FY25) and indigenous purchases (Rs. 1,098 lakh), so the company is not wholly dependent on either global supply chains or local vendors. - **Customers pay slowly, but they are sticky** - government and defence buyers such as the DG Armed Forces Medical Service and state health departments take 90 to 180 days to pay, which is typical for public-sector procurement in India. The company has kept these relationships steady over years, citing product quality as the reason new customers keep coming and old ones stay. - **Competition is cheap imports** - the company explicitly names low-cost imported products as its main competitive threat, which explains why it focuses on tender-driven government business where price matters more than brand prestige. ## 2. Telemedicine: the defence legacy that is now a subsidiary bet **This segment connects doctors to patients remotely - originally by wiring up Indian Navy ships and Mumbai’s municipal hospitals, and now through a newly created subsidiary that the company is funding with fresh capital.** - **A landmark Navy contract set the template** - in 2019, the company signed a Rs. 91.65 crore agreement with the Ministry of Defence to implement telemedicine across Indian naval ships, submarines and hospitals, a project that defined the segment’s early scale and technical ambition. A subsequent Rs. 9.1 crore contract with the Municipal Corporation of Greater Mumbai extended the same logic to civilian public hospitals. - **Revenue has shrunk as the company refocused** - in FY23, telemedicine was the dominant segment at roughly 96% of total revenue, but by FY25 it had fallen to Rs. 170 lakh, a fraction of the medical-device business. The company has been “constantly striving to increase performance” in telemedicine, suggesting the decline was not entirely by design. - **A new subsidiary is the revival vehicle** - Carebridge Technologies India Private Limited was incorporated in October 2024 as a wholly owned subsidiary, operating in the same telehealth line as the parent. The board has approved up to Rs. 5 crore in additional investment, with the paid-up capital at Rs. 50,00,000 as of October 10, 2024, signalling that the company is ring-fencing its telemedicine ambitions in a separate entity rather than letting the segment wither inside the parent. ## 3. Electronics and instrumentation: the legacy tail **A small, shrinking business selling electronic products and instrumentation solutions - the original trade before medical devices took over - now contributing barely Rs. 14 lakh in annual revenue.** - **Once meaningful, now marginal** - in FY22, this segment brought in Rs. 131 lakh; by FY25, that had collapsed to Rs. 13.66 lakh, a decline of nearly 90% over three years. It now represents a negligible share of the company’s activity. - **Shares the factory, faces the same import competition** - the segment uses the same Mahape manufacturing infrastructure and contends with the same low-cost imported products that pressure the medical business, but without the tender-driven customer base that gives the medical segment its volume. # Group structure and partners **A tightly held, promoter-led public company with one new subsidiary and modest bank borrowings - no complex group web.** - **Promoter control is concentrated** - Chairman and Managing Director Mr. Balkrishna Kamalakar Tendulkar holds 54.56% of the equity, and the promoter group together holds 55.62%, giving a single individual effective control of the company. - **Carebridge Technologies is the only subsidiary** - incorporated in October 2024, it is wholly owned and operates in telemedicine, the same line of business as the parent, with no other subsidiaries, associates or joint ventures in the group’s history before FY25. - **Borrowing is secured against working capital** - the company has cash-credit facilities from Bank of Baroda and HDFC Bank, secured by hypothecation of book debts and stock, plus a term loan for a commercial unit from HDFC and a vehicle loan from Axis Bank - a conventional small-enterprise financing structure.