Any current/future new fundraising through debt or equity?

Suyog Telematics is currently raising ₹350 crore through a preferential equity issue: ₹250 crore from investors and ₹100 crore from promoters, expected to complete by December. The ₹350 crore raised will be largely used for CapEx rollout, adding approximately 5,000 towers by March. Post this equity raise, the company plans to raise additional debt in the next financial year to support significant CapEx plans (₹800 to ₹1,000 crore over two years). The better equity ratio after preferential issue will facilitate access to debt from multiple financial institutions. The company plans a mix of inte

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

For FY '25, Suyog Telematics plans total CapEx of around ₹450 crores, with ₹65 crores spent in H1 and ₹400+ crores targeted for H2, aiming to roll out 5,000 towers by March 2025. The company is raising ₹350 crores through a preferential issue (₹250 crores from investors and ₹100 crores promoters' contribution) by December to fund CapEx. FY '26 CapEx is planned at ₹400-450 crores, largely funded through internal accruals and additional debt to support a significant rollout and growth. Strategic inorganic growth is targeted with acquisitions focused on companies having Airtel and Jio tenan

Future growth expectations in sales/revenue/volumes?

FY25 revenue growth projected around 30% overall. Targeting addition of 5,000 tenancies in H2 FY25 and another 5,000 in FY26, aiming for 15,000 tenancies by FY26 end. FY26 organic revenue guidance is ₹320 crore; inorganic growth opportunities under exploration but guidance remains unchanged until deals are finalized. Inorganic growth focus on acquiring companies in circles where Suyog is weak, targeting companies with Airtel and Jio tenancies to boost tenancy rapidly. CapEx for FY25 estimated around ₹450 crore; further debt to be raised to fund expansion and inorganic acquisitions. Target to c

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

The company projects around 30% overall revenue growth for FY24-25. Targeting 5,000 new tenancies each in FY25 and FY26, maintaining high EBITDA margins (65-70%) and PAT margins (25-30%). EBITDA margin sustained around 70-75% and PAT around 35% going forward, despite additional CapEx. FY26 revenue guidance stands at ₹320 crore organically; inorganic growth could provide upside but is currently not factored in. EPS improved to 34.40 with 24.7% YoY net profit growth in Q2 FY25; margin expansion expected to be sustainable. The company plans ₹450-500 crore CapEx in FY26 funded via intern

Current/ Expected Orderbook/ Pending Orders?

Current order book includes over 3,000 towers from Vodafone and 2,500 towers from BSNL as of Q2 FY25. They have visibility to add around 5,000 tenancies in H2 FY25. The order book is dynamic and keeps increasing monthly with new requirements from operators. For BSNL specifically, they have more than 2,500 to 3,000 towers planned for erection in FY25 and a similar number targeted for FY26. Vodafone's rollout is aggressive with 3,000+ towers already in the order book. They plan to add approximately 4,500 tenancies in the second half of FY25. Overall, the company expects doubled growth in FY25 co

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Suyog Telematics LtdQ3 FY24Telecom - Services

Suyog Telematics Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹805P/E: 27.1Market Cap: ₹931 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

→FY25 revenue growth projected around 30% overall.
→Targeting addition of 5,000 tenancies in H2 FY25 and another 5,000 in FY26, aiming for 15,000 tenancies by FY26 end.
→FY26 organic revenue guidance is ₹320 crore; inorganic growth opportunities under exploration but guidance remains unchanged until deals are finalized.
→Inorganic growth focus on acquiring companies in circles where Suyog is weak, targeting companies with Airtel and Jio tenancies to boost tenancy rapidly.
→CapEx for FY25 estimated around ₹450 crore; further debt to be raised to fund expansion and inorganic acquisitions.
→Target to connect 5 lakh home passes over 3-4 years, indicating significant market expansion potential.
→Sustained EBITDA margin expected at 70-75% and PAT margin around 35% despite CapEx increases.

Margin guidance

Category 3

→The company projects around 30% overall revenue growth for FY24-25.
→Targeting 5,000 new tenancies each in FY25 and FY26, maintaining high EBITDA margins (65-70%) and PAT margins (25-30%).
→EBITDA margin sustained around 70-75% and PAT around 35% going forward, despite additional CapEx.
→FY26 revenue guidance stands at ₹320 crore organically; inorganic growth could provide upside but is currently not factored in.
→EPS improved to 34.40 with 24.7% YoY net profit growth in Q2 FY25; margin expansion expected to be sustainable.
→The company plans ₹450-500 crore CapEx in FY26 funded via internal accruals and debt, aimed at scaling operations efficiently.
→Strategic acquisitions expected to enhance tenant base and regional presence, with impact more visible from FY26 onwards.
→Management confident of achieving all committed targets within the next two years.

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Fundraise plans

Yes

→Suyog Telematics is currently raising ₹350 crore through a preferential equity issue: ₹250 crore from investors and ₹100 crore from promoters, expected to complete by December.
→The ₹350 crore raised will be largely used for CapEx rollout, adding approximately 5,000 towers by March.
→Post this equity raise, the company plans to raise additional debt in the next financial year to support significant CapEx plans (₹800 to ₹1,000 crore over two years).
→The better equity ratio after preferential issue will facilitate access to debt from multiple financial institutions.
→The company plans a mix of internal accruals and debt for funding ₹450-₹500 crore CapEx in FY26, keeping debt levels moderate.
→Debt will support both organic growth and inorganic acquisition opportunities, especially in circles where the company wants to strengthen presence.

Order book

Yes

→Current order book includes over 3,000 towers from Vodafone and 2,500 towers from BSNL as of Q2 FY25.
→They have visibility to add around 5,000 tenancies in H2 FY25.
→The order book is dynamic and keeps increasing monthly with new requirements from operators.
→For BSNL specifically, they have more than 2,500 to 3,000 towers planned for erection in FY25 and a similar number targeted for FY26.
→Vodafone's rollout is aggressive with 3,000+ towers already in the order book.
→They plan to add approximately 4,500 tenancies in the second half of FY25.
→Overall, the company expects doubled growth in FY25 compared to FY24 owing to backlog of rollout extending into FY25 and FY26.

Capex plans

Yes

→For FY '25, Suyog Telematics plans total CapEx of around ₹450 crores, with ₹65 crores spent in H1 and ₹400+ crores targeted for H2, aiming to roll out 5,000 towers by March 2025.
→The company is raising ₹350 crores through a preferential issue (₹250 crores from investors and ₹100 crores promoters' contribution) by December to fund CapEx.
→FY '26 CapEx is planned at ₹400-450 crores, largely funded through internal accruals and additional debt to support a significant rollout and growth.
→Strategic inorganic growth is targeted with acquisitions focused on companies having Airtel and Jio tenancies, especially in circles where Suyog’s presence is weak; acquisition expected by next quarter.
→The CapEx will also support fiberization (fibre-to-home, last mile connectivity, in-building solutions) as part of expanding next-gen connectivity solutions.
→The company is pursuing IP-1 model for laying and subleasing fiber, moving away from EPC work to a recurring revenue model.

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