Business Overview

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

Operational Highlights

  • Operates 6,263 total towers with 7,674 total tenancies across 26 states and union territories
  • Maintains 4,129 small cell tenancies and 1,041 government sites tenancies
  • Manages 6,510 km fiber network
  • Currently working on 2,000+ additional sites from Vodafone Idea across various locations in India
  • Services offered: Tower Erection, Fiber Optics Network Solution, Pole Erection
  • Product portfolio: Ground Based Tower, Roof Top Tower, Cow Tower, GBM Tower, Camouflage Tower

Business Model

The company operates as a passive infrastructure provider on shared basis to Telecommunication Service Providers through long-term Master Service Agreements (MSA) with service level agreements for site uptime. Revenue model includes:

  • Site Rentals: Billed based on actuals or fixed cost with IP Fees
  • Loading Charges: Determined through fixed charges or equipment installed
  • Payment Terms: Advance monthly payments
  • Tenure: Agreements extend beyond seven years with exit penalties

Market Opportunity

Significant telecom capex cycle underway:

  • Vodafone Idea: ₹45,000 Crore network expansion with ₹6,400 Cr first tranche secured, ₹9,000 Cr equipment orders placed, ₹1,930 Cr capex incurred in June quarter, 3,000-3,500 new 4G sites planned monthly
  • BSNL: Proposed 16,000 towers installation by March 2027 (4,000 in Mumbai, 6,000 in Delhi, 6,000 rest of India)

Financial Performance - Q2 FY27 (Consolidated)

  • Revenue from Operations: ₹717.0 Mn (2.8% YoY growth, 1.1% QoQ growth)
  • Total Expenditure: ₹286.2 Mn (2.1% YoY growth, -0.8% QoQ)
  • Cost of Materials Consumed: ₹170.4 Mn (-5.8% YoY, -0.2% QoQ)
  • Employee Benefit Expenses: ₹64.2 Mn (14.8% YoY, 1.3% QoQ)
  • Other Expenses: ₹51.6 Mn (18.4% YoY, -5.5% QoQ)
  • EBITDA: ₹430.8 Mn (3.3% YoY growth, 2.4% QoQ growth)
  • EBITDA Margin: 60.1% (+29 bps YoY, +76 bps QoQ)
  • Other Income: ₹28.1 Mn (89.4% YoY, 27.4% QoQ)
  • Depreciation: ₹176.8 Mn (12.8% YoY, 2.2% QoQ)
  • EBIT: ₹282.1 Mn (2.6% YoY growth, 4.5% QoQ growth)
  • Interest: ₹76.5 Mn (37.5% YoY, 2.2% QoQ)
  • Profit Before Tax: ₹205.6 Mn (-6.3% YoY, 5.4% QoQ)
  • Tax: ₹52.2 Mn (-1.8% YoY, 4.3% QoQ)
  • Net Profit: ₹153.4 Mn (-7.7% YoY, 5.8% QoQ)
  • Net Profit Margin: 21.4% (-245 bps YoY, +96 bps QoQ)
  • EPS: ₹13.09

Financial Performance - H1 FY27 (Consolidated)

  • Revenue from Operations: ₹1,426.5 Mn (4.5% YoY growth)
  • Total Expenditure: ₹574.8 Mn (6.9% YoY growth)
  • EBITDA: ₹851.7 Mn (2.8% YoY growth)
  • EBITDA Margin: 59.7% (-94 bps YoY)
  • Net Profit: ₹298.4 Mn (-12.1% YoY)
  • Net Profit Margin: 20.9% (-394 bps YoY)

Balance Sheet Position (Consolidated)

As of H1 FY27:

  • Total Assets: ₹9,865.4 Mn
  • Shareholders' Fund: ₹5,078.4 Mn
  • Non-Current Liabilities: ₹3,470.1 Mn
  • Current Liabilities: ₹1,316.9 Mn
  • Non-Current Assets: ₹7,764.3 Mn (including Property, Plant & Equipment: ₹3,779.0 Mn, Right of use Assets: ₹2,377.8 Mn)
  • Current Assets: ₹2,101.2 Mn

Revenue Per Tower Trend

Quarterly revenue per tower (excluding electricity reimbursement) shown for periods from Q3FY24 to Q2FY27, indicating stable performance.

Signed By

Aarti Shukla, Company Secretary & Compliance Officer