Any current/future new fundraising through debt or equity?

As of Q1FY25, Suyog Telematics has not finalized any new borrowing plans for FY25. They have enough funds for Capex up to end of Q3FY25 from internal accruals and a ₹40 crore inflow expected from warrants issued to promoters. Post Q3FY25, the company will assess the need for raising additional funds or debt based on funds availability and business requirements. The current Capex plan for 4,500 towers in FY25 (~₹450-475 crore) is covered through internal accruals and promoter funds. The company may consider borrowing or fundraising after December 2024, but no concrete plans have been made yet.

Any current/future capex/capital investment/strategic investment?

Suyog Telematics plans to add 4,500 new towers over the next nine months, with a Capex of approximately ₹450-475 crore (around ₹10 lakh per tower). Capex for FY'26 is expected to be around ₹300 crore, mainly for tower rollout and infrastructure expansion. Up to Q3 FY'25, funds for Capex are covered through internal accruals, promoter funds, and ₹40 crore expected from warrants; no borrowing finalized yet, but potential debt considerations post Q3. Full-year benefits from towers built in FY'25 will reflect in FY'26, and similarly, FY'26 Capex benefits will appear in FY'27. The company i

Future growth expectations in sales/revenue/volumes?

FY'25 revenue target is around ₹195+ crore, reflecting growth from ongoing tower rollouts. The company plans to add approximately 4,500 new towers over the next 9 months and another 4,500 towers the following year (FY'26). FY'26 revenue guidance is conservative at ₹320+ crore, factoring in tower tenancies as of FY'25 end; actual revenue could be higher with increased rollout and tenants. Expansion across 15 states is planned, with Maharashtra continuing to dominate but incremental revenue expected increasingly from other states (30%-40% from outside Maharashtra). The Fiber to the Home

Future growth expectations in earnings/operating earnings/profits/EPS?

Suyog Telematics targets revenue of around ₹195+ crore for FY25 and ₹320+ crore for FY26, indicating strong top-line growth. EBITDA margins are expected to be stable around 60-65% in the medium term, with FY24 margins having been around 70%. The company plans to add approximately 4,500 towers annually for the next two years, driving tenancy and revenue growth. Increasing tenancy ratio per tower is expected, though BSNL's rural-focused strategy may limit massive jumps; overall tenancy growth should improve margins. Earnings growth is supported by internal accruals and promoter funds for

Current/ Expected Orderbook/ Pending Orders?

Current planned rollout by Suyog Telematics Limited is approximately 4,500 new towers over the next 9 months, spread evenly across quarters. The company has sufficient funds for Capex up to Q3 of the financial year through internal accruals, promoters' funds, some debt, and ₹40 crore expected from warrants. Operators, including Airtel, Jio, Vodafone, and BSNL, have already placed active equipment orders with suppliers like Ericsson and Tejas (for BSNL - Make in India initiative). The company views the telecom infrastructure market as having a substantial opportunity, with an industry nee

Suyog Telematics LtdQ1 FY25Telecom - Services

Suyog Telematics Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹448P/E: 8.9Market Cap: ₹525 CrSector: Telecom - Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

FY'25 revenue target is around ₹195+ crore, reflecting growth from ongoing tower rollouts.
The company plans to add approximately 4,500 new towers over the next 9 months and another 4,500 towers the following year (FY'26).
FY'26 revenue guidance is conservative at ₹320+ crore, factoring in tower tenancies as of FY'25 end; actual revenue could be higher with increased rollout and tenants.
Expansion across 15 states is planned, with Maharashtra continuing to dominate but incremental revenue expected increasingly from other states (30%-40% from outside Maharashtra).
The Fiber to the Home (FTTH) rollout is expected to contribute significantly to revenue in the next 2-3 years, complementing tower business.
Capacity to capture a bigger market share depends on improving financial capability and funds visibility.
EBITDA margins expected to stay stable around 60-65% despite growth.

Margin guidance

Category 3

Suyog Telematics targets revenue of around ₹195+ crore for FY25 and ₹320+ crore for FY26, indicating strong top-line growth.
EBITDA margins are expected to be stable around 60-65% in the medium term, with FY24 margins having been around 70%.
The company plans to add approximately 4,500 towers annually for the next two years, driving tenancy and revenue growth.
Increasing tenancy ratio per tower is expected, though BSNL's rural-focused strategy may limit massive jumps; overall tenancy growth should improve margins.
Earnings growth is supported by internal accruals and promoter funds for capex up to Q3 FY25, with ₹40 crore from warrant conversion also contributing.
As towers and tenancies increase, operating leverage is expected to improve, supporting profitability.
Long-term vision targets sustained digital infrastructure growth aligned with India’s 5G rollout ambitions through 2040.

See what Suyog Telematics Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

As of Q1FY25, Suyog Telematics has not finalized any new borrowing plans for FY25.
They have enough funds for Capex up to end of Q3FY25 from internal accruals and a ₹40 crore inflow expected from warrants issued to promoters.
Post Q3FY25, the company will assess the need for raising additional funds or debt based on funds availability and business requirements.
The current Capex plan for 4,500 towers in FY25 (~₹450-475 crore) is covered through internal accruals and promoter funds.
The company may consider borrowing or fundraising after December 2024, but no concrete plans have been made yet.
They plan to give more clarity on fundraising needs in the Q3FY25 call depending on the financial situation at that time.

Order book

Yes

Current planned rollout by Suyog Telematics Limited is approximately 4,500 new towers over the next 9 months, spread evenly across quarters.
The company has sufficient funds for Capex up to Q3 of the financial year through internal accruals, promoters' funds, some debt, and ₹40 crore expected from warrants.
Operators, including Airtel, Jio, Vodafone, and BSNL, have already placed active equipment orders with suppliers like Ericsson and Tejas (for BSNL - Make in India initiative).
The company views the telecom infrastructure market as having a substantial opportunity, with an industry need for around 6 lakh new towers in the coming 2-3 years.
Expansion beyond current financial capability depends on better fund visibility, with plans to revise targets accordingly.
Master Service Agreements (MSAs) with operators have long tenure (around 15 years), indicating steady future income from these contracts.

See what Suyog Telematics Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Suyog Telematics plans to add 4,500 new towers over the next nine months, with a Capex of approximately ₹450-475 crore (around ₹10 lakh per tower).
Capex for FY'26 is expected to be around ₹300 crore, mainly for tower rollout and infrastructure expansion.
Up to Q3 FY'25, funds for Capex are covered through internal accruals, promoter funds, and ₹40 crore expected from warrants; no borrowing finalized yet, but potential debt considerations post Q3.
Full-year benefits from towers built in FY'25 will reflect in FY'26, and similarly, FY'26 Capex benefits will appear in FY'27.
The company is aggressively rolling out FTTH (Fiber to the Home) infrastructure in key states, targeting future revenue from fiber alongside towers.
Future Capex plans depend on fund availability, with room to scale up investments if financial visibility improves.

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