Suyog Telematics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Suyog Telematics Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Suyog Telematics reported Q1 FY27 consolidated revenue of INR710 million with EBITDA margin of 59.3% under a revised accounting policy that now includes electricity reimbursement in the top line. The company began receiving Vodafone Idea orders in mid-June and converted 95 towers into 150 tenancies within about two weeks, and management said it is targeting 3,000 tenancies from Vodafone Idea in the current financial year. Management also described plans to launch a zinc-based battery in September to replace lithium batteries, whose prices have risen sharply, and reiterated a cautious stance on BSNL orders pending resolution of Tejas equipment issues.
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Numbers mentioned
Consolidated revenue: INR710 million (Q1 FY27)
p. 5
“Revenue for Q1 consolidated revenue Q1 FY27 is INR710 million.”
Tushar Shah, page 5 of the filed PDF · View the filing
EBITDA margin: 59.3% (Q1 FY27)
p. 5
“We have maintained EBITDA of 59.3%.”
Tushar Shah, page 5 of the filed PDF · View the filing
PBT: INR195 million (Q1 FY27)
p. 5
“In terms of PBT we have INR195 million, net profit is again INR145 million which we have maintained.”
Tushar Shah, page 5 of the filed PDF · View the filing
EPS: INR12.37 (Q1 FY27)
p. 5
“We have an EPS of INR12.37.”
Tushar Shah, page 5 of the filed PDF · View the filing
Revenue per tower: INR31,000-31,500 (Q1 FY27)
p. 5
“So, revenue per tower has been constant at INR31,000, INR31,500 for us from last four quarters.”
Tushar Shah, page 5 of the filed PDF · View the filing
Towers and tenancies: 6,103 towers with 7,468 tenancies (Q1 FY27 exit)
p. 4
“So, if you see as of Q1 exit, we have 6,103 towers with 7,468 tenancies and most of the tenancies which came in this quarter was of macro site.”
Tushar Shah, page 4 of the filed PDF · View the filing
Vodafone Idea tenancies converted in June: 95 towers, 150 tenancies (June 2026)
p. 3
“we got around 600-plus orders from Vodafone, out of which we converted 95 towers which is equal to 150 tenancies in month of June itself.”
Tushar Shah, page 3 of the filed PDF · View the filing
EBITDA: INR420 million (Q1 FY27)
p. 6
“In terms of EBITDA, we have INR420 million in EBITDA which was INR418 million last quarter and INR411 million in last financial year.”
Tushar Shah, page 6 of the filed PDF · View the filing
Net profit margin: 20% (Q1 FY27)
p. 6
“PBT is INR195 million and our net profit margin is constant at 20% with the electricity cost in picture.”
Tushar Shah, page 6 of the filed PDF · View the filing
Zinc battery price: INR33,000 for 100H
p. 7
“While zinc battery will cost me around INR33,000 for 100H.”
Tushar Shah, page 7 of the filed PDF · View the filing
Lithium battery price: INR48,000 for 100H
p. 7
“Right now, the latest cost of lithium battery is INR48,000 for 100H.”
Tushar Shah, page 7 of the filed PDF · View the filing
Tenancy ratio: 1.2x (current)
p. 17
“On an overall portfolio basis, my tenancy is around 1.2.”
Tushar Shah, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Vodafone Idea tenancies — 3,000 tenancies · FY27
stated conditionally by Tushar Shah
p. 9
“So right now, they would raise nominal only for around 7,000 8,000 sites or close to 10,000 sites out of which we are targeting 3,000.”
Tushar Shah, page 9 of the filed PDF · View the filing
Total tenancies — 10,000 plus tenancy · FY27
stated conditionally by Tushar Shah
p. 11
“Right. So, we already have 7,000 plus. We will add another 3,000. So, it will be 10,000 plus tenancy.”
Tushar Shah, page 11 of the filed PDF · View the filing
EBITDA margin — around 59% · coming quarters
stated firmly by Tushar Shah
p. 9
“We will have the same EBITDA margin with EV, which I have shown right now which is around 59%. We will maintain the same EBITDA margin for coming quarters also.”
Tushar Shah, page 9 of the filed PDF · View the filing
PAT margin — 20% · FY27
stated firmly
p. 11
“Okay. And we are expecting 20% PAT margin to sustain this year, right?”
From the transcript, page 11 of the filed PDF · View the filing
Zinc battery launch — first batch for 10-15 sites · mid of September
stated firmly by Tushar Shah
p. 4
“we should get first batch for around 10, 15 sites in by mid of September.”
Tushar Shah, page 4 of the filed PDF · View the filing
Vodafone Idea revenue share — 30%-32%
stated as an aspiration by Tushar Shah
p. 18
“Right now, we are saying we want to take Vodafone to 30%, 32%.”
Tushar Shah, page 18 of the filed PDF · View the filing
Tenancy ratio — 1.8 · FY29 early quarters
stated as an aspiration by Tushar Shah
p. 17
“And we should be able to achieve 1.8 in FY29 early quarters.”
Tushar Shah, page 17 of the filed PDF · View the filing
Vodafone Idea tenancies — 5,000 sites · FY28
stated as an aspiration by Tushar Shah
p. 20
“If we go in FY28, we are eyeing another 5,000 sites from Vodafone.”
Tushar Shah, page 20 of the filed PDF · View the filing
Quarterly revenue target — INR100 crore per quarter · Q4
stated as an aspiration by Shivshankar Lature
p. 16
“We can see it from Q4.”
Shivshankar Lature, page 16 of the filed PDF · View the filing
BSNL 186-site billing — resume revenue · Q2
stated conditionally by Tushar Shah
p. 20
“So, we can see in Q2, we should be able to start revenue for 186 sites.”
Tushar Shah, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the battery is sourced from a manufacturer, not self-made, and declined to give financial projections but described the underlying assumptions.
Answered by Tushar Shah
Asked by Guneet Singh: Is the zinc battery self-manufactured and what revenue/margin impact is expected?
p. 6
“We are not manufacturing ourselves. We have done tie-up with one of the manufacturers - which is GBB Batteries who has plant in Kerala and the promoter of zinc battery is based out of US.”
Tushar Shah, page 6 of the filed PDF · View the filing
Management said BSNL numbers are large but tied to resolution of Tejas equipment issues and confirmed billing dates before it will commit publicly.
Answered by Tushar Shah
Asked by Mahek Talati: Why has BSNL commentary become more guarded after months of targeting the order?
p. 11
“We already have some orders in our hand which we are not executing because of their issues with the Tejas equipment.”
Tushar Shah, page 11 of the filed PDF · View the filing
Management acknowledged dependency on these customers, comparing it to any company's reliance on its customers buying its product.
Answered by Tushar Shah
Asked by Divyansh Thakur: How dependent is Suyog's growth plan on Vodafone Idea and BSNL executing their rollouts?
p. 14
“So, Vodafone Idea, BSNL are our customers. Yes, we are dependent on our customers for our product.”
Tushar Shah, page 14 of the filed PDF · View the filing
The MD explained the company's cautious approach to BSNL, framed VI as the confirmed order base, and gave a longer-term revenue and margin target.
Answered by Shivshankar Lature
Asked by Saket Kapoor: Given past fundraising delays and slow growth over two years, what is the plan if Vodafone/BSNL do not execute as expected?
p. 15
“So our clear and clear vision and focus is that after 3,000 sites of VI once our 10,000 number is achieved and our target of touching 100 cr. profit quarter wise -- sorry year wise so if we go for INR100 crore per quarter then INR400 crore will be the top line and the bottom line we are thinking to grow from ~22% to 24%”
Shivshankar Lature, page 15 of the filed PDF · View the filing
Management said the current ratio is around 1.2x and it is targeting 1.8x within a few years as more macro-site rollouts add tenancies.
Answered by Tushar Shah
Asked by Surbhi Mishra: What is driving the tenancy ratio and what is the path to improving it?
p. 17
“We are targeting to reach 1.8 in coming 3 to 4 years, so it should be a very decent risk for industry.”
Tushar Shah, page 17 of the filed PDF · View the filing
Management said fibre margins are similar to towers but fibre's revenue contribution will stay small this year due to Vodafone's limited fibre network.
Answered by Tushar Shah
Asked by Rakesh Gupta: What share of FY27 revenue will come from fibre and at what margin?
p. 18
“So as of now, we don't see any major jump in fibre percentage, which will be close to 5% to 8% of my total revenue.”
Tushar Shah, page 18 of the filed PDF · View the filing
Management said the 3,000 figure is a conservative number tied to Vodafone's currently secured funding, and could rise once additional SBI funding is confirmed.
Answered by Tushar Shah
Asked by Varun Ghia: Why has the FY27 tenancy target been reduced from 12,000 mentioned last quarter to around 10,500 now?
p. 19
“So as and when Vodafone comes with the clarity of funds, we'll keep adding numbers to our target.”
Tushar Shah, page 19 of the filed PDF · View the filing
Management said the pending site count has fallen to 186 and no new sites were added this quarter due to the Tejas issue, but resolution and revenue start are expected soon.
Answered by Tushar Shah
Asked by Anubhav Jain: What is the status of the previously pending 189 BSNL sites and their billing?
p. 20
“Right now, it's 186. So, in this quarter, they have not added anything because they are busy resolving their Tejas issue.”
Tushar Shah, page 20 of the filed PDF · View the filing
Risks flagged
Rising lithium battery costs due to import dependency, falling rupee, and removal of Chinese subsidies
p. 4
“So, China has removed subsidies, rupee is falling against dollar. So, we are having major impact on lithium battery which is increasing our cost.”
Tushar Shah, page 4 of the filed PDF · View the filing
Rain/monsoon impact on site conversion pace
p. 3
“But obviously, there will be some rain impact in this quarter.”
Tushar Shah, page 3 of the filed PDF · View the filing
BSNL rollout delays and billing issues historically slowing execution
p. 5
“But as of now, I don't want to really go deep into BSNL because we all know that BSNL will do declaration but their rollout will start very slow then there will be billing issues and everything.”
Tushar Shah, page 5 of the filed PDF · View the filing
BSNL's Tejas equipment issues delaying rollout and billing
p. 13
“Once they are able to control or once they are able to resolve Tejas equipment we are very sure even BSNL will do huge rollout.”
Tushar Shah, page 13 of the filed PDF · View the filing
Dependence on Vodafone Idea and BSNL executing their own funding and rollout plans
p. 14
“So, Vodafone Idea, BSNL are our customers. Yes, we are dependent on our customers for our product.”
Tushar Shah, page 14 of the filed PDF · View the filing
Uncertainty over timing of Vodafone Idea's additional funding from SBI consortium
p. 12
“So, if they are able to secure funding, then obviously, 3,000 is 100% doable and which is right now very possible because Aditya Birla himself is on the board right now and he has declared numbers.”
Tushar Shah, page 12 of the filed PDF · View the filing
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