Suyog Telematics Q1 FY27: PAT falls 16% YoY to ₹14.5 Cr as pre-Vodafone capex costs bite
PAT -16.3% YoY · revenue +6.15% · margins compressing
₹70.95 Cr
+6.15% YoY
₹14.5 Cr
-16.3% YoY
19.82%
-10.9pp YoY
₹12.37
Suyog Telematics' consolidated Q1 FY27 (June 30, 2026) revenue from operations came in at ₹70.95 Cr, up 6.1% YoY and 3.5% QoQ, with total income of ₹73.16 Cr. But consolidated PAT of ₹14.50 Cr fell 16.3% YoY (from ₹17.32 Cr) even as it was roughly flat sequentially (₹14.49 Cr in Q4 FY26); basic EPS was ₹12.37 versus ₹15.49 a year ago. Standalone PAT of ₹13.93 Cr was down 18.1% YoY, tracking the consolidated print within about two points, so there is no material divergence between the two bases this quarter.
Q1 FY-2027 vs prior quarters
The gap between steady revenue growth and shrinking profit sits below the gross-margin line. Cost of materials consumed as a share of revenue held broadly flat (gross margin ~76%), but finance costs jumped 23% YoY to ₹7.49 Cr and depreciation rose 7.2% YoY to ₹17.30 Cr as the tower and fiber asset base expanded ahead of the revenue it is meant to generate; the effective tax rate also climbed to 25.7% from 20.3% a year ago. Net result: consolidated NPM compressed to ~20.4% of operating revenue from ~30.7% a year ago and ~25.4% in Q4 FY26 — a clear margin-compression quarter, not a growth or turnaround one.
The stock went into the print at ₹855, down 2.3% over the past month of trading.
For context: revenue is at a 6-quarter high.
Management is highly optimistic for FY27, driven by an expected substantial rollout of 5,000 tenancies from Vodafone, with initial deployments anticipated from Q2 and significant ramp-up in Q3 and Q4. This is expected to drive revenue growth of 15-20% for FY27, with the full benefits accruing in FY28. While BSNL orders
— This quarter: met
No formal analyst consensus for this quarter turned up in a search (small-cap, no visible Q1 FY27 preview coverage), so vsStreet is unknown here. Against management's own June-concall guidance — FY27 revenue growth of 15-20% built around a 5,000-tenancy Vodafone Idea rollout, with initial deployments only from Q2 FY27 and the real ramp in Q3/Q4, funded roughly half by internal accruals/existing debt against a ~₹600 Cr capex plan — this quarter's modest 6% YoY topline and rising finance/depreciation load are consistent with the pre-ramp phase management flagged, not a deviation from it. During the quarter the company confirmed fresh Vodafone Idea site orders and an IIT Bombay telecom-infra contract (June 17, 2026), closed its trading window ahead of results (June 25, 2026), and saw shareholders approve a promoter reclassification (June 23, 2026); the board also set a September 11, 2026 record date for the ₹1/share FY26 final dividend recommended in May.
W1
Q2 FY27 (Sept quarter): management guided initial Vodafone tenancy deployments to begin here — first test of whether the 5,000-tenancy rollout starts showing in revenue
W2
FY27 revenue growth guidance of 15-20%: Q1 YoY growth of ~6% (consolidated) is well below that run-rate, so H2 ramp is now doing the heavy lifting
W3
Finance costs (+23% YoY) and depreciation (+7% YoY) rising ahead of revenue — watch whether the ~₹600 Cr Vodafone capex (50% debt-funded) keeps pressuring margins before FY28's fuller revenue benefit
Figures in ₹ Lakh in source, converted to Cr. Effective Apr 1, 2026 the company gross-ed up electricity/diesel reimbursements into revenue (previously netted against expenses; PBT/PAT/EPS unaffected) and restated all comparatives — so this filing's own three columns are apples-to-apples, but our DB's older previous/year-ago revenue records (pre-restatement, netted basis) are NOT comparable to the figures here; PAT/EPS match our DB almost exactly, revenue does not. Consolidated tax-expense row reconstructed from OCR by cross-checking Current+Deferred = Total against PBT−PAT. Revenue includes accrued/provisional income booked on management estimate for a government/multi-operator IP-lease and fiber contract pending final invoicing (note 7/8) — a mild quality-of-revenue caveat, not an exceptional item.
Informational and educational content only. Not investment advice.