Company Overview

Suyog Telematics Limited is a passive telecommunication infrastructure provider specializing in telecom tower infrastructure solutions with over 30 years of experience. The company has built 10,000+ roof top towers for BSNL and is the only IP company with maximum government sites in percentage terms.

Operational Highlights as of June 30, 2026

  • Presence across 26 States & UTs
  • 6,103 Total Towers
  • 7,468 Total Tenancies
  • 4,054 Small Cell Tenancies
  • 1,017 Government Sites Tenancies
  • 6,709 km Fiber Network
  • 189 Sites Ready for Integration

Recent Execution Performance

The company executed 95 towers and 150 tenancies for Vodafone Idea within 13-15 days against approximately 636 site orders received around June 17, 2026. Currently working on 700+ additional sites from Vodafone Idea across various locations in India.

Services and Product Portfolio

Services Offered: Tower Erection, Fiber Optics Network Solution, Pole Erection

Product Portfolio: Ground Based Tower, Roof Top Tower, Cow Tower, GBM Tower, Camouflage Tower

Leadership Team

  • Shiv Shankar Lature: Co-Founder & Managing Director with over 20 years of telecom industry expertise
  • Mahesh Rajure: Business Head (India), with Suyog since 1996, manages nationwide operations
  • Ajay Sharma: Chief Financial Officer with over 28 years of finance experience
  • Aarti Shukla: Company Secretary & Compliance Officer, specializing in corporate governance

Business Model

The company operates as a passive infrastructure provider with long-term Master Service Agreements (MSA) featuring:

  • Site rentals billed based on actuals or fixed cost with IP Fees
  • Loading charges based on equipment installed
  • Service Level Agreements ensuring site uptime
  • Advance monthly payment terms

Government Sites Agreements

The company has tie-ups with multiple government agencies including MCGM Wards, MMRDA, NHAI, BEST, Monorail, JNPT, SEEPZ, Gujarat & West Bengal Govt. Average contract tenure is 10 years with advantages including low capex, low rentals, and prime locations.

Strategic Acquisition: Lotus Tele Infra

Acquisition Date: March 31, 2025

Consideration Amount: INR 13.5 Crores

Equity Structure: Suyog Telematics Ltd – 95%, Promoter Group – 5%

Assets Acquired: 120 telecom sites in Delhi & NCR region

Major Tenants: Bharti Airtel & Reliance Jio

Expected Benefits: 50% increase in tenancies within 6 months through onboarding of Vodafone and BSNL

Financial Performance Q1 FY27 (Consolidated)

  • Revenue from Operations: INR 709.5 Mn (6.1% YoY growth, 3.5% QoQ growth)
  • Total Expenditure: INR 288.6 Mn (12.2% YoY growth, 7.9% QoQ growth)
  • EBITDA: INR 420.9 Mn (2.3% YoY growth, 0.7% QoQ growth)
  • EBITDA Margin: 59.3% (vs 61.5% in Q1 FY26 and 61.0% in Q4 FY26)
  • Profit Before Tax: INR 195.1 Mn (10.3% YoY decline, 3.0% QoQ decline)
  • Net Profit: INR 145.0 Mn (16.3% YoY decline, flat QoQ)
  • Net Profit Margin: 20.4% (vs 25.9% in Q1 FY26)
  • EPS: INR 12.37

Accounting Policy Change

Effective April 1, 2026, the company changed its accounting policy for electricity and diesel reimbursements from net presentation to gross presentation. This reclassification has no impact on PBT, PAT, Net Worth, EPS or absolute EBITDA but affects EBITDA margin calculation due to higher revenue base.

Annual Balance Sheet (Consolidated)

FY26 Position:

  • Total Assets: INR 9,425.3 Mn
  • Shareholders' Fund: INR 4,895.8 Mn
  • Non-Current Liabilities: INR 3,305.3 Mn
  • Current Liabilities: INR 1,224.3 Mn
  • Property, Plant & Equipment: INR 3,464.6 Mn
  • Right of Use Assets: INR 2,274.5 Mn
  • Capital WIP: INR 875.7 Mn

R&D and Innovation Initiatives

  • Zinc Bromide Batteries: Successful trial completed, commercial deliveries expected from September 2026
  • Wind Turbines: Installation at select telecom towers on trial basis to reduce energy costs
  • FTTH R&D: Developing vertical wiring solutions for space optimization
  • Low Orbit Satellite Development: Exploring satellite technology and ground receiver systems

Growth Drivers and Market Opportunity

  • Vodafone Idea's INR 45,000 crore network expansion plan (60,000-70,000 new sites over 12-18 months)
  • BSNL's INR 77,000 crore proposed capex over next 5 years (2 lakh additional 4G sites)
  • 5G rollout requiring approximately 12,00,000 towers nationwide
  • Fiberization essential for 5G deployment and IoT device integration

Regulatory Environment

Adoption of Telecommunications Act, 2023 (effective June 26, 2024) and Telecom Right of Way Rules, 2024 (effective January 1, 2025) providing standardized approval processes and reduced costs for infrastructure deployment.