AI-generated · cited to primary sources · not investment advice
Suyog Telematics (537259) Nov 2025 Filing Analysis
Does management do what it says?
Actual revenue per tower has reached ₹31,533, significantly higher than the previously guided stabilization range. (3 exceeded across 3 tracked commitments)
“It should be around INR27,000. It should be stable between INR26,000, INR27,000.”
Management confirms that trials were initiated in Q4 FY25 and the batteries are now ready at the supplier's factory. (1 met across 1 tracked commitment)
“Trial Initiated in Q4 FY25; For Zinc batteries as a cost-efficient power backup solutions, offering similar utility to lithium batteries”
The project revenue did not materialize in Q3 as expected due to tower rollout delays, but management expects substantial revenue to flow in Q4 or mid-Q1 FY27. (1 revised across 1 tracked commitment)
“Scope of 1,000+ kms of aerial fiber in Mumbai Circle; LOI expected by Dec’25”
The EBITDA margin for Q3 FY26 was 70.8%, and the 9M FY26 margin was 73.8%, both falling short of the 75% target. (2 missed, 1 met across 3 tracked commitments)
“I am saying that our PAT is around 30%, 32% of revenue. ...I gave the approx. idea of INR80 cr, INR85 cr. approx.”
Management has upgraded the FY27 tenancy target from 15,000 to approximately 17,000 tenancies, citing clarity on BSNL and Vodafone funding. (1 revised, 1 missed across 2 tracked commitments)
“So, we see yearend something around 8,500 sites by March... it feels that 8,500, 9,000 should be achievable by end of year.”
See the full cited Management analysis of Suyog Telematics
How durable is the business?
The company is significantly expanding its fiber network, which now stands at 6,152 km, and is bidding for an additional 1,000 km aerial fiber tender from MTNL to strengthen its infrastructure moat. (1 expanding)
“We have increased our very strong fibre network to 6,152 per kilometre... We are on the final stages of getting 1,000 plus kilometres of fibre, aerial fibre tender in Mumbai Circle from MTNL.”
See the full cited Business Model analysis of Suyog Telematics
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