Management projects 50% tenancy increase with Vodafone, BSNL onboarding
The consolidated quarter carried a 74.62% operating margin, while the Lotus Tele Infra acquisition added 120 sites to Suyog’s asset base.
Filed 28 Jul 2026, 12:38 IST · SUYOG (SUYOG)
Key takeaways
- Management projects a 50% increase in tenancies within six months through Vodafone and BSNL onboarding.
- The Lotus Tele Infra acquisition added 120 telecom sites, alongside a reported consolidated operating margin of 74.62%.
- Depreciation of 16.01 and interest of 6.75 reduced operating profit of 41.8 to profit before tax of 20.11.
Tenancy growth is tied to Vodafone and BSNL
Management said it projects a 50% increase in tenancies within six months through onboarding Vodafone and BSNL. The company also said Vodafone Idea’s expansion is backed by an INR 45,000 crore capex plan. These are management’s stated expansion expectations rather than reported current-quarter growth.
High operating margin, with depreciation the larger charge below it
The consolidated quarter generated an operating margin of 74.62%, with expenses of 14.22 against operating profit of 41.8. Depreciation of 16.01 and interest of 6.75 brought profit before tax to 20.11, while the tax rate was 27.93%. Other income of 1.08 was small relative to profit before tax, so reported earnings were not mainly supported by non-operating income.
The asset base expands as Suyog explores new connectivity products
The company said the Lotus Tele Infra acquisition added 120 telecom sites to its asset base. Management also said it is developing vertical wiring solutions for FTTH installations and exploring low-orbit satellite technology with ground receiver systems. The presentation flags satellite capacity of only 2 million users nationwide and higher latency than terrestrial networks as constraints.
Q4FY26 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹56 cr |
| Other income | ₹1 cr |
| Expenses | ₹14 cr |
| Operating profit | ₹42 cr |
| Operating margin (%) | 74.62% |
| Interest | ₹7 cr |
| Depreciation | ₹16 cr |
| Profit before tax | ₹20 cr |
| Tax | ₹6 cr |
| Net profit | ₹14 cr |
| EPS (₹) | ₹12.35 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- A 50% increase in tenancies is projected within six months through onboarding Vodafone and BSNL.
- Vodafone Idea’s expansion is backed by an INR 45,000 crore capex plan.
Expansion
- The Lotus Tele Infra acquisition added 120 telecom sites to Suyog’s asset base.
New initiatives
- Suyog is developing vertical wiring solutions for FTTH installations within ducts.
- The company is exploring low-orbit satellite technology and ground receiver systems to improve connectivity and expand its service portfolio.
Problems & risks
- Satellite operator capacity is constrained to only 2 million users nationwide.
- Satellite networks have higher latency than terrestrial networks.
What to watch
- Whether operating margin remains at or above 74.62% in the next quarter.
- Whether Vodafone and BSNL onboarding moves tenancies toward management’s stated 50% increase within six months.
- Whether the satellite initiative addresses the stated 2 million-user capacity constraint and higher latency.