Suyog Telematics Ltd(SUYOG)

NSE: SUYOGBSE: 537259

₹ 503-3.83%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 589 crWebsite: www.suyogtelematics.co.in/Updated: 24 Oct 2026

About

Suyog Telematics is a passive telecom infrastructure provider in India. It owns towers, small cells and fibre and leases them to mobile operators. As of Q1 FY27 it had 6,103 towers carrying 7,468 tenancies, plus a 6,709 km fibre network. It reported FY26 revenue of 221.85 (Rs Cr) and has been listed on the NSE main board since 20 August 2024.^[1][2][3]

Network footprint

6,103 towers and 7,468 tenancies in Q1 FY27, up from 6,008 towers and 7,318 tenancies at the end of FY26^[1][4]
4,054 small cell tenancies and 1,017 government site tenancies in Q1 FY27, vs 4,029 and 1,011 in Q3 FY26^[1][5]
Fibre network of 6,709 km in Q1 FY27, vs 6,300 km in FY26^[1][4]
About 300 towers were added in FY26, including 106 in Q4 FY26^[4]
Airtel 5G upgrades on Suyog's ~2,500 ULS sites add INR 3,000-4,000 per site per month with minimal capex (Q2 FY26)^[6]

Key operating numbers

Tenancy ratio of ~1.22x in Q1 FY27; the Vi sites added in June 2026 ran at 1.58x (150 tenancies on 95 towers)^[1]
Revenue per tower per month (excluding electricity reimbursement) of ~INR 31,105 in Q1 FY27, vs INR 31,080 in FY26 and INR 29,000 earlier^[1][4]
Gross margin per tower of 85% in FY26^[4]
From Q1 FY27, electricity and diesel reimbursements are included in revenue; on the restated basis, EBITDA margin was 59.3% in Q1 FY27 vs 61.5% in Q1 FY26^[1]
186 BSNL sites were awaiting billing in Q1 FY27, down from 558 in Q3 FY26 and 702 sites ready for integration in Q2 FY26^[1][5][6]

Customers

Revenue share by operator in Q1 FY27: Airtel 48.1%, Vi 27%, Jio 22.6%, BSNL 2.3%^[1]
Revenue share by operator in FY26: Airtel 48%, Vi 26.7%, Jio 22.8%, BSNL 2.5%^[4]
BSNL rent is capped at INR 7,000 per month, vs INR 15,000-25,000 for private operators (FY26)^[4]
Suyog has a pan-India master service agreement with Vodafone Idea (Q4 FY26)^[4]

Fibre business

Fibre is expected to stay at 5-8% of total revenue in FY27; larger FTTH contribution is expected in later years^[1]
A previously guided INR 35 Cr data centre fibre EPC project made no material progress in FY26^[4]

Expansion and capex

Target of 3,000 additional Vi tenancies in FY27 (80% on new towers) and 5,000 Vi sites in FY28^[1]
FY27 capex of ~INR 600 Cr planned at INR 12 lakhs per tower; ~50% to come from internal accruals and existing debt (Q4 FY26)^[4]
Tenancy ratio targeted at 1.8x by early FY29^[1]
Execution of BSNL work is paused until BSNL confirms billing; Tejas equipment issues have held up integration^[1]
Zinc bromide batteries from GBB Batteries at ~INR 33,000 per 100H unit (vs INR 48,000 for lithium); first 10-15 sites expected by mid-September 2026^[1]

Recent developments

Received ~636 Vodafone Idea orders around 17 June 2026; 95 towers (150 tenancies) were converted by 30 June, with 700+ sites in the pipeline for Q2 FY27^[1]
Monorail site contract renewed for 10 years in Q4 FY26^[4]
Acquired 95% of Lotus Tele Infra (120 sites, Delhi-NCR) for ~Rs 13.5 crore, completed 31 March 2025; its topline was ~INR 30 Cr in FY26^[3][4]
Board recommended a dividend of Re 1 per share for FY26; shareholder approval sought to lend or guarantee up to ₹40 crore to related entities^[7]
Whole-time director re-appointment for 5 years from 10 January 2027 proposed, with pay of up to ₹1.5 crore p.a.^[7]

Market Cap

₹589 Cr

High / Low

₹920 / 525

Stock P/E

11.6

Price / Book

1.4

Book Value

₹418

EPS

₹54.0

No. of Shares

1.17 Cr

ROCE

15.2%

ROE

14.2%

OPM

47.2%

Debt / Equity

0.28

Sales

₹222 Cr

Net Profit

₹63 Cr

Promoter holding

51.6%

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