Suyog Telematics Limited — Investor Meet, 26-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Suyog Telematics added nearly 1,800 tenancies in FY25, reaching 7,002 total with a 5,800 km fibre network. Q4 revenue was ₹50 Cr (excluding ₹24 Cr unbilled revenue), with EBITDA margin improving 853 bps YoY to 71.4%, and PAT margin steady at ~35% excluding a ₹27 Cr ESOP charge. Operating cash flow jumped to ₹21.1 Cr. FY25 CapEx was ₹138 Cr; FY26 plans include ₹400 Cr CapEx for 4,000 towers and 5,000 tenancies, funded by bank debt, accruals, and promoter funds. BSNL and Vodafone are key growth drivers. Management expects fibreization and 5G quality to improve, with EPC contracts for BSNL adding diversification. EBITDA margin guidance is 62-65%, PAT around 32-35%. Promoters may increase stake; debt is ₹225 Cr at ~9.5%. Management is enhancing communication and billing automation.