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Suyog Telematics Ltd

SUYOG

NSE

₹598.20-2.50%19 Oct 2026

Reports

Telecom Services

Suyog Telematics Ltd

SUYOG

NSE

₹598.20

-2.50%

19 Oct 2026

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Telecom Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Suyog Telematics is a landlord for India’s mobile networks - it builds, owns and maintains the physical structures that carry wireless signals, then rents space on them to every major telecom operator in the country. The company started in 1995 as a small construction outfit and, after securing a specialised government licence in 2008, spent three decades turning itself into the only IP company to have maximum government sites (in percentage terms) among its peers. Everything it does follows a single recurring logic: find sites that rivals cannot easily replicate, wire them with its own fibre, and lock in tenants on decade-long contracts that escalate every year.

Business segments

A single engine with five mutually reinforcing site types - government properties, slum rooftops, CCTV poles, small cells and macro towers - all leased under the same long-term contract model and stitched together by the company’s own fibre network.

1. Macro tower leasing: the recurring-revenue backbone

Ground-based and rooftop towers leased to all four Indian mobile operators under 10-year-plus agreements with built-in annual price increases - the steady cash engine that funds everything else.

Paid per tenant, not per tower - the company earns a fixed monthly Infrastructure Provider fee for every operator that mounts equipment on a site, so a single tower with three tenants generates three revenue streams, and adding a new tenant costs very little beyond the one-time installation.
Contracts that compound - Master Service Agreements run for an average of 10 years or more, carry a 2.5% annual escalation, and bill monthly in advance; tenants who leave early pay exit penalties, which is how the company builds a predictable, rising income stream.
All four carriers are already on board - Bharti Airtel contributes 48% of revenue, Vodafone Idea 26.7%, Reliance Jio 22.8% and BSNL 2.5%, so the company is not dependent on any single operator’s fortunes.
A 6,000-tower footprint with room to fill - as of March 2026 the network stood at 6,008 towers carrying 7,318 tenancies, with another 189 sites built and waiting for their first tenant, which means revenue can grow without pouring concrete.
Vodafone Idea’s expansion is the near-term catalyst - the operator has declared plans to deploy 50,000 to 70,000 new towers in the next 18 months, and Suyog expects roughly 5,000 of those orders in the current financial year.

2. Government sites: the moat nobody else can dig

Telecom installations on flyovers, highways, monorail depots and municipal land - secured through agency tie-ups, cheap to build, almost impossible to terminate, and held in larger numbers than any other IP-1 player.

The licence-and-location lock - the company holds an IP-1 (Infrastructure Provider Category 1) registration from the Department of Telecommunications, and it has used that status to win sites on assets owned by MMRDA, NHAI, BEST, Mumbai Monorail, JNPT and MCGM, among others.
Low cost, low drama - government sites require very little upfront capital, carry low ground rentals, come with automatic permission to lay fibre, and face virtually no threat of sudden termination because extensions are handled through government tenders or policy.
1,017 tenancies and counting - as of March 2026 the company had over a thousand government-site tenancies, and it describes itself as the only IP-1 company with the maximum proportion of government sites in its portfolio.
The BSNL lock-in - a pan-India Master Service Agreement with the state-owned operator runs for 15 years, with a 10-year lock-in on new circles including Mumbai and Delhi, giving the company a captive tenant on sites that competitors cannot access.

3. Small cells: the 5G backbone built before anyone else arrived

Compact, low-power nodes on street furniture and poles that handle data in crowded city centres - a segment where Suyog was first to deploy at national scale and still holds the largest count among IP-1 providers.

First-mover on a hybrid model - the company began rolling out small cells for Bharti Airtel across India before Indus Towers or any other competitor entered the format, and for about a year it was practically the only IP company delivering small cells on that model.
4,054 tenancies already live - small cells now make up more than half of the company’s total tenancies, with over 1,000 of those sitting on government land.
Cheaper to build, easier to connect - small cell towers need less capital than macro towers, charge lower rentals, and are strung together with aerial fibre, so the company can deploy them quickly in dense urban corridors where a full ground-based tower would be impossible.
The 5G and 6G pathway - operators want to push antennas closer to customers as data demand rises, and small cells are the industry’s answer; Suyog’s installed base means it is already embedded in the infrastructure that next-generation networks will need.

4. Slum sites: high traffic, low rent, zero churn

Rooftop installations in densely packed urban slums where mobile data consumption is ferocious, property owners charge very little, and site termination is practically unheard of.

Revenue density beats the business district - slum residents rely entirely on mobile phones for internet and entertainment because they have no Wi-Fi or landline alternatives, so a site in a slum generates more revenue for the operator - and therefore more tenancy value for Suyog - than a site in a premium commercial area like Nariman Point.
Rentals are a fraction of the norm - property owners in slum areas demand very low site rentals, which means the company earns high-margin revenue on locations that cost very little to secure.
Sticky by nature - mobile connectivity has become a necessity for slum dwellers and the rental income is meaningful for site owners, so neither party has any incentive to terminate; Suyog is the market leader in this niche and does not compete head-to-head with Indus Towers for these locations.

5. CCTV sites: the police-pole innovation

Pole-mounted telecom installations disguised as police CCTV camera posts - a recent, cost-effective format that guarantees site security because the police depend on the pole.

The police are the anchor - the company enters a city by installing poles for municipal police CCTV systems; once the camera is mounted, the site cannot be removed without disrupting law-enforcement infrastructure, and the locations are often in high-traffic areas where a normal telecom site would never get approval.
Heavy loads, minimal operating cost - many of these sites handle electrical loads above 50 amps, yet they run on compact power systems and cost very little to operate day-to-day.
Fibre-linked by design - most CCTV sites are connected with aerial fibre, so every new pole extends the company’s optical network while adding a tenancy.

Optical fibre network

A 6,300-kilometre aerial fibre grid that connects the company’s own towers and is sub-leased to operators under the same long-term contract model - it is the circulatory system that makes every site type work.

Fibre follows the tower - the company buys fibre from manufacturers, lays it as its own asset, and leases it to operators alongside tower space; every small cell and CCTV site is linked by fibre, and the company is one of the few IP-1 players that runs fibre to each of its towers.
5G-ready backbone - the entire small-cell network is connected by optical fibre capable of supporting 5G data loads, and the company is actively converting older microwave-linked towers to fibre.
Last-mile as a service - fibre deployment is a last-mile connectivity offering that rides along with every tower rollout, and the company has also built a dedicated vertical for FTTH (Fibre-to-the-Home) projects, starting in Gujarat and West Bengal.

Group structure and partners

A single operating subsidiary acquired in 2025 to enter the Delhi circle, plus a management team built from telecom veterans and the founding family’s second generation.

Lotus Tele Infra: the Delhi entry - Suyog acquired a 95% stake in Lotus Tele Infra Private Limited in March 2025 for INR 13.5 crores, gaining 120 operational sites in the Delhi and NCR region with Bharti Airtel and Reliance Jio as existing tenants.
Immediate cross-sell potential - the company projected a 50% increase in tenancies on the Lotus sites within six months by onboarding Vodafone Idea and BSNL onto towers that were already standing.
Family-run, professionally layered - co-founder Shivshankar Lature (a civil engineer) serves as Managing Director; his daughter Subhashita Lature, an electronics and telecom engineer, joined in 2019 and rose to Whole Time Director; the business development team includes his son Suyash Lature, who literally wrote the manual on telecom tower construction.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹708Cr

Close Price

₹604.00

Industry

Telecom Services

Price To Earnings

11.58

Price To Sales

2.82

Revenue

₹251Cr

Rev Gr TTM

Revenue Growth TTM

17.49%

PAT Gr TTM

PAT Growth TTM

46.96%

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	45	46	48	49	50	67	55	56	69	71
Growth YoY Revenue Growth YoY%					10.4	45.4	16.1	14.5	36.9	6.1
Expenses ExpensesCr	17	13	13	15	42	26	14	16	27	29
Operating Profit Operating ProfitCr	29	33	35	34	8	41	42	40	42	42
OPM OPM%	62.8	71.4	73.2	69.9	16.4	61.5	75.3	70.8	61.0	59.3
Other Income Other IncomeCr	2	2	5	1	0	2	1	1	1	2
Interest Expense Interest ExpenseCr	4	3	4	4	5	6	6	6	7	7
Depreciation DepreciationCr	11	11	11	12	13	15	16	16	16	17
PBT PBTCr	16	21	25	19	-9	22	22	20	20	20
Tax TaxCr	1	4	5	2	5	4	5	5	6	5
PAT PATCr	16	17	20	17	-14	17	17	15	14	15
Growth YoY PAT Growth YoY%					-187.7	2.5	-18.0	-14.8	205.2	-16.3
NPM NPM%	34.7	36.7	42.5	35.2	-27.5	25.9	30.0	26.2	21.1	20.4
EPS EPS₹	14.8	15.8	19.7	15.9	-11.7	15.5	14.9	12.6	12.3	12.4

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	45	46	48	49	50	67	55	56	69	71
Growth YoY Revenue Growth YoY%					10.4	45.4	16.1	14.5	36.9	6.1
Expenses ExpensesCr	17	13	13	15	42	26	14	16	27	29
Operating Profit Operating ProfitCr	29	33	35	34	8	41	42	40	42	42
OPM OPM%	62.8	71.4	73.2	69.9	16.4	61.5	75.3	70.8	61.0	59.3
Other Income Other IncomeCr	2	2	5	1	0	2	1	1	1	2
Interest Expense Interest ExpenseCr	4	3	4	4	5	6	6	6	7	7
Depreciation DepreciationCr	11	11	11	12	13	15	16	16	16	17
PBT PBTCr	16	21	25	19	-9	22	22	20	20	20
Tax TaxCr	1	4	5	2	5	4	5	5	6	5
PAT PATCr	16	17	20	17	-14	17	17	15	14	15
Growth YoY PAT Growth YoY%					-187.7	2.5	-18.0	-14.8	205.2	-16.3
NPM NPM%	34.7	36.7	42.5	35.2	-27.5	25.9	30.0	26.2	21.1	20.4
EPS EPS₹	14.8	15.8	19.7	15.9	-11.7	15.5	14.9	12.6	12.3	12.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	167	193	222	251
Growth Revenue Growth%		15.6	15.2	17.5
Expenses ExpensesCr	49	82	58	86
Operating Profit Operating ProfitCr	117	110	164	165
OPM OPM%	70.4	57.2	74.0	65.8
Other Income Other IncomeCr	8	9	6	6
Interest Expense Interest ExpenseCr	20	17	24	26
Depreciation DepreciationCr	34	47	62	65
PBT PBTCr	71	56	83	81
Tax TaxCr	8	15	20	21
PAT PATCr	63	41	63	60
Growth PAT Growth%		-36.0	55.5	47.0
NPM NPM%	38.0	21.1	28.4	24.0
EPS EPS₹	59.8	34.5	54.7	52.2

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	167	193	222	251
Growth Revenue Growth%		15.6	15.2	17.5
Expenses ExpensesCr	49	82	58	86
Operating Profit Operating ProfitCr	117	110	164	165
OPM OPM%	70.4	57.2	74.0	65.8
Other Income Other IncomeCr	8	9	6	6
Interest Expense Interest ExpenseCr	20	17	24	26
Depreciation DepreciationCr	34	47	62	65
PBT PBTCr	71	56	83	81
Tax TaxCr	8	15	20	21
PAT PATCr	63	41	63	60
Growth PAT Growth%		-36.0	55.5	47.0
NPM NPM%	38.0	21.1	28.4	24.0
EPS EPS₹	59.8	34.5	54.7	52.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	12
Reserves ReservesCr	288	381	475
Current Liabilities Current LiabilitiesCr	78	124	122
Non Current Liabilities Non Current LiabilitiesCr	124	159	331
Total Liabilities Total LiabilitiesCr	500	684	943
Current Assets Current AssetsCr	87	179	212
Non Current Assets Non Current AssetsCr	413	505	730
Total Assets Total AssetsCr	500	684	943

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	11	11	12
Reserves ReservesCr	288	381	475
Current Liabilities Current LiabilitiesCr	78	124	122
Non Current Liabilities Non Current LiabilitiesCr	124	159	331
Total Liabilities Total LiabilitiesCr	500	684	943
Current Assets Current AssetsCr	87	179	212
Non Current Assets Non Current AssetsCr	413	505	730
Total Assets Total AssetsCr	500	684	943

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	72	79	66
Investing Cash Flow Investing Cash FlowCr	-63	-141	-112
Financing Cash Flow Financing Cash FlowCr	-7	96	27
Net Cash Flow Net Cash FlowCr	1	33	-20
Free Cash Flow Free Cash FlowCr	8	-60	-29
CFO To PAT CFO To PAT%	113.7	193.7	104.2
CFO To EBITDA CFO To EBITDA%	61.3	71.3	40.0

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	72	79	66
Investing Cash Flow Investing Cash FlowCr	-63	-141	-112
Financing Cash Flow Financing Cash FlowCr	-7	96	27
Net Cash Flow Net Cash FlowCr	1	33	-20
Free Cash Flow Free Cash FlowCr	8	-60	-29
CFO To PAT CFO To PAT%	113.7	193.7	104.2
CFO To EBITDA CFO To EBITDA%	61.3	71.3	40.0

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,227	865	720	708
Price To Earnings Price To Earnings	19.4	22.0	11.4	11.6
Price To Sales Price To Sales	7.4	4.5	3.3	2.8
Price To Book Price To Book	4.1	2.3	1.5	1.4
EV To EBITDA EV To EBITDA	11.7	9.4	6.5	6.5
Profitability Ratios Profitability Ratios
GPM GPM%	89.1	89.5	92.9	92.9
OPM OPM%	70.4	57.2	74.0	65.8
NPM NPM%	38.0	21.1	28.4	24.0
ROCE ROCE%	20.3	12.0	12.5	12.5
ROE ROE%	21.2	10.3	13.0	13.0
ROA ROA%	12.7	5.9	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	1,227	865	720	708
Price To Earnings Price To Earnings	19.4	22.0	11.4	11.6
Price To Sales Price To Sales	7.4	4.5	3.3	2.8
Price To Book Price To Book	4.1	2.3	1.5	1.4
EV To EBITDA EV To EBITDA	11.7	9.4	6.5	6.5
Profitability Ratios Profitability Ratios
GPM GPM%	89.1	89.5	92.9	92.9
OPM OPM%	70.4	57.2	74.0	65.8
NPM NPM%	38.0	21.1	28.4	24.0
ROCE ROCE%	20.3	12.0	12.5	12.5
ROE ROE%	21.2	10.3	13.0	13.0
ROA ROA%	12.7	5.9	6.7	6.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NELCO	MTNL	GTLINFRA	SUYOG	ONMOBILE	SARTELE	FROG
Market CapitalizationMkt CapCr	1,789	1,435	1,319	708	651	419	376
Close PriceClose₹	783.85	22.77	1.03	604.00	61.20	83.50	242.00
IndustryIndustry	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services
Price To EarningsPE	463.82		1.26	11.58		1.23
Price To SalesPS	5.74	1.45	0.97	2.82	1.27	0.80	3.55
RevenueRevenueCr	316	988	1,365	251	514	522	106
Revenue Growth TTMRev Gr TTM%	6.2%	1.3%	1.4%	17.5%	-10.5%	61.0%	-51.6%
PAT Growth TTMPAT Gr TTM%	-7.5%	14.0%	219.4%	47.0%	-479.6%	62.9%	-106.7%

	NELCO	MTNL	GTLINFRA	SUYOG	ONMOBILE	SARTELE	FROG
Market CapitalizationMkt CapCr	1,789	1,435	1,319	708	651	419	376
Close PriceClose₹	783.85	22.77	1.03	604.00	61.20	83.50	242.00
IndustryIndustry	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services	Telecom Services
Price To EarningsPE	463.82		1.26	11.58		1.23
Price To SalesPS	5.74	1.45	0.97	2.82	1.27	0.80	3.55
RevenueRevenueCr	316	988	1,365	251	514	522	106
Revenue Growth TTMRev Gr TTM%	6.2%	1.3%	1.4%	17.5%	-10.5%	61.0%	-51.6%
PAT Growth TTMPAT Gr TTM%	-7.5%	14.0%	219.4%	47.0%	-479.6%	62.9%	-106.7%

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