Suyog Telematics Ltd

Company Update

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 Suyog Telematics Ltd

BUY@CMP INR 1092 Target: INR 2289 in 24 months Upside Potential: 110%

Company Update

Business Model: Suyog Telematics Ltd (STL) is a passive telecommunications Industry Telecom
infrastructure provider that builds, owns, and operates telecom towers, small
cells, fiber optic networks, and related infrastructure assets across India.
Scrip Details
Since our initiating coverage in October 2024, the stock experienced a strong Face Value (INR) 10.0
rally but later retraced the entire gain to INR 1067. This was driven by temporary Market Cap (INR Cr) 1,188
billing delays, a higher proportion of macro site deployments that take longer Price (INR) 1092
to become operational affecting near-term revenue visibility. While industry
No of Sh O/S (Cr) 269
tailwinds and India’s telecom infrastructure rapidly expanding, STL’s long term
3M Avg Vol (‘000) 54.26
fundamentals remain intact.
52W H/L (INR) 1969/905
In Q3 FY25, Suyog added 1,091 new towers and 1,215 tenancies, taking the total Div. Yield (%) 0.12
to 5,517 towers and 6,461 tenancies. The tenancy ratio stands at 1.17x, with
expectations to reach 1.50x by FY27 as BSNL, Vodafone, and Jio expand their
network footprint. Additionally, fiber rollout has reached 5,561 km. The Shareholding (%)
company also achieved a significant milestone of crossing 1,000 government Promoters 47.30
site tenancies. FII’s 3.03
DII’s 0.59
Suyog delivered a decent quarter, with revenue/EBITDA at INR 48/34 cr, Public 49.09
reflecting YoY growth of 17%/1%, while net profit declined 10% to INR 17 cr.
TOTAL 100.0
Revenue grew 2.2% QoQ, but EBITDA and net profit margins contracted by
33/730 bps to 69.5%/35.2%. Suyog plans INR 800 crore Capex to add 8,000
towers and reach 14,000 tenancies by FY26. Price chart

Over FY24-27E, STL’s revenue, EBITDA, and net profit are expected to grow at a Suyog Telematics Ltd. Index
CAGR of 47%, 40%, and 36%, reaching INR 531 cr, INR 333 cr, and INR 160 cr, 2500 100000
respectively. EBITDA margins are expected to contract by 830 bps to 63% & Net
profit margins are expected contract by 750 bps to 30.1%. ROE and ROIC are 2000 80000
expected to reach 17.8/17.7%, driven by high asset utilization and tenancy 1500 60000
expansion.
1000 40000
With an aggressive rollout strategy, strong government site presence, and a 500 20000
leadership position in small cell infrastructure, STL remains a high-conviction
investment for long-term telecom infrastructure growth. 0 0
May-…

Mar-…
Oct-23

Jan-25
Aug-24
Apr-21
Sep-21
Feb-22
Jul-22
Dec-22

Valuation call: We revise our price target to INR 2289 (5.2X FY27 EV/EBITDA)
representing an upside of 110% from CMP INR 1092.
Key business risk: Passive telecom infrastructure requires significant capital and
continuous investment. Funding delays could hamper growth, while promoter
uncertainty about fund infusion, resulting in equity being replaced by debt,
remains a concern.
Key Consolidated Financial Data (INR Cr, unless specified):
EBITDA Net EPS BVPS RoE RoIC P/E
Net Revenue EBITDA Net Profit EV/EBITDA (X)
(%) (%) (INR) (INR) (%) (%) (X)
FY23 143.6 92.8 46.3 64.6 32.2 43.3 218.9 19.8 20.3 25.3 13.6
FY24 164.3 120.8 63.1 73.5 38.4 59.0 278.9 21.2 20.0 18.6 10.9
FY25E 194.5 138.0 73.2 71.0 37.6 68.4 580.2 11.8 11.9 16.0 9.7
FY26E 324.0 231.5 117.4 71.4 36.3 109.8 688.9 15.9 15.4 10.0 7.0
FY27E 530.6 332.6 159.5 62.7 30.1 149.1 836.5 17.8 17.7 7.4 5.2
Source: Ventura Research & Company update
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 Key Performance Indicators

Tower Additions (Nos.) Growth Tenancies (Nos.) Growth(%)

14,000 60 25,000 90
80
12,000 50 20,000 70
10,000
40 60
15,000
8,000 50
30
6,000 40
10,000
20 30
4,000
5,000 20
2,000 10
10

0 0 0 0
FY22 FY23 FY24 FY25E FY26E FY27E FY22 FY23 FY24 FY25E FY26E FY27E

By FY27, STL is expected to achieve a strong CAGR of 43% in its tower portfolio and 59.7% in co-locations, reaching
13,157 towers and 19,735 tenancies, driven by 5G rollouts, government site expansions, and fiberization initiatives.

• BSNL's nationwide 4G rollout, with a planned transition to 5G, is set to drive over 2,000+ new tenancies for
Suyog by FY26.
• Fiberization efforts are accelerating, with Suyog expanding its fiber network (5,500+ km currently) to
support 5G backhaul and FTTH solutions.
• Slum site expansions and government contracts (over 1,000 tenancies on government sites) offer high-
margin, low-cost growth opportunities.

With strong tailwinds from 5G demand, fiber deployment, government-backed initiatives, and rural connectivity
expansion, Suyog Telematics is well-positioned for continued growth in towers, co-locations, and next-gen telecom
infrastructure.

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 We expect STL to achieve a tenancy ratio of ~1.5X by
FY27, up from the current 1.17x, driven by 5G
Tenancy Ratio (X) expansion, BSNL and Vodafone’s aggressive rollout,
1.6 and small cell deployments.

1.5 • As 5G rollouts mature, telecom operators will

increasingly co-locate on existing towers,
1.4 optimizing infrastructure usage and enhancing
tenancy ratios.
1.3
• With BSNL, Vodafone, Airtel, and Jio expanding
1.2 their networks, shared infrastructure adoption is
rising, leading to higher tenancy growth without
significant capex increases.
1.1

1 • Government site contracts and slum sites, which

FY23 FY24 FY25E FY26E FY27E offer low-cost, high-demand locations, will
further improve tenancy ratios by attracting
multiple operators.

Future Growth Drivers:

STL appears well-positioned for sustained growth, backed by strong market demand,
regulatory tailwinds, and strategic sustainability initiatives.

• BSNL’s aggressive site additions will increase Suyog’s tenancies and revenue
contribution from government contracts.

• STL is positioned strongly in small

We expect cell
ITL toinfrastructure, essential
reach 1.70x tenancy forby
ratio 5GFY27,
rollout
across urban and ruralwhich
areas.currently stands at 1.65x.

• The demand for high-speed,• Once 5G stabilizes,

low-latency telecom
networks willoperators will co-
drive significant
locate on existing towers, improving tenancy
tower installations. India needs 1.2 million towers for full 5G deployment,
with 750,000 already in place,ratio, withafew
offering telecom
major operators
business in India,
opportunity.
shared infrastructure adoption is increasing.
• Government sites offer low capex, low rentals, and minimal termination risk,
• Higher tenancy ratio indicates better
ensuring long-term revenue stability.
utilization of tower infrastructure, improving
profitability.
• Aggressive Expansion in Macro Towers & Slum Sites: Slum sites offer high
profitability due to low rentals and strong telecom demand. Macro site
• Operators looking to reduce costs in low-
expansion, particularly for BSNL and Vodafone, to boost revenue growth.
density areas will co-locate instead of
building separate towers, boosting tenancy
• Acquiring existing tower infrastructure
ratio. companies to scale operations. A
recent acquisition of Lotus Tele (Delhi-based) is expected to add 140+ new
tenancies, with further acquisition plans in progress.

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 Financial Summary in Charts

Revenue Visibility Profitability

Revenue Growth(%) EBITDA Net Profit
600 70 EBITDA Margins Net profit Margins

500 60 350 80
300 70
50
400 60
250
40 50
300 200
30 40
150
200 30
20 100 20
100 10 50 10
0 0 0 0
FY22 FY23 FY24 FY25E FY26E FY27E FY22 FY23 FY24 FY25E FY26E FY27E

Cashflows
CFO FCFF
CFO to EBITDA (%) FCFF to Netprofit (%)
300 200

200 100

100 0

0 -100
FY22 FY23 FY24 FY25E FY26E FY27E
(100) -200

(200) -300

(300) -400

Debt Profile
Return ratios
Total Debt Net debt
Networth Invested capital
Net debt to Equity (X) Net debt to Ebitda (X)
700 2.50

600 1,600 30
2.00
500 1,400
25
1.50 1,200
400 20
1,000
300 1.00 800 15
200 600
10
0.50 400
100 5
200
0 0.00 0 0
FY22 FY23 FY24 FY25E FY26E FY27E FY22 FY23 FY24 FY25E FY26E FY27E
Source: Ventura Research & Company updates
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 Key highlights of Q3 FY25

• Planned debt raise of INR 100 cr from HDFC & Axis Bank purely towards capex.

• Acquired Lotus Infra, a Delhi-based company with 120 sites, expecting tenancy expansion.

• Exploring Zinc batteries for cost-efficient backup, wind turbines for power cost reduction, and FTTH
vertical wiring solutions.

• Government Push: BSNL & MTNL receive ₹6,000 crore approval to speed up site rollout. BSNL
Agreement: Signed a 10-year lock-in amendment with BSNL, ensuring stable revenues.

• Operator Revenue share for Q3FY25 were 50.5/22.2/26.9/0.4% for Airtel/Jio/VI/Others.

• Majority of new sites deployed in Q3FY25 were deployed in slum areas.

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 Quarterly Summary for Suyog Telematics Ltd
Fig in INR Cr (unless specified) FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25E FY25E FY26E FY27E
Revenue from operations 126.3 33.2 34.6 37.7 38.2 143.6 38.7 40.9 41.7 43.0 164.3 46.0 47.7 48.8 52.0 194.5 324.0 530.6
YoY Growth (%) (4.1) (6.2) (6.9) 6.1 (5.2) 13.7 16.6 18.2 10.8 12.4 14.4 18.9 0.0 16.9 20.9 18.4 66.5 63.8
Raw Material Cost 18.3 6.0 5.5 5.9 2.8 20.1 5.3 5.1 4.7 4.9 19.9 4.9 5.5 5.6 5.9 21.9 38.9 64.4
RM Cost to Sales (%) 14.5 18.0 15.8 15.6 7.4 14.0 13.6 12.5 11.2 11.4 12.1 10.6 11.4 11.4 11.4 11.2 12.0 12.1
Employee Cost 10.5 3.0 3.5 3.9 3.8 11.9 3.9 5.2 4.1 4.1 17.3 4.1 4.2 5.6 5.9 19.8 35.6 59.5
Employee Cost to Sales (%) 8.3 8.9 10.1 10.5 9.9 8.3 10.2 12.6 9.8 9.6 10.5 8.9 8.7 11.4 11.4 10.2 11.0 11.2
Other Expenses 10.9 2.9 2.0 4.1 7.5 18.8 2.5 2.6 (0.8) 2.0 6.2 4.2 3.1 3.5 4.0 14.9 18.0 74.1
Other Expenses to Sales (%) 8.6 8.8 5.8 11.0 19.5 13.1 6.3 6.3 (1.9) 4.7 3.8 9.1 6.6 7.2 7.7 7.6 5.6 14.0
EBITDA 86.6 21.3 23.6 23.7 24.2 92.8 27.1 28.0 33.8 32.0 120.8 32.9 35.0 34.1 36.1 138.0 231.5 332.6
EBITDA Margin (%) 68.6 64.3 68.3 63.0 63.2 64.6 69.9 68.6 80.9 74.3 73.5 71.4 73.2 69.9 69.5 71.0 71.4 62.7
Net Profit 41.4 11.4 12.2 10.1 12.6 46.3 12.2 16.2 19.1 15.5 63.1 16.9 20.3 17.2 18.7 73.2 117.4 159.5
Net Margin (%) 32.8 34.3 35.2 26.8 33.1 32.2 31.6 39.8 45.8 36.1 38.4 36.8 42.5 35.2 36.0 37.6 36.3 30.1

Adjusted EPS 38.7 10.6 11.4 9.4 11.8 43.3 11.4 15.2 17.9 14.5 59.0 15.8 18.9 16.1 17.5 68.4 109.8 149.1
P/E (X) 28.4 25.3 18.6 16.0 10.0 7.4
Adjusted BVPS 176.0 218.9 278.9 580.2 688.9 836.5
P/BV (X) 6.2 5.0 3.9 1.9 1.6 1.3
Enterprise Value 1,226.8 1,266.8 1,320.5 1,344.7 1,621.9 1,739.3
EV/EBITDA (X) 14.2 13.6 10.9 9.7 7.0 5.2

Net Worth 188.3 234.3 298.4 620.9 737.1 895.1

Return on Equity (%) 22.0 19.8 21.2 11.8 15.9 17.8
Capital Employed 244.6 329.4 448.7 973.6 1,269.4 1,543.4
Return on Capital Employed (%) 19.4 15.8 16.5 8.1 12.0 14.2
Invested Capital 241.4 327.3 445.1 791.8 1,185.2 1,460.6
Return on Invested Capital (%) 27.0 20.3 20.0 11.9 15.4 17.7

Cash Flow from Operations 46.6 67.0 72.0 144.4 167.1 233.3
Cash Flow from Investing (73.7) (107.8) (63.3) (400.8) (390.0) (266.6)
Cash Flow from Financing 27.4 39.9 (7.2) 434.6 125.2 31.8
Net Cash Flow 0.3 (0.9) 1.5 178.2 (97.7) (1.4)
Free Cash Flow (17.9) (21.2) 24.9 (251.3) (178.8) (33.2)
FCF to Revenue (%) (14.1) (14.7) 15.2 (129.2) (55.2) (6.3)
FCF to EBITDA (%) (20.6) (22.8) 20.6 (182.1) (77.2) (10.0)
FCF to Net Profit (%) (43.1) (45.7) 39.5 (343.3) (152.2) (20.8)
FCF to Net Worth (%) (9.5) (9.0) 8.4 (40.5) (24.3) (3.7)

Total Debt 56.3 95.2 150.3 352.8 532.2 648.3

Net Debt 53.1 93.0 146.7 170.9 448.1 565.6
Net Debt to Equity (X) 0.3 0.4 0.5 0.3 0.6 0.6
Net Debt to EBITDA (X) 0.6 1.0 1.2 1.2 1.9 1.7
Interest Coverage Ratio (X) 4.7 4.1 4.4 5.5 3.4 3.1
Source: Ventura Research & Company update
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 Financial Analysis of Suyog Telematics Ltd
Fig in INR Cr (unless specified) FY23 FY24 FY25E FY26E FY27E Fig in INR Cr (unless specified) FY23 FY24 FY25E FY26E FY27E
Income Statement Per share data & Yields
Revenue 143.6 164.3 194.5 324.0 530.6 Adjusted EPS (INR) 43.3 59.0 68.4 109.8 149.1
YoY Growth (%) 13.7 14.4 18.4 66.5 63.8 Adjusted Cash EPS (INR) 68.0 88.7 109.4 155.2 218.8
Raw Material Cost 20.1 19.9 21.9 38.9 64.4 Adjusted BVPS (INR) 218.9 278.9 580.2 688.9 836.5
RM Cost to Sales (%) 14.0 12.1 11.2 12.0 12.1 Adjusted CFO per share (INR) 62.6 67.3 135.0 156.2 218.1
Employee Cost 11.9 17.3 19.8 35.6 59.5 CFO Yield (%) 5.7 6.1 12.3 14.2 19.9
Employee Cost to Sales (%) 8.3 10.5 10.2 11.0 11.2 Adjusted FCF per share (INR) (19.8) 23.3 (234.9) (167.1) (31.0)
Other Expenses 18.8 6.2 14.9 18.0 74.1 FCF Yield (%) (1.8) 2.1 (21.4) (15.2) (2.8)
Other Exp to Sales (%) 13.1 3.8 7.6 5.6 14.0
EBITDA 92.8 120.8 138.0 231.5 332.6 Solvency Ratio (X)
Margin (%) 64.6 73.5 71.0 71.4 62.7 Total Debt to Equity 0.4 0.5 0.6 0.7 0.7
YoY Growth (%) 7.2 30.1 14.3 67.7 43.7 Net Debt to Equity 0.4 0.5 0.3 0.6 0.6
Depreciation & Amortization 26.4 31.8 43.8 48.6 74.6 Net Debt to EBITDA 1.0 1.2 1.2 1.9 1.7
EBIT 66.4 89.0 94.2 182.9 258.0
Margin (%) 46.2 54.2 48.4 56.4 48.6 Return Ratios (%)
YoY Growth (%) 2.1 34.0 5.9 94.1 41.1 Return on Equity 19.8 21.2 11.8 15.9 17.8
Other Income 8.6 7.2 10.9 11.7 12.3 Return on Capital Employed 15.8 16.5 8.1 12.0 14.2
Bill discounting & other charges 16.1 20.4 17.1 53.1 82.6 Return on Invested Capital 20.3 20.0 11.9 15.4 17.7
Fin Charges Coverage (X) 4.1 4.4 5.5 3.4 3.1
Exceptional Item 0.0 0.0 0.0 0.0 0.0 Working Capital Ratios
PBT 59.0 75.8 88.0 141.5 187.7 Payable Days (Nos) 104 104 104 104 104
Margin (%) 41.1 46.2 45.2 43.7 35.4 Inventory Days (Nos) 14 14 14 14 14
YoY Growth (%) 4.0 28.5 16.0 60.9 32.6 Receivable Days (Nos) 103 103 103 103 103
Tax Expense 12.7 12.7 14.8 24.1 28.2 Net Working Capital Days (Nos) 13 13 13 13 13
Tax Rate (%) 21.5 16.8 16.8 17.0 15.0 Net Working Capital to Sales (%) 3.5 22.8 3.5 3.5 3.5
PAT 46.3 63.1 73.2 117.4 159.5
Margin (%) 32.2 38.4 37.6 36.3 30.1 Valuation (X)
YoY Growth (%) 11.9 36.3 16.0 60.4 35.8 P/E 25.3 18.6 16.0 10.0 7.4
Min Int/Sh of Assoc 0.0 0.0 0.0 0.0 0.0 P/BV 5.0 3.9 1.9 1.6 1.3
Net Profit 46.3 63.1 73.2 117.4 159.5 EV/EBITDA 13.6 10.9 9.7 7.0 5.2
Margin (%) 32.2 38.4 37.6 36.3 30.1 EV/Sales 8.8 8.0 6.9 5.0 3.3
YoY Growth (%) 11.9 36.3 16.0 60.4 35.8
Cash Flow Statement
Balance Sheet PBT 59.0 75.8 88.0 141.5 187.7
Share Capital 10.5 10.7 10.7 10.7 10.7 Adjustments 6.3 41.4 40.5 54.2 80.9
Total Reserves 223.8 287.7 610.2 726.5 884.4 Change in Working Capital 14.4 (32.5) 30.7 (4.5) (7.2)
Shareholders Fund 234.3 298.4 620.9 737.1 895.1 Less: Tax Paid (12.7) (12.7) (14.8) (24.1) (28.2)
Long Term Borrowings 75.3 96.4 351.3 530.0 645.0 Cash Flow from Operations 67.0 72.0 144.4 167.1 233.3
Deferred Tax Assets / Liabilities 32.8 26.2 26.2 26.2 26.2 Net Capital Expenditure (100.8) (64.0) (410.0) (390.0) (266.5)
Other Long Term Liabilities 33.1 0.0 0.0 0.0 0.0 Change in Investments (7.0) 0.7 9.2 (0.0) (0.0)
Long Term Trade Payables 0.0 0.0 0.0 0.0 0.0 Cash Flow from Investing (107.8) (63.3) (400.8) (390.0) (266.6)
Long Term Provisions 0.9 0.9 1.0 1.9 3.1 Change in Borrowings 57.0 13.8 202.4 179.5 116.1
Total Liabilities 376.4 421.9 999.4 1,295.2 1,569.4 Less: Finance Cost (16.1) (20.4) (17.1) (53.1) (82.6)
Net Block 340.0 363.4 738.3 1,079.7 1,271.7 Proceeds from Equity 0.0 0.0 250.0 0.0 0.0
Capital Work in Progress 2.8 7.1 0.0 0.0 0.0 Buyback of Shares 0.0 0.0 0.0 0.0 0.0
Intangible assets under development 0.0 2.1 0.0 0.0 0.0 Dividend Paid (1.0) (0.6) (0.7) (1.2) (1.6)
Non Current Investments 0.8 0.0 0.0 0.1 0.1 Cash flow from Financing 39.9 (7.2) 434.6 125.2 31.8
Long Term Loans & Advances 19.4 0.0 0.0 0.0 0.0 Net Cash Flow (0.9) 1.5 178.2 (97.7) (1.4)
Other Non Current Assets 14.1 40.4 47.9 79.8 130.6 Forex Effect 0.0 0.0 0.0 0.0 0.0
Net Current Assets (0.7) 8.9 213.1 135.6 167.0 Opening Balance of Cash 3.2 2.2 3.7 181.8 84.2
Total Assets 376.4 421.9 999.4 1,295.2 1,569.4 Closing Balance of Cash 2.4 3.7 181.8 84.2 82.8
Source: Ventura Research & Company Financials

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by the recipient. The report is for the use and consumption of the recipient only. This publication may not be distributed to the public used by the public media without
the express written consent of VSL. This report or any portion hereof may not be printed, sold or distributed without the written consent of VSL. This document does
not constitute an offer or invitation to subscribe for or purchase or deal in any securities and neither this document nor anything contained herein shall form the basis
of any contract or commitment whatsoever. This document is strictly confidential and is being furnished to you solely for your information, may not be distributed to
the press or other media and may not be reproduced or redistributed to any other person. The opinions and projections expressed herein are entirely those of the
author and are given as part of the normal research activity of VSL and are given as of this date and are subject to change without notice. Any opinion estimates or
projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions,
estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or
any of its directors or any other person. Information in this document must not be relied upon b c as having been authorized or approved by the company or its directors
or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts
any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. The information contained herein
is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this
communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives
Segments” as prescribed by Securities and Exchange Board of India before investing in Securities Market.

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