Suyog Telematics Limited (SUYOG)
₹613.55 -3.10% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Suyog Telematics' revenue was ₹71.0 Cr (+29.0% year on year, +26.7% on the previous quarter), and net profit ₹14.5 Cr (-14.7% year on year); the operating margin was 59.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹71.0 | +29.0% | +26.7% |
| Operating profit | ₹42.1 | +2.7% | +0.2% |
| Net profit | ₹14.5 | -14.7% | +3.5% |
| EPS (₹) | 12.37 | -20.1% | +0.0% |
| Operating margin | 59.3% | — | — |
SUYOG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.51% of the SUYOG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.17%. That is close to its usual level.
Delivery in the last 5 sessions: 22.8% · 41.4% · 37.5% · 53.4% · 51.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Suyog Telematics announced the voting results and scrutinizer report for its 31st Annual General Meeting held on September 22, 2026. All seven resolutions were passed with over 99.9% majority, including the adoption of FY26 financial statements and approval of a ₹1 per share dividend (10% on face value of ₹10). Other approved resolutions included director re-appointments and enabling powers under Section 185 to advance loans or provide guarantees.
- All 7 resolutions approved with over 99.99% voting in favour
- Approval of dividend of ₹1 (Rupee One) per equity share (10% on ₹10 face value) for FY26
- Total of 63,53,543 votes polled out of 1,17,17,120 outstanding shares (54.22% turnout)
- Approved loans/guarantees/securities under Section 185 of the Companies Act, 2013
Suyog Telematics Limited has concluded its 31st Annual General Meeting held on September 22, 2026, via video conferencing. A total of 43 members attended the meeting to consider 7 resolutions, which included the adoption of financial statements, dividend declaration, re-appointment of whole-time director Ms. Subhashita Lature, and approval of loans/guarantees under Section 185. Final voting results and the Scrutinizer's report will be declared within two working days.
- 31st Annual General Meeting held on September 22, 2026, via Video Conferencing
- 43 members were present and attended the meeting
- 7 agenda items tabled including dividend declaration and Section 185 loan/guarantee approvals
- Remote e-voting was open from September 17 to September 21, 2026
- Consolidated voting results to be disclosed within 2 working days
Suyog Telematics Limited has received orders for an additional 819 sites from Vodafone Idea Limited in multiple tranches during the current financial year. Although the exact monetary value of the orders was not disclosed, this represents a significant operational expansion against the company's broader roadmap to deploy 8,000 new tenancies. Suyog operates with a TTM revenue of ₹238 crore and an operating margin of 69.6%, making client rollout momentum critical for rental cash flows. The order demonstrates ongoing capex execution from Vodafone Idea, supporting Suyog's network tenancy growth.
- Received orders for an additional 819 sites from Vodafone Idea Limited
- Orders secured in multiple tranches during the current Financial Year (FY27)
- Commercial value of the contract not disclosed in the filing
- Supports company's target plan to roll out 8,000 new tenancies across India
Suyog Telematics Limited has issued the notice for its 31st Annual General Meeting scheduled for September 22, 2026. Key business items include the approval of a Re 1 per share (10%) dividend for FY26 and an enabling special resolution for inter-corporate loans/guarantees under Section 185 up to Rs 40 crore. Shareholders will also vote on the re-appointment of Ms. Subhashita Lature as Whole-Time Director for five years (remuneration up to Rs 1.5 crore) and remuneration of up to Rs 80 lakh for Non-Executive Director Mrs. Suchitra Lature.
- 31st AGM scheduled for September 22, 2026, via Video Conferencing.
- Proposed dividend of Re 1 per equity share (10% of Rs 10 face value) for FY26.
- Enabling resolution under Section 185 for loans/guarantees/securities up to Rs 40 crore.
- Re-appointment of Ms. Subhashita Lature as Whole-Time Director for 5 years from Jan 10, 2027, with remuneration up to Rs 150 lakh.
- Approval sought for annual remuneration up to Rs 80 lakh for Non-Executive Director Mrs. Suchitra Lature.
Suyog Telematics released its Q1 FY27 earnings call transcript, reporting consolidated revenue of ₹71.0 crore (up 6.1% YoY comparable) and PAT of ₹14.5 crore. The company closed June 2026 with 6,103 towers and 7,468 tenancies, maintaining an average revenue per tower of ₹31,000–₹31,500/month (ex-electricity). Management targets adding 3,000 tenancies from Vodafone Idea in FY27, having converted 150 tenancies in late June with another 700 currently in the pipeline. To mitigate rising lithium prices (₹48,000/100Ah), Suyog is piloting domestic zinc batteries at ₹33,000/100Ah starting September 2026 to optimize site CapEx.
- Targeting 3,000 additional tenancies from Vodafone Idea in FY27, with 700 tenancies currently in process
- Q1 FY27 revenue stood at ₹71.0 crore with EBITDA margin at 59.3% under new accounting including electricity reimbursement
- Operating portfolio reached 6,103 towers and 7,468 tenancies as of June 30, 2026
- Revenue per tower remained stable at ₹31,000–₹31,500 per month excluding electricity pass-through
- Deploying zinc batteries via GBB Batteries at ₹33,000/100Ah to curb rising lithium battery costs (₹48,000/100Ah)
Suyog Telematics has published the audio/video recording link for its post-earnings conference call held on August 12, 2026. The call discussed the company's performance for the quarter ended June 30, 2026 (Q1 FY27). This disclosure provides retail investors access to management's detailed commentary on their 30% growth target and the planned rollout of 8,000 new tenancies. The company currently operates with a high TTM operating margin of 74.5% on a revenue base of ₹218 Cr.
- Post-earnings conference call held on August 12, 2026, at 03:30 p.m. IST
- Discussion focused on the financial results for the quarter ended June 30, 2026
- Company maintains a target of 8,000 new tenancies to drive future growth
- FY26 operating profit margin (OPM) reported at 74.5%
- Current market capitalization stands at ₹946 Cr with a TTM PAT of ₹63 Cr
Suyog Telematics reported a consolidated revenue of Rs 71.0 Cr for Q1 FY27, with a Net Profit of Rs 14.5 Cr. The company demonstrated high operational agility by executing 95 towers and 150 tenancies for Vodafone Idea within just 15 days of receiving a 636-site order in mid-June 2026. Total infrastructure has reached 6,103 towers and 7,468 tenancies across 26 states and UTs. A voluntary accounting change for utility reimbursements (from net to gross presentation) has been implemented, which inflates the revenue base but does not impact absolute profitability.
- Executed 95 towers and 150 tenancies for Vodafone Idea within 13-15 days of the June 17, 2026 order
- Total infrastructure reached 6,103 towers and 7,468 tenancies as of June 30, 2026
- Small cell tenancies now stand at 4,054, representing approximately 54% of the total tenancy portfolio
- Consolidated revenue for Q1 FY27 reached Rs 71.0 Cr, reflecting a 6.1% YoY increase on a restated basis
- Currently working on a pipeline of 700+ additional sites for Vodafone Idea across various locations in India
Suyog Telematics reported a marginal 2.2% YoY increase in revenue to ₹65.27 Cr for Q1 FY27, but net profit fell 18.1% to ₹13.93 Cr from ₹17.01 Cr in the year-ago period. The bottom line was impacted by a 25.6% rise in finance costs to ₹6.76 Cr and higher depreciation. A significant accounting change now grosses up electricity/diesel reimbursements, inflating both revenue and material costs without affecting profit. Notably, auditors raised several 'Emphasis of Matter' points regarding internal controls, related party loans lacking independent valuation reports, and the recognition of provisional income for government contracts.
- Revenue from operations for Q1 FY27 stood at ₹65.27 Cr, representing approximately 30% of TTM revenue.
- Net profit declined to ₹13.93 Cr compared to ₹17.01 Cr in Q1 FY26, a drop of 18.1%.
- Finance costs increased to ₹6.76 Cr from ₹5.38 Cr YoY, reflecting higher debt servicing requirements.
- Auditors highlighted that related party loans were granted without an independent Arm’s Length Price (ALP) report from an external expert.
- Provisional income has been recognized for government contracts where final tax invoices and GST impacts are still pending.
Suyog Telematics reported a consolidated revenue of ₹70.95 Cr for Q1 FY27, representing a 6.1% YoY increase from ₹66.85 Cr. However, consolidated Profit After Tax (PAT) declined by 16.3% YoY to ₹14.50 Cr, impacted by higher finance costs and depreciation. The company has fixed September 11, 2026, as the record date for its final dividend for FY26. Additionally, the board approved the re-appointment of Ms. Subhashita Lature as a Whole-time Director for a five-year term starting January 2027.
- Consolidated Revenue from operations grew 6.1% YoY to ₹70.95 Cr in Q1 FY27.
- Consolidated PAT fell to ₹14.50 Cr from ₹17.32 Cr in the same quarter previous year.
- Finance costs increased by 23% YoY to ₹7.49 Cr, reflecting higher debt servicing requirements.
- Final dividend record date for FY26 confirmed as September 11, 2026.
- Accounting policy changed to gross up electricity and diesel reimbursements, increasing both revenue and costs without impacting PAT.
Suyog Telematics reported a consolidated revenue of ₹70.95 Cr for Q1 FY27, representing approximately 32.5% of its TTM revenue. Consolidated PAT stood at ₹14.50 Cr, remaining stable compared to the preceding quarter's ₹14.49 Cr. The board approved the re-appointment of Ms. Subhashita Lature as Whole-time Director for a five-year term starting January 2027. Additionally, the company set September 11, 2026, as the record date for the final dividend for FY26.
- Consolidated Revenue for Q1 FY27 reported at ₹70.95 Cr compared to ₹68.54 Cr in Q4 FY26
- Consolidated Profit After Tax (PAT) for the quarter ended June 2026 was ₹14.50 Cr
- Ms. Subhashita Lature re-appointed as Whole-time Director for 5 years effective January 10, 2027
- Record date for Final Dividend (FY26) confirmed as September 11, 2026
- Consolidated Finance Costs rose to ₹7.49 Cr in Q1 FY27 from ₹6.75 Cr in the previous quarter
Suyog Telematics reported consolidated Q1 FY27 revenue of ₹70.95 Cr and a PAT of ₹14.50 Cr, maintaining steady performance. The board approved the re-appointment of Ms. Subhashita Lature as Whole-time Director for a five-year term starting January 2027, ensuring leadership continuity. A record date of September 11, 2026, has been set for the final dividend of FY26. The company also transitioned to a gross accounting method for utility reimbursements, which inflates reported revenue but has zero impact on net profit.
- Consolidated Revenue for Q1 FY27 reached ₹70.95 Cr, contributing approximately 32.5% to the TTM revenue of ₹218 Cr.
- Consolidated Net Profit for the quarter stood at ₹14.50 Cr, compared to ₹17.32 Cr in the year-ago quarter.
- Ms. Subhashita Lature re-appointed as Whole-time Director for a 5-year term effective January 10, 2027.
- Record date for the final dividend of FY26 is fixed for September 11, 2026.
- Auditors noted that internal control mechanisms will be further strengthened to address the growing nature of the business.
Suyog Telematics reported its Q1 FY27 results with consolidated revenue of ₹68.15 cr and a PAT of ₹14.50 cr, showing steady performance relative to previous quarters. The Board has fixed September 11, 2026, as the record date for the final dividend for FY26. Additionally, Ms. Subhashita Lature has been re-appointed as Whole-time Director for a five-year term starting January 2027. A voluntary accounting change was implemented to report utility reimbursements on a gross basis, which increases reported revenue without affecting net profitability.
- Consolidated Revenue for Q1 FY27 reached ₹68.15 cr, representing approximately 31% of TTM revenue.
- Consolidated Profit After Tax (PAT) for the quarter stood at ₹14.50 cr.
- Record date for the final dividend for the financial year ended March 31, 2026, is September 11, 2026.
- Ms. Subhashita Lature re-appointed as Whole-time Director for a 5-year term effective January 10, 2027.
- Accounting policy change for electricity and diesel reimbursements (gross basis) implemented from April 1, 2026.
Suyog Telematics reported a standalone revenue of ₹65.27 Cr for Q1 FY27, marking a 24.2% increase from ₹52.57 Cr in Q1 FY26. However, standalone PAT declined by 18.1% YoY to ₹13.93 Cr, impacted by a 25.6% rise in finance costs (₹6.76 Cr) and higher depreciation. The company implemented an accounting policy change to gross up electricity/diesel reimbursements, which increased reported revenue but had no impact on net profit. The Board also fixed September 11, 2026, as the record date for the FY26 final dividend.
- Standalone Revenue grew 24.2% YoY to ₹65.27 Cr in Q1 FY27 compared to ₹52.57 Cr in Q1 FY26.
- Standalone PAT decreased 18.1% YoY to ₹13.93 Cr from ₹17.01 Cr in the year-ago period.
- Finance costs rose to ₹6.76 Cr in Q1 FY27, up from ₹5.38 Cr in Q1 FY26.
- Consolidated EPS for the quarter stood at ₹12.37, slightly down from ₹15.49 in Q1 FY26.
- Record date for the final dividend of FY26 is set for September 11, 2026.
Suyog Telematics has announced its post-earnings conference call for Q1 FY 2026-27, scheduled for August 12, 2026, at 3:30 PM IST. The management team, including the Managing Director and CFO, will be present to discuss the quarterly performance. This follows a strong FY26 where the company reported a revenue of ₹218.5 cr and a high operating margin of 74.5%. Investors will likely seek updates on the company's national expansion and the status of its 8,000 new tenancy rollout plan.
- Post-earnings conference call scheduled for August 12, 2026, at 15:30 IST via Zoom.
- Management representation includes MD Shivshankar Lature, CFO Ajay Sharma, and Business Head Tushar Shah.
- Company reported TTM revenue of ₹218 cr and TTM PAT of ₹63 cr leading into this quarter.
- Operating margins remain high at 74.5% as per the latest annual data.
- Discussion expected to cover the integration of Lotus Tele Infra and the 8,000 tenancy expansion strategy.
Suyog Telematics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent (RTA), Bigshare Services Private Limited, confirmed that no dematerialization requests were received during the period from April 1, 2026, to June 30, 2026. This is a standard procedural filing required to ensure the reconciliation of shares held in demat and physical form. It has no impact on the company's financial performance or business operations.
- Zero (0) dematerialization requests were received during the quarter ended June 30, 2026
- The reporting period covers the three months from April 1, 2026, to June 30, 2026
- The certificate was issued by the RTA, Bigshare Services Private Limited, on July 7, 2026
- The filing confirms compliance with SEBI (Depositories and Participants) Regulations, 2018
Financial Performance
Revenue Growth by Segment
The company achieved a 23.1% YoY growth in annual sales, reaching INR 192.57 Cr in FY 2025 compared to INR 166.61 Cr in FY 2024. In Q2 FY 2026, revenue from operations grew 16% YoY, while H1 FY 2026 showed a 17% YoY increase, driven by increased tower rollouts and the acquisition of Lotus Tele Infra.
Geographic Revenue Split
Revenue concentration remains high with 60-65% generated from Mumbai and Maharashtra. However, the company has expanded its footprint from 12 to 28 circles. The acquisition of Lotus Tele Infra specifically targets the Delhi-NCR region, which is expected to contribute INR 15-16 Cr in annual revenue.
Profitability Margins
Net Profit (PAT) margin was 21.06% in FY 2025, a significant drop from 38.00% in FY 2024. This decline was primarily due to extraordinary ESOP-related notional costs. Excluding these, the company aims to maintain a long-term net profit margin of 30%, which was successfully sustained in Q2 FY 2026.
EBITDA Margin
EBITDA margin improved to 71.5% in FY 2025 from 70.4% in FY 2024. This 1.1% increase is attributed to operating leverage as a significant portion of costs are fixed. In Q2 FY 2026, the company reported a sustained EBITDA margin of 75% (INR 41.7 Cr).
Capital Expenditure
Suyog has planned a substantial capital expenditure of INR 800-900 Cr over the medium term to fund its expansion into new circles and support the rollout of 8,000 new tenancies. FY 2025 saw significantly higher operating cash flows of INR 21.1 Cr compared to INR 1.48 Cr in FY 2024 to support this growth.
Credit Rating & Borrowing
The company maintains an 'Adequate' liquidity rating with a Total Outside Liability to Adjusted Networth (TOLANW) ratio of 0.73 times as of March 31, 2025. Finance costs decreased by 15.04% to INR 16.57 Cr in FY 2025. Interest coverage stood at 2.76 times in FY 2025, down from 6.57 times due to debt adjustments and ESOP impacts.
Operational Drivers
Raw Materials
Steel (for tower structures), Galvanized Iron (for poles), and Optical Fiber Cables (OFC) represent the primary material costs, though specific percentage splits per material are not disclosed.
Import Sources
Sourced primarily from domestic markets within India to support nationwide installations across 28 circles.
Key Suppliers
Not specifically named in the documents, though the company interacts with major telecom equipment and material vendors for tower and fiber deployment.
Capacity Expansion
Current infrastructure includes over 120 sites and 140 tenancies from the Lotus acquisition alone. The company plans to add 8,000 new tenancies across India to meet demand from BSNL and VIL. 1,800 tenancies were added in FY 2025.
Raw Material Costs
Material costs are largely tied to EPC contracts where the company deploys towers and hands them over. Rising input costs for steel and fiber are noted as risks that could impact project returns.
Manufacturing Efficiency
Operating leverage is a key efficiency driver; as revenue increases, the fixed-cost nature of the tower business allows for higher EBITDA flow-through (75% EBITDA achieved in Q2 FY 2026).
Logistics & Distribution
Distribution is managed through nationwide operations; however, heavy rains in Q2 typically slow down deployment procedures and logistics.
Strategic Growth
Expected Growth Rate
30%
Growth Strategy
Growth will be achieved through the rollout of 8,000 new tenancies, a strategic focus on BSNL's 4G/5G implementation where Suyog is a 'strong contender', and the integration of the Lotus Tele Infra acquisition. The company is transitioning between an IP-1 model (leasing assets) and EPC contracts (one-time charges with 5-year maintenance).
Products & Services
Telecom towers, poles, Optical Fibre Cable (OFC) systems, small-cell deployment, and tower maintenance services.
Brand Portfolio
Suyog Telematics, Lotus Tele Infra.
New Products/Services
Expansion into small-cell deployment and increased fiberization are expected to contribute to future revenue as 5G momentum grows.
Market Expansion
Expanding from a Maharashtra-centric model to a national presence across 28 circles, with a specific near-term focus on the Delhi-NCR market.
Market Share & Ranking
Positioned as a key mid-tier IP-1 provider, competing against larger players like Indus Towers and ATC by being more flexible with CapEx investments.
Strategic Alliances
Strong partnerships with BSNL for infrastructure sharing and Master Service Agreements with Airtel, Jio, and Vodafone Idea.
External Factors
Industry Trends
The industry is shifting toward 5G rollout and increased data demand. Regulatory tailwinds like uniform Right of Way (ROW) guidelines are accelerating tower rollouts. The industry is currently 'operator-driven', meaning infrastructure providers' timelines depend on telco CapEx cycles.
Competitive Landscape
Competes with giants like Indus Towers and ATC. Suyog's advantage is its willingness to invest CapEx where larger competitors or smaller players may be hesitant.
Competitive Moat
Moat is built on long-term relationships with government agencies for site permissions and established MSAs with all four major Indian telcos. Sustainability is supported by the high entry barriers of tower CapEx and the 'sticky' nature of long-term lease agreements.
Macro Economic Sensitivity
Highly sensitive to telecom sector health and the financial stability of major operators like Vodafone Idea and BSNL.
Consumer Behavior
Increasing data consumption and the transition to 5G are driving the need for denser tower networks and small cells.
Geopolitical Risks
Minimal direct exposure, though global supply chain disruptions could impact the cost of telecom hardware.
Regulatory & Governance
Industry Regulations
Operations are governed by IP-1 licenses from the Department of Telecommunications and uniform Right of Way (ROW) guidelines which ease site permissions.
Environmental Compliance
Investing in renewable energy initiatives to optimize costs and meet sustainable practice standards.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; profit before tax was INR 56.00 Cr in FY 2025.
Legal Contingencies
No material or serious observations were received from auditors regarding internal control inefficiencies. Secretarial audits confirm compliance with SEBI regulations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of BSNL and VIL rollouts, which have faced historical delays. ESOP-related expenses also create volatility in reported net profits.
Geographic Concentration Risk
60-65% of revenue is derived from the Mumbai and Maharashtra circles, creating a regional risk if local rental policies or regulations change.
Third Party Dependencies
High dependency on the financial health and 'fund arrangement' of telecom operators (BSNL, VIL, Airtel, Jio) to initiate orders.
Technology Obsolescence Risk
Risk of shifting to satellite broadband or other technologies, mitigated by continuous investment in fiberization and 5G-ready small cells.
Credit & Counterparty Risk
Receivables cycle across clients is a key rating sensitivity factor. There were two instances of Letter of Credit (LC) devolvement (regularized in 1-7 days), though LC limits are currently not in use.
