Skip to content

    Suyog Telematics

    SUYOG
    Telecommunication·2 Jun 2026
    Management Summary

    Suyog Telematics reported a strong FY26 with INR221 crore in revenue and a 74% EBITDA margin. The company has secured a verbal commitment for 5,000 sites from Vodafone for FY27 deployment, with an estimated CapEx of INR600 crore. However, BSNL orders are delayed due to equipment issues, and Q1 FY27 is expected to be flat, with major growth anticipated from Q2 onwards.

    Highlights

    5

    • Revenue from operations for FY26 reached INR221 crore, demonstrating strong performance.

    • EBITDA for FY26 stood at INR164.2 crore, with a robust EBITDA margin of 74%.

    • Net profit (PAT) for FY26 was INR63.1 crore, maintaining a strong PAT margin of approximately 30%.

    • Revenue per tower improved to INR31,000 in FY26, up from INR29,000 previously.

    • Secured a verbal confirmation for a minimum of 5,000 sites/tenancies from Vodafone for deployment in FY27.

    Concerns

    3

    • BSNL orders are delayed due to unresolved issues with Tejas equipment, with no clear timeline for resolution.

    • Previous FY27 exit tenancies target of 17,000 has been revised down to 12,000-13,000, pending Vodafone and BSNL confirmations.

    • Q1 FY27 is expected to have no major growth, with deployment from new orders primarily starting in Q2.

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue from Operations₹221 Cr
    2. 02EBITDA₹164.2 Cr
    3. 03EBITDA Margin74%
    4. 04PAT₹63.1 Cr
    5. 05PAT Margin30%

    Order Book

    high confidence

    Total Value

    5,000 sites

    as of 2026-06-02

    quantified

    Execution

    to be deployed in current financial year (FY27)

    "Management has received verbal confirmation for 5,000 sites/tenancies from Vodafone, which will be deployed in FY27."

    Source:
    Q&A

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Capex

    ₹600 crores

    Around 50% from internal accruals plus existing debt limit, balance 50% to be worked out.

    Debt

    Debt disclosed

    Cost 9.0%

    Guidance & targets

    5
    CategoryTargetPriority
    Capacity
    FY27 Exit Tenancies
    12,000 to 13,000
    		Medium
    Profitability
    Revenue per Tower
    INR31,000 to INR32,000
    		High
    Volume
    Vodafone Tower Deployment
    5,000 sites
    		High
    Revenue
    Q1 FY27 Revenue Run-rate
    Similar to Q4 FY26
    		High
    Revenue
    FY27 Revenue Growth
    0.15 to 0.20
    		Medium

    Final Vodafone Order Confirmation

    next quarter
    CurrentVerbally confirmed for 5,000 sites
    TargetOfficial order received by June end

    Why it matters

    Crucial for initiating deployment and achieving FY27 growth targets.

    We are expecting around 5,000 towers from Vodafone in current financial year to be deployed. And a big bulk order is on way and should reach us by June end, most likely, we will be able to get a big chunk of business from Vodafone by June end.

    How to verify

    order_book.value.amount

    Risks & concerns

    3
    RiskSeverity

    BSNL order delays due to Tejas equipment issues

    BSNL networks are not stable due to Tejas equipment issues, delaying potential orders for Suyog Telematics. — Management acknowledged

    medium

    Uncertainty in final Vodafone order quantum and timeline

    While a minimum of 5,000 sites is verbally confirmed, the final order details and exact timeline for deployment are still pending from Vodafone. — Management acknowledged

    medium

    Potential impact on top line from BSNL low rentals

    BSNL rentals are significantly lower than private operators (INR7,000 vs INR15,000-INR25,000), which can dilute the average revenue per tower if BSNL rollouts increase. — Analyst acknowledged

    low

    Q&A highlights

    8

    “So, Varun, as you are aware that Vodafone news just came last month about the spectrum relief. No lender was ready to fund them unless there was a clarity on spectrum charges, which they have got in the last month. So now Vodafone is very sure, that they will be able to raise funds by June end and they will release all the orders by June.”

    Clarifies the reason for Vodafone order delays and the expectation for order release by June end, crucial for FY27 growth.

    asked by Varun Ghia

    2 min read6 chapters

    Detailed Narrative

    01

    FY26 Financial Performance Overview

    Suyog Telematics reported a strong financial year 2026, with revenue from operations reaching INR221 crore. The company achieved an EBITDA of INR164.2 crore, translating to a robust EBITDA margin of 74%. Net profit (PAT) stood at INR63.1 crore, maintaining a healthy PAT margin of approximately 30%. The revenue per tower also saw an improvement, reaching INR31,000 for FY26.

    02

    Vodafone Partnership and FY27 Rollout Plans

    The company has received verbal confirmation from Vodafone for a minimum of 5,000 sites/tenancies, which are expected to be deployed in the current financial year (FY27). This rollout is anticipated to involve a CapEx of approximately INR12 lakhs per tower, totaling INR600 crore for 5,000 towers. Management expects to fund about 50% of this CapEx through internal accruals and existing debt limits, with the remaining 50% to be finalized upon receiving the definitive order.

    03

    BSNL Order Delays and Tejas Equipment Issues

    BSNL's planned rollout of 30,000 sites in the current financial year is facing delays due to unresolved issues with Tejas equipment, particularly concerning network stability and SIM latching. Suyog Telematics, not directly involved with Tejas, is awaiting BSNL's confirmation once these issues are resolved. The company noted that BSNL rentals are significantly lower (INR7,000 per site) compared to private operators, impacting the overall revenue per tower for BSNL-related rollouts.

    04

    Growth Drivers and Network Infrastructure

    Suyog Telematics' growth is driven by macro sites, including 40-meter GBT towers and RTP sites in metro cities. The company boasts a significant fiber presence with 6,300 kilometers of aerial fiber network, which is a key USP for 5G and 6G networks. Currently, the network comprises 6,008 towers supporting 7,318 tenancies, including over 4,000 small cells and 1,000 government sites. There are 189 sites ready for integration by various operators.

    05

    Capital Expenditure and Funding Strategy

    For the anticipated 5,000 tower rollout in FY27, the company estimates a CapEx of INR600 crore, based on INR12 lakhs per 40-meter GBT tower. Management plans to cover approximately 50% of this CapEx through internal accruals and existing debt facilities. The remaining 50% will be financed once the final Vodafone order details are confirmed, with management expressing confidence in securing the necessary funds.

    06

    Operational Efficiency and Internal Controls

    The company operates with high operational efficiency, having only two diesel generator sites and relying primarily on grid power for all sites. They have transitioned to lithium batteries from VRLA batteries for improved performance. In response to auditor recommendations, Suyog Telematics is actively deploying new software for billing, rental payment, and warehouse management to strengthen internal controls and enhance operational automation.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.