Supernet eyes growth after PSX main-board move
Supernet says FY2025 revenue reached Rs9.2 bn as merger-driven scale, recurring contracts and overseas expansion strengthen its telecom, cybersecurity and digital infrastructure push.
Supernet Technologies Limited has mapped out a larger growth plan after moving to the Pakistan Stock Exchange’s main board, telling investors it generated Rs9.2 bn in FY2025 revenue and built a multi-billion rupee project pipeline across cybersecurity, telecom and digital infrastructure. The company said demand was rising in telecom, banking and defence, while the post-merger structure should improve visibility, liquidity and investor access.
The Islamabad-based group said more than Rs4.2 bn of FY2025 revenue came from services such as connectivity and telecom-related projects, while over Rs5 bn came from non-service business including cybersecurity, IT infrastructure and enterprise solutions.
Management told investors that service revenue grew at a compound annual rate of about 21% between 2021 and 2025, while non-service revenue expanded about 65% over the same period. It also said roughly 90% of non-service revenue was denominated in dollars, while about half of service revenue carried dollar billing, giving the business a natural hedge against exchange-rate swings.
A large part of the investment case now rests on recurring contracts. Supernet said it had secured long-term work in satellite services, defence communications, optical fibre deployment and managed network services, with annualised service revenue for FY2026 nearing Rs6 bn. That implies around 40% year-on-year growth, backed by contracts already signed with telecom operators, enterprise customers and public-sector clients.
The company also flagged a near-term pipeline of multimillion-dollar non-service opportunities tied to cybersecurity and digital infrastructure projects in banking, telecom, enterprise and defence. The growth push comes after a court-backed corporate restructuring. In its half-year report and PSX disclosures, Supernet Technologies said the Sindh High Court sanctioned the Scheme of Arrangement on February 24, 2026, merging Supernet Limited into Supernet Technologies Limited with effect from January 1, 2025.
The company said the transaction consolidated the group’s assets, liabilities and operations into a single listed entity trading under the symbol STL, a step management expects to simplify the structure and centralise revenue generation. PSX data shows the reshaped company now has 107.6 million shares outstanding and a free float of 40%, or about 43.0 million shares.
That compares with a previously tight ownership profile on the legacy structure, where company disclosures showed Telecard held more than 81% after the offering stage and the general public held about 18.8%. Supernet has told investors that the broader float should deepen trading liquidity and widen participation by institutional and retail investors.
The business has also started to look beyond Pakistan. Supernet said it had set up a regional platform in Dubai, where it established a data and internet point of presence and hired senior international leadership. It added that it had secured a multi-million-dollar, three-year contract with a U.S.-based telecom operator and had begun market-entry work in Africa and other regional markets. Those moves suggest the company wants to turn foreign-currency earnings into a larger share of future revenue, especially in managed connectivity, cybersecurity and enterprise infrastructure.
The broader sector backdrop is supportive. Pakistan Telecommunication Authority said in its 2024-25 annual report that the country crossed 200 million telecom subscribers and 150 million broadband connections, while sector revenue exceeded Rs1 tn, up 12% year on year. PTA also said telecom coverage topped 92%, broadband penetration crossed 60%, fiscal contributions reached Rs402 bn in 2025, and sector investment rose 9% to US$838 million.
Those indicators point to rising demand for backbone networks, secure data traffic, enterprise uptime and managed digital infrastructure, all areas where Supernet is trying to scale. Pakistan’s macro and export trends also offer some support, though execution risks remain.
The State Bank of Pakistan said the economy grew 3.0% in FY2025, helped by services and a recovery in industry, while the information and communication segment benefited from stronger ICT activity. The central bank also said the services account improved in FY2025 mainly because of a steady rise in ICT exports, and official reports tied that trend to higher software consultancy and other computer-service exports.
In the first half of FY2025, Pakistan’s total services exports rose 11% to US$4.09 bn, according to SBP data. Supernet’s own historical numbers show the scale of the current pivot. Company financial highlights published on its website show consolidated revenue stood at Rs2.67 bn in 2021 after Rs3.14 bn in 2019, with earnings swinging sharply across those years.
The new management pitch is that the merger, larger contract base and higher share of recurring and dollar-linked business could now produce a more predictable growth path than the legacy structure allowed.
That case still needs to be tested in reported accounts for the fully combined business. The listed shell’s half-year report for the period ended December 31, 2025, still showed only Rs0.99 million in top-line revenue at the standalone level, because the merger formalities were still being completed and profit was largely supported by the share of earnings from the associate company. Investors will therefore look for the next full-year numbers to see how much of the investor-briefing pipeline converts into booked revenue and cash generation.
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For now, Supernet Technologies is betting that Pakistan’s expanding telecom usage, rising enterprise cybersecurity spending and stronger regional data traffic will support its next leg of growth. With the merged entity now on the PSX main board, management is presenting Supernet Technologies as a broader digital infrastructure and cybersecurity platform rather than a niche connectivity operator.