Suyog Telematics LimitedTelecommunicationsSUYOG
Q1 FY27 earnings callSuyog Telematics Limited
Suyog Telematics expects strong growth from Vodafone Idea's rollout and is pioneering zinc battery deployment to reduce CapEx.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | INR710 million | 6.1% (YoY) | |
| EBITDA Margin | 59.3% | — | |
| PBT | INR195 million | — | |
| Net Profit | INR145 million | — | |
| EPS | INR12.37 | — | |
| Towers (Exit) | 6,103 | — | |
| Tenancies (Exit) | 7,468 | — | |
| Revenue Per Tower (Excl. EV) | INR31,000-31,500 | Constant from last four quarters |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹48.78 Cr— YoY+2.2% QoQ | ₹17.18 Cr— YoY-15.2% QoQ | ₹15.90— YoY-20.9% QoQ |
| Q2 FY25 | ₹47.74 Cr— YoY— QoQ | ₹20.27 Cr— YoY— QoQ | ₹20.11— YoY— QoQ |
TL;DR
- Revenue grew 6.1% YoY to INR710 million with EBITDA margin at 59.3% under new accounting.
- Converted 150 tenancies (95 towers) from Vodafone Idea (VI) in just 13-15 days in June.
- Targeting 3,000 incremental tenancies from VI in FY27, with 80% on new towers.
- Pioneering zinc battery deployment to combat rising lithium battery costs, expecting first batch in September.
- PAT margin sustained at 20%; revenue per tower stable at INR31,000-31,500.
Said on the call
“We will be the first IP1 company to launch zinc battery on a site in month of September.”
From the Q&A
| Topic | What management said |
|---|---|
| Zinc Battery Project | Management clarified they are not manufacturing but sourcing from GBB Batteries; it will reduce CapEx as zinc costs INR33,000 vs lithium at INR48,000 for 100H, with first deployment in September. |
| Vodafone Idea Order Visibility | Target is 3,000 tenancies in FY27 (150 already done in Q1, 700+ in hand). Confidence is high due to daily loading and positive feedback from VI, but rollout depends on VI securing further funding. |
| BSNL Orders | Cautious stance; awaiting resolution of Tejas equipment issues and confirmed billing start before committing to rollout, despite BSNL's announced 2 lakh site plan over 5 years. |
| Funding Requirement | No immediate fundraising planned; internal accruals sufficient for 3,000 target. Future fundraising may be considered if larger orders (e.g., from BSNL or additional VI states) materialize. |
| Tenancy Ratio Target | Aiming for tenancy ratio of 1.8 by FY28/early FY29, up from 1.2 currently, driven by macro site rollouts which improve ROI and profitability. |
| Revenue Guidance | Managing Director indicated targeting INR100 crore revenue per quarter (INR400 crore annual) by Q4, up from current INR71 crore. |
Guidance
- Targeting 3,000 incremental tenancies from Vodafone Idea in FY27.
- Expecting to achieve tenancy ratio of 1.8 by FY28/early FY29.
- Aiming for INR100 crore quarterly revenue (INR400 crore annual) by Q4.
- PAT margin to be sustained at around 20%.
- Zinc battery deployment to begin in September, reducing CapEx.
Source
Summary written from the transcript filed by Suyog Telematics Limited for the call held on 12 Aug 2026; published 21 Aug 2026, 23:39 IST.