Suyog Telematics Q2 FY26 results: net profit ₹16.62 crore

How did Suyog Telematics perform in Q2 FY26?

Suyog Telematics reported consolidated revenue of ₹55.41 crore for Q2 FY26, compared with ₹54.58 crore in Q1 FY26. EBITDA rose to ₹41.69 crore from ₹41.13 crore, while the EBITDA margin was 75.2%, against 75.4% in the previous quarter. Profit before tax was ₹21.94 crore, against ₹21.73 crore in Q1 FY26.

The company reported a net profit of ₹16.62 crore, against ₹17.32 crore in Q1 FY26, while basic EPS fell to 14.87 from 15.48. No year-ago quarter figures were provided for comparison. On a standalone basis, revenue was ₹52.25 crore and profit was ₹16.59 crore, with profit before tax of ₹20.27 crore.

For the first half of FY26, consolidated revenue was ₹109.98 crore and total income was ₹113.29 crore. Profit before tax was ₹43.68 crore, net profit was ₹33.94 crore and basic EPS was 30.37.

What do the balance sheet and cash flow show?

At 30 September 2025, consolidated total assets were ₹771.76 crore, against ₹683.95 crore at 31 March 2025. Total equity rose to ₹434.69 crore from ₹400.49 crore, while borrowings increased to ₹242.55 crore from ₹122.64 crore. Cash and cash equivalents declined to ₹4.02 crore from ₹26.15 crore.

Inventories decreased to ₹7.16 crore from ₹7.98 crore, and trade receivables declined to ₹54.11 crore from ₹63.54 crore. Trade payables fell to ₹20.24 crore from ₹25.52 crore. For the first half of FY26, operating cash flow was ₹25.18 crore, investing cash flow was negative ₹95.91 crore and financing cash flow was ₹48.73 crore; capital expenditure was ₹97.04 crore.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025 on 11 November 2025. The filing included the statement of assets and liabilities, statement of cash flows and the limited review report; the board meeting ran from 3:00 p.m. IST to 7:00 p.m. IST.

The company filed an investor presentation on 12 November 2025 for the quarter and half year ended 30 September 2025. The presentation stated that Suyog Telematics had 7,163 total tenancies, 5,861 total towers and 26 States & Union Territories. The same-day filing excerpts did not report a dividend, fund raise or appointment.

The investor presentation described the company as a passive telecommunications infrastructure provider focused on high-power small cell infrastructure, fibre connectivity and environmentally friendly solutions. It also listed services including tower erection, fibre optics network solutions and pole erection.

What did the auditors point out?

The review report included an Emphasis of Matter paragraph. The auditors drew attention to Note 5(b), which described statutory compliance with GST, TDS and ESIC as subject to reconciliation and subsequent adjustment, and to Note 5(a), which described trade receivables and trade payables balances as subject to confirmation or reconciliation. The auditors stated that classification of trade payables as MSME and Others was based on available information with management, and that their opinion was not modified in respect of these matters. The review was described as substantially less in scope than an audit, and the auditors said they did not express an audit opinion.

What did Suyog Telematics' management say?

Management said the Airtel 5G rollout was live on 2,500 ULS sites and could add INR3,000-4,000 per site per month with minimal capex. It expected the BSNL order for 6,000 sites by December after a delay of about 1.5 months, and said Vodafone deployment had started on more than 500 sites, with a target of 1,000 additional sites in Q3-Q4 FY26.

Tushar Shah said: “We are set for a major, major rollout in next few quarters. Everything is aligned. We are just waiting for final approvals from the BSNL and we are very sure this will take our company to next level, when we complete all our rollout plans.” He also said: “With a minimum CapEx, you get an upside of INR3,000 to INR4,000 per month per site which gives you your realization per tower increase drastically and which will improve your ROI and this will directly hit my EBITDA and PAT levels which is one of the biggest upside for us in this quarter.”

How did Suyog Telematics shares react?

The filing appeared after market hours at a base price of ₹695.00, against the prior close of ₹713.85. The stock was up 0.1% after 5 minutes, 1.3% after 15 minutes and 1.1% after 30 minutes, then closed the reaction day down 0.1% from the pre-results close. By the next day's close, it was down 2.2% from that close, and by the fifth session it was down 5.0%.

The Telecom - Infrastructure industry's other stocks had a median move of 1.3% on the reaction day, 1.3% by the next day's close and 0.8% by the fifth session. Suyog Telematics therefore lagged the industry median by 1.4 percentage points on the reaction day, 3.6 percentage points by the next day's close and 5.8 percentage points by the fifth session. The Nifty Microcap 250 moved 0.9%, 0.8% and 0.4% over the same respective closes.

Earlier results-day reaction was positive on 12 August 2025 at 3.0%. The stock was down 5.2% on 20 May 2025, 20.5% on 11 February 2025, 0.9% on 14 November 2024 and 4.3% on 10 September 2024.