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NELCO Limited (NELCO)

₹824.55 -0.82% last close, 16 Oct

📊 NSE: NELCO 🏢 Telecommunications - Service Provider 📢 Latest filing: 21 Sep 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 19 Oct 2026 (board meeting)

NELCO Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, NELCO's revenue was ₹80.0 Cr (+7.0% year on year, +1.1% on the previous quarter), and net profit ₹2.3 Cr (+30.0% year on year); the operating margin was 10.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹80.0	+7.0%	+1.1%
Operating profit	₹8.3	+7.5%	+52.1%
Net profit	₹2.3	+30.0%	+114.7%
EPS (₹)	1.02	+29.1%	+112.5%
Operating margin	10.4%	—	—

Full quarterly financials → Results calendar →

NELCO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 38.49% of the NELCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.0%. That is close to its usual level. Volume was 0.3 times its average, well below normal.

38.49%Delivery, 16 Oct

39.0%Own 20-session average

0.3×Volume vs its average

₹824.55NSE close · -0.82%

Delivery in the last 5 sessions: 35.8% · 28.7% · 39.8% · 46.4% · 38.5%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Nelco Trading Window Closed from September 24, 2026 for Q2 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Sep 2026, 02:17 PM

Nelco Limited has announced the closure of its trading window starting September 24, 2026, pursuant to SEBI Insider Trading Regulations. The restriction applies to designated persons in connection with the unaudited financial results for the quarter and half-year ended September 30, 2026. The window will reopen 48 hours after the declaration of the financial results to stock exchanges. This is a standard compliance procedure ahead of periodic earnings releases.

Trading window closes effective September 24, 2026
Pertains to financial results for the quarter and half-year ended September 30, 2026
Window will remain closed until 48 hours after financial results are declared

💡 Track the upcoming board meeting announcement date where Nelco will approve and report its Q2 FY27 financial results.

CRISIL Places Nelco's Rs 218.3 Cr Facilities on Watch Developing Post Rs 191 Cr Debt-Funded Deal

🔵 WATCH ⭐ 9/10

REGULATORY 📅 26 Aug 2026, 09:06 PM

CRISIL Ratings has revised its outlook on NELCO's Rs 218.3 crore bank loan facilities from 'Stable' to 'Rating Watch with Developing Implications' (CRISIL A / CRISIL A1). This follows NELCO's $20 million (~Rs 191 crore) investment in Lunar Holdco via 7% Compulsorily Convertible Debentures (CCDs), which was funded via a fresh 8-year term debt of Rs 191 crore. The rating agency is assessing the leverage impact on NELCO's balance sheet (given net worth of Rs 126 crore and TTM revenue of Rs 312 crore) alongside the commercial and regulatory viability of the Direct-to-Device (D2D) satellite project. Debt repayment terms provide temporary relief with no interest or principal obligations for the first 4 years.

Ratings on Rs 218.3 crore bank facilities placed on 'CRISIL A/Watch Developing' and 'CRISIL A1/Watch Developing' (revised from Stable).
Company contracted Rs 191 crore ($20 million) in 8-year debt to fund a strategic CCD investment in Lunar Holdco.
Debt structure features a 4-year payment moratorium, with interest and principal payable from year 5 to 8.
NELCO reported FY26 revenue of Rs 307 crore and holds ~40% revenue share in India's niche satcom VSAT industry.

💡 Track CRISIL's eventual rating resolution post-management review and monitor the timeline for statutory/regulatory approvals required to distribute Lunar's D2D satellite services in India.

NELCO Invests USD 20M in US Satellite Direct-to-Device Firm Lunar Holdco via CCDs

🔵 WATCH ⭐ 9/10

M&A 📅 17 Aug 2026, 04:21 PM

NELCO Limited has executed definitive agreements to invest USD 20 million (~₹165+ Cr) in Delaware-based Lunar Holdco, Inc. (dba Elveo Mobile) via Compulsorily Convertible Debentures (CCDs). The CCDs carry a 7% annual compounded return and will convert into equity based on agreed terms without giving control. Lunar Holdco is a pre-revenue company created in January 2026 through the merger of Lynk Global and Omnispace, backed by SES, targeting Direct-to-Device (D2D) and NGSO satellite communications. The transaction stands completed as of August 17, 2026, following prior shareholder approval on June 13, 2026.

Invested USD 20 million in Compulsorily Convertible Debentures (CCDs) of Delaware-based Lunar Holdco, Inc.
CCDs carry an annual compounded return of 7% and will convert into equity at a future date upon specified conversion events.
Target is pre-revenue, formed on January 27, 2026 via the merger of Lynk Global and Omnispace.
Transaction aims to secure strategic access to Direct-to-Device (D2D), IoT, and NGSO satellite connectivity in India and global markets.
Commercial rollout of services in India remains subject to telecom and satellite regulatory authorisations.

💡 Monitor how NELCO finances the USD 20M outlay relative to its ₹126 Cr net worth, alongside progress on Indian telecom regulatory licences required for Lunar's Direct-to-Device commercial rollout.

NELCO Q1 FY27 Net Profit Rises 30% YoY to ₹2.34 Cr; Revenue Up 7% to ₹80 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 16 Jul 2026, 06:03 PM

NELCO Limited reported a steady Q1 FY27 with revenue from operations growing 7% YoY to ₹80.03 Cr. Net profit increased to ₹2.34 Cr from ₹1.80 Cr in the year-ago period, representing a 30% growth. However, this profit was significantly bolstered by a one-time exceptional gain of ₹1.06 Cr related to the reversal of retirement benefit provisions. Operating expenses rose to ₹37.88 Cr, while the company maintained its dividend policy with a ₹1.00 per share payout approved in June 2026.

Revenue from operations reached ₹80.03 Cr, a 7% increase compared to ₹74.79 Cr in Q1 FY26.
Net profit for the quarter stood at ₹2.34 Cr, aided by a ₹1.06 Cr exceptional gain from payroll restructuring.
Earnings Per Share (EPS) improved to ₹1.02 for the quarter, up from ₹0.79 in the corresponding previous year quarter.
Total expenses for the quarter were ₹71.71 Cr, with operating expenses accounting for ₹37.88 Cr.
The Board re-appointed P.D. Dani & Associates as Cost Auditors for the Financial Year 2026-27.

💡 Investors should monitor if the revenue growth can accelerate beyond the current 7% to meet the company's 15% internal growth target, specifically looking for updates on LEO/MEO satellite service rollouts.

NELCO Q1 Net Profit Rises 30% YoY to ₹2.34 Cr; Revenue Up 7% to ₹80.03 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 16 Jul 2026, 05:56 PM

NELCO reported a consolidated revenue of ₹80.03 Cr for Q1 FY27, representing a 7% YoY growth from ₹74.79 Cr. Net profit increased to ₹2.34 Cr from ₹1.80 Cr in the same period last year, significantly aided by a ₹1.06 Cr exceptional gain from the reversal of retirement benefit provisions. Operating profit (EBITDA-level) stood at ₹8.46 Cr, showing a slight improvement from ₹8.31 Cr YoY. The company's EPS improved to ₹1.02 for the quarter, compared to ₹0.79 in Q1 FY26.

Revenue from operations grew 7% YoY to ₹80.03 Cr from ₹74.79 Cr.
Net profit increased 30% YoY to ₹2.34 Cr, supported by a ₹1.06 Cr exceptional item reversal.
Operating profit before finance costs and depreciation rose to ₹8.46 Cr from ₹8.31 Cr YoY.
Earnings Per Share (EPS) for the quarter stood at ₹1.02, up from ₹0.79 YoY.
The Board approved the re-appointment of P.D. Dani & Associates as Cost Auditors for FY 2026-27.

💡 Investors should monitor if the company can sustain this profitability without one-off gains and watch for updates on LEO/MEO satellite service rollouts which are key to breaking the current revenue range-bound trend.

NELCO Submits Quarterly Compliance Certificate for Share Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 03:03 PM

NELCO Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended June 30, 2026. This filing confirms that the company has furnished details of securities dematerialized during the quarter to the stock exchanges (BSE and NSE) and depositories (NSDL and CDSL). This is a standard procedural requirement for all listed companies to ensure share records are reconciled. The announcement contains no material financial or operational updates.

Compliance certificate issued for the quarter ended June 30, 2026
Submission made in accordance with Regulation 74(5) of SEBI Regulations, 2018
Confirmation provided to both NSDL and CDSL on July 7, 2026
Company maintains a market capitalization of Rs 2,092 Cr as per recent data

💡 This is a routine administrative filing. Investors should monitor the upcoming quarterly financial results for actual business performance and growth in the IFMC sector.

NELCO Shareholders Approve Dividend and FY26 Financials at 83rd AGM

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 24 Jun 2026, 07:22 PM

NELCO Limited successfully concluded its 83rd Annual General Meeting on June 24, 2026, with all five proposed resolutions passed by the shareholders with a requisite majority. Key approvals included the adoption of standalone and consolidated financial statements for the fiscal year ending March 31, 2026, and the formal declaration of a dividend. Additionally, shareholders approved the re-appointment of Mr. A. S. Lakshminarayanan as a Director and ratified the Cost Auditor's remuneration.

Shareholders approved the declaration of dividend for FY 2025-26 with 99.9930% of votes in favor.
Adoption of standalone and consolidated financial statements for FY26 passed with a 99.9944% majority.
A total of 72,523 shareholders were on record as of June 17, 2026, for the voting process.
Mr. A. S. Lakshminarayanan was re-appointed as Director with 11,671,897 votes in favor (99.9930%).

💡 Investors should note the formal approval of the dividend and the company's stable governance as reflected in the near-unanimous passing of all resolutions. No immediate action is required as the meeting confirms previously disclosed financial performance and dividend plans.

Nelco Announces Management Transition; Brajendra Urmalia Elevated to VP Products & Solutions

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Jun 2026, 06:06 PM

Nelco Limited has announced the resignation of Mr. Jitender Ahuja, Senior VP of Products & Solutions, effective June 30, 2026, after a 5.5-year tenure. To ensure continuity, the company has elevated Mr. Brajendra Urmalia, a 22-year veteran of Nelco, to the position effective July 1, 2026. Mr. Urmalia brings over 25 years of industry experience and previously led the Maritime Business, driving growth in banking and oil retail sectors. This internal promotion suggests a smooth transition and strong internal succession planning.

Mr. Jitender Ahuja resigns as Sr. VP - Products & Solutions effective June 30, 2026, after 5.5 years.
Mr. Brajendra Urmalia elevated to VP & Head - Products & Solutions starting July 1, 2026.
Incoming leader Mr. Urmalia has 22 years of experience at Nelco and 25 years in telecom/satellite communications.
The transition leverages internal talent from the Maritime Business unit to lead Products & Solutions.

💡 The internal elevation indicates stable succession planning; no immediate action is required as business continuity is expected.

NELCO to Close Trading Window from June 24 for Q1 FY2026-27 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Jun 2026, 10:30 AM

NELCO Limited has announced the closure of its trading window for all designated persons starting June 24, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the declaration of the company's unaudited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially submitted to the stock exchanges. This is a standard regulatory procedure and does not reflect on the company's operational performance.

Trading window for dealing in company securities will be closed starting June 24, 2026.
The closure is related to the upcoming unaudited financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the financial results are declared to the BSE and NSE.
The action follows the Tata Code of Conduct for Prevention of Insider Trading and SEBI Regulations, 2015.

💡 No action is required as this is a routine regulatory filing. Investors should wait for the announcement of the board meeting date to review the Q1 financial performance.

NELCO Shareholders Approve Borrowing Limit Hike and NCD Issuance with 99.9% Majority

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 13 Jun 2026, 07:15 PM

NELCO Limited has received shareholder approval for four key resolutions via a postal ballot concluded on June 13, 2026. The resolutions include increasing the company's overall borrowing limits and the issuance of non-convertible debentures (NCDs) on a private placement basis, both passing with over 99.92% majority. Additionally, shareholders approved the creation of charges on company assets and material related party transactions with Tata Capital Limited. These approvals provide the company with significant financial headroom and flexibility for future capital requirements.

Shareholders approved the issuance of non-convertible debentures (NCDs) on a private placement basis with 99.92% votes in favor.
Enhancement in overall borrowing limits under Section 180(1)(c) was passed with 99.93% majority support.
Creation of charge on company assets under Section 180(1)(a) was approved by 99.93% of voting shareholders.
Material Related Party Transactions with Tata Capital Limited were approved with 99.90% of the valid votes cast.
A total of 12,521,089 votes were polled for the borrowing limit resolution, representing strong participation from the 73,864 shareholders on record.

💡 Investors should view this as a positive step toward financial flexibility, allowing the company to leverage debt for growth. Monitor the specific terms and timing of any upcoming NCD issuances to assess the impact on the company's debt-to-equity ratio and interest coverage.

Nelco Releases FY26 Sustainability Report; Exports Contribute 31% to Revenue

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Jun 2026, 02:38 PM

Nelco Limited has submitted its Business Responsibility and Sustainability Report for FY 2025-26, highlighting that satellite communication services account for 100% of its turnover. A significant 31.05% of revenue is generated from international customers, despite the company having no physical offices abroad. While CSR provisions are applicable, the company was not required to spend on CSR initiatives due to negative net profits calculated under Section 198 from past losses. The total workforce stands at 317 employees with a stable permanent employee turnover rate of 8%.

Satellite communication services contribute 100% of turnover, with bandwidth sales accounting for 64%.
Export revenue, derived from services to international customers, represents 31.05% of total turnover.
The company maintains a total workforce of 317, including 206 permanent employees with an 8% turnover rate.
Zero CSR expenditure was required for the year as net profits remained negative due to historical losses.
All 5 shareholder complaints received during the financial year were successfully resolved.

💡 Investors should monitor the company's ability to leverage its 31% export revenue base and its progress in clearing historical losses to achieve positive net profit under Section 198. The report confirms a stable operational structure with low employee turnover and high reliance on bandwidth sales.

NELCO to Hold 83rd AGM on June 24, 2026; Proposes ₹1 Dividend Per Share

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 01 Jun 2026, 02:28 PM

NELCO Limited has scheduled its 83rd Annual General Meeting for June 24, 2026, to approve the financial results for FY 2025-26. The Board has recommended a dividend of ₹1 per equity share (10% of face value), with the record date set for June 9, 2026. Other agenda items include the re-appointment of Director Mr. A. S. Lakshminarayanan and the ratification of cost auditor remuneration of ₹1.25 lakh. The dividend, if approved, will be paid starting June 26, 2026.

Proposed dividend of ₹1 per equity share (10% of face value) for the financial year ended March 31, 2026.
Record date for dividend eligibility is June 9, 2026, with book closure from June 10 to June 16, 2026.
83rd AGM to be held virtually on June 24, 2026, at 3:30 PM IST.
Ratification of Cost Auditor remuneration fixed at ₹1,25,000 plus GST and out-of-pocket expenses.
Re-appointment of Mr. A. S. Lakshminarayanan as a Director who retires by rotation.

💡 Investors should ensure their bank mandates and PAN details are updated by June 10, 2026, to receive the ₹1 dividend. Shareholders must hold the stock before the June 9 record date to be eligible for the payout.

NELCO Promotes Kingshuk Basak to Vice President & Head of Network Operations

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 May 2026, 03:15 PM

NELCO Limited has announced the promotion of Mr. Kingshuk Basak to the role of Vice President & Head – Network Operations, effective retrospectively from April 1, 2026. Mr. Basak, who was already a member of the Senior Management Team, previously served as the Head-Network Operations & Engineering. The company attributed this promotion to his performance and leadership in technology and execution. This internal elevation suggests a focus on continuity and rewarding performance within the company's core operational leadership.

Mr. Kingshuk Basak promoted to Vice President & Head – Network Operations effective April 1, 2026.
The promotion was officially announced and declared on May 29, 2026.
Mr. Basak was previously the Head-Network Operations & Engineering and remains part of the Senior Management Team.
The redesignation is based on performance and leadership in technology, operations, and execution skills.

💡 This is a routine internal management promotion and does not necessitate any immediate change in investment strategy. Investors should focus on the company's upcoming quarterly results to assess operational efficiency.

Nelco Seeks Approval to Raise Borrowing Limit to ₹400 Cr and Issue ₹210 Cr NCDs

🔵 WATCH ⭐ 7/10

FUNDRAISE 📅 14 May 2026, 12:20 PM

Nelco Limited has issued a postal ballot notice seeking shareholder approval to significantly increase its financial flexibility. The company proposes to enhance its overall borrowing limits to ₹400 crore and seeks authorization to issue Non-Convertible Debentures (NCDs) up to ₹210 crore on a private placement basis. Additionally, the company is seeking approval for creating charges on its assets up to ₹400 crore and entering into material related party transactions with Tata Capital Limited. The voting period for these resolutions runs from May 15 to June 13, 2026.

Proposed enhancement of borrowing limits under Section 180(1)(c) to ₹400 crore.
Plan to raise up to ₹210 crore through private placement of Non-Convertible Debentures (NCDs).
Creation of charge on company assets up to ₹400 crore to secure borrowings.
Approval sought for material related party transactions with Tata Capital Limited.
Remote e-voting period scheduled from May 15, 2026, to June 13, 2026.

💡 Investors should monitor the outcome of the postal ballot and subsequent management commentary on the specific utilization of the ₹210 crore NCD proceeds. The increased borrowing headroom suggests potential capital expenditure or expansion in the satellite communication sector.

Nelco Announces ₹1 Dividend for FY26; Issues Tax Deduction Guidelines

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 13 May 2026, 04:24 PM

Nelco Limited has recommended a dividend of ₹1 per equity share (10% of face value) for the financial year ended March 31, 2026. The company has issued a detailed communication regarding Tax Deduction at Source (TDS) requirements for both resident and non-resident shareholders. Resident individuals with a valid PAN will face a 10% TDS, while those without a linked PAN/Aadhaar will be taxed at 20%. Shareholders must submit necessary tax-exemption documents by June 10, 2026, to avoid higher withholding rates.

Recommended dividend of ₹1 per equity share of ₹10 face value (10%) for FY 2025-26.
TDS of 10% applicable for resident shareholders with valid PAN; 20% for those without valid PAN or Aadhaar linking.
No TDS for resident individuals if the total dividend received from the company does not exceed ₹10,000 in the tax year.
Non-resident shareholders are subject to a 20% withholding tax unless beneficial treaty rates are claimed with valid documentation.
The deadline for submitting tax-related declarations and documents is Wednesday, June 10, 2026.

💡 Shareholders should ensure their PAN and Aadhaar are linked and bank details are updated in their demat accounts to receive the dividend. Eligible investors should submit Form 121 or other tax-exemption documents by the June 10 deadline to minimize tax withholding.

View All NELCO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for FY25 was INR 306 Cr, a 4.7% decline from INR 321 Cr in FY24. Standalone revenue for FY25 was INR 205 Cr, down 8% from INR 223 Cr. Revenue for H1 FY26 stood at INR 149 Cr. The business is split into VSAT hardware sales (20-25% of revenue) and recurring bandwidth/service usage (75-80% of revenue).

Geographic Revenue Split

Not disclosed in available documents; however, the company provides domestic satellite services across India with specific focus on remote locations.

Profitability Margins

Operating margins are expected to remain stable due to the recurring nature of 75-80% of revenue. Networth stood at INR 128.55 Cr as of September 30, 2025, compared to INR 127.90 Cr in March 2025.

EBITDA Margin

Operating profitability is supported by a low churn rate of 3-5% and long-term contracts (1-3 years). Consolidated operating income was INR 306 Cr in FY25 vs INR 321 Cr in FY24, reflecting a slowdown in the government and maritime segments.

Capital Expenditure

Planned annual capex of INR 20-30 Cr for FY26 and FY27, funded through internal accruals and external debt. Previous FY25 plans included a higher capex of INR 90-100 Cr with a 70:30 debt-equity mix.

Credit Rating & Borrowing

CRISIL A/Stable (Long-term) and CRISIL A1 (Short-term). The outlook was revised from 'Positive' to 'Stable' in November 2025 due to slower-than-expected revenue growth. Total bank loan facilities rated are INR 218.3 Cr.

⚙️ Operational Drivers

Raw Materials

Satellite bandwidth (major cost component), VSAT hardware (antennas, modems), and proprietary technology licenses from global vendors.

Import Sources

Global markets for satellite capacity and specialized hardware components.

Key Suppliers

VT iDirect and Gilat Satellite Networks for proprietary VSAT hardware; Panasonic Avionics Corporation and Intelsat for technology and bandwidth partnerships.

Capacity Expansion

Maintains a stable installation base of 65,000 to 75,000 VSAT terminals. Expansion is focused on the Inflight and Maritime Communication (IFMC) space and cellular backhaul.

Raw Material Costs

Bandwidth fees are a significant recurring cost; however, technological evolution is expected to reduce these fees over time, improving competitiveness against terrestrial providers.

Manufacturing Efficiency

Focus on shifting from automation and controls (discontinued in 2017) to high-margin VSAT services has improved the operational profile.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be driven by the New Space Policy 2023 de-regularization, expansion in the IFMC (Inflight Maritime Communication) sector which grew 11% in FY24, and increasing adoption of VSAT for cellular backhaul and rural education.

Products & Services

VSAT connectivity services, satellite bandwidth, Inflight and Maritime Communication (IFMC) services, and VSAT hardware installations.

Brand Portfolio

Nelco, Tata Power (Parent Group).

New Products/Services

Expansion into the LEO (Low Earth Orbit) and MEO (Medium Earth Orbit) satellite space to offer lower latency and higher bandwidth services.

Market Expansion

Targeting the mobility space (Aero and Maritime) which is expected to substantially expand industry size in the medium term.

Market Share & Ranking

Holds ~26% market share in the INR 1,000 Cr niche VSAT industry.

Strategic Alliances

Partnerships with Panasonic Avionics Corporation and Intelsat to provide global roaming and high-speed connectivity for mobility segments.

🌍 External Factors

Industry Trends

The industry is shifting toward de-regularization under the New Space Policy 2023, which is expected to lower entry barriers and reduce regulatory risks while increasing competition.

Competitive Landscape

Faces competition from terrestrial telecom operators and emerging satellite technologies like Starlink or OneWeb.

Competitive Moat

Moat is built on being part of the Tata Group (financial flexibility), high switching costs for satellite hardware, and a 75-80% recurring revenue model with a low 3-5% churn rate.

Macro Economic Sensitivity

Sensitive to government spending on rural connectivity and digital infrastructure projects.

Consumer Behavior

Increasing demand for 'always-on' connectivity in maritime and aviation sectors is driving shift toward IFMC services.

Geopolitical Risks

Dependency on international satellite providers makes the company sensitive to global space regulations and trade relations.

⚖️ Regulatory & Governance

Industry Regulations

VSAT services are strictly regulated by the Department of Telecommunications (DoT). Any policy change regarding spectrum allocation or licensing fees directly impacts margins.