Any current/future new fundraising through debt or equity?

The company plans around INR250 crores debt borrowing for CapEx, particularly for BSNL rollout of 6,000 sites over 12-15 months. Banks have approved a sanction limit of INR150 crores, with funds not fully utilized yet. Promoter funds have contributed INR22 crores in October via warrant conversion. Internal accruals and promoter funds should cover approximately INR300 crores, enough to deploy 3,000 BSNL sites initially. Future funding of around INR400 crores may be needed over the next year for the rest of the rollout. The company may consider equity dilution later based on Vodafone and Airtel

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

Suyog Telematics plans a CapEx of INR 700 crores over the next 12-15 months for deploying 7,000 towers (6,000 from BSNL and 1,000 from VI). Funding for INR 250-300 crores CapEx is arranged via internal accruals, promoter funds (INR 22 crores received in October), and bank debt with a sanctioned limit of INR 150 crores. The company is confident of managing up to INR 500 crores from these sources and may consider equity dilution for the balance depending on rollout progress. A strategic INR 35 crore fibre project targeting data centre connectivity in Mumbai is in the final stage, expected to clo

Future growth expectations in sales/revenue/volumes?

Suyog Telematics targets strong revenue growth with major rollout plans in upcoming quarters, aiming for INR 250 crores revenue in FY26. Deployment of 5G sites for Airtel and Vodafone rollout (~1,000 sites planned in next two quarters) are key revenue drivers. Inorganic growth through potential acquisitions is expected to add immediate revenue upside. BSNL rollout of 6,000 sites over 12-15 months is expected to contribute 15-20% of revenue. Fibre network projects, including a INR 35 crore data centre fibre project and MTNL tender (L1 bidder), offer additional revenue streams. Revenue

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

Suyog Telematics expects growth driven by 5G site deployments for Airtel, Vodafone rollout (~1,000 sites in next two quarters), and planned inorganic growth via acquisitions. Targeting revenue of around INR 250 crores for FY26, with confidence on achieving this despite some delays in BSNL rollout. PAT margin guidance is around 30%-32% of revenue; INR 80-85 crores PAT is projected, achievable through organic and inorganic growth. EBITDA margins maintained around 75%, with improvements expected due to minimal CapEx upgrades on Airtel sites and addition of fibre projects. By FY27, tenancy

Current/ Expected Orderbook/ Pending Orders?

BSNL order: Bid for 12,500 sites; confident of allocation of minimum 6,000 sites; total rollout planned for 17,000+ sites over 12-15 months; approx. INR600 crore CapEx needed for 6,000 sites. Vodafone Idea (VI): Recently got 500 sites order; expecting to achieve 1,000 sites deployment for VI in Q3 and Q4 FY26. Airtel: Targeted to contribute 35%-40% of revenue; ongoing rollout upgrade from 4G to 5G. Jio: Targeted 20%-25% revenue share; rollout delayed due to IPO issues but expected to pick up. MTNL fibre project: L1 bidder for about 1,000 km fibre tender; awaiting final approvals; reven

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Suyog Telematics LtdQ3 FY25Telecom - Services

Suyog Telematics Ltd Q3 FY25 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

→Suyog Telematics targets strong revenue growth with major rollout plans in upcoming quarters, aiming for INR 250 crores revenue in FY26.
→Deployment of 5G sites for Airtel and Vodafone rollout (~1,000 sites planned in next two quarters) are key revenue drivers.
→Inorganic growth through potential acquisitions is expected to add immediate revenue upside.
→BSNL rollout of 6,000 sites over 12-15 months is expected to contribute 15-20% of revenue.
→Fibre network projects, including a INR 35 crore data centre fibre project and MTNL tender (L1 bidder), offer additional revenue streams.
→Revenue mix target: Airtel 35-40%, Jio 20-25%, VI around 30%, BSNL 15%.
→Tenancy growth to reach 8,000-8,500 sites organically in FY26, plus additions via inorganic growth.
→EBITDA and PAT margins are planned to be maintained around 70% EBITDA and 30% net profit.
→Overall, the market and business outlook are stable with expected revenue and volume growth in both tower and fibre segments.

Margin guidance

Category 3

→Suyog Telematics expects growth driven by 5G site deployments for Airtel, Vodafone rollout (~1,000 sites in next two quarters), and planned inorganic growth via acquisitions.
→Targeting revenue of around INR 250 crores for FY26, with confidence on achieving this despite some delays in BSNL rollout.
→PAT margin guidance is around 30%-32% of revenue; INR 80-85 crores PAT is projected, achievable through organic and inorganic growth.
→EBITDA margins maintained around 75%, with improvements expected due to minimal CapEx upgrades on Airtel sites and addition of fibre projects.
→By FY27, tenancy is expected to rise to about 15,000+ sites (doubling from current), sustaining revenue growth and margins.
→Fibre business expected to contribute 10-15% of total revenue by 2030, adding significant revenue diversification.
→Interest cost around 9.5% expected on debt of INR 250 crores; internal accruals and promoter funding to ease CapEx funding pressure.

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Fundraise plans

Yes

→The company plans around INR250 crores debt borrowing for CapEx, particularly for BSNL rollout of 6,000 sites over 12-15 months.
→Banks have approved a sanction limit of INR150 crores, with funds not fully utilized yet.
→Promoter funds have contributed INR22 crores in October via warrant conversion.
→Internal accruals and promoter funds should cover approximately INR300 crores, enough to deploy 3,000 BSNL sites initially.
→Future funding of around INR400 crores may be needed over the next year for the rest of the rollout.
→The company may consider equity dilution later based on Vodafone and Airtel rollouts.
→Current strategy prioritizes raising bank debt first for rollout, followed by potential equity raise as required.
→Management expressed confidence in arranging INR500 crores easily from promoter funds and internal accruals.

Order book

Yes

→BSNL order: Bid for 12,500 sites; confident of allocation of minimum 6,000 sites; total rollout planned for 17,000+ sites over 12-15 months; approx. INR600 crore CapEx needed for 6,000 sites.
→Vodafone Idea (VI): Recently got 500 sites order; expecting to achieve 1,000 sites deployment for VI in Q3 and Q4 FY26.
→Airtel: Targeted to contribute 35%-40% of revenue; ongoing rollout upgrade from 4G to 5G.
→Jio: Targeted 20%-25% revenue share; rollout delayed due to IPO issues but expected to pick up.
→MTNL fibre project: L1 bidder for about 1,000 km fibre tender; awaiting final approvals; revenue details pending.
→Data Centre fibre project: INR35 crore one-time revenue expected by FY26-end.
→Overall order book and major rollout planned with a combined target revenue of INR250 crore with PAT around INR80 crore for H2 FY26.
→Inorganic growth plans in progress to supplement organic orders.

Capex plans

Yes

→Suyog Telematics plans a CapEx of INR 700 crores over the next 12-15 months for deploying 7,000 towers (6,000 from BSNL and 1,000 from VI).
→Funding for INR 250-300 crores CapEx is arranged via internal accruals, promoter funds (INR 22 crores received in October), and bank debt with a sanctioned limit of INR 150 crores.
→The company is confident of managing up to INR 500 crores from these sources and may consider equity dilution for the balance depending on rollout progress.
→A strategic INR 35 crore fibre project targeting data centre connectivity in Mumbai is in the final stage, expected to close by end of FY26.
→Suyog is also pursuing inorganic growth opportunities to boost revenue starting from the acquisition date.
→The BSNL rollout of 6,000 sites will be phased over 12-15 months, aligning CapEx deployment accordingly.

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