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SUYOG - Suyog Telematics

📊 NSE: SUYOG 🏢 Transmisson Line Towers / Equipment 📅 Last Updated: 12/14/2025 14:00

📢 Recent Corporate Announcements

Suyog Telematics to Attend Kaptify Investor Conference on March 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Mar 2026, 04:52 PM

Suyog Telematics Limited has announced its participation in the 'Kaptify Investor Conference' scheduled for March 18, 2026, in Mumbai. The company's management will engage with institutional investors and analysts through group and one-on-one meetings between 09:00 a.m. and 06:00 p.m. IST. This interaction is facilitated by Kaptify Consulting and aims to discuss the company's performance based on publicly available information. Such meetings are standard practice to enhance market visibility and investor engagement.

Investor meet scheduled for March 18, 2026, from 09:00 a.m. to 06:00 p.m. IST
Event titled 'Kaptify Korporate Konnect' to be held in-person in Mumbai
Format includes both Group and One-on-One interactions with analysts and institutional investors
Management confirms that no unpublished price sensitive information (UPSI) will be shared during the sessions

💡 Investors should watch for any corporate presentations or meeting transcripts filed after the event for updates on management's strategic outlook. No immediate trading action is required based on this routine disclosure.

Suyog Telematics to Participate in Arihant Capital Virtual Conference on March 9, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Feb 2026, 04:51 PM

Suyog Telematics Limited has announced its participation in a virtual conference hosted by Arihant Capital (Broking) scheduled for March 9, 2026. The meeting will take place from 11:00 A.M. to 12:00 Noon IST in a group format. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed during this session. The discussion will be restricted to publicly available information, serving as a standard investor relations engagement.

Virtual group meeting scheduled for March 9, 2026, between 11:00 A.M. and 12:00 Noon.
Participation in the Arihant Capital (Broking) Virtual Conference for institutional investors.
Company confirms that discussions will be based solely on publicly available information.
Disclosure made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should monitor for any post-conference presentations or transcripts that may be uploaded to the exchange for insights into management's outlook. No immediate trading action is required based on this routine scheduling announcement.

Suyog Telematics to Expand into Infrastructure; Proposes MoA Changes and Director Appointment

🔵 WATCH ⭐ 7/10

EXPANSION 📅 12 Feb 2026, 08:25 PM

Suyog Telematics has initiated a postal ballot to approve a significant expansion of its business objects and a new board appointment. The company intends to enter the infrastructure and civil engineering sectors, including large-scale projects like highways, bridges, and water works under BOT models. Mr. Sanjeev Sunderji Thakker is also nominated as an Independent Director for a five-year term starting January 2026. Shareholders can cast their votes electronically between February 13 and March 14, 2026.

Proposed appointment of Mr. Sanjeev Sunderji Thakker as Independent Director for a 5-year term (2026-2031).
Proposed MoA amendment to include civil engineering, infrastructure development, and mining operations.
New business scope includes BOT, BOLT, and BOOT project models for various public works.
E-voting window opens February 13, 2026, and closes March 14, 2026.
Cut-off date for voting eligibility is February 06, 2026.

💡 Monitor the company's capital allocation strategy as it pivots towards capital-intensive infrastructure projects. Evaluate if this diversification aligns with the company's core competencies in telecommunications.

Suyog Telematics Secures BSNL Order for 173 4G eNode-B Sites in Delhi Circle

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 11 Feb 2026, 05:05 PM

Suyog Telematics Limited has bagged a significant service order from Bharat Sanchar Nigam Limited (BSNL) for the sharing of 173 new 4G eNode-B sites. The project is focused on the Delhi Circle and is expected to be executed within a short timeframe of three months. While the company considers this part of its ordinary course of business, it highlights the order as a significant milestone. This development underscores Suyog's role in supporting the nationwide 4G rollout by state-owned telecom entities.

Received service order from BSNL for infrastructure sharing of 173 sites
The order specifically covers new 4G eNode-B sites in the Delhi Circle
Execution of the contract is scheduled to be completed within 3 months
The contract is awarded by a major domestic entity (BSNL/MTNL)

💡 Investors should view this as a positive development for revenue visibility and monitor the company's ability to secure further orders as BSNL continues its network expansion. The short execution cycle of 3 months suggests a quick impact on the company's operational performance.

Suyog Telematics Q3 FY26: Revenue at ₹559M; Targets 10,000 New Tenancies in FY27

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 05:37 PM

Suyog Telematics reported a stable Q3 FY26 with revenue of ₹559 million and EBITDA of ₹395 million, maintaining strong margins. A key highlight is the recovery in revenue per tower to ₹31,533, up from ₹29,000, as BSNL billing commences and Airtel upgrades continue. Management has issued aggressive guidance for FY27, targeting 10,000 additional tenancies to reach a total of 15,000, supported by Vodafone Idea's Capex plans and BSNL's 4G rollout. The company has secured funding through warrant conversions and bank debt to execute this expansion.

Revenue per tower increased to ₹31,533 from ₹29,000 in the previous year due to BSNL billing integration.
Targeting 10,000 additional tenancies in FY27, aiming for a total tenancy count of 15,000.
Expects to add 3,000-3,500 sites for Vodafone and 5,000-6,000 sites for BSNL in the next financial year.
Reported Q3 FY26 EBITDA of ₹395 million with consistent PAT margins.
558 BSNL sites are currently unbilled, representing a future revenue upside once integrated.

💡 Investors should focus on the execution of the FY27 rollout targets, particularly the onboarding of Vodafone and BSNL sites, which are expected to be the primary growth drivers. The recovery in revenue per tower is a positive sign of operational efficiency and improved billing cycles.

Suyog Telematics Files for Reclassification of Somnath Lature to Public Shareholder

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 09 Feb 2026, 05:45 PM

Suyog Telematics Limited has officially filed applications with BSE and NSE to reclassify Mr. Somnath Lature from the 'Promoter and Promoter Group' to the 'Public Shareholder' category. This follows the Board of Directors' approval granted on February 3, 2026, and the initial request received on February 2, 2026. The process is being carried out in compliance with Regulation 31A of SEBI LODR Regulations. Such reclassifications are standard procedures when a promoter no longer exercises control or holds a significant management role.

Application filed with BSE and NSE on February 9, 2026, for promoter reclassification.
Mr. Somnath Lature to be moved from 'Promoter Group' to 'Public' category.
Board of Directors previously approved the request on February 3, 2026.
Compliance maintained under Regulation 31A of SEBI (LODR) Regulations, 2015.

💡 Investors should treat this as a routine administrative update to the shareholding structure. No immediate action is required as it does not impact the company's business fundamentals or financial performance.

Suyog Telematics Releases Q3 & 9M FY26 Post-Earnings Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Feb 2026, 05:50 PM

Suyog Telematics Limited has released the video recording of its post-earnings conference call for the third quarter and nine months ended FY 2025-26. The call was conducted on February 06, 2026, following the company's recent financial results announcement. This disclosure provides investors with direct access to management's commentary on operational performance and future outlook. The recording is available via a public YouTube link as per SEBI disclosure norms.

Post-earnings conference call for Q3 & 9M FY 2025-26 held on February 06, 2026.
Recording link provided via YouTube (https://youtu.be/JtY8NPE2l7M) for investor transparency.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
Follows the initial meeting intimation previously filed on February 02, 2026.

💡 Investors should listen to the recording to understand management's guidance on the telematics infrastructure business and future growth drivers. This is a routine procedural update and does not require immediate portfolio changes.

Suyog Telematics Q3 FY26: 7,200+ Tenancies and 6,201 km Fiber Network Highlights Growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 04:31 PM

Suyog Telematics Limited's Q3 & 9M FY26 presentation highlights a robust infrastructure portfolio with 5,904 towers and 7,206 tenancies across 26 States and UTs. The company has expanded its fiber network to 6,201 kms, positioning itself as a key enabler for 5G rollouts through 4,029 small cell tenancies. With 1,011 government site tenancies and 558 sites ready for integration, the company demonstrates strong execution in high-barrier-to-entry locations. Revenue stability is underpinned by 10-year Master Service Agreements with 2.5% annual escalations.

Total tower count reached 5,904 with 7,206 tenancies, reflecting a diversified presence across 26 States and UTs.
Fiber network expanded to 6,201 kms, which is critical for supporting the 4,029 high-power small cell (HPSC) tenancies.
Strong focus on government sites with 1,011 tenancies, offering low capex requirements and high demand from major telcos.
558 sites are currently ready for integration, representing a significant pipeline for immediate tenancy and revenue growth.
Revenue visibility is secured by long-term contracts (10+ years) with major operators, including 2.5% annual price escalations.

💡 Investors should monitor the conversion of the 558 'ready for integration' sites into active tenancies as a catalyst for near-term margin expansion. The company's focus on small cells and fiberization makes it a strong play on the ongoing 5G infrastructure rollout in India.

Suyog Telematics Q3 PAT Falls 15% YoY to ₹14.54 Cr; MOA Amendment Approved

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 08:22 PM

Suyog Telematics reported a standalone revenue of ₹52.59 crore for Q3 FY26, representing a 7.8% increase compared to the same period last year. However, net profit declined by 15.4% YoY to ₹14.54 crore, impacted by higher employee benefit expenses and depreciation costs. The Board has approved an amendment to the company's Memorandum of Association (MOA) object clause, signaling potential business diversification. Additionally, the company completed the conversion of 10.55 lakh warrants into equity shares and initiated the reclassification of a promoter group member holding 44,044 shares to the public category.

Standalone Revenue from operations grew 7.8% YoY to ₹5,258.99 Lakhs.
Standalone Net Profit declined 15.4% YoY to ₹1,453.56 Lakhs from ₹1,718.08 Lakhs.
Employee benefit expenses rose significantly to ₹789.28 Lakhs from ₹557.44 Lakhs in the previous year's quarter.
Full conversion of 10,55,000 warrants into equity shares was completed as of December 31, 2025.
Board approved the reclassification of 44,044 equity shares from Promoter Group to Public category for Mr. Somnath Gurushantappa Lature.

💡 Investors should monitor the specific details of the MOA object clause amendment to understand the company's future growth or diversification strategy. The margin compression due to rising operational costs warrants a cautious approach until profitability stabilizes.

Suyog Telematics Q3 Net Profit Falls 15% YoY to ₹14.54 Cr; Revenue Up 7.8%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 08:06 PM

Suyog Telematics reported a 7.8% YoY increase in standalone revenue to ₹52.59 crore for the quarter ended December 2025. However, net profit declined by 15.4% YoY to ₹14.54 crore, impacted by a sharp rise in employee costs and depreciation. The company also completed the conversion of 10.55 lakh promoter warrants into equity during the period. Auditors raised an emphasis of matter regarding the reconciliation of statutory dues and trade balances.

Standalone Revenue from operations increased to ₹5,258.99 Lakhs vs ₹4,878.44 Lakhs YoY.
Net Profit for the quarter fell to ₹1,453.56 Lakhs from ₹1,718.08 Lakhs in Q3 FY25.
Employee benefit expenses increased significantly to ₹789.28 Lakhs from ₹557.44 Lakhs YoY.
Basic EPS decreased to ₹12.06 from ₹15.90 in the corresponding previous quarter.
Auditors noted that GST, TDS, and trade balances are subject to reconciliation and adjustments.

💡 Investors should exercise caution as margins are under pressure despite revenue growth, and the auditor's emphasis on reconciliation of statutory dues suggests potential accounting adjustments.

Suyog Telematics Schedules Q3 FY26 Post Earnings Conference Call for February 6

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 08:25 PM

Suyog Telematics Limited has announced its post-earnings conference call for the third quarter and nine months ended December 31, 2025. The call is scheduled for Friday, February 6, 2026, at 10:00 a.m. IST. Key management personnel, including the Managing Director and CFO, will be present to discuss financial performance and answer investor queries. This is a standard regulatory procedure following the release of quarterly financial results.

Post-earnings conference call for Q3 and 9M FY 2025-26 scheduled for February 6, 2026.
Management team includes MD Mr. Shivshankar Lature and CFO Mr. Ajay Sharma.
The session will be conducted via Zoom and requires prior registration.
Call is coordinated by KAPTIFY Consulting and will be recorded as per SEBI regulations.

💡 Investors should attend the call to understand the company's growth trajectory in the telecom infrastructure space and management's outlook on tenancy ratios. Monitoring the management commentary on capital expenditure and debt levels will be crucial.

Suyog Telematics Receives Promoter Reclassification Request for 0.38% Stake

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Feb 2026, 08:06 PM

Suyog Telematics Limited has received a formal request from Mr. Somnath Gurushantappa Lature to be reclassified from the 'Promoter and Promoter Group' category to the 'Public' category. Mr. Lature currently holds 44,044 equity shares, representing a minor 0.38% of the company's total paid-up share capital. The request, dated February 02, 2026, will be reviewed by the Board of Directors in an upcoming meeting. This process follows the guidelines set under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Request for reclassification from Promoter to Public category submitted by Mr. Somnath Gurushantappa Lature.
The individual holds 44,044 equity shares in the company.
The stake involved represents 0.38% of the total paid-up share capital.
The Board of Directors will consider the request in the ensuing Board Meeting as per SEBI LODR Regulations.

💡 This is a routine regulatory procedure involving a very small stake and is unlikely to impact the company's operations or governance. No immediate action is required from investors.

Suyog Telematics Independent Director Ajay Kumar Thakur Resigns Citing Workload

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Jan 2026, 05:30 PM

Suyog Telematics Limited has announced the resignation of Mr. Ajay Kumar Thakur from his role as an Independent Director, effective January 13, 2026. The director cited increased workload and overlapping professional commitments as the primary reasons for his departure. The company has confirmed that there are no other material reasons for the resignation beyond those stated. This change is part of regular board updates and the outgoing director does not hold positions in other listed entities.

Resignation of Independent Director Ajay Kumar Thakur effective from close of business on January 13, 2026.
Reason for exit attributed to increased workload and overlapping professional commitments.
Director confirmed there are no other material reasons for the resignation.
The outgoing director holds no other directorships or committee memberships in any other listed entities.

💡 Investors should treat this as a routine management change and monitor for the appointment of a successor to ensure board compliance. No impact on business fundamentals is expected from this resignation.

Suyog Telematics Independent Director Ajay Kumar Thakur Resigns Effective Jan 13, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 14 Jan 2026, 05:28 PM

Mr. Ajay Kumar Thakur has resigned from his position as an Independent Director at Suyog Telematics Limited, effective from the close of business hours on January 13, 2026. The resignation is attributed to his increased workload and overlapping professional commitments rather than any internal issues. The company confirmed that there are no other material reasons for his departure beyond what was stated. Notably, Mr. Thakur does not hold directorships or committee memberships in any other listed entities, suggesting a clean exit.

Independent Director Ajay Kumar Thakur (DIN: 02910317) resigned effective January 13, 2026.
The reason cited for resignation is increased workload and overlapping professional commitments.
The director confirmed there are no other material reasons for the resignation.
Mr. Thakur holds no other directorships or committee memberships in any other listed entity.

💡 No immediate action is required as the resignation appears to be a routine personal decision. Investors should monitor future filings for the appointment of a new independent director to ensure the board remains compliant with SEBI regulations.

Suyog Telematics Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Jan 2026, 06:36 PM

Suyog Telematics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, covers the quarter ended December 31, 2025. The company confirmed that zero dematerialization requests were received during the period from October 1, 2025, to December 31, 2025. This filing is a standard procedural requirement for listed companies to ensure the integrity of shareholding records.

Compliance certificate filed for the quarter ended December 31, 2025.
Registrar and Share Transfer Agent (RTA) confirmed 0 dematerialization requests were received.
The reporting period spanned from October 1, 2025, to December 31, 2025.
Submission adheres to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming quarterly financial results for material performance updates.

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💰 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.