Suyog Telematics Ltd Q4 FY26 Earnings Analysis

- Suyog Telematics targets adding around 10,000 new tenancies in FY 2027, leading to a closure of approximately 17,000 tenancies by year-end. - 40% of new tenancies expected in H1 FY27 and 60% in H2, depending on operator feedback (BSNL and Vodafone). - Revenue per site is expected to reach ₹32,000-₹33,000 soon, supported by BSNL billing completion and Airtel upgrades. - Vodafone plans to roll out about 15,000 sites in FY 2027 with ₹45,000 crore investment over three years; BSNL plans 23,000 new 4G sites backed by ₹28,000 crore budget. - Suyog is cautiously targeting ~30-35% market share in this rollout, focusing on balance sheet strength and limiting dependency on BSNL. - The company has funds arranged for rolling out 3,000 sites immediately and expects to leverage better cash flow for further expansion and possible fundraising in FY 2027. - Overall growth anticipated through strong rollout momentum from key operators and planned site expansions across India, including recent acquisitions.

- Suyog Telematics targets rolling out approximately 10,000 new tenancies (towers) in FY 2027, with 7,000+ tenancies currently active. - The company expects sustainable PAT margins of around 30-32% post rollout of 10,000 tenancies. - EBITDA margins are expected to remain healthy at about 68-70%. - Revenue per tower is projected to increase to ₹32,000-₹33,000 per month, driven by operator rollouts from Vodafone, BSNL, and Airtel upgrades. - Vodafone plans ₹45,000 crore investment over three years, with ₹15,000 crore expected in FY 2027, targeting 15,000 sites—Suyog expects to secure a portion of this rollout. - BSNL's budget allocation of ₹28,000 crore for FY 2027 is aimed at rolling out 23,000 new 4G sites, benefiting Suyog as a preferred partner. - Data centre project revenues (~₹35 crore) expected to pick up substantially in Q4 FY 2026, complementing tower business growth. - Despite rollout delays, company confident of strong growth in FY 2027 and achieving significant expansion targets.

- Suyog Telematics plans to roll out 3,000 new sites with a budget of ₹300 crore for FY 2026-27. - Funds for these sites are secured through ₹150 crore bank sanctions and ₹30-50 crore vendor credit facilities. - The company intends to focus investment in their core telecom domain, particularly in Mumbai and Delhi markets. - Future capital expenditure will depend on the progress of the 3,000 site rollout, with improved cash flow expected thereafter. - Post 3,000 sites, the company may raise additional debt or consider fundraising options (preferential allotment or QIP) as needed. - Large operator rollouts from BSNL (23,000 sites) and Vodafone (13,000-15,000 sites) for FY 2027 are expected to drive further capex opportunities. - Vodafone has arranged ₹45,000 crore for rollout over three years; BSNL has ₹28,000 crore allocated for FY 2027 alone. - Suyog remains confident in funding and executing planned CapEx aligned with operator rollout schedules.

- Currently, Suyog has adequate funds and bank sanctions (~₹150 crore debt, including ₹70 crore sanctions) to roll out the next 3,000 sites without immediate need for fundraise. - Management does not see an immediate requirement for fundraising but will assess after completing the initial 3,000 site rollout based on cash flows and revenue. - Post the initial rollout, the company may consider increasing debt or raising funds through preferential allotment or QIP depending on the situation. - Fundraising decisions will be taken quarterly based on rollout progress and financial needs. - Overall, no finalized fundraising plans currently, but readiness to raise funds when needed in FY 2027 for further expansion.

- Suyog Telematics has planned a rollout of 3,000 sites with a budget of ₹300 crore. - ₹80 crore profit is expected from these orders within the current year. - Bank sanctions of ₹150 crore are already available for funding. - Vendor credit facilities range from ₹30 crore to ₹50 crore. - Company targets roughly 10,000 new tenancies in FY 2027 — about 6,000 from BSNL and 3,500 from Vodafone. - BSNL plans around 23,000 new sites; Suyog aims to cap their share to 5,000-6,000 sites. - Vodafone plans around 15,000 sites; Suyog targets 3,500-4,000 sites (about 35-40% market share from Vodafone). - Orders for backhaul infrastructure (~₹35 crore project) are in planning stages, with execution expected by Q4 or mid-Q1. - Overall, significant order backlog exists from BSNL and Vodafone, with rollout delayed but expected to accelerate in FY 2027.