AI-generated · cited to primary sources · not investment advice
Suyog Telematics (537259) Feb 2026 Filing Analysis
Does management do what it says?
The tenancy target for the current financial year has been lowered from the previous guidance of 9,000 to a range of 7,500-8,000 due to material availability issues at Vodafone. (2 revised, 2 in progress across 4 tracked commitments)
“BSNL targeting 4G rollout of 20,000+ Macro Towers by March 2026”
The BSNL rollout has faced significant delays due to funding and material availability from Tejas. The target for these sites has been pushed to FY2027. (1 revised across 1 tracked commitment)
“Obviously, there is a delay from BSNL, but now it's very clear... Sooner or later, that 23,000 sites will get roll in FY 2027 anyhow by BSNL... out of 23,000 sites, we are targeting 5,000 to 6,000 sites for BSNL.”
Expectation of substantial revenue from a ₹35 crore data centre fibre project in Q4. — target: ₹35 crore project value (+1 more commitment)
“yes, Q4 we will see a substantial not entire, but we can see substantial revenue, which will come from a fibre business mainly related to data centre.”
Management has initiated trials for Zinc batteries as a cost-efficient power backup solution. — target: Trials at Suyog sites scheduled for Diwali (+2 more commitments)
“Trial Initiated in Q4 FY25... Zinc batteries are ready at the supplier's factory, and trials at Suyog sites are scheduled for Diwali.”
See the full cited Management analysis of Suyog Telematics
How durable is the business?
Average rental revenue per tower has recovered to ₹31,533 as unbilled BSNL sites move into the billing cycle, supporting high EBITDA margins of 68-70%. (1 expanding)
“we have reached ₹31,533 per tower per month... it's on an upward trajectory... it will again show the output on EBITDA and PAT.”
See the full cited Business Model analysis of Suyog Telematics
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