Suyog Telematics Ltd

Suyog Telematics Limited trading window closed from Oct 01, 2026 until the expiry of 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter and half-year ending September 30, 2026.

AGM details

• Date, time and mode: 22 September 2026, 11:30 IST, VC/OAVM.
• Attendance: 43 members via VC; meeting chaired by CMD.
• Remote e-voting window: 17–21 September 2026; AGM e-voting available.

Key resolutions

• Adoption of standalone and consolidated financial statements (Ordinary Resolution).
• Re-appointment of director liable to retirement by rotation (Ordinary Resolution).
• Declaration of Dividend (Ordinary Resolution).
• Ratification of Cost Auditor’s remuneration (Special Resolution).
• Re-appointment of Subhashita Lature as Whole-Time Director (Special Resolution).
• Approval to advance loan/guarantee/provide security under Section 185 (Special Resolution).
• Approval for payment of remuneration to Suchitra Shivshankar Lature (Special Resolution).

Voting status

• Voting results to be announced within 2 working days on stock exchanges and company site.

Dividend

• Dividend declaration item on agenda; amount not disclosed.

Director changes

• Re-appointment of Subhashita Lature as Whole-Time Director.

Auditor

• Statutory auditor attended; no appointment changes disclosed.

Other material approvals

• Approval to advance loan/guarantee/provide security under Section 185.

Financial highlights

• Standalone revenue from operations: ₹21,445.50 lakh in FY2025-26.
• Consolidated revenue from operations: ₹22,185.00 lakh in FY2025-26.
• Standalone net profit: ₹6,227.85 lakh for FY2025-26.
• Consolidated net profit: ₹6,307.10 lakh for FY2025-26.
• Consolidated basic EPS: ₹54.70.
• Final dividend recommended: ₹1 per equity share.
• Paid-up equity capital after warrant conversions: ₹11.72 crore.

Portfolio and scale

• Portfolio: 6,008 towers, 7,318 tenancies across 26 states/UTs.
• Small cells: 4,054 tenancies; Government sites: 1,017 tenancies.
• Fiber network extended to 6,307 km in FY25-26.
• Lotus Tele Infra acquired: 95% stake, 120 sites in Delhi-NCR.
• Airtel 5G deployment on 2,500+ ULS sites; incremental ₹3k-4k per site per month.
• Delhi-NCR expansion complements Mumbai footprint; consolidated platform for Lotus.

Capital structure and capital allocation

• Equity capital rose to 11,717,120 shares via warrant conversions.
• Promoter warrants converted to equity, raising ₹60 crore in 2025.
• CRISIL rated long-term facility BBB; short-term A3+ outlook Stable.
• Debt-to-equity ratio: 0.28; gearing: 19.6%.
• Final dividend proposed; capital allocation emphasizes growth and shareholder value.

Governance and leadership changes

• Independent Director Sanjeev Sunderji Thakker appointed from Jan 12, 2026.
• Independent Director Aarati Savur appointed from Aug 12, 2025.
• Independent Director Ajay Kumar Thakur resigned from Jan 13, 2026.
• Leena Govekar ceased as Independent Director on Sep 29, 2025.
• Vivek Lature (MD) passed away on Sep 11, 2025.
• Board size seven: 2 Executive, 1 non-exec non-ind, 4 independent.

Audit and risk flags

• Statutory auditors SPML & Associates issued unqualified standalone opinion.
• Emphasis: provisional revenue recognition and internal-control weaknesses.
• Secretarial audit by Amruta Giradkar & Associates; no qualifications.
• MSME reconciliations and GST compliance ongoing; internal controls strengthening underway.

CSR and sustainability

• FY25-26 CSR expenditure: ₹1.847 crore; average 2% profit base: ₹1.24 crore.
• Shortfall from previous year ₹59.32 lakh; carried forward for 2025-26.
• Projects: Parisar Asha, Drishti Foundation, Jay Harihar Krupa Foundation, Ambulance project.
• Go Green initiatives: lithium batteries, SMPS, FTTH wiring.

Outlook and strategic opportunities

• 5G densification and fiberization drive demand for macro towers, small cells, OFC.
• 5G BTS installed over 5.23 lakh; 99.9% districts covered as of Feb 2026.
• Vodafone Idea network restart; target 13,000-15,000 new sites in FY27.
• FY27: add ~3,000-3,500 Vodafone Idea sites; inorganic Delhi-NCR opportunities.
• Smart city and government infrastructure co-locations expand revenue streams.

Vodafone Idea site orders

• Received 819 site orders from Vodafone Idea Limited in the current financial year in multiple tranches.

Financial highlights

• Standalone revenue from operations FY26: ₹20,919.05 lakh; consolidated: ₹22,185.00 lakh.
• Standalone total income ₹21,445.50 lakh; consolidated ₹22,762.55 lakh.
• Standalone net profit ₹6,227.85 lakh; consolidated ₹6,307.10 lakh.
• Basic EPS: Standalone ₹54.05; Consolidated ₹54.70.
• Diluted EPS: Standalone ₹51.77; Consolidated ₹52.40.
• EBITDA margin 70-76%; ROE 14.01%; ROCE 0.12%.
• Total assets: Standalone ₹89,766.18 lakh; Consolidated ₹94,253.27 lakh.
• Equity: Standalone ₹48,882.44 lakh; Consolidated ₹48,957.74 lakh.
• Debt-Equity 0.28; Debt-Service Coverage 2.76.

Strategic developments

• Lotus Tele Infra consolidated in FY26; 95% stake acquired.
• Delhi-NCR expansion via Lotus Tele Infra; 120 sites, Bharti Airtel and Reliance Jio tenants.
• 4,054 small-cell tenancies; 1,017 government-site tenancies; 6,307 km fiber.
• Airtel 5G on 2,500 ULS sites; ₹3,000-4,000/site/month.
• Promoter warrant conversion raised ₹60 crore in Oct 2025.
• Ms Subhashita Lature reappointed as Whole-Time Director for five years from Jan 10, 2027.
• Remuneration for Subhashita Lature up to ₹1.50 crore per annum.

Dividend & capital allocation

• Final dividend proposed: ₹1 per equity share for FY2025-26.
• Record date Sep 11, 2026; payment after AGM.
• Share capital increased by 5,84,756 shares via warrants; paid-up capital ₹11,71,71,200.
• No differential voting rights; no ESOP in FY2025-26.

Governance & board changes

• Aarati Savur Independent Director appointed Aug 12, 2025; Sanjeev Thakker appointed Jan 12, 2026.
• Ajay Kumar Thakur resigned Jan 13, 2026; Leena Govekar ceased Sep 29, 2025; Vivek Lature deceased Sep 11, 2025.
• Board of seven; committees include Audit, NRC, Stakeholders, CSR; Committee of Directors; Fund Raising.
• Independent Directors familiarisation conducted Mar 23, 2026.

Audit, risk and controls

• Statutory auditor SPML & Associates; Secretarial auditor Amruta Giradkar; Internal auditor SKSS & Associates; Cost Auditor Avnesh Jain.
• Auditors’ report: no qualifications; emphasis on reconciliations and provisional revenue recognition.
• Internal controls: adequate; management to enhance controls as business scales.

Outlook and risks

• FY27 capex pipeline: ₹700-800 crore for 7,000-8,000 tower rollouts.
• Regulatory risks: DoT licensing, ROW; ongoing monitoring and compliance.
• 5G densification and fiberization driving demand for towers, small cells, OFC.
• Vodafone Idea recovery cycle; target 3,000-3,500 Suyog sites in FY27.

CSR and sustainability

• FY26 CSR spend ₹18.471 crore; 2% of average net profit ₹₹12.43 lakh.
• CSR focus areas: Healthcare, Education, Gender Equality; government and local communities.
• Ambulance project via Suyog Healthcare and Wellness Foundation.

AGM and investor information

• 31st AGM on Sep 22, 2026 via VC/OAVM.
• Remote e-voting Sep 17-21; cutoff Sep 15; AGM results to be announced.
• Postal ballot resolutions: appointment of Thakker; MOA amendments.

AGM Details

• AGM date/time: 22 September 2026 at 11:30 IST via VC/OAVM.
• Dividend record date: 11 September 2026.

Key Resolutions

• Adopt standalone and consolidated audited financial statements and reports.
• Re-appoint Suchitra Lature as Director retiring by rotation.
• Declare dividend of ₹1 per equity share.
• Ratify remuneration of ₹1,00,000 to Cost Auditors for 2026-27.
• Re-appoint Subhashita Lature as Whole-Time Director for 5 years.
• Approve loan/guarantee/security to subsidiaries/associates up to ₹40 crore.
• Approve remuneration to Suchitra Lature up to ₹1.80 crore per annum.

Director Changes

• Suchitra Lature to be re-appointed as Director (not independent).
• Subhashita Lature re-appointed as Whole-Time Director for five years.

Financial Performance

• Q1 FY27 revenue: INR 710 million; EBITDA margin 59.3% (incl. electricity top-line).
• PBT: INR 195 million; Net profit: INR 145 million; EPS: INR 12.37.
• Revenue per tower excluding EV: INR 31,000.
• Revenue per tower including EV: around INR 50,000.
• Q1 exit: 6,103 towers; 7,468 tenancies.
• Vodafone Idea: 150 tenancies converted in June; 700 more tenancies in hand.
• Target 3,000 Vodafone Idea tenancies in FY27.
• Operator revenue shares: Airtel 48.1%, Vi 27%, Jio 22.6%, BSNL 2.3%.

Operations Update

• Vodafone Idea orders: ~600+; 95 towers (150 tenancies) converted in June.
• 700 more Vodafone tenancies in hand; aim to convert in Q2.
• Q1 exit: 6,103 towers; 7,468 tenancies; macro sites dominate.
• Total planned towers in next 5 years: close to 3 lakh.

Technology & Capex

• Zinc battery tie-up with GBB Batteries (Kerala); 100% made in India; not manufactured in-house.
• Cost: INR 33,000 per 100H vs lithium INR 48,000 per 100H.
• First batch: 10-15 sites by mid-September.

Funding & Partnerships

• Vodafone funding secured: INR 6,400 crore; SBI consortium to arrange INR 25,000–30,000 crore.
• Vodafone plan: INR 45,000 crore funding; ~30,000 sites; 3,000–3,500 sites/month.
• BSNL CapEx: INR 77,000 crore; 2 lakh sites in 5 years.

Outlook & Guidance

• PAT margin target around 20% for FY27.
• Vodafone revenue share target ~32% of total revenue.
• Tenancy ratio target 1.8x by FY29; current around 1.2x.
• 3 lakh towers planned in 5 years (2.5 lakh VI + 50k others).
• Q4 FY27 revenue run-rate target: INR 100 crore per quarter.
• Fundraising: not decided yet; internal accruals sufficient for now; may raise if orders exceed.

Q&A Highlights

• 3,000 VI tenancies target for FY27; 150 already added in Q1; 700 in hand.
• 80:20 anchor:shared mix expected; 1.8x tenancy target by FY29.
• Fibre revenue share 5–8% of total; mostly recurring.
• MSA framework; fixed charges; daily loadings across operators; no fixed end.
• BSNL 186 sites billing pending; Tejas issues under control; revenue expected in Q2.
• Vodafone revenue share expected to reach ~32% of total.