Steelman Telecom Ltd (543622)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Steelman Telecom's revenue was ₹114 Cr (-11.6% year on year, -2.6% on the previous half-year), and net profit ₹-6.0 Cr (against a profit a year earlier); the operating margin was 9.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹114 | -11.6% | -2.6% |
| Operating profit | ₹11.0 | +266.7% | +266.7% |
| Net profit | ₹-6.0 | to loss | loss narrowed |
| EPS (₹) | -3.56 | to loss | loss widened |
| Operating margin | 9.6% | — | — |
📢 Recent Corporate Announcements
Steelman Telecom has approved the sale of a 0.61% stake (75,000 equity shares) in EC Wheels India Private Limited for ₹7.50 lakh (₹10 per share). This reduces Steelman's holding from 50.08% to 49.47%, causing EC Wheels to cease being a subsidiary. Notably, the shares are being transferred to key internal employees, including 25,000 shares to CFO Mohit Agarwal (a related-party transaction). EC Wheels contributed ₹43.62 crore (18.94%) to turnover and negative ₹22.74 crore (-79.41%) to consolidated net worth in the last financial year.
- Stake reduction of 0.61% (75,000 shares) reduces holding from 50.08% to 49.47%, losing subsidiary status
- Total transaction consideration is ₹7,50,000 at ₹10 per share based on a registered valuer report
- Transferees are internal personnel: CFO Mohit Agarwal (25,000 shares), Project Finance Manager Ujjwal Biswas (25,000), and Senior Manager Susanta Chowdhury (25,000)
- EC Wheels contributed ₹43.62 crore (18.94%) in turnover and negative ₹22.74 crore (-79.41%) in net worth in the last FY
- Sale is scheduled for completion prior to September 30, 2026
Steelman Telecom's board has approved the sale of 75,000 equity shares (0.61% stake) of EC Wheels India Private Limited for a total consideration of Rs 7.50 lakh (Rs 10 per share). Following this transfer, the company's stake in EC Wheels will reduce from 50.08% to approximately 49.47%, meaning it ceases to be a majority-owned subsidiary. The shares were transferred to three company employees, including CFO Mohit Agarwal (25,000 shares for Rs 2.50 lakh, classified as a related-party transaction). Given Steelman's TTM revenue of Rs 462 crore and market cap of Rs 218 crore, the transaction value is immaterial financially, but alters the consolidation status of the entity.
- Sale of 75,000 equity shares representing 0.61% of EC Wheels India Private Limited
- Total consideration of Rs 7,50,000 at a valuation of Rs 10 per equity share
- Steelman's equity stake in EC Wheels drops from 50.08% to 49.47%
- 25,000 shares (Rs 2,50,000) sold to CFO & KMP Mr. Mohit Agarwal as a related-party transaction
Steelman Telecom Limited announced that shareholders approved an alteration to its Memorandum of Association (MOA) via a Special Resolution passed on September 19, 2026. The amendment adds a new ancillary object clause, Clause iii(B)(24), permitting the company to design, develop, build, operate, and trade in solar energy and renewable power projects. The company operates at a market cap of Rs 218 Cr with TTM revenue of Rs 462 Cr and net losses of Rs 24 Cr. No specific capex, project pipeline, or commercial contract values were disclosed in the filing.
- Shareholders approved the MOA amendment via remote e-voting on September 19, 2026
- Added new ancillary object Clause iii(B)(24) under Clause iii(B) of the MOA
- Authorizes entry into solar PV systems, rooftop solar, solar parks, and energy storage solutions
- Company reported FY26 net loss of Rs 15.0 Cr on revenues of Rs 230.0 Cr
Steelman Telecom Limited has submitted its Annual Report for FY 2025-26 along with the Notice for its 23rd Annual General Meeting scheduled for September 19, 2026. In the Chairman's statement, the company highlighted standalone FY26 revenue of Rs 187.59 crore (up from Rs 175.36 crore in FY25) and standalone PAT of Rs 9.18 crore (up 13.9% from Rs 8.06 crore). Key AGM resolutions include approving the issue of fully convertible warrants on a preferential basis and alterations to the Memorandum of Association.
- 23rd Annual General Meeting scheduled for Saturday, September 19, 2026
- Standalone FY26 PAT grew 13.9% to Rs 917.60 lakhs from Rs 805.75 lakhs in FY25
- Gross standalone revenue increased to Rs 18,759.35 lakhs compared to Rs 17,535.96 lakhs in FY25
- Special business proposed at AGM includes issuing fully convertible warrants on a preferential basis
- Subsidiary EC Wheels India Pvt Ltd (50.08% stake) partnered with Rapido for B2B mobility operations
Steelman Telecom Ltd has issued the notice for its 23rd Annual General Meeting scheduled for September 19, 2026. Key special resolutions include altering the Memorandum of Association (MoA) to add solar energy and renewable power projects to its ancillary objects, re-appointing Managing Director Mahendra Bindal for a 5-year term from May 2027, and seeking shareholder approval to issue fully convertible warrants on a preferential basis. The company reported a net loss of ₹15.0 Cr on revenue of ₹230.0 Cr for FY26.
- 23rd Annual General Meeting scheduled for Saturday, September 19, 2026 at 12:00 Noon IST in Kolkata
- Special resolution proposed to alter MoA to venture into solar power, rooftop plants, solar parks, and energy storage systems
- Resolution proposed to approve the issuance of fully convertible warrants on a preferential issue basis
- Re-appointment of Managing Director Mr. Mahendra Bindal for a 5-year term from May 17, 2027 to May 17, 2032
Steelman Telecom Limited has notified exchanges of its book closure from September 13, 2026, to September 19, 2026 (both days inclusive). The closure of the Register of Members and Share Transfer Books is being conducted for its upcoming Annual General Meeting (AGM). The AGM is scheduled to take place on Saturday, September 19, 2026, at 12:00 PM IST at the company's corporate office in Kolkata.
- Book closure scheduled from Sunday, 13th September, 2026 to Saturday, 19th September, 2026
- Annual General Meeting to be held on Saturday, 19th September 2026 at 12:00 Noon IST
- AGM venue confirmed at Mani Casadona, Action Area-IIF, New Town, Kolkata-700156
Steelman Telecom Limited has scheduled its 23rd Annual General Meeting (AGM) for Saturday, September 19, 2026, at 12:00 PM at its corporate office in Kolkata. The Register of Members and Share Transfer Books will be closed from September 13 to September 19, 2026. The cut-off date to determine member voting eligibility for remote e-voting and AGM voting is September 12, 2026. This is a standard corporate compliance intimation.
- 23rd Annual General Meeting scheduled for Saturday, 19th September 2026 at 12:00 NOON
- Share transfer books closed from Sunday, 13th September 2026 to Saturday, 19th September 2026
- Cut-off date for e-voting eligibility set for Saturday, 12th September 2026
Steelman Telecom's board has approved the issuance of 28,23,800 fully convertible warrants at an issue price of Rs 70 per share, aggregating to Rs 19.77 Cr. The issue price represents a ~13% premium over the current share price of Rs 62. Promoters will infuse Rs 11.02 Cr (15.74 lakh warrants), while non-promoter Aumit Capital Advisors Limited will invest Rs 8.75 Cr (12.50 lakh warrants, taking a 10.00% post-issue stake). An upfront payment of 25% is payable on application, with the remaining 75% payable within 18 months upon conversion.
- Proposed preferential issue of 28,23,800 convertible warrants at Rs 70 per warrant.
- Total capital to be raised amounts to Rs 19,76,66,000 (approx. Rs 19.77 Cr).
- Promoter group subscribing to 15,73,800 warrants (Rs 11.02 Cr), reinforcing promoter commitment.
- Non-promoter Aumit Capital Advisors to be allotted 12,50,000 warrants (Rs 8.75 Cr) for a 10.00% post-conversion stake.
- Terms require 25% upfront payment with full conversion exercisable within 18 months.
Steelman Telecom's Board of Directors has approved a proposal to raise up to Rs 50 Crore via convertible equity share warrants or other convertible securities on a preferential basis to promoters and non-promoters. At Rs 50 Crore, the proposed fundraise is material, representing approximately 26.6% of its current market cap of Rs 188 Cr and over 170% of its net worth (Rs 29 Cr). Additionally, the Board approved 5-year re-appointments for key management, including MD Mahendra Bindal and Chairman Girish Bindal from May 2027 to May 2032, subject to shareholder approval.
- Approved raising up to Rs 50 Crore via convertible equity share warrants on a preferential basis
- Fundraise equals ~26.6% of market cap (Rs 188 Cr) and ~172% of net worth (Rs 29 Cr)
- Re-appointed MD Mahendra Bindal and Chairman Girish Bindal for 5-year terms effective May 17, 2027 to May 17, 2032
- Record/cut-off date for remote e-voting set for September 12, 2026, with register closed from September 13 to September 19, 2026
Steelman Telecom has scheduled a board meeting on August 20, 2026, to evaluate a fundraise of up to ₹50 Crores through a preferential issue of equity or convertible warrants. This proposed amount is significant, representing approximately 24% of the company's current market capitalization (₹209 Cr) and 172% of its net worth (₹29 Cr). The board will also consider altering the Memorandum of Association (MOA) to insert a new ancillary object, indicating a potential expansion or shift in business scope. Additionally, the meeting will finalize re-appointments for the Managing Director and Executive Chairman ahead of the 23rd AGM.
- Proposed fundraise of up to ₹50 Crores via preferential issue to promoters or non-promoters
- Board meeting scheduled for August 20, 2026, to approve AGM matters and fundraise terms
- Proposal to alter the MOA object clause by inserting a new ancillary object
- Re-appointment of Mr. Mahendra Bindal (MD) and Mr. Girish Bindal (Executive Chairman) for board approval
- Trading window closed from August 12, 2026, until 48 hours after the board meeting
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