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Steelman Telecom Ltd

STML

BSE

₹69.00+1.47%19 Oct 2026

Reports

Telecom Services

Steelman Telecom Ltd

STML

BSE

₹69.00

+1.47%

19 Oct 2026

SOICxStockScans Reports

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Telecom Services

Indices

Business Overview: What the company does, in plain English.

Steelman Telecom is fundamentally a hands-on builder and caretaker of India’s mobile networks - the company that climbs the tower, installs the gear, and keeps the signal alive so that operators like Airtel and Jio can sell connectivity. It began in 2003 as a hotel business and changed its business activities to telecom services in 2008, and it has since grown into a public company with a PAN-India workforce of over 3,700 people. The recurring approach is to embed itself deeply with the biggest telecom operators and equipment makers as a trusted, boots-on-the-ground partner, then use the cash and credibility from that core to launch new ventures in construction, electric cab-hailing, and even African telecoms.

Business segments

Four engines at different stages - a telecom-services cash cow, a fledgling construction arm, an electric cab-hailing bet in Kolkata, and a small African outpost - each built on the relationships and workforce of the one before.

1. Telecom infrastructure services: the group’s reason for being

Steelman is paid by India’s largest telecom operators and equipment makers to physically build, tune, and maintain their networks across the country, from installing antennas to running 24/7 network operations centres.

Paid per project or on recurring contracts - For installation and engineering work, it earns revenue on a project basis; for managed services, it holds recurring contracts where it is paid to meet strict uptime promises, targeting 99.5% network availability and 100% service assurance around the clock.
Works for all the big names - Its customers include Airtel, Reliance Jio, Vodafone, and equipment makers like Nokia and Ericsson, giving it a rare status as a service provider that works with all major original equipment manufacturers (OEMs).
A 3,700-strong field force - The business is not a product but a skilled service delivered by over 3,700 permanent employees, mostly engineers and technicians deployed at client sites, with the largest concentration in Eastern India.
Covers the full lifecycle of a network - It does everything from the initial survey and installation of base stations to drive-testing signal quality, managing day-to-day operations, and even building the physical sites and showrooms through its engineering procurement construction management (EPCM) work.

2. EPC contracting: building beyond the tower

A small but distinct construction arm that takes the group’s project-management skills from telecom sites into civil, electrical, and mechanical work for other industries.

A separate, younger business - Started in FY 2022-23, this segment is reported separately from the core telecom maintenance work, meaning it has its own revenue track and is treated as a standalone bet on infrastructure.
Still India-focused - Like the telecom business, all its activity is confined to India, suggesting it is an early-stage diversification rather than an international play.

3. Snap-E Cabs: an all-electric ride-hailing fleet in Kolkata

A subsidiary that owns and operates a fleet of electric cars and their charging stations, competing in Kolkata’s ride-hailing market under the “Snap-E” brand.

Owns the cars and the chargers - Unlike an aggregator that connects drivers and riders, EC Wheels India owns the vehicles and has built its own charging infrastructure, including what it calls the largest EV charging hub in Eastern India.
Funded by outside investors - Steelman’s ownership has been steadily diluted from near-total control to just over 50% through a series of share sales to external investors, whose money is used to buy electric cars and build charging stations.
Backed by carmaker partnerships - It has signed agreements with Tata Motors and JSW MG Motors to procure electric vehicles, securing a supply line for its planned fleet expansion across Eastern India.
Still loss-making - The subsidiary incurred a loss in FY25, which is consistent with a business that is still building its fleet and charging network ahead of future revenue.

4. Ethiopian telecom rollout: a small bet on an African network build

A nearly wholly-owned subsidiary in Addis Ababa set up to win installation work on Safaricom’s new mobile network in Ethiopia, a country building thousands of new towers.

Chasing a specific opportunity - The subsidiary was incorporated in early 2023 to target the rollout of around 8,000 telecom towers planned by Safaricom over five years, with work split between Nokia in the north and Huawei in the south.
A local-partner structure - Steelman holds 99% of the subsidiary, with a local Ethiopian partner holding the remaining 1%, a common setup for foreign companies entering a new market.
Tiny and currently loss-making - With a share capital of about 8.2 million Ethiopian Birr and a small loss in FY25, this is a very early-stage outpost that has yet to generate meaningful returns.

Group structure and partners

The Bindal family-controlled holding company sits atop two subsidiaries - a domestic EV cab business and an Ethiopian telecom installer - while also raising growth capital through convertible warrants issued to promoters and outside investors.

Promoter control - The Bindal family held nearly 72% of the parent company as of March 2024, giving them tight control over the group’s direction.
EC Wheels India Pvt Ltd - The domestic subsidiary running Snap-E Cabs, in which Steelman’s stake has been diluted to just over 50% through repeated fundraising from external investors who receive preference shares convertible into equity.
Steelman Installation Services PLC - The Ethiopian subsidiary, 99%-owned by Steelman with a local partner holding the rest, set up to perform outdoor telecom installation work.
Warrant issuance for parent-company funding - In early 2024, the parent company issued 1 million convertible warrants to a mix of promoters and non-promoter investors, raising an upfront payment with the balance due when investors choose to convert them into equity shares within 18 months.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹67Cr

Close Price

₹69.00

Industry

Telecom Services

Price To Earnings

—

Price To Sales

0.29

Revenue

₹230Cr

Rev Gr TTM

Revenue Growth TTM

-0.27%

PAT Gr TTM

PAT Growth TTM

-66.57%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	55	80	104	116	102	129	117	114
Growth YoY Revenue Growth YoY%			87.4	45.8	-2.1	11.5	15.1	-12.3
Expenses ExpensesCr	55	74	99	113	99	127	114	102
Operating Profit Operating ProfitCr	1	5	4	3	2	3	3	11
OPM OPM%	0.9	6.5	4.1	2.5	2.3	2.0	2.3	10.1
Other Income Other IncomeCr	0	1	1	0	0	1	1	1
Interest Expense Interest ExpenseCr	1	2	3	2	2	3	4	4
Depreciation DepreciationCr	1	3	7	9	7	9	10	10
PBT PBTCr	0	5	2	1	0	1	-1	9
Tax TaxCr	0	2	1	2	1	2	2	1
PAT PATCr	0	1	-6	-6	-10	1	-9	-6
Growth YoY PAT Growth YoY%			-2,200.0	-609.1	-48.3	112.1	6.1	-952.9
NPM NPM%	-0.5	1.4	-6.2	-4.8	-9.4	0.5	-7.7	-5.1
EPS EPS₹	0.0	1.4	-1.6	-1.7	-3.5	2.1	-2.9	-3.6

Quarter	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	55	80	104	116	102	129	117	114
Growth YoY Revenue Growth YoY%			87.4	45.8	-2.1	11.5	15.1	-12.3
Expenses ExpensesCr	55	74	99	113	99	127	114	102
Operating Profit Operating ProfitCr	1	5	4	3	2	3	3	11
OPM OPM%	0.9	6.5	4.1	2.5	2.3	2.0	2.3	10.1
Other Income Other IncomeCr	0	1	1	0	0	1	1	1
Interest Expense Interest ExpenseCr	1	2	3	2	2	3	4	4
Depreciation DepreciationCr	1	3	7	9	7	9	10	10
PBT PBTCr	0	5	2	1	0	1	-1	9
Tax TaxCr	0	2	1	2	1	2	2	1
PAT PATCr	0	1	-6	-6	-10	1	-9	-6
Growth YoY PAT Growth YoY%			-2,200.0	-609.1	-48.3	112.1	6.1	-952.9
NPM NPM%	-0.5	1.4	-6.2	-4.8	-9.4	0.5	-7.7	-5.1
EPS EPS₹	0.0	1.4	-1.6	-1.7	-3.5	2.1	-2.9	-3.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	87	100	135	220	231	230
Growth Revenue Growth%			34.3	62.9	5.1	-0.3
Expenses ExpensesCr	84	94	129	212	226	216
Operating Profit Operating ProfitCr	3	6	6	7	5	14
OPM OPM%	3.1	6.2	4.3	3.3	2.1	6.2
Other Income Other IncomeCr	0	-1	1	1	2	1
Interest Expense Interest ExpenseCr	2	1	2	5	5	8
Depreciation DepreciationCr	1	1	4	16	16	19
PBT PBTCr	0	4	1	-13	-14	-12
Tax TaxCr	1	1	0	-1	-5	3
PAT PATCr	0	3	1	-12	-9	-15
Growth PAT Growth%			-69.5	-1,568.0	26.4	-66.6
NPM NPM%	-0.3	2.7	0.6	-5.5	-3.8	-6.4
EPS EPS₹	-0.3	3.5	1.0	-3.3	-1.5	-6.5

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	87	100	135	220	231	230
Growth Revenue Growth%			34.3	62.9	5.1	-0.3
Expenses ExpensesCr	84	94	129	212	226	216
Operating Profit Operating ProfitCr	3	6	6	7	5	14
OPM OPM%	3.1	6.2	4.3	3.3	2.1	6.2
Other Income Other IncomeCr	0	-1	1	1	2	1
Interest Expense Interest ExpenseCr	2	1	2	5	5	8
Depreciation DepreciationCr	1	1	4	16	16	19
PBT PBTCr	0	4	1	-13	-14	-12
Tax TaxCr	1	1	0	-1	-5	3
PAT PATCr	0	3	1	-12	-9	-15
Growth PAT Growth%			-69.5	-1,568.0	26.4	-66.6
NPM NPM%	-0.3	2.7	0.6	-5.5	-3.8	-6.4
EPS EPS₹	-0.3	3.5	1.0	-3.3	-1.5	-6.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	10	10	10	10
Reserves ReservesCr	5	10	25	22	21	19
Current Liabilities Current LiabilitiesCr	25	26	40	57	76	81
Non Current Liabilities Non Current LiabilitiesCr	1	4	28	12	40	32
Total Liabilities Total LiabilitiesCr	36	45	103	107	151	135
Current Assets Current AssetsCr	32	42	56	59	78	78
Non Current Assets Non Current AssetsCr	4	3	47	48	73	56
Total Assets Total AssetsCr	36	45	103	107	151	135

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	10	10	10	10
Reserves ReservesCr	5	10	25	22	21	19
Current Liabilities Current LiabilitiesCr	25	26	40	57	76	81
Non Current Liabilities Non Current LiabilitiesCr	1	4	28	12	40	32
Total Liabilities Total LiabilitiesCr	36	45	103	107	151	135
Current Assets Current AssetsCr	32	42	56	59	78	78
Non Current Assets Non Current AssetsCr	4	3	47	48	73	56
Total Assets Total AssetsCr	36	45	103	107	151	135

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	-2	0	3	-7	14
Investing Cash Flow Investing Cash FlowCr	0	0	-46	-13	-32	-3
Financing Cash Flow Financing Cash FlowCr	1	2	49	9	39	-12
Net Cash Flow Net Cash FlowCr	-2	0	2	-1	0	-1
Free Cash Flow Free Cash FlowCr	-3	-2	-46	-8	-37	11
CFO To PAT CFO To PAT%	1,134.9	-76.8	-35.7	-25.4	83.8	-97.2
CFO To EBITDA CFO To EBITDA%	-97.1	-33.1	-5.0	41.8	-152.0	101.2

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	-2	0	3	-7	14
Investing Cash Flow Investing Cash FlowCr	0	0	-46	-13	-32	-3
Financing Cash Flow Financing Cash FlowCr	1	2	49	9	39	-12
Net Cash Flow Net Cash FlowCr	-2	0	2	-1	0	-1
Free Cash Flow Free Cash FlowCr	-3	-2	-46	-8	-37	11
CFO To PAT CFO To PAT%	1,134.9	-76.8	-35.7	-25.4	83.8	-97.2
CFO To EBITDA CFO To EBITDA%	-97.1	-33.1	-5.0	41.8	-152.0	101.2

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			134	122	163	60	67
Price To Earnings Price To Earnings			160.5
Price To Sales Price To Sales			1.0	0.6	0.7	0.3	0.3
Price To Book Price To Book			3.8	3.8	5.3	2.1	2.3
EV To EBITDA EV To EBITDA			28.8	21.3	47.8	8.8	9.2
Profitability Ratios Profitability Ratios
GPM GPM%	60.6	49.7	45.1	35.0	36.1	52.0	52.0
OPM OPM%	3.1	6.2	4.3	3.3	2.1	6.2	6.2
NPM NPM%	-0.3	2.7	0.6	-5.5	-3.8	-6.4	-6.4
ROCE ROCE%	8.0	14.8	3.9	-9.7	-7.7	-3.7	-3.7
ROE ROE%	-2.3	17.5	2.3	-37.7	-28.9	-51.6	-51.6
ROA ROA%	-0.6	6.0	0.8	-11.3	-5.9	-10.9	-10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr			134	122	163	60	67
Price To Earnings Price To Earnings			160.5
Price To Sales Price To Sales			1.0	0.6	0.7	0.3	0.3
Price To Book Price To Book			3.8	3.8	5.3	2.1	2.3
EV To EBITDA EV To EBITDA			28.8	21.3	47.8	8.8	9.2
Profitability Ratios Profitability Ratios
GPM GPM%	60.6	49.7	45.1	35.0	36.1	52.0	52.0
OPM OPM%	3.1	6.2	4.3	3.3	2.1	6.2	6.2
NPM NPM%	-0.3	2.7	0.6	-5.5	-3.8	-6.4	-6.4
ROCE ROCE%	8.0	14.8	3.9	-9.7	-7.7	-3.7	-3.7
ROE ROE%	-2.3	17.5	2.3	-37.7	-28.9	-51.6	-51.6
ROA ROA%	-0.6	6.0	0.8	-11.3	-5.9	-10.9	-10.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AIRTELPP	GTL	ACCORD	STML	QUADRANT	KDL	NETTLINX
Market CapitalizationMkt CapCr	104	99	73	67	45	33	28
Close PriceClose₹	1,586.00	6.30	188.45	69.00	0.74	27.10	11.46
IndustryIndustry	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services
Price To EarningsPE		0.11	49.08			0.90
Price To SalesPS		0.43	1.98	0.29	0.22	0.08	1.39
RevenueRevenueCr		229	37	230	206	408	20
Revenue Growth TTMRev Gr TTM%		-7.3%	34.7%	-0.3%	-9.7%	24.6%	-35.9%
PAT Growth TTMPAT Gr TTM%		15,781.3%	205.1%	-66.6%	97.6%	14.8%	-172.2%

	AIRTELPP	GTL	ACCORD	STML	QUADRANT	KDL	NETTLINX
Market CapitalizationMkt CapCr	104	99	73	67	45	33	28
Close PriceClose₹	1,586.00	6.30	188.45	69.00	0.74	27.10	11.46
IndustryIndustry	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services
Price To EarningsPE		0.11	49.08			0.90
Price To SalesPS		0.43	1.98	0.29	0.22	0.08	1.39
RevenueRevenueCr		229	37	230	206	408	20
Revenue Growth TTMRev Gr TTM%		-7.3%	34.7%	-0.3%	-9.7%	24.6%	-35.9%
PAT Growth TTMPAT Gr TTM%		15,781.3%	205.1%	-66.6%	97.6%	14.8%	-172.2%