Future growth expectations in sales/revenue/volumes?

Targeting 10,000 tenancies by FY26 March exit, combining FY25 spillover and FY26 rollout. BSNL tenancy expected to reach 2,000–2,500 by end of FY26. Revenue to grow as billing catch-up completes; majority of Q3 revenue impact expected from next quarter onwards. New small cell and macro tower rollouts to continue aggressively with focus on government-backed operators and FTTH deployment. Vodafone and BSNL aggressively rolling out, with BSNL having a ₹6,000 crore approval for rollout expansion, expected to boost business. Acquisition strategy to strengthen Delhi presence and tenancy, increasing

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

CapEx incurred till date on installed towers is ₹100+ crores. Planned CapEx for the last quarter of FY25 is around ₹50 crores for 500+ sites. For reaching the long-term target of 15,000 tenancies (an additional 10,000 from FY24 base), planned CapEx is around ₹800 crores (not ₹1,000 crores). For 500 new towers, estimated CapEx is ₹50 crores. Funding plans include multiple routes: bank debt (₹100 crores planned), internal accruals, promoter infusion, and preferential equity raising at an appropriate time. Debt is considered a stopgap arrangement; promoter committed to 100% fund infusion. Potenti

Any current/future new fundraising through debt or equity?

Suyog Telematics plans to raise around ₹100 crore debt, primarily as a stopgap arrangement to fund CapEx for adding approximately 1,200 new towers by March or June 2025. The company is negotiating with bankers like HDFC and Axis Bank for this debt facility, aiming to close it imminently (around next month from Feb 2025). Internal accruals will also be used alongside debt to fund new tower additions in the near term. The company has withdrawn its earlier announced preferential equity issue due to unfavorable market conditions and intends to wait for an appropriate time to raise equity fun

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

Suyog Telematics remains confident of meeting FY '26 target of 10,000 tenancies, despite some FY '25 spillover, indicating strong revenue growth ahead. EBITDA margins are stable around 69.9% for Q3 FY25, with management targeting sustainable margins close to previous quarters (~73% adjusted). Net profit margin remains strong at approximately 35%, with Q3 net profit of ₹172 million and YTD of ₹543 million. Revenue for Q3 FY25 was ₹488 million; nine months revenue stood at ₹1,425 million with expectations to grow as billing delays normalize. Earnings per share (EPS) continues to be strong due to

Current/ Expected Orderbook/ Pending Orders?

Current order book is strong and actually higher than the number shown in the presentation. The company has crossed 1,800+ tenancy up to Q3 FY25. Targets include around 3,000 macro sites plus 500 for MTNL in Mumbai and 1,000+ small cells for FY25. The 10,000 tenancy target by FY26 exit remains intact despite some spillover from FY25. Rollouts with Vodafone and BSNL are increasing, with Vodafone planning around 10,000 towers every quarter. There are 455 sites ready but yet to be built, planned for subsequent quarters. Inorganic growth targets are still on, but acquisition closures might be dela

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Suyog Telematics LtdQ4 FY26Telecom - Services

Suyog Telematics Ltd Q4 FY26 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

→Targeting 10,000 tenancies by FY26 March exit, combining FY25 spillover and FY26 rollout.
→BSNL tenancy expected to reach 2,000–2,500 by end of FY26.
→Revenue to grow as billing catch-up completes; majority of Q3 revenue impact expected from next quarter onwards.
→New small cell and macro tower rollouts to continue aggressively with focus on government-backed operators and FTTH deployment.
→Vodafone and BSNL aggressively rolling out, with BSNL having a ₹6,000 crore approval for rollout expansion, expected to boost business.
→Acquisition strategy to strengthen Delhi presence and tenancy, increasing revenue potential.
→Expect BSNL contribution to revenue to grow from current 0.4%–0.5% to ~15% by FY26.
→Anticipated revenue growth driven by steady increase in tenancy and billing stabilization over coming quarters.

Margin guidance

Category 3

→Suyog Telematics remains confident of meeting FY '26 target of 10,000 tenancies, despite some FY '25 spillover, indicating strong revenue growth ahead.
→EBITDA margins are stable around 69.9% for Q3 FY25, with management targeting sustainable margins close to previous quarters (~73% adjusted).
→Net profit margin remains strong at approximately 35%, with Q3 net profit of ₹172 million and YTD of ₹543 million.
→Revenue for Q3 FY25 was ₹488 million; nine months revenue stood at ₹1,425 million with expectations to grow as billing delays normalize.
→Earnings per share (EPS) continues to be strong due to disciplined cost management and operational efficiencies.
→BSNL tenancy growth expected to contribute ~15% of total revenue by FY '26, boosting earnings.
→Planned CapEx and debt-funded tower rollouts (1,200 new towers) support future revenue and profit growth.
→Promoter committed to 100% fund infusion for growth, supporting organic and inorganic expansion.

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Fundraise plans

Yes

→Suyog Telematics plans to raise around ₹100 crore debt, primarily as a stopgap arrangement to fund CapEx for adding approximately 1,200 new towers by March or June 2025.
→The company is negotiating with bankers like HDFC and Axis Bank for this debt facility, aiming to close it imminently (around next month from Feb 2025).
→Internal accruals will also be used alongside debt to fund new tower additions in the near term.
→The company has withdrawn its earlier announced preferential equity issue due to unfavorable market conditions and intends to wait for an appropriate time to raise equity funds.
→Promoters are committed to infusing funds as required for growth.
→Alternative fundraising routes are being explored in case of continued adverse market conditions.
→Overall, equity fundraising is deferred until market conditions improve, while debt is being used to support near-term growth and CapEx needs.

Order book

Yes

→Current order book is strong and actually higher than the number shown in the presentation.
→The company has crossed 1,800+ tenancy up to Q3 FY25.
→Targets include around 3,000 macro sites plus 500 for MTNL in Mumbai and 1,000+ small cells for FY25.
→The 10,000 tenancy target by FY26 exit remains intact despite some spillover from FY25.
→Rollouts with Vodafone and BSNL are increasing, with Vodafone planning around 10,000 towers every quarter.
→There are 455 sites ready but yet to be built, planned for subsequent quarters.
→Inorganic growth targets are still on, but acquisition closures might be delayed by a few quarters due to prioritizing organic growth and fund availability.

Capex plans

Yes

→CapEx incurred till date on installed towers is ₹100+ crores.
→Planned CapEx for the last quarter of FY25 is around ₹50 crores for 500+ sites.
→For reaching the long-term target of 15,000 tenancies (an additional 10,000 from FY24 base), planned CapEx is around ₹800 crores (not ₹1,000 crores).
→For 500 new towers, estimated CapEx is ₹50 crores.
→Funding plans include multiple routes: bank debt (₹100 crores planned), internal accruals, promoter infusion, and preferential equity raising at an appropriate time.
→Debt is considered a stopgap arrangement; promoter committed to 100% fund infusion.
→Potential acquisition delays may push some inorganic growth, with priority given to organic rollout.
→BSNL’s aggressive rollout backed by ₹6,000 crore government approval supports growth demand.
→Future CapEx is aligned with aggressive rollout plans for macro towers, small cells, and fiber.

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