Suyog Telematics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Suyog Telematics Ltd filed with BSE on 08 Jun 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 FY26 revenue from operations of INR221 crore with EBITDA of INR1,642 million and a 74% EBITDA margin, alongside PAT of INR631 million. Management attributed revenue per tower improvement to INR31,000 partly to BSNL billing activation and Airtel upgrades, while tower additions in the year were limited to around 300. Management said future growth in FY27 depends heavily on an expected rollout of roughly 5,000 tenancies from Vodafone and an uncertain BSNL order tied to resolution of Tejas network equipment issues.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue from operations: INR221 crore (FY26)
p. 5
“So, we have locked the revenue from operations to INR221 crore with EBITDA of INR1,642 million”
Tushar Shah, page 5 of the filed PDF · View the filing
EBITDA margin: 74% (FY26)
p. 5
“we have sustained EBITDA margin or we have improved on EBITDA margin with 74% EBITDA”
Tushar Shah, page 5 of the filed PDF · View the filing
PAT: INR631 million (FY26)
p. 5
“Profit before tax was INR833 million with PAT of 631 million”
Tushar Shah, page 5 of the filed PDF · View the filing
PAT margin: approximately 30% (FY26)
p. 5
“Again, we have a strong PAT margin of approximately 30%, which we are sustaining year on year.”
Tushar Shah, page 5 of the filed PDF · View the filing
Revenue per tower: INR31,000 (INR31,080) (FY26)
p. 13
“INR31,000. I have just shown in one of my slides. It's INR31,080.”
Tushar Shah, page 13 of the filed PDF · View the filing
Tower count: 6,008 towers
p. 3
“We have 6,008 towers in our network, which are occupied by 7,318 tenancies.”
Tushar Shah, page 3 of the filed PDF · View the filing
Tenancies: 7,318
p. 3
“We have 6,008 towers in our network, which are occupied by 7,318 tenancies.”
Tushar Shah, page 3 of the filed PDF · View the filing
Revenue share from Bharti Airtel: 48%
p. 3
“My 48% of revenue came from Bharti Airtel Limited, 22.8% came from Jio, VI was 26.7% and 2.5% of revenue came from BSNL.”
Tushar Shah, page 3 of the filed PDF · View the filing
Tower additions this quarter: 106 towers (Q4 FY26)
p. 6
“106 towers, right.”
Tushar Shah, page 6 of the filed PDF · View the filing
Revenue growth: 18% (Q4 FY26 vs prior year)
p. 9
“In the last quarter, compared to last time, we have seen almost 18% growth in our revenue.”
Tushar Shah, page 9 of the filed PDF · View the filing
Depreciation rate: 18%
p. 14
“It's 18% itself. It's 18% - 18 years depreciation – straight line.”
Tushar Shah, page 14 of the filed PDF · View the filing
Loans and advances to subsidiary: jumped from INR7 crores to INR34 crores
p. 10
“this loan and current assets, it's jumped from INR7 crores to INR34 crores”
Varun Ghia, page 10 of the filed PDF · View the filing
Lotus Tele Infra top line: around INR30 cr.
p. 16
“The bottom line is around 30% and the top line is around INR30 cr.”
Ajay Sharma, page 16 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 tenancies rollout — 5,000 tenancies · FY27
stated conditionally by Tushar Shah
p. 4
“We are expecting around 5,000 towers from Vodafone in current financial year to be deployed.”
Tushar Shah, page 4 of the filed PDF · View the filing
Revenue per tower — INR31,000 to INR32,000 · FY27
stated firmly by Tushar Shah
p. 13
“Similar numbers. The revenue per tower would remain between INR31,000 to INR32,000.”
Tushar Shah, page 13 of the filed PDF · View the filing
Q1 FY27 revenue run-rate — similar to Q4 FY26 · Q1 FY27
stated firmly by Tushar Shah
p. 6
“Q1 we will sustain the Q4 number. There will be no major growth because even if I get orders by end of June, everything will be deployed in Q2.”
Tushar Shah, page 6 of the filed PDF · View the filing
CapEx per tower — INR12 lakhs per tower · FY27
stated conditionally by Tushar Shah
p. 14
“So, see, as of now CapEx per tower, right now it seems it will be around INR12 lakhs per tower because more or less we will have a 40-meter GBT.”
Tushar Shah, page 14 of the filed PDF · View the filing
Funding mix for CapEx — around 50% from internal accruals plus existing debt · FY27
stated conditionally by Tushar Shah
p. 14
“Around 50% we'll be able to do from internal accruals plus existing debt limit and everything.”
Tushar Shah, page 14 of the filed PDF · View the filing
Revenue and earnings growth — 15%, 20% · FY27
stated conditionally by Tushar Shah
p. 15
“So, most likely, growth will remain same as current year growth should be 15%, 20%.”
Tushar Shah, page 15 of the filed PDF · View the filing
Exit tenancies — 12,000 to 13,000 · FY27
stated conditionally by Tushar Shah
p. 18
“So, as of now, we feel it should be somewhere around 12,000 to 13,000.”
Tushar Shah, page 18 of the filed PDF · View the filing
Fiber revenue contribution — not even 2%, 3% of revenue in FY27 · FY27
stated as an aspiration by Tushar Shah
p. 20
“Now FY27 will be very minute. As and when we roll out site, it will not be even a 2%, 3% of my revenue.”
Tushar Shah, page 20 of the filed PDF · View the filing
Fiber revenue materialization — FY28, FY29
stated as an aspiration by Tushar Shah
p. 20
“So, fiber revenue actually will get materialized in say FY28, FY29, where operators are looking for quality of network and not the massive rollout.”
Tushar Shah, page 20 of the filed PDF · View the filing
Full benefit of FY27 rollout — FY28
stated conditionally by Tushar Shah
p. 11
“If we do rollout a 5,000 tower, yes, entire year benefit will get in FY28, but at least we will have a base ready, where from Q1 of FY28, we get the full benefit of the rollout site of FY27.”
Tushar Shah, page 11 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 no concrete fundraising plan has been finalized yet and will decide once a firm bulk order from Vodafone arrives.
Answered by Tushar Shah
Asked by Darshil Pandya: How is the company preparing capacity and funding for expected Vodafone and BSNL tower orders?
p. 6
“So, as soon as we get a final order, a bulk order from Vodafone, we'll finalize the fundraising plan or whether we want to do it from internal accruals.”
Tushar Shah, page 6 of the filed PDF · View the filing
Management explained BSNL rental rates are much lower than private operators, so top line contribution stays low even with high site counts.
Answered by Tushar Shah
Asked by Mahek Talati: Why does BSNL revenue remain only 2.5% of total despite large rollout volumes?
p. 7
“if I pay a rent of around INR15,000, INR20,000, INR25,000 for private operator, I pay highest rent for BSNL of INR7,000.”
Tushar Shah, page 7 of the filed PDF · View the filing
Management said the company achieved 18% revenue growth compared to last year, driven partly by Airtel upgrades, and considered the growth strong relative to a small industry-wide rollout.
Answered by Tushar Shah
Asked by Varun Ghia: Why has revenue looked flattish despite tower additions in recent quarters?
p. 9
“In the last quarter, compared to last time, we have seen almost 18% growth in our revenue.”
Tushar Shah, page 9 of the filed PDF · View the filing
Management confirmed FY27 benefits from the 5,000-tower rollout would mostly accrue in FY28, with FY27 building the base.
Answered by Tushar Shah
Asked by Rohan Chokshi: Is FY27 likely to be another flattish year given rollout timing?
p. 11
“If we do rollout a 5,000 tower, yes, entire year benefit will get in FY28, but at least we will have a base ready”
Tushar Shah, page 11 of the filed PDF · View the filing
Management estimated about 45% came from newly activated BSNL billing sites, with the balance mainly from Airtel upgrades and Vodafone new rollout.
Answered by Tushar Shah
Asked by Ashrita Shetty: How much of this quarter's revenue growth came from BSNL billing activation versus Airtel upgrades versus new additions?
p. 12
“in terms of percentage, if you see around 45% would be because of BSNL billing which started for around 120-125 sites.”
Tushar Shah, page 12 of the filed PDF · View the filing
CFO attributed the rise to Ind AS 116 lease accounting adding right-of-use interest costs on top of actual loan interest of about 9%.
Answered by Ajay Sharma
Asked by Tanya Kalra: Why have interest costs risen faster than operating earnings?
p. 16
“The interest borne on our loans is more or less around 9%. The liabilities increased because of ROU due to Ind AS 116, on that basis, the ROU interest costs are also included under this.”
Ajay Sharma, page 16 of the filed PDF · View the filing
CFO explained the Monorail contract renewal shifted government rent from COGS to depreciation and interest under Ind AS 116, inflating EBITDA percentage.
Answered by Ajay Sharma
Asked by Tanya Kalra: Why did Q4 EBITDA margin expand sharply despite flattish revenue growth?
p. 16
“In Q4, Monorail's contract has been renewed for the next 10 years. Due to the renewal of the contract, the government's rent used to go to COGS.”
Ajay Sharma, page 16 of the filed PDF · View the filing
Management said the lower current estimate reflects only confirmed Vodafone feedback, pending BSNL confirmation which is not yet included.
Answered by Tushar Shah
Asked by Guneet Singh: What changed since the prior call when FY27 exit tenancies were guided at around 17,000?
p. 18
“Right now, what I'm calculating is only based on the Vodafone feedback to us. And we are still awaiting BSNL confirmation.”
Tushar Shah, page 18 of the filed PDF · View the filing
Management said there has been no material progress because telecom operators are focused elsewhere, though they remain hopeful for future opportunity.
Answered by Tushar Shah
Asked by Ajay Rana: What progress has been made on the data centre business expected by Q4?
p. 17
“So, as of now, there is not much progress in the data centre business because we are working with multiple telecom operators.”
Tushar Shah, page 17 of the filed PDF · View the filing
Management said they are deploying software for billing, rental payment, and warehouse management automation to meet auditor requirements as the site count nearly doubles.
Answered by Tushar Shah
Asked by Ajay Rana: What steps is management taking to strengthen internal controls as flagged by the auditor?
p. 18
“So, we are deploying many softwares for billing purpose, for rental payment, for warehouse maintenance management.”
Tushar Shah, page 18 of the filed PDF · View the filing
Risks flagged
BSNL rollout delayed due to unresolved issues with the Tejas indigenous network equipment
p. 4
“There are some issues with the Tejas network in BSNL. BSNL networks are not getting stable.”
Tushar Shah, page 4 of the filed PDF · View the filing
SIM card compatibility and backhauling connectivity issues affecting BSNL network stability
p. 4
“There are some SIM related issues where second type of SIM is not able to be latched on to the network.”
Tushar Shah, page 4 of the filed PDF · View the filing
Uncertainty over exact Vodafone order size and timing pending final confirmation
p. 10
“finally, we'll come to know exact numbers only when they load up the sites by June.”
Tushar Shah, page 10 of the filed PDF · View the filing
Monsoon season expected to slow rollout pace in Q2
p. 9
“If we get by June, our number will start coming from Q2 onwards. But yes, Q2 will not be very high because it will also, rainy season will also impact us in Q2.”
Tushar Shah, page 9 of the filed PDF · View the filing
Airtel and Jio have not declared rollout plans, limiting visibility on their contribution
p. 6
“Airtel and Jio have not declared any roll out right now. So, they are working on their roll out numbers and they have already invested a huge amount in 5G.”
Tushar Shah, page 6 of the filed PDF · View the filing
Data centre business opportunity delayed as operators pause CapEx
p. 17
“Jio has stopped entire CapEx investment until the IPO. Airtel is not doing any major CapEx.”
Tushar Shah, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.