Steelman Telecom Limited is a **PAN India** system integration and technology services firm headquartered in **Kolkata**. With over **30 years** of operational history, the company has evolved from a specialized telecom service provider into a diversified conglomerate. Today, it operates across the telecommunications infrastructure, **Engineering, Procurement, and Construction (EPC)**, and **Electric Vehicle (EV)** mobility sectors. The company is a critical partner to India’s major **Original Equipment Manufacturers (OEMs)** and telecom operators, facilitating the national rollout of **4G and 5G** networks while aggressively expanding its green-mobility footprint. --- ### **Core Business Segments & Service Portfolio** The company’s operations are categorized into three primary reportable segments, supported by advanced technological integration. #### **1. Telecommunications & Digital Infrastructure** Steelman provides end-to-end technical services, ensuring high-performance connectivity for India’s leading telcos. * **Telecom Implementation:** Installation, commissioning, and integration of critical hardware including **Microwave/GSM Antennas**, **BTS**, switches, and routers. * **Radio Frequency (RF) Engineering:** Comprehensive RF testing, network optimization, and **KPI** verification (SCFT/SCVT) for **4G, 5G, and VoLTE** networks. * **Managed Services:** 24/7/365 operation and maintenance (O&M) of cell sites and **Network Operations Center (NOC)** infrastructure, maintaining a rigorous uptime target of **99.5% to 100%**. * **Next-Gen Tech:** Integration of **Artificial Intelligence (AI)** and **Services Automation** to reduce operational costs. The company also develops **IoT** solutions for remote infrastructure control and immersive **VR/AR** experiences. #### **2. Engineering, Procurement, and Construction (EPC)** Introduced in **FY 2022-23**, this segment provides turnkey solutions for infrastructure development. * **Project Scope:** Management of Green Field and Brown Field projects, including warehouses, tower sites, and retail showrooms. * **Capabilities:** Full-cycle civil, electrical, and mechanical engineering services. #### **3. EV Mobility & Asset Management** Operated through its subsidiary **EC Wheels India Pvt Ltd** under the brand **Snap-E Cabs**, this segment represents the company’s pivot toward sustainable transportation. * **Ride-Hailing:** Electric cab services currently concentrated in Kolkata. * **Fleet Leasing:** As of **August 2025**, the company offers short and long-term leasing of passenger vehicles to **Corporate, Government (B2G), and Individual** clients. * **Value-Added Services:** Includes vehicle maintenance, insurance management, and fuel/charging management. --- ### **Operational Footprint & Human Capital** Steelman maintains a robust physical presence across India and has initiated strategic international forays. * **Geographic Reach:** Branch offices in **Bhubaneshwar, Gurgaon, Punjab, Uttar Pradesh, and Bihar**, with active project sites in all Indian telecom circles. * **International Presence:** **Steelman Installation Services PLC** (Ethiopia) supports **Safaricom’s** massive infrastructure rollout. * **Workforce Dynamics:** As of **March 31, 2025**, the company employs **3,715** permanent staff. **Regional Employee Distribution (March 2025):** | Region | Employee Count | | :--- | :--- | | **East India** | **2,581** | | **North India** | **559** | | **South India** | **317** | | **West India** | **256** | | **Africa (Ethiopia)** | **2** | --- ### **Strategic Growth Roadmap & Targets** The company is pursuing a high-growth trajectory with a focus on diversification and technological leadership. * **Revenue Targets:** Aiming for **Rs. 250 crore** in **FY 2024-25** with a long-term goal of **30%–50%** year-on-year growth over the next five years. * **EV Expansion:** Target to scale the **Snap-E** fleet to **2,000 vehicles** by the end of **FY 2024-25**, expanding from Kolkata into **Mumbai** and other Eastern Indian hubs. * **Infrastructure Goals:** Operating **700 charging points** in Kolkata as of mid-2024, with **800 additional points** currently under commissioning. * **International Ambition:** Supporting the construction of **8,000 towers** over **5 years** in Ethiopia. * **Employment Goal:** Aiming to generate total employment for **10,000 professionals** (direct and indirect). --- ### **Key Clients & Strategic Partnerships** Steelman’s market position is solidified by long-term contracts with industry giants. * **Telecom:** Major contracts with **Reliance Jio** (including a **Rs. 147 crore** deal in Dec 2024 and a **Rs. 20 crore** Jio AirFiber contract) and **Bharti Airtel** (**Rs. 29.7 crore** contract in Dec 2023). * **EV Ecosystem:** Partnerships with **Tata Motors, JSW MG Motors (500 vehicles), Citroen India (Stellantis), Tata Power, and Jio BP**. * **Corporate/Government:** A **5-year** employee transportation agreement with **Tata Consultancy Services (TCS)** and charging infrastructure deals with **Kolkata Municipal Corporation** and **Indian Railways**. --- ### **Financial Performance & Capital Structure** While standalone operations show consistent profitability, consolidated figures reflect the heavy investment phase of the EV subsidiary. **Standalone Financial Summary:** | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Gross Revenue** | **₹175.36 Cr** | **₹189.39 Cr** | **₹131.60 Cr** | | **Profit After Tax (PAT)** | **₹8.06 Cr** | **₹7.32 Cr** | **₹5.57 Cr** | | **Earnings Per Share (EPS)** | **₹8.33** | **₹7.57** | **₹6.43** | **Subsidiary Performance:** * **EC Wheels India (Snap-E):** Reported a loss of **₹16.68 Cr** in FY 2024-25 due to expansion costs, despite generating **₹32.55 Cr** in revenue in FY 2023-24. * **Consolidated Position:** The consolidated loss narrowed to **₹8.87 Cr** in FY 2024-25 from **₹12.04 Cr** the previous year, indicating improving operational efficiency. **Capital Actions:** * **Authorized Capital:** Proposed increase to **₹12.50 Cr** in 2026. * **Debt Management:** Secured an **SBI Term Loan** of **₹6.25 Cr** at **9.76% p.a.** for fleet/infrastructure. * **Warrant Forfeiture:** In **July 2025**, the company forfeited the **25% upfront payment** (**₹42.75 per warrant**) on **1,000,000 warrants** after allottees failed to pay the remaining balance, bolstering the company's reserves without equity dilution. --- ### **Risk Profile & Mitigation Strategies** Steelman manages a complex risk environment through a formal **Risk Management Policy**. * **Financial Exposure:** The company acts as a guarantor for **EC Wheels India Pvt Ltd** for loans totaling **₹41.97 Crore**. It also holds **Performance Bank Guarantees** of **₹3.02 Crore**. * **Market Risks:** Exposure to **Foreign Exchange Rate** fluctuations (Ethiopian operations) and rapid **Technology Upgradation** cycles in the 5G space. * **Operational Risks:** Managed through **Risk Transfer** (insurance for health, compensation, and assets) and the use of third-party **project management companies** for high-complexity sites. * **Liquidity Management:** Monitoring **Trade Receivables**, which stood at **₹35.92 Cr** as of March 2025, to ensure healthy working capital cycles.