Suyog Telematics Ltd

- 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.

- 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.

- 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.

- 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.

- 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.