Suyog's margin edges up, but remains below Q4FY26
Consolidated revenue rose +1.06% QoQ as expenses fell -0.83%, while other income contributed 13.67% of pre-tax profit.
Filed 03 Nov 2026, 18:56 IST · after market close · Suyog Telematics Ltd (SUYOG)
Key takeaways
- Consolidated operating margin recovered 0.77 percentage points QoQ to 60.09% as expenses fell -0.83% while revenue rose +1.06%.
- Net profit increased +5.79% QoQ to Rs 15.34 cr, helped partly by a 0.28 percentage-point reduction in the tax rate.
- Other income accounted for 13.67% of pre-tax profit, making the quarter's earnings quality worth tracking.
Price around the results
Revenue growth came with lower operating costs
Consolidated revenue increased +1.06% QoQ to Rs 71.7 cr, while expenses declined -0.83% to Rs 28.62 cr. That combination lifted operating profit +2.35% to Rs 43.08 cr and allowed the operating margin to expand despite only modest revenue growth.
Margin recovered slightly after a sharp Q4 decline
Operating margin rose 0.77 percentage points QoQ to 60.09%, but remained below 74.62% in Q4FY26 after the drop to 59.32% in Q1FY27. Interest increased +2.14% and depreciation rose +2.20%, partly limiting the benefit from operating profit growth. Other income was 13.67% of pre-tax profit, while the 0.28 percentage-point lower tax rate also supported the +5.79% QoQ increase in net profit.
Suyog remained well above reported telecom peers
Suyog's 60.09% operating margin was 32.73 percentage points above the 27.36% median for the 8 Telecommunication peers that had reported the quarter. The results were filed after market close, so there is no reported market reaction to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹72 cr | ₹71 cr | +1.06% |
| Other income | ₹3 cr | ₹2 cr | +27.15% |
| Expenses | ₹29 cr | ₹29 cr | -0.83% |
| Operating profit | ₹43 cr | ₹42 cr | +2.35% |
| Operating margin (%) | 60.09% | 59.32% | — |
| Interest | ₹8 cr | ₹7 cr | +2.14% |
| Depreciation | ₹18 cr | ₹17 cr | +2.20% |
| Profit before tax | ₹21 cr | ₹20 cr | +5.38% |
| Tax | ₹5 cr | ₹5 cr | +4.19% |
| Net profit | ₹15 cr | ₹15 cr | +5.79% |
| EPS (₹) | ₹13.09 | ₹12.37 | +5.82% |
Operating margin of 60.09% compares with a Telecommunication sector median of 27.36% across 8 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 60.09% after the recovery from 59.32% in Q1FY27.
- Whether expenses remain below the Q1FY27 level of Rs 28.86 cr after falling -0.83% QoQ.
- Whether other income's share of pre-tax profit moves from 13.67%.