Suyog Telematics Reports Strong Q2 & H1 FY26 Results; Eyes Major Expansion and 5G Rollouts
Suyog Telematics reported strong Q2 & H1 FY26 results with 16% revenue growth and 75% EBITDA margin. The company plans significant expansion with new orders from Vodafone, BSNL, and Airtel 5G upgrades.
The announcement details multiple large-scale upcoming projects and order wins, particularly with BSNL (6,000 sites), Vodafone (1,000+ sites), and Airtel's 5G rollout on existing ULS sites (2,500 sites) which promises immediate revenue upside with minimal CapEx. These initiatives, along with potential inorganic growth and fibre projects, are poised to significantly increase the company's asset base, revenue, and profitability in the near to medium term, indicating a high impact on future performance.
The company reported robust financial performance with significant revenue and EBITDA margin growth. Management outlined ambitious expansion plans with major new orders from key telecom operators (Vodafone, BSNL, Airtel 5G), and strategic projects like data center fibre, which are expected to drive substantial future growth and profitability.
* Suyog Telematics Limited announced the transcript of its Post Earnings Conference Call for the unaudited Standalone and Consolidated Financial Results for the Quarter and Half Year ended September 30, 2025. * For Q2 FY26, consolidated revenue was ₹55.4 crore, EBITDA stood at ₹41.7 crore (75% margin), and net profit was ₹16.6 crore (30% margin). * Revenue from operations grew 16% year-on-year for Q2 and 17% for H1 FY26, despite Q2 typically being a sluggish quarter for the telecom industry. * EBITDA margin increased by 201 basis points year-on-year for Q2 and 297 basis points for H1. PAT margin remained strong at 30%, though a decrease from 42% was attributed to increased interest costs and depreciation. * The company's presence includes 5,861 towers and 7,163 tenancies. It has crossed 1,000 government site tenancies and 4,000 small cell site tenancies. The fibre network expanded to 6,152 km, with 702 sites ready for integration, primarily for BSNL. * Revenue per tenancy increased from ₹22,000 in March 2025 to ₹25,000 in September 2025, driven by Airtel upgrades and the acquisition of Lotus Tele Infra. * Future Growth Strategies: * Vodafone Idea (VIL): Received orders for 500+ macro sites, with deployment starting from November 2025. Expects to complete 1,000+ sites for VIL by March 2026. * BSNL: Anticipates allocation of at least 6,000 GBT sites out of a 12,500-site bid from a 17,000-site RFP. The allocation process is expected to finalize in December 2025, with deployment commencing in Q4 FY26 (January 2026 onwards) over the next 12-15 months. * Airtel 5G Rollout: Started deploying 5G on its 2,500 ULS sites managed for Airtel, providing an immediate upside of ₹3,000-₹4,000 per site per month with minimal CapEx. Airtel aims to complete 5G deployment on these sites by the end of FY26. * MTNL Fibre Tender: In final stages for a 1,000+ km aerial fibre tender in Mumbai Circle, with allocation expected within 1-1.5 months. * Data Centre Project: Working on a ₹35 crore fibre laying project for data centre companies in Mumbai, targeting materialization by December 2025. * Inorganic Growth: Negotiating with 2-3 companies for potential inorganic growth opportunities in Delhi and Rajasthan. * Funding and CapEx: The company has secured an approved sanction limit of ₹150 crore in debt from banks and received ₹22 crore from promoters in October 2025, along with internal accruals, to fund the rollout of 3,000 BSNL sites (estimated CapEx of ₹300 crore). Debt is expected to increase to ₹250 crore at an interest rate of 9.5%. * Guidance: FY26 revenue guidance of ₹250 crore remains unchanged. Tenancy target for FY26 is revised to 8,500-9,000 by March 2026, with the balance 12,000 target spilling into FY27, to be supplemented by inorganic growth. Revenue per tenancy is expected to stabilize between ₹26,000-₹27,000.
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Suyog Telematics Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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