Any current/future new fundraising through debt or equity?

Currently, no finalized financial planning or immediate fundraising is done; the company is awaiting final Vodafone order numbers to decide on the funding strategy. For FY27 CapEx of around INR 600 crore for adding 5,000 towers, approximately 50% is planned to be funded through internal accruals and existing debt limits. The remaining 50% funding will be finalized once Vodafone's final order details are received, expected by end of Q1 FY27. Acquisition funding is expected to come primarily from internal accruals since smaller IP companies are targeted, avoiding the need for external fund

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

**CapEx for FY27 tower rollout:** Planned rollout of 5,000 towers with an estimated CapEx of INR 12 lakhs per tower, totaling approximately INR 600 crore. (Page 14) **CapEx Funding:** Around 50% expected to be funded through internal accruals and existing debt limits; remaining 50% funding plans to be finalized post Vodafone order confirmation. (Page 14) **Vodafone rollout:** Major rollout expected from Q2 with peak activity in Q3 and Q4 FY27; 5,000 tenancies mostly on ground-based 40-meter towers. (Pages 10, 14) **Acquisitions:** Looking to acquire smaller IP companies funded mostly via inter

Future growth expectations in sales/revenue/volumes?

FY27 revenue growth expected to be around 15%-20%, with major rollout benefits materializing in FY28. (Page 15) Significant tower rollout planned: approximately 5,000 new towers primarily from Vodafone, with deployment mainly in Q3 and Q4 FY27. (Pages 13-14, 15) Revenue per tower is expected to remain stable between INR31,000 to INR32,000. (Page 13) Vodafone rollout remains intact with about 5,000 tenancies expected; BSNL rollout uncertain pending resolution of equipment issues. (Pages 17, 18, 22) Top-line growth to get a boost due to inclusion of EB (energy billing) in revenue from this quart

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

FY27 revenue growth expected around 15-20%, with major rollout in Q3 and Q4; full-year benefits expected in FY28. EBITDA margins expanded in Q4 FY26, partly due to accounting changes (Ind AS 116). Operating profitability expected to sustain. PAT margin approximately 30%, sustained year-on-year with INR 631 million PAT in FY26. Revenue per tower improved to INR 31,000 in FY26; expected to stay around INR 31,000-32,000 in FY27. Vodafone rollout of approximately 5,000 tenancies anticipated in FY27, contingent on order finalization by June. Additional BSNL rollout awaits resolution of netw

Current/ Expected Orderbook/ Pending Orders?

Vodafone rollout order of approximately 5,000 tenancies (around 4,000 towers) expected in FY27; deployment to start mainly from Q2 with a bumper rollout in Q3 and Q4. Vodafone order timeline delayed from Feb/March to June; orders directly allocated under master service agreement without tender. BSNL expected rollout plan of around 30,000 sites, but currently delayed due to equipment issues with Tejas network; no confirmation received yet on order finalization or timeline. Airtel and Jio have not declared any rollouts due to ongoing investments and IPO timelines. Orders from Vodafone ar

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Suyog Telematics LtdQ1 FY26Telecom - Services

Suyog Telematics Ltd Q1 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 3

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY27 revenue growth expected to be around 15%-20%, with major rollout benefits materializing in FY28. (Page 15)
→Significant tower rollout planned: approximately 5,000 new towers primarily from Vodafone, with deployment mainly in Q3 and Q4 FY27. (Pages 13-14, 15)
→Revenue per tower is expected to remain stable between INR31,000 to INR32,000. (Page 13)
→Vodafone rollout remains intact with about 5,000 tenancies expected; BSNL rollout uncertain pending resolution of equipment issues. (Pages 17, 18, 22)
→Top-line growth to get a boost due to inclusion of EB (energy billing) in revenue from this quarter onward. (Page 22)
→Confident about completing rollout in 10 states, including Maharashtra, Uttar Pradesh, and planned rollout in Bihar. (Page 22)
→Data center business progress slow currently; expected to emerge as growth avenue in coming years. (Page 17)

Margin guidance

Category 3

→FY27 revenue growth expected around 15-20%, with major rollout in Q3 and Q4; full-year benefits expected in FY28.
→EBITDA margins expanded in Q4 FY26, partly due to accounting changes (Ind AS 116). Operating profitability expected to sustain.
→PAT margin approximately 30%, sustained year-on-year with INR 631 million PAT in FY26.
→Revenue per tower improved to INR 31,000 in FY26; expected to stay around INR 31,000-32,000 in FY27.
→Vodafone rollout of approximately 5,000 tenancies anticipated in FY27, contingent on order finalization by June. Additional BSNL rollout awaits resolution of network issues.
→Acquisitions planned mainly from internal accruals, expected to add incremental growth without substantial debt.
→Data center business still nascent with no material contribution expected in near term; seen as a future growth avenue.
→Interest costs influenced by Ind AS 116; real loan interest stable around 9%.
→Overall, steady growth in earnings and operating profits expected driven by tower rollouts and upgrades.

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Fundraise plans

→Currently, no finalized financial planning or immediate fundraising is done; the company is awaiting final Vodafone order numbers to decide on the funding strategy.
→For FY27 CapEx of around INR 600 crore for adding 5,000 towers, approximately 50% is planned to be funded through internal accruals and existing debt limits.
→The remaining 50% funding will be finalized once Vodafone's final order details are received, expected by end of Q1 FY27.
→Acquisition funding is expected to come primarily from internal accruals since smaller IP companies are targeted, avoiding the need for external fundraising.
→Any future debt or equity raise will depend on rollout orders, particularly from Vodafone and BSNL, and will be communicated once plans are finalized.

Order book

Yes

→Vodafone rollout order of approximately 5,000 tenancies (around 4,000 towers) expected in FY27; deployment to start mainly from Q2 with a bumper rollout in Q3 and Q4.
→Vodafone order timeline delayed from Feb/March to June; orders directly allocated under master service agreement without tender.
→BSNL expected rollout plan of around 30,000 sites, but currently delayed due to equipment issues with Tejas network; no confirmation received yet on order finalization or timeline.
→Airtel and Jio have not declared any rollouts due to ongoing investments and IPO timelines.
→Orders from Vodafone are mostly confirmed, but BSNL orders are pending resolution of technical issues.
→The company plans to complete the Vodafone rollout of 5,000 sites within FY27.
→Awaiting final clarity from Vodafone and BSNL by Q1 FY27 to finalize targets and funding plans.

Capex plans

Yes

→**CapEx for FY27 tower rollout:** Planned rollout of 5,000 towers with an estimated CapEx of INR 12 lakhs per tower, totaling approximately INR 600 crore. (Page 14)
→**CapEx Funding:** Around 50% expected to be funded through internal accruals and existing debt limits; remaining 50% funding plans to be finalized post Vodafone order confirmation. (Page 14)
→**Vodafone rollout:** Major rollout expected from Q2 with peak activity in Q3 and Q4 FY27; 5,000 tenancies mostly on ground-based 40-meter towers. (Pages 10, 14)
→**Acquisitions:** Looking to acquire smaller IP companies funded mostly via internal accruals; no big acquisitions finalized yet. (Page 17)
→**No major CapEx currently on data centers:** Business development ongoing, but delayed due to telco CapEx pause. (Page 17)
→**Fiber network:** Fiber laid alongside towers as a recurring asset, purchased and sub-leased to operators; part of operational strategy, not a separate major CapEx at present. (Page 19)

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