NSE: SUYOG · BSE: 537259
SUYOG TELEMATICS LIMITED
Deploys and services telecom infrastructure — ground-based towers, rooftop poles, cell-on-wheels, small cells, and in-building solutions — for mobile communication networks. Customers include telecom operators such as Vodafone Idea (about 636 site orders received in FY26) and institutions such as IIT Bombay, where it won an H1 bid for campus-wide telecom infrastructure setup and management. FY26 consolidated revenue was Rs. 221.85 crore, with the cost base dominated by depreciation at 28.1% of revenue, ahead of employee cost at 11.5% and materials at 6.6%. Net profit was Rs. 63.07 crore in FY26, up 55.5% year-on-year. The business is asset-heavy — total assets stood at Rs. 942.53 crore — and revenue from telecom tower services is booked provisionally pending final reconciliation with operators. FY26 was the first full year of consolidated results following the acquisition of Lotus Tele Infra, with reported capex at nil for the year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Telecom infrastructure deployment and services. Asset-heavy telecom infrastructure services with high depreciation.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 193 | 222 |
| EBITDA (ex other income) | 110 | 164 |
| margin % | 57.2 | 74.0 |
| Owners' profit | 41 | 63 |
| EPS, as reported (₹) | 34.55 | 54.70 |
| ROE % · ROCE % | 10.1 · 13.0 | 12.9 · 13.1 |
| Debt / equity (x) | 0.31 | 0.28 |
| Cash from operations | 78 | 66 |
| Capex | (138) | 0 |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 50 | 55 | 55 | 56 | 56 | 71 |
| Profit before tax | (9) | 22 | 22 | 20 | 20 | 20 |
| Net profit | (14) | 17 | 17 | 15 | 14 | 14 |
| EPS (₹) | (11.74) | 15.48 | 14.87 | 12.57 | 12.35 | 12.37 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INDUS TOWERS LIMITED | 98,401 | 13.8 | 2.48 | 5.3 | 18.0 | 15.4 | 18.4 | 56.1 |
| HFCL LIMITED | 37,263 | 63.4 | 7.53 | 47.1 | 6.7 | 7.8 | 2.3 | 23.3 |
| Bondada Engineering Limited | 3,127 | 12.2 | 4.27 | 9.7 | 28.8 | 37.2 | — | 12.3 |
| PACE DIGITEK LIMITED | 3,078 | 9.1 | 1.37 | 7.5 | 13.6 | 14.5 | — | 20.6 |
| GTL INFRA.LTD | 1,281 | 1.6 | — | — | (14.9) | (233.9) | — | 45.2 |
| SUYOG TELEMATICS LIMITED ◆ | 532 | 8.7 | 1.09 | 3.8 | 12.9 | 10.2 | — | 62.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.7 | 13.8 | 4 of 15 | 79% |
| P/B | 1.1 | 3.4 | 4 of 12 | 73% |
| ROCE | 10.2 | 11.0 | 10 of 18 | 47% |
| ROE | 12.9 | 13.3 | 7 of 12 | 46% |
| Debt / Equity | 0.3 | 0.3 | 6 of 12 | 55% |
| EBITDA margin | 62.4 | 23.3 | 2 of 19 | 94% |
| Revenue growth | 30.0 | 6.1 | 4 of 20 | 84% |
| Profit growth | (16.3) | 45.9 | 17 of 18 | 6% |
| Market cap | 532 | 2916 | 14 of 20 | 32% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 28 Oct 2026 · BSE seeks clarification on significant share price movement | regulatory legal | medium | — | — |
| 7 Oct 2026 · RTA cert under SEBI Reg 74(5) for Q2 FY26-27, no demat requests received | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results announcement | compliance | minimal | — | — |
| 22 Sept 2026 · 31st AGM held; 7 resolutions transacted including dividend declaration | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Revised Annual Report FY26 filed to fix typographical errors | results | medium | — | — |
| 9 Sept 2026 · Received 819 additional site orders from Vodafone Idea | business updates | high | — | — |
| 1 Sept 2026 · Newspaper ad for 31st AGM notice and FY26 annual report | compliance | minimal | — | — |
| 31 Aug 2026 · Suyog Telematics 31st AGM on Sep 22, 2026; Re.1 dividend proposed | board shareholder meetings | low | — | — |
| 28 Aug 2026 · Newspaper publication of 31st AGM notice | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.