Any current/future new fundraising through debt or equity?

Currently, Suyog has adequate funds and bank sanctions (~₹150 crore debt, including ₹70 crore sanctions) to roll out the next 3,000 sites without immediate need for fundraise. Management does not see an immediate requirement for fundraising but will assess after completing the initial 3,000 site rollout based on cash flows and revenue. Post the initial rollout, the company may consider increasing debt or raising funds through preferential allotment or QIP depending on the situation. Fundraising decisions will be taken quarterly based on rollout progress and financial needs. Overall, no finaliz

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

Suyog Telematics plans to roll out 3,000 new sites with a budget of ₹300 crore for FY 2026-27. Funds for these sites are secured through ₹150 crore bank sanctions and ₹30-50 crore vendor credit facilities. The company intends to focus investment in their core telecom domain, particularly in Mumbai and Delhi markets. Future capital expenditure will depend on the progress of the 3,000 site rollout, with improved cash flow expected thereafter. Post 3,000 sites, the company may raise additional debt or consider fundraising options (preferential allotment or QIP) as needed. Large operator rollouts

Future growth expectations in sales/revenue/volumes?

Suyog Telematics targets adding around 10,000 new tenancies in FY 2027, leading to a closure of approximately 17,000 tenancies by year-end. 40% of new tenancies expected in H1 FY27 and 60% in H2, depending on operator feedback (BSNL and Vodafone). Revenue per site is expected to reach ₹32,000-₹33,000 soon, supported by BSNL billing completion and Airtel upgrades. Vodafone plans to roll out about 15,000 sites in FY 2027 with ₹45,000 crore investment over three years; BSNL plans 23,000 new 4G sites backed by ₹28,000 crore budget. Suyog is cautiously targeting ~30-35% market share in this

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

Suyog Telematics targets rolling out approximately 10,000 new tenancies (towers) in FY 2027, with 7,000+ tenancies currently active. The company expects sustainable PAT margins of around 30-32% post rollout of 10,000 tenancies. EBITDA margins are expected to remain healthy at about 68-70%. Revenue per tower is projected to increase to ₹32,000-₹33,000 per month, driven by operator rollouts from Vodafone, BSNL, and Airtel upgrades. Vodafone plans ₹45,000 crore investment over three years, with ₹15,000 crore expected in FY 2027, targeting 15,000 sites—Suyog expects to secure a portion of

Current/ Expected Orderbook/ Pending Orders?

Suyog Telematics has planned a rollout of 3,000 sites with a budget of ₹300 crore. ₹80 crore profit is expected from these orders within the current year. Bank sanctions of ₹150 crore are already available for funding. Vendor credit facilities range from ₹30 crore to ₹50 crore. Company targets roughly 10,000 new tenancies in FY 2027 — about 6,000 from BSNL and 3,500 from Vodafone. BSNL plans around 23,000 new sites; Suyog aims to cap their share to 5,000-6,000 sites. Vodafone plans around 15,000 sites; Suyog targets 3,500-4,000 sites (about 35-40% market share from Vodafone). Orders for backha

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Suyog Telematics LtdQ4 FY27Telecom - Services

Suyog Telematics Ltd Q4 FY27 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 adding around 10,000 new tenancies in FY 2027, leading to a closure of approximately 17,000 tenancies by year-end.
→40% of new tenancies expected in H1 FY27 and 60% in H2, depending on operator feedback (BSNL and Vodafone).
→Revenue per site is expected to reach ₹32,000-₹33,000 soon, supported by BSNL billing completion and Airtel upgrades.
→Vodafone plans to roll out about 15,000 sites in FY 2027 with ₹45,000 crore investment over three years; BSNL plans 23,000 new 4G sites backed by ₹28,000 crore budget.
→Suyog is cautiously targeting ~30-35% market share in this rollout, focusing on balance sheet strength and limiting dependency on BSNL.
→The company has funds arranged for rolling out 3,000 sites immediately and expects to leverage better cash flow for further expansion and possible fundraising in FY 2027.
→Overall growth anticipated through strong rollout momentum from key operators and planned site expansions across India, including recent acquisitions.

Margin guidance

Category 3

→Suyog Telematics targets rolling out approximately 10,000 new tenancies (towers) in FY 2027, with 7,000+ tenancies currently active.
→The company expects sustainable PAT margins of around 30-32% post rollout of 10,000 tenancies.
→EBITDA margins are expected to remain healthy at about 68-70%.
→Revenue per tower is projected to increase to ₹32,000-₹33,000 per month, driven by operator rollouts from Vodafone, BSNL, and Airtel upgrades.
→Vodafone plans ₹45,000 crore investment over three years, with ₹15,000 crore expected in FY 2027, targeting 15,000 sites—Suyog expects to secure a portion of this rollout.
→BSNL's budget allocation of ₹28,000 crore for FY 2027 is aimed at rolling out 23,000 new 4G sites, benefiting Suyog as a preferred partner.
→Data centre project revenues (~₹35 crore) expected to pick up substantially in Q4 FY 2026, complementing tower business growth.
→Despite rollout delays, company confident of strong growth in FY 2027 and achieving significant expansion targets.

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Fundraise plans

Yes

→Currently, Suyog has adequate funds and bank sanctions (~₹150 crore debt, including ₹70 crore sanctions) to roll out the next 3,000 sites without immediate need for fundraise.
→Management does not see an immediate requirement for fundraising but will assess after completing the initial 3,000 site rollout based on cash flows and revenue.
→Post the initial rollout, the company may consider increasing debt or raising funds through preferential allotment or QIP depending on the situation.
→Fundraising decisions will be taken quarterly based on rollout progress and financial needs.
→Overall, no finalized fundraising plans currently, but readiness to raise funds when needed in FY 2027 for further expansion.

Order book

Yes

→Suyog Telematics has planned a rollout of 3,000 sites with a budget of ₹300 crore.
→₹80 crore profit is expected from these orders within the current year.
→Bank sanctions of ₹150 crore are already available for funding.
→Vendor credit facilities range from ₹30 crore to ₹50 crore.
→Company targets roughly 10,000 new tenancies in FY 2027 — about 6,000 from BSNL and 3,500 from Vodafone.
→BSNL plans around 23,000 new sites; Suyog aims to cap their share to 5,000-6,000 sites.
→Vodafone plans around 15,000 sites; Suyog targets 3,500-4,000 sites (about 35-40% market share from Vodafone).
→Orders for backhaul infrastructure (~₹35 crore project) are in planning stages, with execution expected by Q4 or mid-Q1.
→Overall, significant order backlog exists from BSNL and Vodafone, with rollout delayed but expected to accelerate in FY 2027.

Capex plans

Yes

→Suyog Telematics plans to roll out 3,000 new sites with a budget of ₹300 crore for FY 2026-27.
→Funds for these sites are secured through ₹150 crore bank sanctions and ₹30-50 crore vendor credit facilities.
→The company intends to focus investment in their core telecom domain, particularly in Mumbai and Delhi markets.
→Future capital expenditure will depend on the progress of the 3,000 site rollout, with improved cash flow expected thereafter.
→Post 3,000 sites, the company may raise additional debt or consider fundraising options (preferential allotment or QIP) as needed.
→Large operator rollouts from BSNL (23,000 sites) and Vodafone (13,000-15,000 sites) for FY 2027 are expected to drive further capex opportunities.
→Vodafone has arranged ₹45,000 crore for rollout over three years; BSNL has ₹28,000 crore allocated for FY 2027 alone.
→Suyog remains confident in funding and executing planned CapEx aligned with operator rollout schedules.

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