Order Book Or Contract Wins
Expected: FY27HIGH confidence
What: BSNL/Vodafone Site Targets: 10,000 tenancies
Impact: Doubling of tenancy base
“Vodafone is going to do 15,000 sites... ₹28,000 crores has been allocated to BSNL for FY 2027 alone.”
Suyog Telematics Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +46.6%WeakRe-Entry
In , Suyog Telematics Ltd (Telecom Services) is outperforming Nifty 500 with +46.6% relative strength. Fundamentals: Weak.
Suyog Telematics Ltd Key Facts
- PE Ratio
- 27.9x
- Market Cap
- ₹971 Cr
- PAT Growth YoY
- -12%
- Revenue Growth YoY
- +14%
- OPM
- 71.0%
- RS vs Nifty 500
- +46.6%
Avoid
What's Happening
🚫No earnings growth, no valuation discount — limited upside
📊Debt increased 27% YoY — leverage rising
👔Promoter buying — stake up 2.5% this quarter
🌐FII stake decreased 3.0% this quarter
💰Trading 66% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY27HIGH
2. Operating Leverage Inflection
OngoingMEDIUM
3. Revenue per tower reached ₹31,533
MEDIUM
Key Risks
1. Delays in government fund allocation and PSU processes for BSNL
MEDIUM2. Material availability issues from active equipment suppliers like Tejas
MEDIUMSector-Specific Signals
Total Tower Count5,904
Total Tenancy Count7,206
Monthly Revenue per Tower₹31,533
Unbilled BSNL Sites558
Key Numbers
PAT Growth YoY
-12%
Stable
Revenue YoY
+14%
Stable
Operating Margin
71.0%
+100 bps YoY
PE Ratio
27.9
Current Price
₹829
Dividend Yield
0.22%
Fundamental Score
32/100
Weak
3Y PAT CAGR
0%
Market Cap
963 Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Suyog Telematics Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: OngoingMEDIUM confidence
What: Revenue per tower: ₹31,533
Impact: Margin sustainability
“Airtel upgrades are going on, which has again increased the Airtel percentage... revenue per site has also grown.”
Revenue per tower reached ₹31,533
MEDIUM confidence
What: Revenue per tower reached ₹31,533
“we have reached ₹31,533 per tower per month. Again, so it's on an upward trajectory, where we are increasing our revenue per tower.”
What Are the Key Risks for Suyog Telematics Ltd?
Earnings deceleration risks from management commentary
Delays in government fund allocation and PSU processes for BSNL
MEDIUMTrigger: BSNL rollout was delayed awaiting the Union Budget allocation and ministry approvals.
Monitor: regulatory
Material availability issues from active equipment suppliers like Tejas
MEDIUMTrigger: Rollouts are dependent on the operator's ability to provide BTS and other active equipment.
Monitor: logistics
What Is Suyog Telematics Ltd's Management Saying?
Key quotes from recent conference calls
“So right now, the guidance of top line is around INR250 cr. with PAT of around INR80 crores. [Previous Revenue guidance]”
“But as of now, it feels that 8,500, 9,000 should be achievable by end of year. [Previous Tenancy Count guidance]”
“we can see substantial revenue, which will come from a fibre business mainly related to data centre... Close to ₹35 crores. [Initiative: Data Centre Fibre Project]”
“they have not released the service order only because I think they were waiting for fund allocation from the ministry. [Risk (regulatory): MEDIUM]”
What Did Suyog Telematics Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹55.9 Cr
QoQ +0.9%
Why: Revenue growth was driven by Airtel upgrades and a decent amount of sites for Vodafone, offsetting lower BSNL volumes compared to the previous year.
Revenue remained relatively flattish sequentially as the company transitioned from BSNL-heavy rollout to private operator upgrades.
EBITDA
₹39.5 Cr
Margin 70.7%
Why: The company sustained strong margins through consistent operational efficiency and a focus on high-margin macro site rollouts.
EBITDA margins remain high at 70.7%, though slightly lower than the 75% reported in the previous quarter.
PAT
₹17.9 Cr
QoQ +7.8%
Why: Profitability improved as the company started billing for previously unbilled BSNL sites and benefited from Airtel 5G upgrades.
PAT margin stood at approximately 32%, aligning with management's long-term sustainable guidance.
Other Highlights
• Revenue per tower increased to ₹31,533 per month from ₹29,000 in the previous quarter.
• Unbilled BSNL sites reduced from 1,800 to 558 as integration and billing commenced.
• Receivables reduced to ₹52 Cr, with Vodafone payments now streamlined within 90 days.
What Sector Metrics Matter for Suyog Telematics Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Tower Count
5,904
QoQ +43
Why: Slow addition due to heavy rains and operator rollout delays.
Total Tenancy Count
7,206
QoQ +43
Why: Tenancy growth mirrored tower additions as new sites were primarily single-tenant macro sites.
Monthly Revenue per Tower
₹31,533
QoQ +₹2,533
Why: Increase driven by Airtel 5G upgrades and commencement of BSNL billing.
Unbilled BSNL Sites
558
QoQ -1,242
Why: Reduction as sites were integrated and billing commenced.
Fibre Network Length
6,000 km
Why: Steady expansion of the fibre backhaul network.
Small Cell Tenancies
4,000+
Why: Maintained strong presence in small cell infrastructure.
Trade Receivables
₹52 Cr
QoQ Reduced
Why: Streamlined payments from Vodafone and improved collection cycles.
Tenancy Ratio
1.22
QoQ Stable
Why: Calculated from 7,206 tenancies over 5,904 towers.
What Is Suyog Telematics Ltd's Management Guidance?
Forward-looking targets from management for FY27
OPM Guidance
32%
Capex Plan
₹300 Cr
Revenue Outlook
FY26 guidance lowered; FY27 expected to see major jump.
Margin Outlook
Sustainable margins expected to continue.
Capex Plan
₹300 Cr
Rollout of 3,000 sites
Volume
Significant tenancy addition targeted for FY27.
Management Tone: BULLISH
Guidance Changes
LOWERED
FY26 Tenancy: 9,000 → 7,500 to 8,000
How Fast Is Suyog Telematics Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +14% | +15% | Stable |
| PAT (Net Profit) | -12% | 0% | Stable |
| OPM | 71.0% | +100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
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Frequently Asked Questions: Suyog Telematics Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Suyog Telematics Ltd's latest quarterly results?
Suyog Telematics Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: -11.8% (stable)
- Revenue Growth YoY: +14.3%
- Operating Margin: 71.0% (volatile)
Is Suyog Telematics Ltd's profit growing or declining?
Suyog Telematics Ltd's profit is declining with an stable trend.
- PAT Growth YoY: -11.8% (latest quarter)
- PAT Growth QoQ: -11.8% (sequential)
- 3-Year PAT CAGR: 0.0%
- Trend: Stable — consistent growth pattern
What is Suyog Telematics Ltd's revenue growth trend?
Suyog Telematics Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +14.3%
- Revenue Growth QoQ: +1.8% (sequential)
- 3-Year Revenue CAGR: +15.3%
How is Suyog Telematics Ltd's operating margin trending?
Suyog Telematics Ltd's operating margin is volatile.
- Current OPM: 71.0%
- OPM Change YoY: +1.0% basis points
- OPM Change QoQ: -4.0% basis points
What is Suyog Telematics Ltd's 3-year profit and revenue CAGR?
Suyog Telematics Ltd's long-term compounding rates
- 3-Year Profit CAGR: 0.0%
- 3-Year Revenue CAGR: +15.3%
Is Suyog Telematics Ltd's growth accelerating or decelerating?
Suyog Telematics Ltd's earnings growth is stable with weakening on a sequential basis.
- YoY Acceleration: +3.2% bps
- Sequential Acceleration: -11.8% bps
- Note: YoY and QoQ trends are diverging — worth monitoring
What is Suyog Telematics Ltd's trailing twelve month (TTM) performance?
Suyog Telematics Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹35 Cr
- TTM PAT Growth: -50.0% YoY
- TTM Revenue: ₹216 Cr
- TTM Revenue Growth: +14.9% YoY
- TTM Operating Margin: 60.3%
Is Suyog Telematics Ltd overvalued or undervalued?
Suyog Telematics Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 27.9x
- Price-to-Book: 2.2x
What is Suyog Telematics Ltd's current PE ratio?
Suyog Telematics Ltd's current PE ratio is 27.9x.
- Current PE: 27.9x
- Market Cap: 971 Cr
- Dividend Yield: 0.22%
How does Suyog Telematics Ltd's valuation compare to its history?
Suyog Telematics Ltd's current PE is 27.9x.
- Current PE: 27.9x
- Valuation Assessment: Significantly Overvalued
What is Suyog Telematics Ltd's price-to-book ratio?
Suyog Telematics Ltd's price-to-book ratio is 2.2x.
- Price-to-Book (P/B): 2.2x
- Book Value per Share: ₹371
- Current Price: ₹829
Is Suyog Telematics Ltd a fundamentally strong company?
Suyog Telematics Ltd is rated Weak with a fundamental score of 31.96/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +14.3% (10% weight)
- PAT Growth YoY: -11.8% (10% weight)
- PAT Growth QoQ: -11.8% (10% weight)
- Margins stable (10% weight)
Is Suyog Telematics Ltd debt free?
Suyog Telematics Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹213 Cr
What is Suyog Telematics Ltd's return on equity (ROE) and ROCE?
Suyog Telematics Ltd's return ratios over recent years
- FY2023: ROCE 22.0%
- FY2024: ROCE 22.0%
- FY2025: ROCE 14.0%
Is Suyog Telematics Ltd's cash flow positive?
Suyog Telematics Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹79 Cr
- Free Cash Flow (FCF): ₹-73 Cr
- CFO/PAT Ratio: 193% (strong cash conversion)
What is Suyog Telematics Ltd's dividend yield?
Suyog Telematics Ltd's current dividend yield is 0.22%.
- Dividend Yield: 0.22%
- Current Price: ₹829
Who holds Suyog Telematics Ltd shares — promoters, FII, DII?
Suyog Telematics Ltd's shareholding pattern (Mar 2026)
- Promoters: 52.0%
- FII (Foreign): 0.6%
- DII (Domestic): 0.0%
- Public: 47.3%
Is promoter holding increasing or decreasing in Suyog Telematics Ltd?
Suyog Telematics Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 52.0% (Mar 2026)
- Previous Quarter: 52.0% (Dec 2025)
- Change: 0.00% (stable)
How long has Suyog Telematics Ltd been outperforming Nifty 500?
Suyog Telematics Ltd has been outperforming Nifty 500 for 1 consecutive week, indicating early-stage outperformance.
Is Suyog Telematics Ltd a new momentum entry or an established outperformer?
Suyog Telematics Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Suyog Telematics Ltd?
Suyog Telematics Ltd has 3 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — BSNL and Vodafone have secured funding and finalized site lists for massive 4G/5G rollouts.
- Operating Leverage Inflection — Airtel 5G upgrades provide incremental revenue with minimal additional Capex.
- Revenue per tower reached ₹31,533 — Driven by Airtel 5G upgrades and the commencement of billing for BSNL sites.
What are the key risks in Suyog Telematics Ltd?
Suyog Telematics Ltd has 2 key risks worth monitoring
- [MEDIUM] Delays in government fund allocation and PSU processes for BSNL — BSNL rollout was delayed awaiting the Union Budget allocation and ministry approvals.
- [MEDIUM] Material availability issues from active equipment suppliers like Tejas — Rollouts are dependent on the operator's ability to provide BTS and other active equipment.
What did Suyog Telematics Ltd's management say in the latest earnings call?
In Q3 FY26, Suyog Telematics Ltd's management highlighted
- "So right now, the guidance of top line is around INR250 cr. with PAT of around INR80 crores. [Previous Revenue guidance]"
- "But as of now, it feels that 8,500, 9,000 should be achievable by end of year. [Previous Tenancy Count guidance]"
- "we can see substantial revenue, which will come from a fibre business mainly related to data centre... Close to ₹35 crores. [Initiative: Data Centre ..."
What is Suyog Telematics Ltd's management guidance for growth?
Suyog Telematics Ltd's management has provided the following forward guidance for FY27
- Revenue outlook: FY26 guidance lowered; FY27 expected to see major jump.
- OPM guidance: 32%
- Capex plan: ₹300 Cr for Rollout of 3,000 sites
- Management tone: bullish
- Milestone: [LOWERED] FY26 Tenancy: 9,000 → 7,500 to 8,000
What sector-specific metrics matter most for Suyog Telematics Ltd?
Suyog Telematics Ltd's most important sub-sector-specific KPIs from the latest concall
- Total Tower Count: 5,904 (QoQ +43) — Slow addition due to heavy rains and operator rollout delays.
- Total Tenancy Count: 7,206 (QoQ +43) — Tenancy growth mirrored tower additions as new sites were primarily single-tenant macro sites.
- Monthly Revenue per Tower: ₹31,533 (QoQ +₹2,533) — Increase driven by Airtel 5G upgrades and commencement of BSNL billing.
- Unbilled BSNL Sites: 558 (QoQ -1,242) — Reduction as sites were integrated and billing commenced.
- Fibre Network Length: 6,000 km — Steady expansion of the fibre backhaul network.
- Small Cell Tenancies: 4,000+ — Maintained strong presence in small cell infrastructure.
Is Suyog Telematics Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Suyog Telematics Ltd may be worth studying
- Cash flow is positive — CFO ₹79 Cr
What is the investment thesis for Suyog Telematics Ltd?
Suyog Telematics Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +14.3% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Delays in government fund allocation and PSU processes for BSNL
What is the future outlook for Suyog Telematics Ltd?
Suyog Telematics Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Delays in government fund allocation and PSU processes for BSNL
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.